The retirement question most of us have to face is, “when should I retire?” And for most of us, that is not an extremely clear answer. There are so many factors to consider: social security, pension, health care costs, just to name a few. Let alone considering the factors like the mental, social, physical and spiritual aspects of your retirement to consider.
From purely a numbers stand point, meaning will the money I have saved be enough to allow me to accomplish my goals, that can be dialed in by determining key strategies and goals in the financial piece of your retirement puzzle. Some important keys to success include:
Matching your retirement to your preretirement lifestyle to minimize drop off in living standards.
Maximizing your income so that social security is no more than 40%, your max preretirement income value, of your retirement income.
Placing retirement savings ahead of other goals, like paying for your children’s college or a vacation home, to make sure you stay on track.
Don’t be totally exposed to stock market fluctuations. Having steady income from several sources will help to minimize the impact of market change.
The are just a few of the strategies to consider, but when it comes down to the formula, it takes a partner to help you accomplish your goals. We’re here to help. Independent, customer focuses and driven to serve, we want you to succeed. To find out more, let’s talk.
We can spend a lot of time building and diversifying our portfolios, but when’s the last time that you conducted risk assessment to determine it’s long-term viability?
Conducting a portfolio risk assessment can let see your asset allocation as it changes over time due to performance. This is key in preventing you from taking a level of risk that you are uncomfortable with. The reality is that even how you view your portfolio construction can change over time with your risk tolerance, investment goals and timelines.
Our approach to portfolio management is based on 5 pillars of portfolio construction. We construct client portfolios to reduce risk and volatility while working to maximize the probability of success over the long term. We implement a process of investing that is goal oriented and progress driven. We believe that if you can measure progress, you can manage future outcomes and make positive adjustments over the long term. If you need help investing your savings in a way that is consistent with your goals, we are here to help by working with you to make the financial markets less confusing and providing a way for you to have access to a well constructed portfolio that provides an increased probability of success. With our Portfolio Management Services, we serve you as your investment advisor putting your best interests first. We will help steward your portfolio through the volatile markets over time while educating you about the investment process and financial markets.
Congratulations, you’ve made the leap and now are offering a retirement package to your employees! As a business owner, you ultimately have a fiduciary responsibility when it comes of offering a retirement plan for your employees. Whether or not you are the retirement plan sponsor or you have a third-party, here are some tips from the IRS to make sure you’re plan stays in compliance:
Your document must be written to comply with all requirements with the Internal Revenue Code.
Your plan must be administered to follow its terms in operation.
You must review your plan annually to make sure its operation in the terms and laws.
If you select the option of pre-approved plans, you must make sure you double-check the options in your adoption agreement as well as knowing what your service agreement does and does not cover. It is also your responsibility to keep up with your plan’s ongoing maintenance responsibilities.
These are just a few tips to help you get started. We know, of course, that all this can be a lot for you at the beginning. We’re happy to sit down with you and help you create a plan to manage your company’s retirement plan well. Don’t go it alone. Let’s talk!
You work hard, for many years, accumulating your wealth, financial assets and insurance plans to make sure that your family is taken care of when you’re gone. But it never fails, at one point or another, the thought crosses our mind, “Am I certain my beneficiaries are correct?”
Some of the most common mistakes when it comes to beneficiaries are the following:
Not naming a beneficiary – By not doing so, your assets will go through probate, but in the case of a retirement or insurance plan, there may be a contract provision that designates a default beneficiary, who may not be who you intended.
Naming your estate as your beneficiary – When this is done, it goes through a probate and can be more limiting than if you names a spouse or non-spousal beneficiary.
Outdated beneficiaries – You may not want the person that gets your benefits to be the one to receive them if they’re out of date.
Naming minors as direct beneficiaries – When that child turns 18 or 21, depending, they will be paid out directly. Handing a large lump sum of money to an 18-year-old may not be the best decision.
These are just a few of the commonly made mistakes. There can be more complications if your beneficiaries are not taken care of. For help with those scenarios and to help and your questions, we’re here. Let’s talk.
When we started our business, we had a goal, to provide our clients the service they need with a singular focus on them, not on any products or external motives. We believe we accomplish that goal like this:
Attention – We believe that a partnership requires open communication about the details of your life that makes your story unique. To truly understand the dreams and goals of our clients, we must be dedicated and focused on listening to your story.
Diligence – Our foundation in service is built upon delivery of services based on your needs. Hard work is at the core of everything we do. We pride ourselves on our dedication to service, and we strive everyday to embody the motto of our founders’ alma mater, Virginia Tech, “Ut Prosim” – That I may serve.
Experience – We have been honored over the years to serve clients with their diverse financial needs. We work with families and individuals on their personal finances, foundations and trusts on their institutional investments, and small businesses on their retirement plan needs. We strive to build trusted relationships, so that you are able to focus on things that are more important to you such as your family and career.
So, whether you’re looking for help in a fiduciary role, retirement planning, financial planning, or any other of the services that we provide, our team is here to help you and give you the attention, diligence and experience that you need to help you accomplish your goals.
Hard work is at the core of everything we do. We pride ourselves on our dedication to service and strive everyday to embody the motto of our founders’ alma mater Virginia Tech, “Ut Prosim” – That I may serve.