Retirement Planning
Retirement planning is as unique for each person as it is each person that dreams of retirement.
For example, Jane works for ABC Widgets, she started at ABC 25 years ago, she’s a dedicated worker and makes $100K/year. Jane would like to retire on an income like her working income. Jane’s retirement is a traditional retirement, work then stop working at some point, very clearly defined. The hard part is formulating and executing on a plan early enough in her career to secure an income that replaces her working income, after retiring from work, done.
But traditional retirements aren’t everyone’s retirement.
Here’s Joey. Joey is a professional athlete. He dreams of retirement at some point in his life too, just like Jane, but his retirement is vastly different from Jane. Joey has worked hard since he was age 5 or 6. He’s dedicated his life to his dream. While most of his friends and family were out enjoying life, Joey was at the gym or on the field, at the court, on the diamond or at the rink driven to hone his skills to achieve his dream.
Also, to complicate matters further, there are many “Joeys” that may have grown up in a bad part of town, possibly in poverty, including his family, and now at the age 24 or 25 Joey has “hit the big time”. He has a multi-million-dollar contract, and it’s been reported by the National media so all of Joey’s family, friends, teachers, coaches, clergy etc.. know that he has “hit the big time”!
It’s a problem for Joey, and everyone like Joey, let’s examine it.
If you can: imagine winning the lottery, would you expect to get calls from everyone you know, possibly even from people you don’t know? What would they be calling about? Maybe some are genuinely calling to congratulate you, but many are calling about the Benjamins! What would you do?
The other problem that most of the public can’t comprehend is that Joey’s career is not guaranteed, it could end at any given time.
It’s complicated particularly for an individual so young.
He may feel the need to share his newly found wealth; he might even feel a sense of guilt over the money he’s making. Try to imagine being twenty-something with millions of dollars that everyone knows about! What can the Joeys do?
The Joeys of the world have a much different definition of retirement, and each Joey is different.
We take pride in trying to understand the dilemmas of each “gig” worker, pro athlete, entertainer, musician and can help with your definition of retirement.
Whether you’re a Jane or a Joey contact us, we are here to help you with your definition of retirement.
Distribution Planning
Baby Boomers, you’ve spent a career accumulating assets for your future, and the future is here now.
The questions are now:
• Do I have enough?
• How do I get income from my assets?
• What is my tax obligation?
• Can I minimize the tax on the liquidation of these assets?
• How do I distribute my assets at my death?
This is a fast-growing segment of the global marketplace.
We can help; we have many years of experience in designing plans to maximize income while taking tax implications into consideration.
Legacy Planning
Everyone will leave a legacy, intentionally or not. It doesn’t matter if you believe in the afterlife or not, your life will be remembered by someone, maybe many people. It makes sense to me that planning your own legacy might be better than leaving it to chance.
It’s never a bad time to begin thinking of your legacy.
Consider this; what will your eulogy be when you pass away?
Will you even have a eulogy or will you just get “tossed in the clay” like poor old Curtis Loew*.
Will anyone be sad that you’ve passed?
How do you leave this planet?
What will people think of you when you’re gone?
This is the conversation we will have with you. We have many years of experience helping to create legacies.
We can help you.
* The Ballad Of Curtis Loew · Lynyrd Skynyrd Lynyrd Skynyrd ℗ 1974 UMG Recordings, Inc.
Business Succession
Small businesses face unique financial challenges, and we are here to provide solutions that support growth and success. We offer a range of services designed to address the specific needs of small business owners, from cash flow management to employee benefits. Our goal is to empower you with the knowledge and resources necessary to make informed decisions for your business.
Our small business solutions include financial planning, tax strategies, and risk management. We work closely with you to understand your business objectives and tailor our services accordingly. Our commitment is to help you build a strong financial foundation that supports your business's long-term success.
Financial Planning
Financial Planning is the term associated with organizing, prioritizing, implementing and monitoring the financial aspects of one’s personal life, business life or family life.
The topic is vast and encompasses almost everything you can imagine with regards to planning comprehensively or for a specific financial goal, i.e. retirement, creating a legacy, or an emergency fund, or funding for a major purchase.
Typically, a comprehensive financial plan will incorporate cash flow planning, budgeting, insurance and last but certainly not least taxes.
No financial plan is the same, each person or business has different priorities or tolerance for risk, or time frame.
Anyone can start a financial plan whether it be comprehensive or in modules.
Allow me to elaborate; when I graduated from community college my first “real job” was copy machine repairs and maintenance. I remember my first day, the service manager opened up a copier for me to repair. Well, I was overwhelmed (to say the least) looking at all the little gears, clutches, rollers and so on. To my manager’s credit he saw my angst and began showing each process that the copier goes through to make copies. After compartmentalizing the machine and getting acquainted with each process (module) the job started becoming manageable, and after a while I could take a copier apart down to the frame and put it back together.
A comprehensive Financial Plan may look like my copier did to me at first, but if you prioritize and then compartmentalize your plan, it will become manageable. In my experience I have found that the prioritization process may (to some individuals) be overwhelming. This is where I can help. I have many years of experience helping individuals, entrepreneurs, and professionals in organizing and prioritizing the processes of financial planning, I can help you too.
Insurance Planning
Insurance Planning is easily the most misunderstood, least liked and most ignored part of a comprehensive financial plan. There are a lot of reasons this module of a comprehensive financial plan is so maligned.
First, insurance planning by itself, has many subcategories (processes) in a financial plan that can make it overwhelming.
Let’s take it apart.
When I considered leaving my copier repair job (that I loved), it wasn’t to sell insurance, I wanted to help people retire (read my bio). Insurance to me was evil, confusing, I didn’t trust the agents, brokers, or salespeople. I had no love for the big bad insurance companies or the industry for that matter, and I wasn’t then and still now not alone. But, I have learned from experience that in planning you must consider those things, events, circumstances that could upend your plan and you must prepare for them, whatever those things might be.
This is where I can help you to recognize risks that could sideline your plans, and determine if a risk is insurable, worth insuring or not.