Retirement Planner Jacksonville
Many people spend longer in retirement than they actually spend working!
For most people, however, the best retirement is not the end of the road - but is instead the beginning of a new and exciting life chapter! Just as your life will change as you approach, and then actually implement your retirement, you must also make changes to your retirement plan and your finances throughout your retirement in order to stay on track. Some common examples of how we help clients improve their chances of a successful retirement experience are listed below.
Can I Retire?
This question - and the ones listed below that often accompany it - are the most common questions we help clients answer every day. When can I retire? What must I do in order to retire by a certain age? If I'm not on track - what must I do to get on track? Am I saving enough? Am I invested correctly? What tools can I use to improve my situation?
And finally - as that day approaches ... "Ok, I think I'm ready to retire. Now how do I pull it off... correctly?" We have helped hundreds of clients successfully transition into retirement... and odds are, we can help you.
Retirement Tax Strategies
It doesn't matter how well your investments do... if you just turn around and give that excess return to Uncle Sam... that extra return is wasted. Tax laws change very frequently, affecting how to best generate retirement income. Many strategies which were optimal only a few years ago are out of date and ineffective today. Our financial advisors keep abreast of the changes, study hard to understand how to best incorporate those strategies within a comprehensive retirement and retirement income plan, and help you modify your retirement and portfolio withdrawal strategies accordingly. Some examples of strategies we help our clients employ include tax harvesting, cost basis reset, systematic Roth conversions, the "backdoor Roth," tax free income, Charitable RMD's, and many others.
Ideal Social Security Strategies
Comparing your Social Security options - and choosing the correct social security strategy - may net you hundreds of thousands of dollars more than simply drawing your Social Security when you are first eligible. For couples who have large age differences, optimizing Social Security can be critical because the difference in survivor benefits after the first spouse passes away between an optimal and sub optimal strategy can be truly life changing. Working as a coordinated team, our retirement financial advisors help our clients make these retirement planning decisions by informing them of all of their options and performing this analysis for them before they ever file for their Social Security benefits. Often, when they go to Social Security to file for their benefits, they are carrying a report we prepared for them, detailing exactly the filing strategy they should use to get the most benefit from Social Security - based specifically upon their unique ages, longevity expectations, and financial circumstances.
Health Care in Retirement
Many people will delay their retirement because they are not yet eligible for Medicare, wasting valuable years of their lives working and wishing for retirement, instead of enjoying a retirement with their spouse or significant other while they are young and healthy enough to travel and remain physically active. Sometimes this delay is unnecessary; if they have properly planned and saved for retirement - they could easily afford to buy the health insurance that Medicare and Medicare supplements will eventually provide. We can help you identify if this is the case for you; perhaps an early retirement needn't be held up because of health insurance concerns.
Additionally, once you have retired, your health will likely change over the course of your retirement years, which may suggest changes in your health insurance, your Medicare, or Medicare Supplemental plans. Knowing which plan to have, and when you can change, may save you thousands of dollars over the course of your retirement. Savings in your health care translate into a more secure, enjoyable retirement lifestyle, or a retirement portfolio that lasts much longer because of smaller withdrawals to pay for healthcare in retirement.
Special Needs Financial Planning
You (or a family member) may need assistance with living with a disability or performing daily living activities. It is possible they may qualify for tax breaks, Medicaid Waiver, Special Needs Scholarships (such as the McKay Scholarship), disability income, veteran's benefits, or social security benefits that you are not even aware of. With a Chartered Special Needs Consultant (ChSNC™) on our advisory staff, we have specialized, and quite rare, expertise in the area of Special Needs Planning for children as well as adults of all ages, not just the elderly. Our professional network includes attorneys who are approved by the Veteran's Administration to assist with claiming VA benefits for long-term care (the Aid & Attendance and Housebound Pension) for you or for your elderly parents who have served our country during the appropriate time frames, and our team of financial advisors can help work with you to restructure your finances so as to qualify for these benefits when available, after consulting with your elder law attorney.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame logo) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.
Investment Advisory Services Provided by Paragon Wealth Strategies, LLC, a registered investment adviser.