Life Transitions
Seek Professional Guidance
Were you recently involved in a divorce and as a result receive or lose assets?
Are you prepared to deal with the following potential issues?
- Understanding what assets you received or lost and what role they can play in your income and retirement needs is critical.
- Annuities can provide a multitude of features and benefits. Understanding how some or all can be utilized to your benefit can be critical but complicated without professional guidance.
- In the past, you may never have had to deal with financial assets or investments and now need advice on how to manage them for your financial wellbeing.
- A financial plan can help plan your future and account for changes in your assets, income and income needs.
- Retirement assets are often split up and spouses have many new considerations for which to plan.
- If these assets aren’t rolled over properly and put into a suitable correct account type, there could be taxes and penalties assessed.
- Spousal Social Security benefits are still available to most after divorce and need to be understood.
Did you recently inherit money?
Are you prepared to deal with the following potential issues?
- Understanding the assets you inherited and what role they can play in your income needs and retirement needs is critical.
- Inherited Annuities can have a multitude of provisions. Understanding how each can be utilized to your benefit can be critical but complicated without professional guidance.
- In situations where you need income, there are ways of handling these funds such as immediate pay, 5 year pay or a stretch annuity.
- Also, many annuity companies allow for a 1035 exchange from the old annuities to those more suited to your needs.
- Taxes, fees and other expenses may apply
- In the past, you may never have had to deal with financial assets or investments and now need advice to help make a positive financial impact in your life.
- A financial plan can help plan your future and account for changes in your assets, income and income needs.
- Going forward there may be many new retirement considerations for which to plan.
- If these assets aren’t rolled over properly and put into a suitable account type, there could be taxes and penalties to be paid
- Some inherited assets require distributions and taxes to be paid annually and the penalties for not doing so can be large.
- There are many choices about what to do with your investments. Getting professional advice could make a big difference in your potential for success.
Did you retire recently?
Are you prepared to deal with the following potential issues?
- The structure of your investments may need to change as you retire.
- Changing from growth-oriented portfolios to income focused portfolios to supplement Social Security and Pensions might be important.
- Decreasing the risk of your asset allocation might be necessary.
- Assuming you have a shorter investment time horizon, the proper allocation can play an integral role in meeting future income needs.
- Depending on your age, you may be required to take distributions from your retirement accounts and not doing so could cause large penalties.
- Creating a financial plan that considers your expenses, income, assets, inflation and retirement goals can help you achieve financial independence.
- Making the wrong decision about when to take Social Security could cost a family a large amount of money over time.
- Taking Spousal Social Security benefits versus your own could make a large difference in your retirement income.
- Managing your income flow and withdrawals from the various sources available to you could make a difference in the amount of taxes that you pay.
