You may be able to use time to your advantage when investing for wealth accumulation.
The longer you invest, the more potential your money has to compound interest. If your portfolio has not fully recovered from losses in recent years, you may wish to consider a more aggressive allocation to make up for lost ground and get back on track to accumulating wealth.
However, with fluctuations in the stock market, it is important to remember that more conservative retirement strategies typically have only a portion of the assets invested in the stock market. Allocations can be set aside for more conservative investments and/or secured* income contracts such as annuities. Annuities are long-term vehicles designed to generate supplemental income during retirement. They have minimum guarantees backed by the strength and claims-paying ability of the issuing insurance company. After all, the last thing you want to do is lose more ground during the next market correction.
*Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing carrier.
We can refer you to professionals to help meet your individual needs.
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 tax 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 emerging vehicles to help you protect and transfer your assets effectively, it's important to work with experienced estate planning professionals who stay current in this field and advise clients on a day-to-day basis.
Creating a charitable gift-giving plan may provide you with multiple tax breaks: an income tax deduction, the avoidance of capital gains on highly appreciated assets, and reduced or eliminated estate taxes on the charitable contribution upon your death.
With the increasing tax environment, there may be compelling reasons to integrate philanthropy into your financial and estate planning.
We can help you find a qualified professional to assist you with this.
IRA Legacy Planning
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.
A properly structured IRA may provide your beneficiary(ies) a regular stream of income while leaving the balance of IRA assets invested for tax-deferred growth. The result may yield substantially more money paid out over the course of your beneficiary's lifetime.
We can help you evaluate your financial situation to determine if IRA-legacy planning could help you meet your goal of structuring a long-lasting inheritance for your heirs.
Your investment advisor is not permitted to offer, and no statement contained herein, shall constitute tax, legal or accounting advice. You should consult a legal or tax professional on any such matters.
Because the market does not provide security, you may want your financial strategies to include some guaranteed* income products. For example, annuities, which are insurance products with guarantees*, can provide a source of supplemental income throughout your retirement.
Twenty-first century asset protection may require more than just strategic asset allocation. Including products like annuities in your retirement income strategy can help protect* your money from declines due to market losses.
Diversifying your retirement assets among a variety of vehicles - both through insurance products and investments depending on what is appropriate for your situation - may help you meet your retirement income goals throughout your lifespan.
*Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.
Your investment advisor is not permitted to offer, and no statement contained herein shall constitute, tax, legal or accounting advice. You should consult a legal or tax professional on any such matters.
Insurance and Risk Management
Life insurance isn't for those who have died—it's for those who are left behind. When shopping for life insurance, consider needs such as replacing income so your family can maintain its standard of living, as well as paying for your funeral and estate costs. A general rule is that you should seek coverage between five and seven times your gross annual income. As far as the various types of policies go, they can generally be placed into one of two categories: term and permanent.
Term insurance generally provides coverage for a specified period of time and pays out a specified amount of coverage to your beneficiary only if you die within that time period. In a level premium term policy, you pay the same amount of premium from the first day of the policy until the term ends. A permanent insurance policy, on the other hand, will stay permanently in effect for the rest of your life so long as premiums continue to be paid.
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