Retirement…there’s nothing quite like it. Especially after a lifetime of hard work. It seems like you were working everday just a short time ago. That’s how life is…always moving forward…whether we’re ready or not! Yet always remember that the age you are now is earned not given. You’ve gotten to where you are now by making some smart decisions along the way. You’ll continue enjoying your retirement and get to where you want to be in the future by making some WISE decisions now.
So what things should you be aware of so you’re not making mistakes that may cause you to overpay your taxes, eat up your savings and cause you to run out of money during your retirement? Well the answer is simple.
At this time in your life, you want to have an experienced and competent financial advisor help you monitor your retirement income to help minimize taxation of your social security benefits. Protecting your nest egg and hard earned assets should be a priority for you! Also, there are some very simple strategies that can be implemented to protect you and your money against things like – the cost of long term care and possibly outliving your retirement assets. You also want to ensure that you don’t outlive your income. Our firm helps you with this by focusing on personalized ‘Peace of Mind Planning’ and helping you reach your goals.
Here at Bill Kinder & Associates, we have over 35 years experience, both in retirement and estate planning. So we have a unique perspective on positioning your money, using unique tax planning strategies to minimize your taxes owed, protecting your assets and enjoying a great quality of life now and during your retirement.
We start out by helping you put together an estate plan to help you pass on your life’s work to your children and grandchildren in the most tax efficient manner possible. Next, we look to see if there is any long-term care insurance in force. We look to see if you have life insurance in force as well.
If life insurance is present, we’ll analyze your policy to see if it’s still a good value. If not, we look at the possibility of a new life insurance policy that would have accelerated benefits that could be used to pay for your long term care needs. We’d also recommend that you consult with an attorney concerning a special deed that could protect your home from any possible medicaid estate recovery liens.
We’d then have you review your will and powers of attorney to make sure you have everything the way that you want it. Next, we’d review your retirement accounts and make recommendations as to possible changes to maximize your benefits and minimize any possible tax liability.
Their Situation: Bob and Susan will both be age 66 this year. Bob is self employed and plans to sell his auto repair business this year. Susan works in the medical field and plans to retire on her birthday. Both want a secure retirement benefit from current savings, their IRA’s and social security.
Their Challenge: To help them maximize their retirement and be able to maintain current standard living.
Our Solution: First, we took a look at all savings, investment and life insurance. We then completed a retirement planning report, social security maximization report, and an estimated required minimum distribution report. We used historical inflation rates and conservative estimated returns on their current assets.
Outcome: By combining the information from these sources, we were able show Bob and Susan that there should be no problem with them being able to maintain their current standard of living. As part of the review, we discovered that the current life insurance could be replaced with a policy with higher death benefit and also allows for some chronic illness coverage through acceleration of death benefit. We did this with no increase in current outlay.