Retirees
After working diligently to save for retirement, many find that it requires a change in thinking when reaching this milestone.
While you spend this time enjoying the fruits of your labor, our ongoing focus is to ensure you’ll have sufficient funds to support your retirement lifestyle regardless of the potential volatility of the stock market or the impact of other factors beyond your control.
We work with retirees to manage the technical aspects of tax efficiency, distributions and risk management to enable you to enjoy this phase of your life.
Retirees with whom we work often have questions and concerns such as the following:
- I think that I have done well saving and preparing for retirement, but how do I plan to know how much money I can safely spend each month without running out of money?
- I know that I need some safe money for the short term, and money that is still growing for the long term, but how do I ensure my risk tolerance is in line to keep up with inflation while coping with market declines?
- I know that much of my money will be taxed when I use it, or when I pass it on — is there any way that I can minimize my tax exposure?
- It’s really important to me to be able to gift assets to my children, other people and charities — how do I do this in the most efficient way, and how much can I afford to give?
- I have several different accounts, Social Security and other financial assets, but how do I piece them together to formulate a retirement income distribution plan?
- How do I maximize my Social Security payout? When should I take Social Security? How do I keep my Medicare costs low?
Physicians
Physicians with whom we work often have questions and concerns such as the following:
- I feel behind in saving for retirement and other financial goals because of spending ten to 15 years in school and training. How do I catch up while successfully starting an enjoyable lifestyle without over-extending my budget?
- What price range is appropriate for me when buying or building a house? Can I do that and not jeopardize other important financial goals I have?
- How do I ensure I have the best game plan to deal with paying off my student loans? Do I refinance, stay on a forgiveness program, or just pay them off while still living like a resident for a few years? Is it better to pay off student loans or invest, and what is the most efficient balance between investing and paying off my debt?
- I know that I’m in a higher tax bracket, but I want to understand how and make sure that I am maximizing all the tax-favored ways that I should be saving money. How can I know if I will be in a higher tax bracket now or in the future?
- I want to make sure that I am “on track” for long-term goals for retirement, but how much can I spend today?
- Are my contract and compensation commensurate with others in my specialty and with the production level I have?
Managing your financial affairs can be daunting and time consuming, especially for physicians who spend long workdays caring for patients and managing their practice.
We work with physicians through the stages of their careers. We help physicians successfully negotiate and navigate the transition from residency or fellowship into a new city, new house, and new job. We help well-established physicians navigate uncertain times, become more tax efficient, and protect their hard-earned financial independence from lawsuits and other risks. We also guide physicians through the transition from a successful medical career to a fulfilling retirement while maintaining their identity and purpose.
We can help you develop and execute plans to achieve your financial goals and obtain true financial independence.
Business Owners
Founding a successful and thriving business is one of the greatest accomplishments a business owner can achieve. It will also be one of their greatest assets. However, owners may find that the demands of the business dictate their personal lives.
We help business owners balance their time by building an intentional plan to ensure their business is a support system for a life by design, and not a master that controls every thought and action.
Start-up and Expansion Phase
- Legal needs for business formation to protect your personal assets
- Business banking and loan needs
- Create a retirement savings plan for business owners
- Implement group benefits to attract and retain employees
- Protect business in the event owners or key employees pass away or become ill
Growth and Maturity Phase
- Take risk off the table to fund your personal financial plan
- Calculate your business’s value, then implement and fund your written buy–sell agreement for retirement, disability and death
- Extend retirement savings plans to all or key employees
- Create non-qualified savings plans to “golden handcuff” key employees
- Begin planning your business exit or succession strategy
Transfer Phase
- Fine-tune your estate planning and personal retirement income plan to minimize taxes.
Corporate Leaders
Corporate leaders with whom we work often have questions and concerns such as the following:
- I have been contributing to my 401(k), but as a percentage of my salary, this is a very small piece of the pie and I know I need to save more money for retirement. What is the best strategy to supplement my savings in order to reach the goal of financial independence in my retirement?
- A good portion of my net worth is tied up in company stock. The same company is also giving me the biggest asset I have: my income. How do I diversify my net worth properly? What is the best strategy to diversify this strategically without getting crushed by taxes?
- How do I plan around a large part of my balance sheet being in restricted stock without causing political unrest in my company?
- My company offers non-qualified retirement plans, but I do not understand how they work or if I should take advantage of them.
Many professionals who have achieved successful careers in executive roles have done so at a calculated cost to their time, often sacrificing time for focusing on financial security.
We work with business executives and those excelling in their industry to view their financial pictures holistically, advise on enhancing their plan, and help ensure all parts of their financial plan work in harmony to hit financial and retirement goals.
