We believe a well-designed retirement plan should take into account several different components, principally wealth & income planning, tax minimization, and social security maximization.
WEALTH & INCOME PLANNING
This is the process of finding the most appropriate way of funding your future income needs. Once we build your projected budget, we then work backward to determine the proper amount of risk in your savings and investments. You’ve worked hard for your savings, this is the process of trying to get your money to work hard for you.
Taxes are the largest expenses in retirement, making up 33% of retirement expenses*. Our goal is to develop for you a plan to reduce taxation on your current earned wages or business income. The secondary part of this goal is working to create the best saving strategy now that will create the most favorable tax scenario for when you retire.
SOCIAL SECURITY MAXIMIZATION
All too often the decision of when to file for SS is done without due process. Filing at the wrong time or in the wrong way can mean $30,000, $50,000 or even $190,000 in lost lifetime benefits. Maximizing SS should be at the core of any intelligent retirement plan. Every dollar you increase your benefits by can lower your taxation potentially for the rest of your life.
*According to a 2013 study by Lincoln Financial Group