Our Approach
WE LOOK AT THE BIG PICTURE
At Senior Solutions Insurance Agency, we look at everything that could impact your retirement: income, legacy, Social Security, investments, extended care, Medicare, and taxes among other retirement risks. Depending on the decisions you make pertaining to these items, each could be an asset or liability to attaining your goals. Our team of health & wealth advisors can help you make sense of it all, always keeping your retirement goals at the core of process.
What is a Financial Planner?
A financial planner or personal financial planner is a professional who prepares financial plans for people. These financial plans often cover cash flow management, retirement planning, investment planning, financial risk management, insurance planning, tax planning, estate planning and business succession planning for business owners.
Retirement Income
In retirement, your income may shift from a steady salary to Social Security and pension benefits, but can often be inadequate. Creating a reliable income stream can include various sources such as a 401(k), IRA, CD, or annuity. Find how much guaranteed income your assets can generate with the New Heights Select Guaranteed Income Tool.
Social Security
Social Security is a major source of income for most retirees. Claiming it too soon can reduce your monthly amount as much at 25% permanently and waiting can boost it by 32%, making the claiming decision is more important than most people realize. Click Below to find your Social Security retirement age.
Investments
Investments such as mutual funds, bonds, and alternative investments can play a big role in meeting your expenses and lifestyle expectations in retirement. Having a healthy mix of asset protection, guarantees, and at-risk dollars may help you achieve your retirement goals.
Legacy Planning
Legacy Planning is deciding while you're alive how you want your estate distributed after your death. But it can be more than just leaving your children an inheritance. Failing to plan for your own death may leave your life partner or other loved ones in financial trouble.
Medical Expenses
Healthcare is one of the biggest expenses in retirement. A bad healthcare decision can cost thousands of dollars annually, and a lack of planning could ruin a retirement plan. Prescription drug prices are particularly worrisome for many retirees. If health care costs will consume so much of your Social Security check each month, how will you pay for other expenses?
Long Term Care Insurance
This refers to when you need help performing at least 2 activities of dailing living such as: eating, bathing, dressing, transferring, toileting, continence. Sadly, long term care is not considered medical care and not covered by Medicare.
Taxes
Because income sources are taxed differently, strategizing your withdrawls is necessary to avoid the myriad tax pitfalls, such as being taxed at higher rates. Use this calculator to determine your Required Minimum Distribution (RMD) from a traditional 401(k) or IRA. In general, your age and account value determine the amount you must withdraw. Note that taxes may be due on the distributions. Do not include balances from a Roth IRA or Roth 401(k).
How We Help
Suprisingly, healthcare costs and Social Security income have not traditionally been included in retirement planning. Traditional financial planners have focused on helping in three areas: savings and insurance (to protect what you have), investments (to accumulate wealth), and legacy (to distribute what you have).
Financial professionals who don't account for health care costs in a retirement plan and who don't tap Social Security's full potential put retirees at risk of not having enough money for your retirement expenses.
When you work with our family, we help prepare you for higher healthcare costs and the possibility of extended care costs and make sure that your Social Security income is maximized, so that your savings and insurance, investments and legacy are on solid footing. We consider the more complicated pieces that can interfere with your retirement goals, and we help you manage a comprehensive and ongoing retirement plan.
No matter where you are in the retirement process, we'll guide you through key retirement decisions and show you how they may impact each other.
Assess your financial picture with the color of money risk analysis. This short, interactive analysis is one of the first steps on the road to retirement.