Cambridge Financial Partners
How much money will there be in your retirement plans and IRA’s?How much income will that provide you?How many years of income will that provide?Will you run out of money before you run out of time?
These are all common questions surrounding retirement income planning. There are studies showing that a 4% withdrawal rate may not be the “safe” withdrawal rate that the financial press has lead everyone to believe.
We build strategies to help you understand how your retirement income streams can work and how you can potentially generate a greater income with a larger portion of it guaranteed through and combination of withdrawal strategies and product selection.
Please click here to download a White Paper published by Dr. Wade Pfau studying markets, withdrawals, and actuarial sciences.
What type of retirement plan does your employer provide?Does it provide you a guaranteed income for life?What if you die before your spouse?What if your spouse dies before you?
If you are participant in a type of retirement plan known as a defined benefit, you likely participate in a plan that creates a predictable, constant retirement income stream. While your income stream is a shared responsibility between you and your provider, a key to maximize this income will be your ability to understand and navigate the complex world of your systems.
Typically, these plans also allow for survivor options which can become expensive over time and that may never pay a benefit at all. Together, we can review the moving pieces that determine your plan, determine a suitable course of action which in turn enable you to have better use, control and enjoyment of your hard earned pension benefit.
Are you counting on Social Security to supplement your retirement?When are you planning to start receiving Social Security?Is there a way to increase the amount of Social Security benefits you receive?How will Medicare/MediCal expenses affect your spendable income – and how does your income affect what you pay for Medicare/MediCal?
Whether or not you pay into the system, your Social Security benefits may be reduced or eliminated altogether without prior planning. If you are not familiar with survivor benefits, benefits timing, Windfall Elimination (WEP), and Government Pension Offset (GPO), your income during retirement can be adversely impacted.
Furthermore, the type and amount of income you receive may cause all or a part of your Social Security benefit to be income taxable.
Drawing on our in-depth knowledge of Social Security, we will create a customized strategy that can put you in a more favorable position and provide you with the information needed in making your decision. (Not affiliated with Social Security Administration (SSA).
Please click here to go to the Social Security Administration website to register on the site and receive a report of your projected Social Security benefits.
Please click here to review a sample analysis.
How would you pay for care should you have a change in health that requires long term assistance?How would long-term care expenses affect your spouse’s life?Where would you want to receive long-term care – in a facility or at home?
Contrary to what many people believe, Medicare/MediCal does not cover long-term care.
Without provisions in place, the savings you built over your lifetime may be eroded by your medical and living expenses.
Traditional Long Term Care coverage is not always the solution. Many of these plans have no rate guarantees, meaning the premiums can increase each year, and the policy may never pay a benefit at all should you pass away without ever needing the benefits.
There are alternatives to these plans called Asset Based Long Term Care. If designed correctly, you can create a Long Term Care Strategy that will provide benefits to you and your heirs even if you never use the policy.
Please click here to review a brochure on Long Term Care Strategies.
Please click here to link to the U.S. Department of Health and Human Services Long Term Care website.
Will your spouse be able to remain in-place should you die first?What about if you become disabled and cannot earn an income?How will you take care of everything that your spouse does should he or she die before you?Do your children’s – or grandchildren’s – education plans have the ability to be self-completing?
It is an unpleasant fact of life that some of us do not make it to a ripe old age – but we all have dreams and goals for our families. There are strategies to help you accomplish these goals even if you are not physically there to see them come to fruition.
Some of these strategies allow you to write yourself a “permission slip” to use and enjoy your money while you are alive, and know that the money will also be there after your passing.
When your life is done, how do you want to be remembered?Do you want your assets to go straight to your beneficiaries, or do you want to protect those assets for future generations while still providing income for your immediate beneficiaries?Are there specific colleges, universities, schools, or other charities you would want to support?
Congratulations. You have spent a lifetime accumulating assets, and through advice, information, and education you have successfully established a stable retirement income and are able to do what you want to do during your retirement.
But what now? What do you really want to happen to your assets when you are gone?
You can’t predict; you can prepare. We listen to your goals, wishes, and desires for what you want your legacy to be.
Contact us to learn more about our approach and get started on your path, that you can see and trust, for you and your family’s future.