There are many important financial strategies that must be considered and implemented well before retirement. The process of accumulating assets should never be put on autopilot—otherwise, many important decision points may be overlooked, potentially costing you the opportunity to create the best possible outcome for yourself and your family.
The recent case below highlights a couple who had done a tremendous job saving and investing but wanted to ensure they were identifying and addressing potential financial blind spots.
Key Blind Spots Addressed
Here are some key areas we worked on together:
1. Optimizing Investment Allocation: We gradually adjusted their investment portfolio to ensure global diversification while incorporating assets that could provide retirement income without the risks associated with stocks. This safeguards them against the possibility of retiring just as the U.S. stock market experiences a significant decline. We also addressed liquidity concerns, ensuring they have reliable sources of income.
2. Maximizing 401(k) Contributions: We confirmed their 401(k) contributions were optimized based on the latest tax laws and ensured they were receiving the full company match where applicable.
3. Balancing Pre-Tax and Roth Retirement Assets: We helped them create a balance between pre-tax and Roth retirement savings, providing flexibility to manage their tax bracket in retirement regardless of future tax law changes.
4. Utilizing Backdoor Roth Contributions: After assessing their eligibility, we determined they qualified for a tax provision allowing them to make additional Roth IRA contributions through the backdoor Roth strategy.
I was on fire - almost
5. Estate Planning for Their Children: We worked on estate planning strategies to ensure their children would benefit equally in the event of an unexpected passing, while also preventing any undue tax or financial burden to any one of them.
6. Ensuring Healthcare Access for Adult Children: Since their children are over 18, we helped them establish the necessary legal documents to ensure they could continue assisting with healthcare decisions if needed.
7. Evaluating Long-Term Care Insurance: We are currently assessing long-term care insurance options to determine whether coverage could help protect their assets and provide financial security for each other and their children in case of a prolonged need for care.
8. Projecting Retirement Readiness: We analyzed their current budget and anticipated future expenses to help determine when they could comfortably retire.
Final Thoughts
Financial planning is about foresight—making the necessary preparations to ensure a smooth landing in retirement. We work closely with our clients to anticipate “the crosswinds”, “the windshear”, and “the airport traffic”, whether it’s market fluctuations, tax law changes, or unforeseen expenses, so they can navigate their financial journey with confidence.
At Gary Alpert Financial Strategies, our motto is: “We can help you with that.” Whether you’re making a small financial decision or a major life transition, we’re here to collaborate with you and bring in subject matter experts when needed. We won’t stop until we get things right.
If you’d like assistance making important financial decisions, or if you know someone who could benefit from our expertise, we’d love to hear from you!
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: 696177
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