Feeling Confident About Your Choices
Determining when and how to retire, making sure you have enough money for the future...it takes time, effort and knowledge. How do you know you're doing the right things, and making the right choices?
Tom Ela can help you out. With Tom's assistance, you may want to explore some of the following financial options:
Rolling over your retirement account. As you retire, you can do one of three things with your 401(k) or pension plan money. You can stick it in the bank, you can let it sit in your old employer's retirement plan, or you can roll it over into an IRA or similar tax-deferred investment.
The first choice may trigger the biggest income tax bill you've ever seen. The second choice takes the money out of your hands - your retirement money is being passively managed, and you have no say in how it's invested. Only the third option makes sense. A rollover may help to shield you from massive income taxes on your retirement money, and you're in control - you get to say how it's invested. Tom can help you analyze the best vehicles for the rollover, and process the paperwork.
Stretching your IRA. If you're a parent or grandparent, you can potentially have your IRA pay out income over three or four generations, all while the assets in your IRA keep growing either tax-deferred or tax-free. A stretch IRA gives you the potential to set up a continuous flow of income for decades, and may relieve your heirs of a five- or six-figure tax bill that would normally come with inheriting this wealth. Tom can show you how it's done.
Long term care planning. As more than 40% of all people over the age of 65 will someday enter a nursing home or require home care, long term care insurance is a very smart proposition. Nursing home care costs can hit $50,000 a year, to say nothing of six-figure medical bills from a long hospital stay. Different types of LTC insurance are available to help shield your nest egg and facilitate different types of care. Ask Tom about them.
Family trusts. If you don't "live wealthy" but have built wealth into the millions, revocable living trusts, irrevocable insurance trusts generation-skipping trusts and charitable remainder trusts can help you realize tax breaks, direct wealth out of the hands of the IRS and towards family and charity. Talk to Tom about your needs and options.
College planning. Sure, you've taken a look at Coverdell ESAs and Section 529 saving plans. But that's just a start. If you're getting a late start on college planning (and many parents are), you can meet college costs without necessarily sapping home equity. You can "frontload" annual exclusion gifts from grandparents to grandchildren (up to $110,000) or tap your business cash flow or Roth IRA earnings. Tom can help you plan to make it happen.
If you're like most people, you don't have a lot of time to determine the right financial choices for the future. But you do have Tom Ela - an advisor who can inform, educate and guide you about building and keeping wealth.
E-mail Tom to ask a question, or to request an appointment - there's no obligation.