Posts Tagged ‘Safe Retirement Solutions’

What to Avoid When Planning your Retirement

Tuesday, June 24th, 2014

Retirement Saving Landmines

When it comes to planning for your retirement, there are a lot of ways to do so. In today’s society, planning for your future retirement can be somewhat easy when the correct steps are taken. However, with so many different ways to save comes many different ways to lose your retirement fund. In a recent article written by Alan Gula, a Chief income Analyst for Wall Street Daily, losing money can be avoided when individuals who are saving for retirement attempt to avoid certain “landmines”.

  1. No Diversification- When we hear stories of individuals losing a large amount of money from their retirement fund, we typically find that they were not diversified when saving. Those who place their savings in one sole place are at a higher risk of losing a more significant amount of money as opposed to those who are well diversified when it comes to their retirement savings.
  2. Fees- As Mr. Gula points out in his article, a large amount of brokers are usually given incentives to try and sell products that are high-commissioned, which means high fees for you. Mr. Gula gives a website called Morningstar that shows individuals the risk to reward ratio of products and mutual funds to show them if they should risk purchasing from a certain broker.
  3. REITs- If a broker makes an attempt to sell you on a non-traded real estate investment trust (REIT) you should say no and run the other way. Brokers try to sell REITs by saying they help you to escape the volatility present in the markets. However, these non-traded REITs prevent you from pulling your money if necessary, which could end up as a loss for you in the end.

For the full article written by Alan Gula, click here.

If you want to avoid casualties like those listed previously, or want to know more about other possible pitfalls when saving for your retirement, talk to an advisor from Safe Retirement Solutions today. Our advisors understand how stressful and complicated saving for your retirement can be and will work with you to make the process as stress-free as possible.

To get started with Safe Retirement Solutions, call us at 877-268-4086 or visit our contact page today.

You can also follow Safe Retirement Solutions today on Google+, Twitter, LinkedIn, and Facebook.

Understanding a 401K

Friday, June 13th, 2014

Understand a 401K

When you are considering ways to save for your retirement, one of your options is a 401K plan. You may have heard the term thrown around in different conversations, but do you understand how it works or where it came from?

The 401K

The 401K was developed after the Tax Reform Act was passed by Congress in 1978. The act was passed to encourage working individuals to save money for their retirement while having a way to lower their federal and state taxes in the process. The name for the 401K came from its Internal Revenue Code-section 401 and paragraph K. A benefits consultant named Ted Benna created a plan for the 401K in 1981. In 1991, final regulations were published for the 401K plan.

Some of the benefits you receive with a 401K include a lower taxable income, earnings and savings without the need of deposits, and free money from employers. When you begin a 401K, you first tell your employer how much money you wish to have entered in your account. This amount can typically be about 15% of your salary; however your employer does have the option to put a limit to the amount. That money is then entered into your account before taxes are withdrawn. There are also times where your employer will match what you decide to contribute to the 401K. Your money is placed in the hands of an administrator of a third party to be invested in a number of different ways. You can decide which ways to invest your money between bods, money market accounts, and mutual funds, along with other options. There are online calculators like this one that will help you understand how much money your can accumulate depending on how long you have a 401K and how much you decide to contribute to the account.

Your 401K with Safe Retirement Solutions

 

At Safe Retirement Solutions, we are here to help you plan your retirement. We know that the idea of retiring is daunting and there is a constant fear of outliving your retirement funds. One of our trained and educated advisors can meet with you to decide which options are best for you and how to begin with a 401K.

Want to get started with a 401k? Do you have questions about retirement? Give Safe Retirement Solutions a call today at 410.266.1120 or click here. We serve the residents of Annapolis, Towson, and Columbia, Maryland as well as the residents of Saint Augustine, Florida.

You can also follow Safe Retirement Solutions today on Facebook, Twitter, LinkedIn, and Google+.

 

Source:

http://money.howstuffworks.com/personal-finance/retirement-planning/401k.htm

 

The Benefits of Financial Planning

Monday, June 9th, 2014

Whether you’re looking forward to retirement in a few years, or even still have a decade to go, it’s important to be looking into a financial plan if you haven’t already. You may think that you’ve been saving for years and you have enough money to fund the rest of your life. However, this might be difficult without a set plan. You should be able to enjoy your retirement years with a care-free mindset. There are endless benefits to financial planning.

Benefits of Financial Planning

  1. You know if you’re saving enough. Maybe you’ve been saving for years, but with your kids’ college expenses and other unplanned costs, have you been leaving enough money for future fees? A financial advisor can help you map out the rest of your financial life, making retirement a breeze.
  2. You have a plan for your means in the occurrence of your death. It is important to know where your money is going, or who is it going to after your passing. Your financial advisor can help you figure out if you need a will or a trust. This way, if something happens to you unexpectedly, the allocation process goes smoothly.
  3. A time frame. Setting a financial plan means that you have a specific objective. You are able to set time frames and specific numbers so that you know how close you are to your end goal. When you have reached that goal, you can enjoy your retirement years.
  4. Financial planning is concrete. It is a written plan for your future costs and savings. It makes budgeting, buying, selling, or investing decisions easier and helps you stay on track towards retirement. Having a recorded plan for your future finances will definitely help you out and ease the retirement process.

Having a financial advisor or financial planner is not necessary, but it is recommended, as it will help your financial planning process to be stress-free. Safe Retirement Solutions can help you do just that. If you have any questions about financial planning or are looking for a financial advisor, call us at (410)-266-1120, or toll free at (877)-268-4086. We have offices in Annapolis MD, Towson MD, Columbia MD, and St. Augustine FL.

Be sure to follow us on Facebook, TwitterLinkedIn, Google+ and Flickr!

 

Source:

http://money.usnews.com/money/blogs/the-smarter-mutual-fund-investor/2011/05/17/6-reasons-you-need-a-financial-plan

 

What is Medicare?

Friday, May 30th, 2014

One of the biggest questions people have about retirement is how they will manage to pay for their healthcare. When your body gets older, there are plenty of health problems that could potentially arise, for both you and your spouse. If serious, medical bills can become very costly and overwhelming to deal with. There is also the concern about medication. If certain ailments occur that require regular medication, costs can creep even higher when it comes to your healthcare. You find that when you originally planned for your retirement, healthcare wasn’t an area you planned for in full. So what do you do?

Medicare after Retirement

Medicare

A health program implemented by the government, Medicare provides insurance for Americans over the age of 65 along with disabled individuals. This health insurance program is used by over 55 million citizens. While not everything is covered with Medicare, it does assist with basic medical expenses. There are for parts to Medicare:

  1. Part A- Most enrolls in this part of Medicare. Part A helps with hospice care, impatient care, and nursing facilities. This normally doesn’t require a paid premium.
  2. Part B- This helps to cover therapy (occupational and physical), doctor services, outpatient care, and some home health care. Part B typically has a monthly premium.
  3. Part C- With this part of Medicare, benefits are received through a Medicare Advantage. These benefits are managed by pre-approved insurance companies.
  4. Part D- This part provides benefits for prescription drugs.

When it comes to understanding which part of Medicare is best for you, talk with your doctor about any conditions you currently have or could surface in the future.

Plan with Safe Retirement Solutions

When it comes to planning for healthcare after retirement, trust the advisors at Safe Retirement Solutions. At Safe Retirement Solutions, we help our clients plan for their retirement before they have even reached retirement age. We will answer all of your retirement questions and assist you with including healthcare in your retirement planning.

To start planning for your retirement, speak to one of our advisors today by calling toll free at (877)-268-4086 or by clicking here. You can also follow Safe Retirement Solutions today on Facebook, Twitter, LinkedIn, and Google+.

 

 

 

Source:

http://www.planforyourhealth.com/retirement/article/show/health-care-options-after-retirement/

How Should I Start Saving for Retirement?

Saturday, May 24th, 2014

Retirement SavingIt doesn’t matter how old you are or how far away retirement is, it is never too early to start saving. But saving money that you will be living off of can be very intimidating. Where do you start? Most hard working individuals fear that they will outlive their retirement savings and are unsure of how they will survive. However, you won’t get to enjoy your retirement if you are constantly stressing about the future. Start saving now and keep your mind at ease for the future. Here are some tips to help you get started when it comes to saving for your retirement:

  1. Baby steps- Saving doesn’t have to start big. Start setting aside small amounts each month and gradually build as you go.
  2. What will you need?- Figure out a rough estimate of what you will need to survive during retirement. This will give you a starting point to work towards.
  3. Help with employer’s plan- If your employer currently has a retirement plan in place, never hesitate to contribute.
  4. Pension plans-Ask your employer if they have any pension plans and what they entail.
  5. Invest smart- Consider the ways in which you save. Choose ways that will allow your money to grow the most without fees or risk.
  6. Hands off- Never touch your savings. You will experience set backs like fees and loss of interest.
  7. Start a plan with your employer- If your employer doesn’t have a retirement plan in place, ask them about starting one.
  8. IRA- Open an Individual Retirement Account. You can choose between a traditional IRA or a Roth IRA.
  9. Social Security- Look into your Social Security benefits. Knowing what you can expect from these benefits will aid in your planning process.
  10. Call Safe Retirement Solutions

At Safe Retirement Solutions we strive to ensure our clients feel confident and comfortable when planning for their retirement. Our trained advisors will work with you to design a plan to help you save for your retirement. With Safe Retirement Solutions, goals can be made and met when it comes to saving for your retirement. To start saving for your retirement, call us at (410)-266-1120 or click here.

Follow Safe Retirement Solutions today on Google+, Twitter, Facebook, and LinkedIn.

Source

The Future of Retirement

Tuesday, May 13th, 2014

Couple ready for retirementOn May 13, 2014, Florida Senator Marco Rubio presented a speech discussing the future of retirement for Americans. His proposal would help younger Americans save for their future retirement while protecting programs for older Americans who are nearing retirement age.  With Rubio’s plan, younger workers would be facing a higher retirement age, but there would be federal retirement accounts for all Americans to join.

Rubio was quoted by The Associated Press saying, “If ever there was an issue worthy of this solidarity, preserving a secure retirement for 21st century seniors is that issue.” Rubio is a Republican senator who is currently considering a presidential bid. Within his speech, he also promises older workers that their retirement would not be affected by his proposed plan. His plan outlines that as life expectancy rises, the retirement age should rise along with it. Within his proposed plan, Rubio suggests making the Congress retirement plan open to Americans, allowing those without retirement options through an employer access to several investment programs such as 401(k). This plan also suspends payroll taxes for Social Security for workers 65 years old or older who continue to work while also protecting workers 55 years old currently.

At Safe Retirement Solutions, we are here to help you plan your future retirement in this time of uncertainty. Along with retirement planning, we also offer services in:

  1. Income Planning
  2. Asset Protection
  3. Tax Planning
  4. Life Insurance
  5. IRA, 401(k), Thrift Saving Plan, 403(b) Rollovers

 

Our dedicated team of professionals will offer advice and guidance with your financial future as you start to consider your retirement future. The number one fear for retirees is that they will outlive their money set aside for retirement. At Safe Retirement Solutions, we help you set goals for your retirement and aid you in implementing plans and strategies to make your goals obtainable.  Our advisors will sit down with you to determine what you eligible for in terms of retirement and help you to look at all of your options. Thinking about your retirement can be overwhelming and daunting, but with Safe Retirement Solutions, you can rest easy knowing all of your questions will be answered and no detail will go unnoticed.

Visit one of our offices located in Annapolis, Towson and Columbia, Maryland as well as our office in Saint Augustine, Florida. You can call to set up an appointment at (410)-266-1120, or toll free at (877)-268-4086. You can also submit an online form here.  Find us on Facebook, Twitter, LinkedIn, and Google+.

 

Sources:

http://www.naplesnews.com/news/2014/may/13/marco-rubio-open-congress-retirement-all-workers/

 

Estate Plan or Reverse Mortgage: Which Would You Prefer?

Monday, May 5th, 2014

Estate and Retirement PlanningThroughout your lifetime you have worked hard to provide for yourself and your family. As you reach retirement, you should look forward to enjoying the results of your hard work like spending time on your property surrounded by your children and grandchildren. But a lack of planning can put you into a tight spot after retirement, possibly forcing you to make difficult decisions during your retirement. Poor planning could result in low funds, causing you to scramble for ways to make ends meet and to keep your home. What do you do?

The ideal thing for you before any of this happens is to have an estate plan in place before you have even reached retirement. But if you didn’t think it was necessary and now find yourself in a bind, there is such a thing as a reverse mortgage. Once you reach the age of 62, a reverse mortgage allows you to borrow against the future value of your home. You wouldn’t have to pay back the loan until you have either moved or passed away. Doesn’t sound bad so far, right? Now of course you are concerned for your children and what they will inherit, so you will like knowing heirs are entitled to 30 days to make some type of decision on what to do with the property. But did you know that most lenders are now pushing heirs to foreclose on the property? While you might believe you are setting your children up for a comfortable life once you are gone, you are really now chaining them to major debt.

An estate plan could save you from all of the hassle down the road. Still don’t think it’s for you? Let’s make sure you understand what it would mean for you:

  1. Manage and preserve- While you’re alive, a plan will help you keep track of your estate.
  2. Conserve and control- Based on objectives and goals put in place with your plan, you will still have control over distribution after you are gone.
  3. Overlapping- Estate planning can also overlap with retirement planning, so you can rest easy knowing money won’t be an issue after retirement.

At Safe Retirement Solutions, our trained financial advisors will help you to build an efficient and successful estate plan to specifically suit your needs. Our advisors recognize that every situation is different and will work to ensure that your goals and objectives are met during and after your life.

You have worked hard to enjoy your retirement, so let Safe Retirement Solutions help make that possible.  Give us a call at 877-268-4086 or come see us at our offices located in Annapolis, Towson, or Columbia, MD. We also have an office in Saint Augustine, FL.

Find us on Google+, Facebook, Twitter, and LinkedIn!

Sources:

http://dealbook.nytimes.com/2014/04/30/senators-express-concern-on-reverse-mortgage-rules/?_php=true&_type=blogs&_r=0

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.