Your Trusted Partners For
Retirement & Income Planning
Preserve Your Legacy
Retirement Planning is more than just an investment portfolio. We incorporate experts in the areas of portfolio management, estate, income, tax law, risk mitigation, medicare, and long term care planning. This strategy not only gives our clients access to experts in each field, but also gives them the greatest chance of the retirement they always wanted through a coordinated wholistic plan.
Coordinated Retirement Income planning
The most important aspect of any retirement is your income plan. How much do you need to make it through, where will these dollars come from, and how much will you pay back to the government in tax. At Legacy Partners Group we specialize in holistic income planning by coordinating social security strategies, self-funded pension plans, investment income integration and tax planning coordination. This maximizes the income potential of your retirement dollars.
Social Security analysis and integration
Social security is a major component in many rertirement plans, yet only 18% of married couples choose a plan that maximizes their benefits. There are 567 different ways a married coupl and claim social security. Do you know what option is best for you?
We are able to analyze your social security information and empower you to make the best decision to maximize your benefits from this important, government funded income stream.
IRA conversion and IRA Legacy Planning
Rising taxes in retirement are a main concern for those in or approaching retirement. It may be important to incorporate IRA conversion tax planning into your retirement income planning. Converting IRAs at a lower tax rate and investing those dollars into a tax free growth strategy may give you a tax free income stream lowering your taxes later in retirement while increasing your income.
With the new changes of the recently passed SECRURE act, it is now more difficult to pass on your IRA to your beneficiaries without them incurring a tax hit. With the new law the lifetime stretch IRA can no longer be done. All taxes must be paid within a 10 year period. We have strategies to help off-set some of these taxes that you may pass to your loved ones.
Long Term Care Planning
As the oldest baby boomers wind through their 70’s one of the biggest concerns may not be outliving income, but outliving good health.
Long term care costs are on the rise with the average stay in a nursing home around $6000 per month. Does your income plan account for this kind of possibility? Would you be prepared for double that if you are married?
Considering that you may have to reduce your assets to before Medicaid will pay for long term care and the fact that neither health insurance nor major medical insurance will cover long-term care, you may want to consider planning ahead for these potential costs.
We can help evaluate these risks and incorporate several strategies to help off-set these costs and protect your income.
Insurance intergration
What if a spouse passes away sooner then expected? One of the social securities will be gone yet bills will still remain for the surviving spouse. Using Life insurance with-in a retirement plan to help protect against this common occurrence may give you and your spouse that extra protection.
Also IRA’s are the largest asset in most retirement plans being inherited by beneficiaries. If you don’t anticipate needing your IRA money in retirement, you want to consider using a legacy planning strategy that potentially reduces taxes and increases the pay-out to your loved ones upon your death.
Your Income Retirement Team
Michael Warta
Founder
Cory Spencer
Estate & Legacy Planning Specialist |
Registered Investment Advisor