Services
Fee-Only Investment Management and Financial Planning for Retirees
As you approach retirement, you may have several questions:
1. When can I retire?
2. How much can I spend during retirement?
3. How will I access funds from my portfolio to pay bills?
4. Will my family be taken care of if something happens to me?
If you are already retired, your most pressing question may be “Will I outlive my money?”
Investment management and financial planning can provide clarity to these questions and align your overall financial situation with your unique retirement goals and objectives.
Additionally, my services may include a review of your income tax plan, as well as an analysis of your estate planning and insurance needs.
Here are some helpful guides to assist you as you consider your pressing retirement questions:
What issues should I consider before I retire?
Should I take my pension as a lump sum?
Will I avoid an income related surcharge (IRMAA) on Medicare Part B and D?
What issues should I consider with Social Security retirement benefits?
INVESTMENTS
Investment management is an essential part of any retiree’s long-term financial plan. However, as part of your investment plan, it’s crucial to identify your comfort level regarding risk, time horizon, periodic income needs, and short- vs. long-term goals. Additionally, you should be aware of any tax consequences associated with making changes to your investment portfolio.
My goal is to understand your situation and develop a diversified portfolio consisting of low-cost mutual funds and exchange-traded funds (ETFs). I don’t believe investors can “time the market,” and I rely on a due diligence process to regularly monitor funds and make changes when necessary.
Subjective risk questionnaires nearly always miss the mark. That’s because the old way of assessing risk, which stereotyped investors with subjective semantics, simply doesn’t work. Built on a Nobel Prize-winning framework, Riskalyze is cutting-edge technology that identifies your acceptable levels of risk and reward. By using this tool, we ensure that your portfolio aligns with your investment goals and expectations.
TAX PLANNING
Many retirees believe that they lose control of income tax planning opportunities once they retire. However, that’s not the case. It’s important to understand the tax consequences of making changes to your portfolio and to determine how distributions from different types of investment accounts, such as 401k, IRA, and Roth IRA, affect your overall tax liability. Your ongoing tax plan should include these considerations. Additionally, you need to ensure that your investments don’t cause you to pay more income taxes than necessary by owning them in a taxable account instead of a tax-deferred or tax-free account.
The following guides are for your reference only and are not intended to be recommendations for your specific situation. Make sure to consult a tax professional before making any decisions.
2023 Important Tax Numbers Quick Reference Guide
May I make a Qualified Charitable Distribution (QCD) from my IRA?
Insurance
As a fee-only advisor, I can help you identify your insurance needs in an unbiased way. Together, we can work with your insurance agent(s) to ensure that your life, disability, long-term care, homeowners, and auto insurance needs are met in the most cost-efficient way possible.
I have put together the following guides as a reference for you as you consider various insurances as part of your overall financial plan. Please note that these guides are meant to be a starting point as you think about your insurance needs. Always work with a trusted professional to identify the appropriate insurance coverage for your specific situation.
What issues should I consider when purchasing a life insurance policy?
What issues should I consider when purchasing long-term care insurance?
What issues should I consider when purchasing disability insurance?
What issues should I consider when reviewing my property and casualty insurance?
ESTATE PLANNING
Wills, Powers of Attorney, Living Wills, and Trusts may all be necessary documents as part of your estate plan. Working alongside your attorney, we will identify your goals and desires so that when something happens to you, your family or other desired beneficiaries will be taken care of.
I’ve put together the following guides to refer to as you consider your estate planning needs. However, you should always work with a trusted attorney to ensure your documents are sufficient and align with your desires.
What issues should I consider before I update my estate plan?
What issues should I consider when reviewing my estate planning documents?
ONGOING ADVICE
Initial planning is an important step for any retiree. However, I work with clients on an ongoing basis to help them navigate changes in their financial circumstances and ensure they stay on track throughout retirement.
Your goals may change, the markets may become more volatile, the death of a loved one may occur, or you may be forced to relocate to care for an aging parent. These are just some of the reasons why investment management and financial planning requires an ongoing relationship.
FEES
Fees are calculated using a tiered structure based on the value of assets under management at the end of each quarter. My annual fee schedule is as follows:
Account Balance | Annual Fee |
|---|---|
$0 – $500,000* | 1.00% |
$500,001 – $1,000,000 | 0.80% |
$1,000,001 – $4,000,000 | 0.60% |
$4,000,001+ | 0.40% |
*Minimum annual fee is $5,000 ($1,250 quarterly)