Helping Families Preserve Their Wealth
A strategic approach to retirement
One of the most common questions that financial professionals get is whether or not their clients should rely on receiving Social Security in retirement. With the media hype and discussion about Social Security being under-funded and going away it's no wonder that Baby Boomers are concerned. But, the true concern is, in fact, control. Many pre-retirees have little control with regard to Social Security and they, and their financial professionals, might be better served concentrating on areas of retirement that they can control.
The concerns of financial professionals and their clients are well founded. Our markets are volatile, and the complexity of our retirement systems just seem to be more and more overwhelming. Unfortunately being overwhelmed tends to scare people into inaction and that is precisely what shouldn't happen when time horizons are short.
Now is the time to take action. Hartfield Financial and Insurance Services, Inc., understands this reluctance to take action. In response, it has participated in a program where its financial professionals can learn to help take the complexity out of retirement strategies and select solutions that contribute to their clients' overall retirement objectives. This program is called Re-Engineering Retirement.
First, this program shows the financial professional how to focus on the realities of retirement. These must be dealt with before exploring the possible "what ifs" of retirement. Those potential scenarios might not be available with their clients' current financial strategy(ies).
Second, the Re-Engineering Retirement program has developed the Seven Sources of Income approach to retirement needs, of which Social Security is just one of those sources. The program uses Social Security as an income baseline and discusses the fact that this category is one where there is little control.
Numerous changes have been made to Social Security through the upward movement of "full retirement age" to qualify for full benefits. There is also a "means" testing of benefits based on other taxable income the client receives. Now 50%-85% of the Social Security payment might be taxable in the marginal tax bracket of the client. While Hartfield Financial and Insurance Services, Inc., has no crystal ball in terms of what other future changes might be coming, what the client needs to know is that this category is one where they have little or no control.
Another source of income where the client has little or no control is in the Employer Sponsored Plan category dealing specifically with Defined Benefit plans. Many companies are changing these plans or eliminating them totally. Again, there is minimal control. But there is hope. The Re-Engineering Retirement program Hartfield Financial and Insurance Services, Inc., is involved in teaches the financial professional how to help the client focus on those retirement income sources where the client has control.
Examples of income sources with more control are 401(k) matches, appropriate IRA rollovers, Roth IRAs to help control taxes in retirement, required minimum distributions, and phased or continued employment after retirement.
If you're dealing with an increase in questions about the complex nature of retirement, you owe it to yourself, to contact Hartfield Financial and Insurance Services, Inc., to schedule a personal confidential appointment where you will learn more about the Re-Engineering Retirement program including the Seven Sources of Income, and how Thomas J. Hartfield can help you with your retirement planning needs.
You want more control over your retirement. You want to be able to help control your retirement anxiety. The Re-Engineering Retirement program can help you do both. Remember it's a matter of control.
Visit www.HartfieldFinancial.com for more information or to simply learn more.
This article is not intended to provide specific legal or tax advice. Please note that Hartfield Financial and Insurance Services, Inc. do not give legal or tax advice. You are encouraged to consult with your tax advisor or attorney when working with a financial advisor. Add a Comment
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