Retirement is a monumental milestone—one that comes with both excitement and critical financial decisions. At our firm, we frequently assist clients with the many action items involved in transitioning to retirement. These decisions often touch on taxes, investments, insurance, risk management, and estate planning.
Our client work highlights the importance of knowing how to navigate through every relevant financial decision, ensuring confidence and clarity in this new chapter of life.
Key Retirement Areas
We recently worked with a couple who were ready to fully retire after decades of hard work and disciplined saving. Their goal was simple: to enjoy their retirement with confidence, knowing they’d have more than enough income while also being prepared for life’s uncertainties. Here are some of the key areas we worked on together:
1. Health Insurance Transition: Partnered with a trusted health insurance professional to help them transition from employer group coverage to:
A. The appropriate Medicare plan for him, guiding them through the choice between traditional Medicare and Medicare Advantage.
B. A COBRA insurance bridge for her until she becomes eligible for Medicare.
2. Social Security Optimization: Designed a coordinated spousal claiming strategy based on their ages, respective Social Security benefits, and cash flow needs to maximize their income over time.
3. Pension Protection Strategy: Developed a life insurance solution that allowed him to elect the maximum monthly pension payout while ensuring she would remain financially secure in the event of his passing.
I was on fire - almost
4. Investment Strategy for Retirement: Created an investment plan tailored to their retirement goals, balancing long-term growth with sufficient liquidity to cover their income needs over the next 5-7 years.
5. Income Distribution Planning: Coordinated their Social Security benefits, anticipated pension income, and spending needs to determine appropriate distributions from their pre-tax retirement accounts.
6. Tax Planning: Used tax planning software and detailed income projections to explore optimal tax withholding levels for their IRA distributions and Social Security benefits.
7. Estate and Risk Management: Advised on the importance of Powers of Attorney for healthcare and financial matters and worked with them to establish a comprehensive estate planning strategy.
Final Thoughts
As we completed their retirement transition plan, we couldn’t help but feel excited for the years of fun and memorable moments they have ahead of them!
At Gary Alpert Financial Strategies, we live by the motto: “We can help you with that.” Whether it’s a major financial decision or a smaller detail, we are here to collaborate with you every step of the way. When necessary, we engage subject matter experts to ensure every decision is informed and executed correctly.
If you’re preparing for retirement or facing important financial decisions, we encourage you to reach out to us. And as always, we deeply appreciate your trust and recommendations to others.
The above is for general information only and is not intended to provide specific advice or recommendations for any individual. To determine which strategies may be appropriate for you, consult your advisor.
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And Now …
Today, 10 years later, our practice has grown considerably. We have phenomenal clients, a great team, and our practice is still part of the Integrated Financial Group. During this time, we have helped individuals and families with their estate planning, investment planning, executive compensation planning, retiree tax planning, and insurance planning. These are just a few of the areas we focus on for our clients.
I eventually got my drivers’ license (at the ripe age of 27), married my lovely wife, Wendy, and purchased a home in Woodstock GA complete with a fire extinguisher on each floor and a built-in sprinkler system.
Working with my amazing team to best service you has been the ultimate privilege. Our team will continue to expand our range of offerings with the goal of responding to all your financial planning needs. We will also make sure to do so without ever letting up on our service and responsiveness to you.
Thank you so much for being part of this journey.
Most investments are meant to be long term. Always evaluate whether the time horizon required for an investment to succeed matches your timeline for liquidity.
Imagine in mine and Wendy’s case if the doors and the windows locked just as we were trying to leave or that someone came down the stairs just as we were wandering around the main level.
Our motto is “we can help you with that.” We will collaborate with you on any financial decision you make, engaging other subject matter experts when necessary. We will not stop until we get things right. We encourage you to reach out to us for assistance in making important financial decisions and we always appreciate you recommending us to others.
by Hetmayar
Authored by Gary Alpert
Tracking ID: 683886
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