Services
Fee-Only Investment Management and Financial Planning for Retirees
As you approach retirement, several questions may exist:
1. When may I retire?
2. How much will I be able to spend during retirement?
3. How will I access funds from my portfolio to pay my bills?
4. Will my family be taken care of if something happens to me?
If you’re already retired, your most pressing question may be “Will I outlive my money?”
Investment management and financial planning will bring clarity to these questions and align your overall financial situation with your unique retirement goals and objectives.
In addition, my services may include a review of your income tax plan, as well as an analysis regarding your estate planning and insurance needs.
Here are some helpful guides to assist as you consider some of your pressing questions about retirement:
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 important part of any retiree’s long-term financial plan. As part of your investment plan, however, it’s important to identify your comfort level regarding risk, time horizon, periodic income needs, and short vs. long-term goals. In addition, 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 do not believe investors can “time the market” and 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, stereotyping investors with subject semantics, simply doesn’t work. Built upon a Nobel Prize-winning framework, Riskalyze is cutting edge technology that identifies your acceptable levels of risk and reward. Using this tool, we ensure that your portfolio defines your investment goals and expectations.
TAX PLANNING
Many retirees seem to believe they lose control of income tax planning opportunities once they’ve retired. However, that’s simply not the case! Understanding the tax consequence of making changes to your portfolio and determining how distributions from different types of investment accounts (e.g. 401k, IRA, Roth IRA) impact your overall tax liability should be part of your ongoing tax plan. In addition, it’s important to ensure your investments aren’t causing you to pay more income taxes than necessary by owning them in a taxable account as opposed to a tax-deferred or tax-free account.
The following guides are for your reference, but are not intended to be recommendations for your particular situation. Be 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
Being a fee-only advisor, I am able to assist you in identifying insurance needs in an unbiased way. Together, we may work with your insurance agent(s) to ensure your life, disability, long-term care, homeowners, and auto insurance needs are met in the most cost-efficient way possible.
I’ve put together the following guides to reference as you consider various insurances as part of your overall financial plan. (Please note, 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/or 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 reference as you consider your estate planning needs, but you should always work with a trusted attorney to confirm 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
An initial financial plan 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 occurs. You are forced to relocate to care for an aging parent. These are just some of the reasons financial planning requires an ongoing relationship.
You are free to end our working relationship at any time, but I prefer partnering with clients for many years to help them manage their evolving financial circumstances.
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% |
$100,000,001 – $4,000,000 | 0.60% |
$4,000,001+ | 0.40% |
*Minimum annual fee is $5,000 ($1,250 quarterly)