As you approach retirement, your goals change from trying to double your nest egg, to working to preserve it. At the same time, we want to live comfortably off the income it provides without reducing your principal. To help you achieve those goals, we work with you every step of the way to deliver personalized strategies with reliability and predictability for the rest of your life.
Retirement is a phase of life that many people look forward to, as it marks the end of their working years and the beginning of a new chapter. It is a time when individuals can relax and enjoy the fruits of their labor, pursue hobbies, travel, or spend time with family and friends. Retirement also requires careful planning to ensure that one’s financial needs are met, as retirement income is typically lower than one’s income during their working years. Learn some of the important aspects of planning that we regularly work on.
Individuals should consider factors such as their retirement goals, expenses, and income sources. Proper planning and saving can help ensure a comfortable and fulfilling retirement, allowing individuals to live out their golden years without financial stress. Our team here at Fuchs Financial is here to help aid in the process of planning for retirement in order to ease stress and assure that your goals and plans come to fruition.
Tax planning involves analyzing several factors of a person’s financial situation in order to minimize the amount of tax they are required to pay. It involves looking at various sources of income, deductions, credits, and exemptions to develop a plan that helps reduce an individual’s taxable burden.
This process can include strategies such as deferring income, maximizing deductions, contributing to tax-advantaged retirement accounts, and taking advantage of tax credits. Effective tax planning can help enable individuals to reinvest or use the funds to offset future retirement expenses.
Budgeting is a process that is often overlooked and undervalued in the retirement picture. This can involve examining income, expenses, and financial goals to determine how much money can be allocated to various categories, such as housing, food, transportation, entertainment, and savings.
The transfer of wealth takes place when an individual gives assets to another person or group of people. It can occur during a person’s lifetime or after their death and can be achieved through various means, such as gifting, estate planning, and inheritance. It can have significant financial and emotional impacts on both the giver and the receiver of the wealth, thus, it is important to properly plan for if looking to give or receive.
Maximizing an individual’s Social Security involves strategically claiming Social Security benefits to receive the highest possible payment. This may involve delaying Social Security benefits to maximize the payout, coordinating benefits with a spouse, or taking into account various factors such as life expectancy, taxes, and retirement savings. The maximization of benefits can help retirees achieve greater financial security in retirement and may also help preserve benefits for surviving spouses. Since there are many factors to consider in the Social Security equation, it is recommended to work with a professional in order to maximize benefits and ensure your chosen strategy will yield the highest benefit.
Individuals should consider their time horizon, liquidity needs, tax implications, and other factors in order to create a diversified and balanced investment portfolio. A well-crafted investment plan can help individuals achieve financial security, grow their wealth, and meet their long-term financial goals.
Risk management helps in identifying, assessing, and mitigating the potential risks associated with an individual’s investment portfolio. This may involve diversifying the portfolio across various asset classes, sectors, and geographies. Effective risk management can help minimize losses, protect investments from market volatility, and improve overall portfolio performance. Determining your aptitude toward risk is a step in the right direction!
An emergency fund is typically a savings account that is set aside specifically for unexpected expenses or financial emergencies. It is typically recommended that individuals have at least three to six months’ worth of living expenses in their emergency cash fund. Working with our team can help set you up to be able to create or grow your personal emergency fund through careful planning. Fuchs Financial can help you as soon as you are ready to give us a call!
Assessing the potential risks and uncertainties in life and taking measures to mitigate them by obtaining insurance policies that provide financial protection is the cornerstone of insurance planning. It typically means taking time to analyze one’s current financial situation and identify the possible insurance coverages needed to protect oneself. Adequate insurance planning can provide peace of mind and help individuals and businesses prepare for unexpected events, such as accidents, illnesses, or natural disasters.
Life insurance is a contract between an individual and an insurance company that provides a death benefit to that person’s beneficiaries upon their passing. The purpose of life insurance is to provide financial security and peace of mind to loved ones in the event of an unexpected death. There are many different kinds of life insurance and our team can help decide which is best for you.
Long-term care insurance helps cover the costs of services, such as nursing homes, assisted living facilities, and in-home care, that are not covered by traditional health insurance plans. It is designed to provide financial protection to individuals who may need ongoing care due to an illness, injury, or disability. This kind of care can severely deplete an individual’s savings and, thus, this is an important consideration for people planning for retirement.
Retirement is a phase of life that many people look forward to, as it marks the end of their working years and the beginning of a new chapter. It is a time when individuals can relax and enjoy the fruits of their labor, pursue hobbies, travel, or spend time with family and friends. Retirement also requires careful planning to ensure that one’s financial needs are met, as retirement income is typically lower than one’s income during their working years. Learn some of the important aspects of planning that we regularly work on.
Individuals should consider factors such as their retirement goals, expenses, and income sources. Proper planning and saving can help ensure a comfortable and fulfilling retirement, allowing individuals to live out their golden years without financial stress. Our team here at Fuchs Financial is here to help aid in the process of planning for retirement in order to ease stress and assure that your goals and plans come to fruition.
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Disclosures:
Investment advisory services offered through Foundations Investment Advisors, LLC (“Foundations”), an SEC registered investment adviser. The commentary on this website reflects the personal opinions, viewpoints and analyses of the authors, Ben Fuchs and Fuchs Financial, providing such comments, and should not be a description of advisory services provided by Foundations or performance returns of any Foundations client. The views reflected in this commentary are subject to change at any time without notice. Nothing on this website constitutes investment, legal, or tax advice, performance data, or any recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Personal investment advice can only be rendered after the engagement of Foundations for services, execution of required documentation, including the receipt of required disclosures. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Foundations manage its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Any statistical data or information obtained from or prepared by third party sources that Foundations deems reliable but in no way does Foundations guarantee the accuracy or completeness. Investments in securities involve the risk of loss. Any past performance is no guarantee of future results. Advisory services are only offered to clients or prospective clients where Foundations and its advisors are properly licensed or exempted. For more information, please go to https://adviserinfo.sec.gov and search by our firm name or by our CRD #175083.
Fuchs Financial is not connected with or endorsed by the U.S. government or associated with any federal Medicare program. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.Gov or 1-800-MEDICARE to get information on all of your options.
Fuchs Financial is not endorsed or affiliated with the Social Security Administration or an U.S. government agency.
All testimonials on this page are unpaid and unsolicited client testimonials. All clients have had a financial relationship with Ben Fuchs and Fuchs Financial for over 6 months and are providing their personal opinion. This may present a conflict of interest as each particular client’s testimonial may or may not be the same as another client’s experience. This conflict is mitigated by our financial advisor’s fiduciary duty to tailor each client’s investment objectives to each individual client’s own financial situation. There was no compensation paid to the client for this testimonial. A client testimonial does not guarantee future investment success and should not be indicative that any client or prospective client will experience the same or a higher level of investment performance. Foundations Investment Advisors, LLC is an SEC registered investment adviser. Past performance is not indicative of future results.
