Posts Tagged ‘retirement planning’

Conducting A Review of Your Estate Plan

Monday, April 7th, 2014

Your estate plan is successfully implemented. Now you are done, right? Wrong. There is still one critical step that remains: carrying out a periodic review and update. This is important because, let’s face it, life is not predictable. Things change. People retire, people get divorced, people move, people die, laws change, the stock market fluctuates, and much more! And each one of these individual circumstances can have a major impact on your estate.retirement benefits

A periodic review can give you peace of mind. And how often should you conduct a review of your estate plan?

Large Estates: Those of you with large estates should review your estate plan annually.

Small Estates: Those of you with smaller estates should review your estate plan every five years, minimum.

Major Life Events: Aside from the above recommended reviews, you should also look at your estate plan after any major life event, including:

•      Changes in estate valuation

•      Economic changes

•      Changes in occupation or employment

•      Changes in family situations

•      Changes in your closely held business interest

•      Changes in the estate plan

•      Major transactions

•      Changes in insurance coverage

•      Death of trustee/executor/guardian

•      Other important changes

If you have any questions about what you have just read, or if you would like to know more about trusts and retirement planning, consult the financial advisors at 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.

How Can I Achieve Financial Security?

Tuesday, February 18th, 2014

When it’s time for you to retire, will you be able to afford it? Almost all of the research conducted on the subject, over the last few years, shows that most individuals are unable to demonstrate financial readiness for their retirement years. This only serves to underline the fact that saving for retirement is a challenging process that requires careful planning and follow-through. Here we review some helpful tips that should help you on your way to a comfortable retirement.

Start as Soon as You Can
It is obvious that it is better to start saving at an early age, but it is never too late to start – even if you are already close to your retirement years – because every penny saved helps to cover your expenses.

Treat Your Savings as an Expense
Saving on a regular basis can be a challenge, especially when you consider the many regular expenses we all face, not to mention the enticing consumer goods that tempt us to spend our disposable cash. You can guard amounts you want to add to your nest egg from this temptation by treating your retirement savings as a recurring expense, similar to paying rent, mortgage or a car loan.

Diversify Your Portfolio
The old adage that tells us that we shouldn’t put all of our eggs in one basket holds true for retirement assets. Putting all your savings into one form of investment increases the risk of losing all your investments, and it may limit your return on investment (ROI). As such, asset allocation is a key part of managing your retirement assets

Consider All of Your Potential Expenses in Your Financial Plan
When planning for retirement, some of us make the mistake of not considering expenses for medical and dental costs, long-term care and income taxes. When deciding how much you need to save for retirement, make a list of all the expenses you may incur during your retirement years. This will help you to make realistic projections and plan accordingly.

Budget
Saving a lot of money is great, but the benefits are eroded or even nullified if it means you have to use high-interest loans to pay your living expenses. Therefore, preparing and working within a budget is essential. Your retirement savings should be counted among your budgeted recurring expenses in order to ensure that your disposable income is calculated accurately.

Work with an Experienced Financial Planner
Unless you are experienced in the field of financial planning and portfolio management, engaging the services of an experienced and qualified financial planner will be necessary.

About Safe Retirement Solutions

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.

How To Financially Plan After College

Monday, January 13th, 2014

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

  1. 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…
  2. You need to Invest: Making the right investments now can make all the difference in the future.
  3. 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.
  4. 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.

What Are The Benefits of Professional Financial Planning?

Monday, December 23rd, 2013

When you are thinking about the future with your family, I’m sure you have many concerns. How many dogs should we get? What schools your children will attend? What trips to take with loved ones? When you’re ready to stop day-dreaming and start planning, you’ll realize that the first step working towards the future is cultivating a stable financial nest.retirement savings

The benefits of professional financial planning lend themselves to all future matters, big and small. Most importantly, you want to have a stable financial future.

Benefits of professional financial planning

  • A professional financial advisor will help you set realistic plans. Both long term and, more importantly, short term plans will need to be weighed in order to plan what you can and cannot accomplish, and what it most important to you.
  • You will be able to develop an in-depth, concrete, look at your assets, liabilities, income, insurance, taxes, investments and estate plan.
  • Financial planning is imperative for investment plans, especial ones over 100k that you don’t feel comfortable managing.
  • You will be able to confidently manage expenses as a cohesive family unit, especially when your combined earnings are over $150,000 or higher.
  • Financial Planning will help you understand the risks. Some risks may be advisable, some may be suicidal, it all depends on your current and future prospects, and what goals you’d like to focus on.
  • Help keeping you active. Depending on the level of personal importance, future goals will come and go. Your income will also fluctuate. A personal financial advisor will know how to strategize based on your financial history and current/future changes.

What a professional financial plan really gives you is time. With help from an advisor you save and create free time by planning and effectively managing your financial situation. By building that nest you are planning for the big score, and not wasting time on ineffective, short term expenses.

A financial plan gives you peace of mind in the short term, and confidence for the long term.

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.

Source :

http://www.nerdwallet.com/finance/question/what-are-the-benefits-of-having-professional-financial-advice-16

Benefits of IRA Legacy Planning

Monday, September 30th, 2013

Protecting and preserving your retirement savings is just one of the many crucial aspects that go into planning for retirement. If handled properly, an IRA can sustain you throughout retirement and provide a significant inheritance for your loved ones or favorite charity. If not handled properly, your beneficiaries could end up losing as much as 80% of your retirement savings to taxes. 

There is a solution – IRA Legacy Planning.

This important retirement planning strategy helps secure how you will pass along your hard-earned savings. IRA Legacy Planning ensures that your IRAs and other qualified plans are properly incorporated into your estate plan.

Benefits of IRA Legacy Planning

•      Increase the extent and validity of your retirement savings

•      Minimize taxes on the transference of your retirement savings

•      Provide a significant inheritance for your loved ones

•      Ensure the “Stretch IRA”

•      Avoid common mistakes that could result in unnecessary taxes and loss of assets

•      Communicate instructions to beneficiaries upon your passing

If you have any questions about what you have just read, or if you would like to know more about IRA Legacy and 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:

IRA Legacy Planning: Protecting Your Life Savings

Do I Need A Professional Financial Advisor?

Monday, September 16th, 2013

Let’s face it; today’s financial investment options are complicated. And with the financial marketplace ever-changing – with new laws and regulations, new economic events, new market changes, and new product offerings – making the right financial choices has never been more difficult.

For that reason, most individuals are opting to utilize the expertise of a professional financial advisor instead of attempting to handle their own finances. A professional financial advisor, like the ones found at Safe Retirement Solutions, can help you organize your finances in the most efficient manner to reduce taxes, maximize investment return, provide adequate risk management, save time, and attain financial peace of mind. 

Safe Retirement Solutions is your full service, independent financial advisory firm dedicated to providing you with the very best in retirement income planning.

Making the right financial moves at the right time is critical to achieving security and accomplishing personal objectives. And remember, it is never too early to start planning for you future!

If you have any questions about what you have just read, or if you would like to know more about Professional Financial Advisors and retirement planning, consult the financial advisors at 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.

When Should I Start Planning for Retirement?

Monday, September 9th, 2013

Planning for retirement takes time and isn’t something that just happens. So at what age should you start thinking about retirement? Unfortunately, there is no clear-cut answer. Some people will tell you to start as early as possible, but that is not completely true. After all, what 12 year old is going to start saving for retirement when there is so much candy out there to be bought.

The real time to begin saving money for retirement is when you get your first full-time job. This can be right out of high school or right out of college. Either way, this is the time when you should begin to put money away for retirement.

Talk to your employer about the retirement plans they have available. Most companies will 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.

So the answer to the question we stated in the title of this article is simple; the best time to start planning and investing for retirement is right now. The longer you wait, the less you will be able to save.

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!

Safe Retirement Solutions is your full service, independent financial advisory firm 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.

You can also follow Safe Retirement Solutions on Facebook and Twitter.

Sources:

At What Age Should I Start Retirement Planning?

When Should You Start Planning For Retirement?

Preparing for Retirement from Safe Retirement Solutions

Monday, August 19th, 2013

There are certain checkpoints the financial advisors at Safe Retirement Solutions would ideally like all of our clients to meet when preparing to traverse into the realm of retirement. We always recommend that people start making their travel arrangements for the journey into retirement as early as possible, but recognize that not everyone is able to plan so far into the future.

By the age of 25, one distinct goal should be in place and you should start on the footpath to achieving it: saving about 15% of lifestyle spending each year. By 31, you will hopefully have reached a landmark: that is, you should have enough money saved to be able to support yourself economically based off of what you spend in a year. Saving the aforementioned 15% over the course of six years with accumulated growth adds up to make up 100% of what you spend in any given year.

This banked money has the longest amount of time to grow on compounding returns: it will amass to about seven years of spending by the time you reach retirement age at 65. That’s why the longer you put off saving for retirement, the more difficult it is to stockpile the funds necessary for the latter two decades of life.

Age 35 is a new feat, with savings ideally being twice your yearly spending; roadblocks like raising a family make reaching this destination a little more difficult. By 41, four times your annual lifestyle should be saved, and it might be necessary to think about seriously trimming your spending in order to do so. Just remember that whatever you save grows due to compounded interest. Your ultimate aim should be to have 23 times your yearly spending by the time you make it to 65, so that you’ll be thoroughly equipped for the voyage into retirement.

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:

How Much Should I Have Saved Toward Retirement?

401(k) Field Guide from Towson Financial Advisor

Monday, August 12th, 2013

Want the 411 on 401(k)s? We’re here to offer it. Signing up for a 401(k) is like signing up for free money in the bank, and in fact, the more money you put towards it, the more no-bars cash will wind up in your pocket. Here are the top three most miraculous money-making aspects a 401(k) has to offer:

-       Whatever you put towards your 401(k) gets taken out of your paycheck before taxes are withheld, meaning you get an instant tax break and decreasing your overall taxable income.

-       Many employers will match at least part of what you put away in your 401(k). The standard offer is 50 cents to every dollar for the initial 6% invested.

-       Until you withdraw your investment, you wont have to pay annual taxes on capital gains, dividends, and other distributions. This is known as tax-deferred growth.

What’s more? As of the 2012 tax year, the federal cap on contributions is $17,000. In addition, under the Tax Relief Act, workers aged 50 and older are permitted to play catch-up, contributed up to an extra $5,500 each year to their 401(k). That being said, individual employers may have different restrictions on the amount of contribution – check with your benefits team to determine how much you can put away every year. Also be sure you’re aware of how much time you have to put in at a company before you can walk away while still gaining your employer’s contributions.

One important consideration: withdrawing money prematurely from your 401(k) does not come without penalties. Access your cash before the age of 59 ½ and you’ll have to pay income taxes on whatever you take out, plus a 10% penalty.

The Maryland financial advisors at Safe Retirement solutions in Towson can help you make the most of your 401(k) and educate you on the ins and outs of this savings system. For more information, call 877-268-4086 or visit our website today!

Follow us on FacebookTwitter, LinkedIn, and Google+ for more retirement planning tips.

Sources:

Retirement: Virtues of the 401(k)

What is a Thrift Savings Plan?

Monday, August 5th, 2013

A thrift savings plan (TSP) – which was first created by the Federal Employee’s Retirement System Act of 1986 - is a defined, tax-deferred retirement savings plan for Federal employees, members of the armed forces, and all employees covered under the older Civil Service Retirement System (CSRS). A TSP is one of the three components that comprise the Federal Retirement System (FERS).

  1. Thrift Savings Plan
  2. FERS Annuity
  3. Social Security

A TSP – which is administered by the Federal Retirement Thrift Investment Board – is designed to closely resemble the dynamics of the 401 (k) retirement plans offered by most private sector companies. Contributions to the plan are automatically deducted from each paycheck. By participating in the TSP, Federal employees to…

  1. Save part of their income for retirement
  2. Receive matching agency contributions
  3. Reduce their current taxes

In the event of your death, if you have not already withdrawn funds, payments would be made to your survivors as follows:

  1. Widow or widower.
  2. Child or children
  3. Descendants of deceased children by representation.
  4. Retiree’s parents or to the surviving parent.
  5. The executor or administrator of the retiree’s estate.
  6. To any other of the retiree’s next of kin who is entitled under the laws of the state in which the retiree resided at death.

Or, if you prefer a different payment succession, you can fill our a designation form.

If you have any questions about what you have just read, or if you would like to know more about Thrift Savings Plans and retirement planning, consult the financial advisors at 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:

Thrift Savings Plan

Thrift Savings Plan – TSP

Thrift Savings Plan (TSP)