How we can help?
General Questions
Standard rules of thumb would break down this question into percentages. A typical savings rate would be 15% of gross income, but depending on your circumstances, that rate may or may not be appropriate.
The heart of this question is “am I on track?”.
We understand that you want to do the right things to ensure financial security. Let’s schedule a complimentary call to go over your questions and see if your on track.
“Nothing is certain except death and taxes.” – Benjamin Franklin
Tax planning is a central part of our service for our clients. Without a tax-wise strategy, even the best recommendations can incur higher than needed taxes.
Our team ensures that your financial plan takes full advantage of tax-savings opportunities, aligning with your overall goals and personal values. By proactively managing your tax liabilities, we help you retain more of your hard-earned wealth, providing peace of mind and allowing you to focus on what truly matters.
Deciding on when to take Social Security is a core concern for our clients who are nearing retirement.
Here are some factors to consider:
1. Full Retirement Age (FRA): This is the age you are entitled to receive your full Social Security benefit. For most people this is age 67. Claiming before your FRA will reduce your monthly benefit, while delaying past your FRA will increase it.
2. Your Health: If you are in good health and have a longer life expectancy, delaying Social Security can result in higher lifetime benefits.
3. Financial Situation: If you need income sooner rather than later to cover essential expenses, there may be no other choice than to take Social Security early. A full review of your potential income sources is important.
4. Employment: If you plan on working past your full FRA, you may be better off delaying receiving benefits while you are still working.
6. Taxes: Social Security benefits can be taxable depending on your Modified Adjusted Gross Income (MAGI). Planning the timing of your benefits can help mitigate this liability.
I’m sure you’ve heard from other industry professionals something along the lines of “well, the market has averaged 10% or so over the last 40 years.” While true, it doesn’t take into account your picture now. Answering questions like: “How long until I need the funds?”, “How much income do I need off of my portfolio?”, “What investment risks am I currently exposed to?” – helps our clients create a clear picture. We spend time learning about our clients so that we can provide advice on that very issue.
Whether you realize it or not, that is a very loaded question. It is packed with expectations, hopes, and dreams that you have for yourself and your family during your retirement years. To answer that question, it is first important to understand what your vision for retirement looks like and ways in which that vision will be funded. By knowing those answers, you can then have clarity and assurance on your retirement plan.
We are a fee-based wealth management firm. Depending on the client’s circumstances, we can tailor compensation based on managing the client’s account or by investing directly with a mutual fund company that would have an upfront sales load. All fees are disclosed prior to engagement.
