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Retirement income strategies are not just for the wealthy. As retirement nears, the traditional strategy has been to move growth-seeking products to more conservative, fixed-income products. According to a recent study, for a married couple age 65 there is now a 50 percent chance that at least one spouse will live to age 94.1 This means that you may need to plan for your retirement savings...
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Tax Minimization Strategies Rising taxes may be a concern for many individuals approaching retirement. It may be important to incorporate tax planning into your financial decisions. Investing in or purchasing a tax-deferred vehicle means your money can compound interest for years, free from income taxes, potentially allowing it to earn interest at a faster rate. Few financial vehicles avoi...
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Long-Term Care Strategies As the oldest baby boomers begin to wind through their 60s, one of the biggest concerns may not be outliving income, but outliving good health. For retirees, home health care can cost $50,000 or more per year1, and nursing home care can run as high as $80,0002 per year. Does your retirement income strategy account for this kind of possibility? Would you be prepa...
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Trusts There are many different types of trusts, and they can be complex to set up and execute. However, a trust can be a very flexible and advantageous means to transfer your assets in the future. Most trusts can also provide current benefits, such as tax deferral and deductions. Unlike a will, a trust may help avoid probate upon your death. To learn more about trusts and how they may be...
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Estate planning is simply determining (while you’re still alive) where your assets should go after you die. Without a properly structured estate plan, your wishes may not be fulfilled, and there may be unintended consequences for your loved ones. While the concept is simple, the vehicles, planning and implementation process can be rather complex. Because of the estate tax laws and the emerg...
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IRA accounts have become one of the largest types of assets inherited by beneficiaries. If you don’t anticipate needing your IRA money in retirement, you may wish to consider a legacy planning strategy that potentially reduces taxes and potentially increases the payout your beneficiaries will receive upon your death. You may want to use some of the value in your IRA to provide your ...
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