• Midlife Financial Prep
• New Parent
• Early Accumulator
Every milestone in life has a Standard of Care. The Standard of Care approach helps you rise to those challenges using checklists to make sure important steps are not forgotten. Here are some examples of life stages you can expect to discuss with us.
Select your life stage below.
MAKING PREPARATIONS TO RETIRE
Know your financial life stages
TIME TO START ENJOYING
RETIREMENT IS AROUND THE CORNER
Standard of Care is a term you may be familiar with from other professional disciplines, like aviation and medicine. Our belief is that your financial well-being is as important to us as your safety and health.
Select your life stage below.
Based on research by the AllianceBernstein Advisor Institute
The Standard of Care utilizes a checklist approach for each stage of life that helps us systematize and elevate the quality of care that we provide our clients, which goes beyond some advisors who seem to deliver advice spontaneously.
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ARE YOU PLANNING TO LEAVE A LEGACY?
This life stage makes you think about your contributions, monitoring your plan, and reassessing your retirement needs. You also might start considering Social Security as you approach 62, and other guaranteed sources of income that will last you for the rest of your life. It’s also a good point in life to reassess disability and life insurance coverage, focus on tax efficiency, determine if you will need long-term care and any other aspect of legacy planning, like charitable giving.
Advisory Services offered through ChangePath, LLC an Investment Advisor.
Beacon Retirement Planning Group, Inc. and ChangePath, LLC are not affiliated.
This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy.
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Prior to age 55 is when you need to make sure that all of the pieces are in place for a successful long-term retirement plan. Typically, people still have dependents and other more costly obligations like their children’s education, so it’s a good time to evaluate your own disability and term life insurance needs. Even though you may be busy with raising a family and helping your kids through college or into the working world, it is also important to start thinking about your retirement future.
It’s time to focus on eliminating debt and start thinking seriously about retirement. Typically, the kids are graduating from high school or college so some of those financial obligations are starting to ease.The Standard of Care for this life stage should involve things like double-checking your 401(k), catch-up contributions to retirement accounts as defined by IRS rules, or vehicles like fixed indexed annuities to make sure you won’t outlive your income in retirement.
As your plan continues to work, you’ll need to reassess your financial needs, and determine if you want to leave your stamp on the future with a legacy for your family or for the institutions you love and support. You must start taking your required minimum distributions (RMDs) at age 72 so it’s time to calculate the potential tax implications that are involved as well.
LAYING SOLID GROUNDWORK FOR THE FUTURE
age 65 to 70
PRE 55 to 60
Retirement doesn’t mean the end of wealth management. It’s a shift from accumulation to distribution. Individual retirement accounts like IRAs and 401(k)s, Social Security, annuities, and life insurance policies all help you have the retirement you’ve worked for. It’s also time to select a Medicare plan that works best for your situation and potentially look at a Roth IRA conversion strategy to minimize taxes and required minimum distributions. It’s crucial that you continue to reassess your needs with your insurance and financial advisor to make sure things stay on track.
The Standard of Care is based on research and experience across the industry rather than the personal opinion of a single financial professional. We have based our practice on the defined Standard of Care for clients provided by research from the AllianceBerstein Advisor Institute™, and strive to provide them the highest level of care possible.
We believe our clients trust us with their retirement income and insurance needs, as well as that of their children and grandchildren. We utilize the Standard of Care as a guide to navigate clients through the different stages of their retirement lives. From accumulation and protection of assets to retirement income and legacy building, we work with you to meet your insurance needs.
2100 Palomar Airport Rd., Ste. 214-8
Carlsbad, CA 92011