“Security. Confidence. Peace of Mind –
That’s Milestone Wealth Management.”
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Retiring today is much more challenging than it was just a couple of generations ago. Chances are you do not have a nice company pension plan on top of your Social Security that will provide you with all of the guaranteed monthly income you will need you throughout retirement.
Instead, today it's likely you have a 401(k), IRA, or other similar retirement savings plan. Hopefully, you've done a good job of saving and investing and have accumulated a good amount of money in these accounts. However, you're only halfway there.
Now, you must figure out how to use the money that you've accumulated over the years as efficiently as possible, so that you will have the income you need to last you for the rest of your life. It's important to understand that...
When you retire the most important thing is not much money you have, but rather how much much reliable and predictable income you will have every month.
Navigating this on your own can be challenging. I take the time to help you understand your risks and the opportunities, so that you can make the best decisions for your situation.
Creating a retirement income plan
A solid retirement income plan must do the following 3 things:
Remember, in retirement the paycheck the stops. Therefore, when you retire you need to create a monthly "paycheck" from all of your sources of income.
Typically, my process starts by creating a retirement income analysis to see if you will have enough income to last you for the rest of your life.
Below is a sample summary page of a retirement income plan.
This was a couple who were both age 59 that were planning to retire in 3 years when they are 62 years old.
From this assessment we can see they are projected to run out of money at age 85. Of course this is based on certain assumptions.
For example, what if they couldn't work for 3 more years and were forced into early retirement? Or, what if one or both of them suffered a prolonged health illness?
These are just some of the factors that need to be considered. In other words, this is where the planning begins.
Note: The names Gary and Jenna are not their real names.
*This example is for illustrative purposes only and does not take into account your particular investment objectives, financial situation or needs and may not be suitable for all investors. It is not intended to project the performance of any specific investment and is not a solicitation or recommendation of any investment strategy.
Products and Planning Services Offered
Investment Portfolio Management
In retirement it's important to have most of your money protected from the markets ups and downs. If you lose a lot of your nest egg at this stage of your life it can have a devastating affect on your financial security in retirement. Having said that, it's important to have some of your money at risk in the markets. If you are 60 years old today for example you need to make sure your money keeps up with inflation for what could be another 30 years or so. I provide fee based money management services. All assets are held with TD Ameritrade. You have 24/7 access to your account online and you also receive monthly statements. Types of investments used include stocks, bonds, mutual funds, and exchange traded funds.
These can be used as a conservative savings vehicles. Some provide a guaranteed rate of return similar to a bank CD although often times for at least twice what CD's pay. Others allow you to participate in the growth of a stock market index without the risk of losing money due to stock market losses. You get a certain percentage of the upside without the downside stock market risk. Other types of products are designed to provide a guaranteed income stream for life to supplement the income from Social Security and/or a pension. Types of annuities I may use in planning include fixed, indexed, and immediate. I do not use variable annuities at all. I believe the fees are way too high and not worth the benefits. The guarantees provided by a fixed, indexed, or immediate annuity are backed by an insurance company.
Often times people that are retired don't think they need life insurance. Many think it's only good to have life insurance when you are young and are raising young children. And in fact, you may not need life insurance. That's really where the planning comes in, because there can be good reasons to own life insurance even if you are already retired. For instance, if you are married when one of you passes away you lose a Social Security check. Life insurance can be a source of income tax free money to replace the income the surviving spouse would no longer receive from the lost Social Security check. Also, some of the newer products today also provide living benefits. These allow you to use the money from the death benefit while you are alive to help pay for a critical illness and/or long term health care costs.
HOW DO I COMMUNICATE WITH MY CLIENTS?
I communicate by phone, email, through web-based technology, and face-to-face. It is your preference.
I have two office locations. One is located in Irvine, CA and the other is in Huntington Beach, CA. However, I work with clients across the country. I have embraced technology that allows me to work with you from the comfort of your living room.
If you are local and are the type that prefers to meet face-to-face we can meet in my office. However, if you are not local, or you just prefer not to fight traffic, we can use video conferencing, screen share software, or just the old fashioned telephone.