Posts Tagged ‘retirement planning’

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Estate Planning in Baltimore: A Brief Overview

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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Common Mutual Fund Investment Mistakes to Avoid

Friday, November 2nd, 2012

Mutual funds are often mistakenly regarded as a simple, relatively hassle-free investment approach, but many mutual fund investors make mistakes that wind up cutting into their returns and putting their portfolio at risk. Here are our tips for avoiding the widespread and less-than-desirable moves that negatively impact mutual funds.

Ignorance is Not Bliss

Many investors unintentionally double down on stocks or end up being over-exposed to one asset class. Those saving in mutual funds need to be well educated and fully aware when it comes to the investment holdings of their funds. Thoroughly reading the funds prospectus prior to investing or consulting with a financial adviser are good ways to avoid overlap and non-beneficial investments.

Trends Die Out

Buying into the latest and supposedly greatest funds might appeal to your inner desire to discover and be a part of up-and-coming trends, but purchasing a fund based on performance alone isn’t the wisest investment decision. Sometimes funds do well because they invest in a small market that’s currently of-the-moment, but that could underperform if and when said niche dies down.

Breaking up is Hard to Do

Many investors don’t know when to let go of their funds and end up holding on to them too long, assuming that their past performance is a reliable indicator of how they will do in the future. A more accurate way to measure a fund’s performance is to set targets for what you’ve invested in, trimming or selling the fund once that goal is reached.

If you need help reviewing your investment choices or guidance in choosing an appropriate mutual fund to purchase, the professional financial advisors at Safe Retirement Solutions are here to help you in the process so that you can save big for your retirement years.

For more information about Mutual Funds and our services or for professional financial advice, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

Source:

Five Big Mistakes Mutual-Fund Investors Make

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Trends in Retirement Planning: Saving Trumps Investing

Monday, October 15th, 2012

Investments have long been a part of the process of retirement planning. As the profitable cousin to saving, investments have helped to garner supplemental income for people post-workforce as they settle down for life without a full-time job. With the economic downfall, however, recently, savings has become the underrated and yet highly valuable family member, as investments have made a dive for the worse.

Though many Baby Boomers may be making this discovery a little too late, younger generations have been proving to alter their lifestyles accordingly. Between 2003 and 2011, the number of employed adults under the age of 25 contributing to their 401(k) plans increased by nearly 50%, according to Strategic Business Insight’s MacroMonitor. And in order to put money away in the bank, this younger set is making some economical decisions, driving older cars, paying off debts as quickly as possible, and saving at high interest rates.

Because of these shifts in the way retirement preparation is conceived, Wall Street professionals and financial planners everywhere will have to make changes that mirror the ones popping up around retirement planning. That is, they will have to adjust from providing advice about selling products to advice about saving money for financial peace of mind in the future. In essence, guaranteed money, even if of a lesser total sum, has become more important than the potential profits reaped from hypothetical and risky investments; security is key.

The trend in stock and bond obsessions came about in the late 70s, when Wall Street transformed from small partnership firms into global institutions – before that, investments were fairly conservative and planning for the future centered around saving. The Great Recession has ushered this more cautious trend in retirement saving back into style.

The professional advisors at Safe Retirement Solutions are happy to help you figure out how to cut costs and maximize savings in order to align with the current recommendations and directions of retirement planning.

For more information about Saving for Retirement and our services or for professional financial advice, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

Source:

The New Retirement Plan: Save More, Invest Less

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A Generational Difference: How the Prospect of Retirement has Changed

Friday, August 17th, 2012

For Baby Boomers, the prospect of retirement has, by and large, been as secure as a house with a state-of-the-art alarm system in a neighborhood not prone to crime.  Their residences have had great foundations, too, with a job, home ownership, Social Security, and in many cases, a pension holding it up.

For Generation X, however, that infrastructure began to crumble when pension plans were replaced by 401(k)s in the 1980s, replacing employer investment with worker contribution.  This put investment risk and control in the hands of the employee.  With the Great Recession causing equities to plummet by 45% in 2009 and the housing market decreasing real estate prices by 34% since 2006 and forcing many into foreclosure, Gen X Americans have faced further troubles.

Generation Y’s retirement protection is about as invulnerable as a computer exposed to an excess number of viruses, which is to say – not at all.  These Americans must attempt to keep the structural integrity of their homes in tact, so to speak, with only two factors: a job and a 401(k).   But the troublesome task of finding a job and remaining employable coupled with the issue of copious amounts of student debt makes Gen Y’s prospect of secure retirement even less stable.

College graduates are having difficulty landing reliable jobs, and the financial obligations that came along with earning their degrees means that when they do find work, much of their money must be sacrificed towards their debt, not their retirement funds.  The average yearly cost of just one year of college can range anywhere from $19,300 to $37,400, depending on the institution and whether it’s a public or private university.  This means that graduates are entering the tough job market with more debt than any other previous generation.

Given these facts about Gen Y’s financial situation, it’s not surprising that in a recent study by Ameriprise Financial, job security was revealed as the number one concern for members of Generation Y.  Without that security, retirement savings becomes a difficult reality, especially when student loans serve as a barricade to 401(k) participation.

At Safe Retirement Solutions, we want to make sure that even with the troubling economic situation, you do not feel discouraged about the hope of retirement and saving for your future.  Our team of financial advisors can help you to plan effectively for your life after the workforce, helping you to save money even if there doesn’t seem like there’s enough to go around.  We’re here to help you meet your retirement goals and dreams.

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.

Sources:

Gen Y faces retirement as a go-it-alone affair

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Financial Advice: Avoid Impromptu Retirement Plans

Friday, August 10th, 2012

According to a recent survey conducted by the Transamerica Center for Retirement Studies, more and more Americans are getting improvisational with their financial plans for the future.  The data collected demonstrated that “retirement planning” is a loose concept among Americans; many even seem to think that retiring in and of itself is an unrealistic and unobtainable goal.

The study revealed the following problematic points:

  1. Scrimp and Save: The average contribution for workers with a 401(k) or similar retirement plan is a mere 7%: far too little to fund a comfortable retirement.  The fall of the stock market and decreased anticipation regarding bond yields means that savings is increasingly the only safe guarantee for retirement savings. 
  2. Lowballing:  Savings rates are low in part because people have a tendency to underestimate the amount of money that they will need to live pleasantly upon forgoing their careers.  The Transamerica Study indicated that the median savings target of Americans is about $500,000.  The issue is, inflation caused by the ongoing economic recession is likely to reduce the value of that savings by at least half by the time young employees reach retirement.
  3. Ballpark Figures: Rather than consulting with financial advisors like the professionals at Safe Retirement Solutions, people are taking guesses when it comes to savings rates and retirement saving goals.  The survey revealed that almost half of its participants estimated retirement targets.
  4. Inconsistencies: In spite of the median retirement goal being $500,000, 39% of employees in their 60s had accumulated less than half that amount, making obtaining their financial goals near-impossible.
  5. All in Good Health:  According to the Transamerica survey, the majority of Americans don’t expect to retire until after the age of 65, and some don’t anticipate it being a possibility at all.  Many count on being able to work post-retirement, but that assumes that the retiree’s health will enable him to do so.
  6. Procrastination Nation: Too often, people put off retirement planning until they’re much older, when the reality is that the younger people start saving, the better off they’ll be when it comes time to stop working.  The survey showed that people nearing retirement in their 60s were far more likely to have a retirement plan and financial advisor as compared with 20-somethings.

 

Don’t get caught up in the act of impromptu retirement planning: consult with the experts at Safe Retirement Solutions and be on your way to achieving comfortable living during your retirement years.

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.

Sources:

Are Americans ‘winging’ their retirement plans?

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American Anxiety over Anticipated Retirement Age

Thursday, July 26th, 2012

Retirement is the beacon of light at the end of our jam-packed tunnels of life.  We work.  We create homes and families.  We involve ourselves in the community and world-at-large.  We try to create relaxation time but mostly just think about the relaxation time we will have in the future, when we receive our pension and retreat from the workforce.

But according to recent studies, for many Americans, that luster is growing a little lackluster, as more and more of us expect to retire later and later in our careers.  Gallup, Inc., a research-based performance-management consulting company with a division that specializes in polls, conducted a survey to collect information on the age at which most Americans expect to retire.

According to the poll, whose results were released this past April, 26% of workers expect to retire before age 65, 27% expect to retire at age 65, and 39% after age 65.  Since 2002 – ten years ago – there has been an 18% increase in the number of people who don’t anticipate retirement until after 65.

However, the poll revealed some further statistics indicating a relationship between expectations about retirement and age of workers; that is, younger nonretirees showed more confidence in being able to retire at an earlier age than those nearing retirement.  Those under 40 predicted being able to retire at 65, while those 40 and over estimated not reaching retirement until age 68.

Since the economic recession, people’s expectancies about their level of comfort upon retiring has dropped considerably.  In 2002, 59% thought they would have enough money to manage a contented lifestyle, but when the recession hit, that number dropped to under 50%, and out latest poll indicates that only 38% of workers anticipate comfortable living upon retirement.

The steadily growing anxiety regarding retirement age and lifestyle makes one point very clear: Americans need to turn to professionals early on to help them manage and plan for retirement.  That’s why the professional financial advisers at Safe Retirement Solutions are here to assist in making your transition to retirement a smooth one.

For more information about Retirement Planning, 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.

Source:

Expected Retirement Age in U.S. up to 67

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What happens to an Estate without an Estate Plan?

Wednesday, July 11th, 2012

How important is it to have an estate plan? Well, consider what would happen to your estate if you didn’t have such a plan in place. Without an estate plan, important decisions regarding your property, medical and final arrangements, and more will be made without any input on your behalf.

  1. Doctors and family members will make medical decisions
  2. Family members will decide on your burial arrangements
  3. State laws will dictate the distribution of your assets

Shouldn’t you make the above decisions? Of course you should! So make sure you have the final say in matters involving your state. Make sure you have an estate plan in place!

Estate planning, by definition, is the process of managing and preserving your assets while you are living to conserve and control their distribution after your death. Estate planning allows you to dictate which beneficiaries receive which aspects of your property. This also allows you to save as much as possible on taxes, court costs, and attorney’s fees so your loved ones can mourn your loss without additional financial burdens and unnecessary red tape looming overhead.

Estate Plans and Safe Retirement Solutions

According to Good Morning America financial contributor, Mellody Hobson, more than 70 percent of adult Americans do not have any form of an estate plan legally filed. Don’t become another statistic; contact the financial advisers at Safe Retirement Solutions today to help protect your financial assets and estate in the future!

For more information about Estate Planning, 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.

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Retirement Planning Mistakes: Advice on how to advoid them

Thursday, June 14th, 2012

Retirement may be long ways away for you or it could be approaching soon. Make sure you do your research and plan ahead of time. You wouldn’t want to make any mistakes with your retirement.

We know how important retirement is for you, so we devised a comprehensive list of top retirement mistakes you must avoid.

Retirement Mistakes

  1. Not planning: It’s hard to know how much you must save for retirement if you don’t plan in advance. By planning in advance, you will avoid errors and be able to save enough.
  2.  Retiring without a solid plan: Make sure you have a solid plan before you retire. Often times retiring early could also mean not receiving the maximum amount of social security you desire. Once you choose your social security type, it cannot be changed. If you do work a few years beyond what you’ve planned, you will receive a larger bonus in retirement security.
  3. Being unaware of your life expectancy:  Woman are expected to live to an average of 85 years while males can live to be about 82. You must be aware of your personal life expectancy before you make solid plans.
  4. Job search at an older age: Getting a job later on in life is not as easy as you want it to be. Just be aware of that.
  5. Not saving enough:It’s easier to spend than it is to save. The more you save, the cushier your retirement funding will be.
  6. Poor use of qualified money: A percentage of people in the workplace cash out their 401 (k) balance when they change jobs. It’s better to send them into a new plan since taxes and fees occur during the retirement planning process.
  7. Ignoring annuities: Remember to use them. Please do not ignore annuities. It’s the only financial product available which can provide an income for any time period.
  8. Not understanding risk: As retirement approaches be wary of stocks and anything else that could put your retirement at risk. As retirement age approaches, many people make the mistake of have 80 percent of their account in the wrong asset allocation. If you are not aware of market trends, that could result in poor job performance.

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:

The Top 10 Retirement Planning Mistakes and How to Avoid Them

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Benefits of Professional Financial Planning : Retirement Planning

Wednesday, May 23rd, 2012

The primary goal of a professional financial planner is to help you maintain a comfortable lifestyle while still putting away enough money for the future. What is even more impressive is that financial planners are able to consolidate all aspects of your financial life into one coordinated plan. So, unlike stockbrokers, bankers, insurance agents, or accountants, your financial planner helps make your life less complicated…not more complicated.

Additional Benefits of Financial Planning

  • Assistance With Managing Your Finances: Let’s face it; you just do not have the time to breathe, let alone properly manage your own finances. This is where a professional financial advisor can help!
  • Confirm Your Objectives are Being Met: How are all of your investments working out? You have several specialists – stock brokers, loan officers, bankers, etc. – telling you how each piece of your financial puzzle is doing, but what about the bigger picture? How is each investment working as a part of the whole financial plan? A financial planner is certainly not intended to replace any of your existing advisors, but what he/she can do is evaluate your total financial situation and coordinate strategies which do not interfere with any of your stated goals and objectives.
  • Monitoring the Implementation: Your stated goals and objectives can never be met without putting the financial plan into action. A financial planner will ensure that all phases of your plan are not only implemented, but also monitored to ensure they are working out.
  • Frequent Plan Review to Remain on Schedule: Your financial plan should be reviewed on a continuing basis. A financial advisor will frequently meet with you to review your current financial plan and, if need be, reevaluate your financial goals.
  • Provides You with Peace of Mind: Sit back and relax, knowing you and your future are in good hands.

 

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 advisor, whom should you trust? How can you be sure that the financial advisor 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 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.

Sources:

Why Consider Financial Planning?

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Posted in 401(K) Plans, Annuity Planning, Asset Allocation, Estate Plan, Financial Advice, Financial Planning, Immediate Annuities, Income Annuities, Life Insurance Maryland, Maryland IRA Legacy Planning Services, Planning for Retirement, Retirement Advice, Retirement Income Planning, Revocable Living Trust, Roth IRA, Thrift Savings Plan, Traditional IRA, Trusts | Comments Off

Do I need a professional financial advisor?

Tuesday, May 15th, 2012

The simple answer is no…you do not NEED a financial advisor. But is it a good idea to hire a professional financial advisor? You better believe it!

Today’s society is complex enough. And it is only going to get more complex.

Between your family, your career, your community responsibilities, and your personal interests, you barely have enough time to breathe, let alone keep up with the ever-changing financial marketplace. New laws, regulations, economic events, market changes, product offerings, and the like continue to cloud the marketplace.

Making the right financial choices has never been more difficult. Yet, making the right financial moves at the right time is critical to achieving security and accomplishing personal objectives.

Benefits of Professional Financial Planning

The primary goal of a professional financial planner is to help you maintain a comfortable lifestyle while still putting away enough money for the future. What is even more impressive is that financial planners are able to consolidate all aspects of your financial life into one coordinated plan. So, unlike stockbrokers, bankers, insurance agents, or accountants, your financial planner helps make your life less complicated…not more complicated.

Trust Safe Retirement Solution

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.

For more information about Estate Plans, 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.

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