Posts Tagged ‘retirement income planning’
Wednesday, May 1st, 2013
Estate planning is one of the most important parts of planning for the unexpected. Many people procrastinate about the decisions that need to be made about their estate and if one is unprepared, your beneficiaries may feel disenfranchised when it comes time to deal with your estate.
According to the National Association of Estate Planners & Councils, more than 120 million Americans do not have up-to-date estate plans to protect themselves or their families in the event of sickness, accidents, or death.
By definition, estate planning is a process designed to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death according to your goals and objectives. But what estate planning means to you specifically depends on who you are.
Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your particular estate planning needs. For example, you may have a small estate and may be concerned only that certain people receive particular things. A simple will is probably all you’ll need. Or, you may have a large estate, and minimizing any potential estate tax impact is your foremost goal. Here, you’ll need to use more sophisticated techniques in your estate plan, such as a trust.
Here are a few estate planning tips from Safe Retirement Solutions:
- Prepare a will – If you don’t prepare a will, the laws that govern your domicile will determine who inherits what. This is important for non-financial resources such as your prized possessions that relatives may want. Making a will can ensure that your possessions get inherited by the correct people.
- Create a trust – A trust will make sure that your funds are allocated to cover specific expenses after you’ve passed on. Expenses such as funeral costs, school loans, house payments and any other bills that are overdue can be adequately planned and paid for using a trust.
- Minimize the impact of Estate & Income Taxes – Using tax-efficient strategies can help curb the costs of estate and income taxes. Strategies such as giving your saved-up wealth as a gift to beneficiaries or leaving your taxable assets to charities are both great ways to minimize the effects of these taxes. Talking with your local Annapolis estate planning professionals at Safe Retirement Solutions can help you figure out ways to avoid heavy taxes.
If you’re ready to plan your estate, that’s where we come in. The financial advisors in Annapolis at Safe Retirement Solutions can help you develop a diversified portfolio to help you make the most of your investments. The Baltimore financial advisors at Safe Retirement Solutions can help you determine what steps to take to make sure your estate is properly taken care of, and provide alternative retirement savings guidance. To get started, call 877-268-4086 or visit our website today!
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Tags: estate plan, Estate Planning, financial advisors, retirement income planning, retirement planning, Safe Retirement Solutions
Posted in Estate Plan, Financial Planning, Retirement Income Planning | Comments Off
Thursday, July 19th, 2012
For many people, retirement seems a thing of the inconceivable future, as distant and unreachable as the most faraway and remote destinations in the world. Twenty- and thirty-somethings in particular, for whom retirement has not yet become an all too looming reality, can quickly turn into negligent savers, putting planning for the future on hold and getting back on the line only when old age factors into the equation.
But planning for retirement is like training a puppy: the sooner you start, the better, and the more long-term rewards you’ll have down the road, even if it’s a difficult process in the beginning.
More and more, young people are forgoing 401(k)s and IRAs in favor of spending their money elsewhere: maybe they have student loans to pay off or feel like they’re struggling to make the rent from month to month. The problem is, it’s easy to get caught in a cycle of making excuses about putting money away, and the reality is that it might never seem like you have a dispensable income, free to be subjected to your whims of saving and spending at any given time.
That’s why it’s important to make saving for retirement a habit, and one that’s developed as early on as possible. When you’re still young, you can invest a relatively small amount for a short time annually and still produce impressive savings, whereas someone older with more money who invests over a longer period will produce less in the long run.
Starting the saving process can seem a bit daunting, though, and understanding the best investment plan for your lifestyle can be tricky, which is why Safe Retirement Solutions has a team of experienced professionals who will consult with you and help you devise a course of action.
Don’t let your youth hold you back: starting early is your best bet for peace of mind as you mature in years. To schedule a complementary consultation with one of our expert advisers, please click here and visit our website, or call us at 877-268-4086. Remember: Safe Retirement Solution’s financial advisers are here to help you along any step of the way in planning for your future.
You can also follow Safe Retirement Solutions on Facebook and Twitter.
Sources:
Retirement planning for 20-somethings
Tags: 401 (k) retirement plan, financial advice, financial adviser, investing for retirement, Planning for retirement, Professional Financial Planner, retirement free from financial worries, retirement income planning, Roth IRA, twenty-somethings
Posted in Planning for Retirement | Comments Off
Wednesday, June 20th, 2012
After graduating from college, young men and women have many things to worry about, especially when it comes to finding a job in today’s business world. But what many recent grads fail to take into consideration is their financial future.
The best time to start saving for your retirement is NOW!
Financial Advice for Recent College Graduates
- Save as much as you can now: Try and save as much money as you can while you are young. Odds are that the future will bring with it many more financial obligations, including a mortgage and a family. But saving along isn’t enough…
- You need to Invest: Making the right investments now can make all the difference in the future.
- Talk to your Employer: Most companies offer a 401K match plan, which means that your employer will match all or a percentage of what you put away for retirement. If you do not take advantage of this, you are essentially leaving money on the table.
- Contact Safe Retirement Solutions: We are a full service, independent financial advisory firm dedicated to providing you with the very best in retirement income planning. Our President and CEO Rod Borowy has been helping people achieve their financial goals since 1975. He considers all of our clients to be a part of the “Safe Retirement Solutions” family.
For more information about Professional Financial Planning or Financial Advice, consult the financial advisers at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!
Safe Retirement Solutions’ financial advisers help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.
You can also follow Safe Retirement Solutions on Facebook and Twitter.
Tags: 401K, Financial Advice for Recent College Graduates, financial advisers, financial advisory firm, financial future, financial obligations, financial planning, finding a job, invest, retirement income planning, Safe Retirement Solutions
Posted in 401(K) Plans, Financial Advice, Financial Planning, Planning for Retirement, Retirement Advice, Retirement Income Planning | Comments Off
Tuesday, June 19th, 2012
Saving money for retirement is the most sound advice you can get from a financial adviser. Whether it’s cutting back on splurging for that blue ray player or by cutting back on a vacation to France, it sounds like a great way to save money for retirement. However, there are terrible ways to save money and here’s an eclectic list we compiled for you today.
Don’t save money this way
- Free is not always cost-effective: Buy one get one free is the biggest marketing gimmick out there. Do not fall prey to that. If the item is free, no strings attached, then go for it.
- Ignoring health problems: Your health should always be a top priority. An unhealthy body devoid of regular check-ups can lead to costly medical bills. If health insurance is an issue, you can always check out public hospitals and community resources for free preventative measures.
- Pigging out on Fast Food: As cheap as it is, it’s terribly bad for you down the road. You increase your risk of heart disease, cancer and obesity by eating cheaply. Obesity-related ailments are costly too and can be thwarted if you forsake bad eating habits for good ones.
- Buying Cheap: Buying cheap is expensive. You literally get what you paid for. You get poor quality that will have a short shelf life. It’s best to make investments in high quality items that will last a long period of time.
- Making Repairs yourself: It’s more cost effective if you pay for a professional. Though their asking costs may be steep, you need to realize that it takes time and expertise to do a great job.
Most people, at some point in their lives, will need financial advice. When the time comes for you to reach out to a professional financial adviser, whom should you trust? How can you be sure that the financial adviser you choose has your best interests in mind? How do you know that your money is in good hands?
The Answer: Trust Safe Retirement Solutions!
For more information about Professional Financial Planning, or for professional financial advice, consult the financial advisers at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!
Safe Retirement Solutions’ financial advisers help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.
You can also follow Safe Retirement Solutions on Facebook and Twitter.
Sources:
Frugality at its Dumbest: 9 worst ways to save money
Tags: bad ways to save for retirement, best way to save for retirement, financial planning, retirement income planning, Safe Retirement Solutions, Social Security, tax-free, worst ways to save money
Posted in Financial Fitness Test, Financial Planning | Comments Off
Tuesday, May 29th, 2012
401K plans may seem like an esoteric language to some people. If plans are not efficient enough, than its easy to make a mistake. Oft-times mistakes can be corrected easily if you are able to catch them ahead of time. Other times, mistakes may hold punitive damages if you don’t notify the IRS.
By following these steps, you’re 401K plans will be safeguarded against future blunders.
Common Mistakes and How to Correct them
1.) Make sure your documents are updated every year. Documents that don’t get updated to reflect EGTRRA changes within the past few years may be fraught with problems for you in the future.
2.) Make sure you follow all terms of your plan. Failure to follow the terms of the plan can result in irreversible damages. Notify your third-party-administrator about these changes or this will end up in your audit.
3.) If the definition of compensation for all deferrals and allocations is not defined then fix that immediately. Remember to apply the proper definition in accordance to your plan document.
4.) Terms of the plan must be followed when allocating employer matching contributions. If contributions are mismatched then make sure you align your terms accordingly.
5.) Make sure your plan satisfies yearly nondiscrimination tests. Failure to do so can spell out trouble for your 401K plan.
6.) Lastly, participant loans must conform to the requirements of the plant document and IRC-72.
These are just few of many precautions that must be taken when it comes to maintaining your 401K plan. If you need help with your 401K Plan, then consider Safe Retirement Solutions. We know how to fix any concerns you may have with your plan.
For more information about
Professional Financial Planning, or for professional financial advice, consult the financial advisors at Safe Retirement Solutions by calling
877-268-4086 or
visit our website today!Safe Retirement Solutions’ financial advisers help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.
You can also follow Safe Retirement Solutions on Facebook and Twitter.
Tags: 401k mistakes, carefree income, financial adviser, financial advisor, retirement, retirement income planning, Safe Retirement Solutions
Posted in 401(K) Plans, Financial Advice | Comments Off
Thursday, May 10th, 2012
What is a Roth IRA?
Introduced in 1998, the Roth IRA was named after Senator William Roth Jr. of Delaware, the chief sponsor of this new financial planning tool.
What is the Difference Between a Roth IRA and a Traditional IRA?
Unlike a traditional IRA, Roth IRAs are funded with after-tax dollars and accumulate tax-free. This type of IRA also has no restrictions governing when you are allowed to start taking distributions.
What are the Advantages of a Roth IRA?
- Contributions to a Roth IRA can be withdrawn tax-free and penalty-free at any time.
- No required minimum distribution (RMD) during the owner’s lifetime.
- A spousal beneficiary can roll over an inherited Roth IRA and continue to defer withdrawals.
- As long as the taxpayer is earning some type of compensation or receiving alimony, contributions can continue to a Roth IRA past the age of 70 ½.
- And more!
What are the Disadvantages of a Roth IRA?
- Earnings can be withdrawn tax-free and penalty-free only after the Roth IRA has existed for five years and any of the following: the taxpayer has reached age 591/2, is disabled, died, or is withdrawing up to $10,000 to purchase a first home.
- There are RMDs required after the Roth IRA owner dies, but only for non-spouse beneficiaries.
- Contributions are not tax-deductible.
What are my IRA Options?
This is where a Safe Retirement Solutions can help! Our full service, independent financial advisory firm is dedicated to providing you with the very best in retirement income planning.
We help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.
For more information about Roth IRAs, or for professional financial advice, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!
You can also follow Safe Retirement Solutions on Facebook and Twitter.
Sources:
Roth IRAs
Tags: Advantages of a Roth IRA, financial advisors, financial advisory firm, financial planning, professional financial advice, retirement income planning, retirement planning, Roth IRA, Safe Retirement Solutions, tax-free, Traditional IRA, What is a Roth IRA?
Posted in Financial Advice, Financial Planning, Planning for Retirement, Retirement Advice, Retirement Income Planning, Roth IRA, Traditional IRA | Comments Off
Wednesday, May 2nd, 2012
Choosing the right IRA can be a difficult task. Luckily for you, the financial advisors at Safe Retirement Solutions are here to help! Simply following the three below steps can help you on your way to choosing the right type of IRA for you and your financial well being.
The Basics
There are two main types of IRAs – the Roth and the traditional IRA.
Traditional IRA: The biggest advantage to this type of IRA is tax-deferred compounding. You won’t have to pay taxes on your IRA’s investment earnings until you start taking distributions for it after you retire.
Roth IRA: Unlike traditional IRAs, this type of IRA has no restrictions governing when you are allowed to start taking distributions. Furthermore, qualified distributions from a Roth IRA are tax-free, not just tax-deferred.
Eligibility Requirements
There are eligibility requirements associated with both Traditional IRAs and Roth IRAs. For starters, you can’t make a deductible contribution to a traditional IRA if your income is above a certain level. Furthermore, if you make over a certain amount of money, you may not even be eligible for a Roth IRA. And that is just the beginning.
It gets pretty complicated from there. To help simplify the task, I suggest you check out the TurboTax IRA Calculator.
Your Options
This is where a Safe Retirement Solutions can help! Our full service, independent financial advisory firm is dedicated to providing you with the very best in retirement income planning.
We help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.
If you have any questions or want to know more about what we can do for you, please contact Safe Retirement Solutions by calling 877-268-4086 or visit our website today!
You can also follow Safe Retirement Solutions on Facebook and Twitter.
Solutions:
Finding the Right IRA in Three Easy Steps
Tags: choosing the right IRA, Eligibility Requirements, financial advisors, financial advisory firm, financial planning, IRA Calculator, retirement income planning, retirement planning, Roth IRA, Safe Retirement Solutions, Traditional IRA, types of IRAs
Posted in Financial Advice, Financial Planning, Maryland IRA Legacy Planning Services, Planning for Retirement, Retirement Advice, Retirement Income Planning, Roth IRA, Traditional IRA | Comments Off
Friday, January 6th, 2012
If you ask any financial adviser, they are sure to tell you that life insurance is the foundation of any sound financial plan. It is also an important financial tool for all of the following reasons, as well.
Pay Final Expenses: Without life insurance, your final expenses represent a tremendous financial burden for your loved ones. With life insurance, your funeral, burial, probate, debts, and medical expenses are covered.
Create an Inheritance: Even if you have no other assets to pass on to your loved ones, you can create an inheritance by purchasing a life insurance policy and naming them as beneficiaries.
Replace Income for Dependents: Does your family rely on you as its primary source of income? If so, what happens if you pass away suddenly? Life insurance can help replace that income if you die.
Pay Federal and State “Death” Taxes: Life insurance benefits will cover estate taxes.
Create a Source of Savings: Purchasing a cash-value life insurance policy can create a type of “forced” savings plan. And the interest credited is tax deferred (tax exempt if the money us paid as a death claim).
So why haven’t you purchased a Life Insurance Policy yet?
To ensure that you are making wise retirement decisions, consult a financial adviser, like Safe Retirement Solutions. Safe Retirement Solutions is your full service, independent financial advisory firm dedicated to providing you with the very best in retirement income planning.
If you have any questions about what you have just read, or if you would like to know more about retirement planning, consult a financial advisor like Safe Retirement Solutions by calling 877-268-4086 or visit our website today!
We help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.
You can also follow Safe Retirement Solutions on Facebook and Twitter.
Sources:
Why should I buy life insurance? Insurance Information Institute
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Posted in Financial Advice, Financial Planning, Life Insurance Maryland, Planning for Retirement, Retirement Advice, Retirement Income Planning | Comments Off
Friday, December 30th, 2011
A revocable living trust is a legal device that can be utilized to manage an estate during one’s lifetime and then distribute assets after their death. Such a trust appoints a trustee to oversee the property transferred to the trust. Usually longer and much more complicated than a will, a revocable living trust provides detailed instructions on how the estate is to be handled and eventually distributed.
The benefits of a revocable living trust include:
Avoiding Probate: Your revocable living trust can help you avoid expensive multiple probate proceedings and the publication of the private financial details of your estate.
Confidentiality: Your revocable trust is completely confidential, with only your named beneficiaries and trustee having full access to the information.
Avoiding Conservatorship: Your revocable trust can help you avoid conservatorship in the event of your incapacity.
Efficient Distribution of Assets: Your revocable trust can help expedite the distribution of your property after you die.
Continuity: Your revocable trust can help provide a certain level of continuity with the management of your estate.
If you believe a revocable living is right for you, you will need a written agreement/declaration of trust and you must legally transfer all trust assets to your appointed trustee. Deeds, stock transfers, new bank accounts and other legal documents may be necessary.
To ensure that you are making wise retirement decisions, consult a financial adviser, like Safe Retirement Solutions. Safe Retirement Solutions is your full service, independent financial advisory firm dedicated to providing you with the very best in retirement income planning.
If you have any questions about what you have just read, or if you would like to know more about retirement planning, consult a financial advisor like Safe Retirement Solutions by calling 877-268-4086 or visit our website today!
We help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.
You can also follow Safe Retirement Solutions on Facebook and Twitter.
Sources:
Revocable Living Trusts
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Posted in Financial Advice, Financial Planning, Planning for Retirement, Retirement Advice, Retirement Income Planning, Revocable Living Trust | Comments Off
Thursday, December 22nd, 2011
If you have not already begun to plan for your retirement, one of the simplest ways to do this is to utilize your company’s 401 (k) retirement plan. If you have already started paying into a 401 (k), you need to make sure you are not committing any of the following major 401 (k) mistakes.
1. Too Much Company Stock: Having too much company stock is a huge risk. Not only have you bet your retirement savings on the success of a single company in less than stable economic times, but too much company stock can actually hurt your returns. In fact, portfolios with more than 1/5 in company stock can expect to accumulate 18% less retirement wealth over 20 years than a portfolio with less than 10% in company stock.
Diversify your retirement funds beyond the company you work for.
2. Inappropriate Risk: While older workers put too much stock in stocks, younger workers tend to have too much money in bonds. This is a big problem with workers earning $25k or less. These individuals tend to have portfolios with inappropriate risk or diversification. Undiversified portfolios with inappropriate risk may have 22 percent less projected retirement wealth over a 20 year period.
3. Not Contributing: A third of active 401 (k) participants fail to contribute enough money to get the full company match, while sixty percent did get the full employer match but are saving below the limits allowed by the IRS or the plan.
Only 7 percent of active 401(k) participants came within $500 of the IRS or plan maximum and thus received the full tax break.
To ensure that you are making wise retirement decisions, consult a financial adviser, like Safe Retirement Solutions. Safe Retirement Solutions is your full service, independent financial advisory firm dedicated to providing you with the very best in retirement income planning.
If you have any questions about what you have just read, or if you would like to know more about retirement planning, consult a financial advisor like Safe Retirement Solutions by calling 877-268-4086 or visit our website today!
We help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.
You can also follow Safe Retirement Solutions on Facebook and Twitter.
Sources:
3 Mistakes to Avoid With Your 401 (k)
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Posted in 401(K) Plans, Financial Advice, Financial Planning, Planning for Retirement, Retirement Advice, Retirement Income Planning | 1 Comment »
