Rachel Lutzker: Welcome to today’s CT Buzz, I’m Rachel. Everyone’s circumstances are different and retirement planning is definitely not a one-size-fits-all, but there are proven strategies that can make a difference in your retirement. It’s that motto that we’ve all heard before, you know, “be prepared.” Well, Ben Fuchs, founder of Fuchs Financial, is here to talk about how they can help you understand the financial challenges ahead. By looking at recent law changes along with some solid scenario-based planning, they can help you navigate to secure a financial future. In addition to being a Certified Financial Planner, Ben is also a Certified Private Wealth Advisor professional. Rachel: So Ben, what you don’t know could hurt your retirement and make it less than what you were hoping for—is that the case? Ben Fuchs: Yeah, I think absolutely right with the whole idea—you need to absolutely be prepared. Rachel: So what are the four major challenges that you can deal with in retirement, and what are some of the planning strategies that you use? Ben: Yeah, I mean the first is to minimize taxes. I think there are a lot of different ways and strategies that we can use—understanding how capital gains are taxed, understanding how you get Social Security, how much of it is actually taxed. Those are really key components to making sure that you’re getting the most out of your money and, again, being prepared. The second is to reduce investment risks. A lot of people say you should have no investment risk in retirement—don’t take any risk at all. I don’t agree with that at all; I think that’s bad advice, respectfully. We need to be cautious about where we’re taking risk. If I’ve got money at risk in my 401k, great—but if it’s money in my bank that’s going to pay my mortgage, not as great. We need to understand where we’re taking risk and make sure we have a backup plan for when the market eventually crashes. Third, prevent hidden fees—because I feel like there’s always a couple in there somewhere. There were laws 5–10 years ago that reduced employer fees, but lately, I’ve seen more fees in retirement plans. If you’re paying a 5% commission every time you make a contribution, you’re really going to hurt yourself long-term. It may even make sense not to contribute to a plan if the fees are too high. Finally, we want to know how to replace your paycheck when you’ve retired—that’s the goal here. If you don’t know where your money is coming from, then we’re in trouble. We don’t want someone selling money every month or quarter; that could lead to disaster. We want to make sure we know where our paycheck is coming from, how it’s set up, and ensure it’s resilient even if the market drops. Let’s make ourselves comfortable, let’s put ourselves at ease, and put you in a better position for retirement. The beginning of the year is a great time to do this. Rachel: Great time to do this. Let’s get your plan aligned, let’s get you all set up, let’s get you set up for the next tax season, let’s make sure that everything is in working order. Ben: Absolutely. Rachel: Alright Ben, thank you so much. And of course, a little bit of insight can go a long way. You can reach out to Fuchs Financial for a complimentary no-obligation consultation or just get a second opinion on your existing retirement financial plan from a top-notch team of experts at Fuchs Financial. Ben: Yeah, we can help our clients set their financial goals and provide advice on how to achieve them. Plus, we’ll keep checking back with you to be sure you’re still on track and ask if your circumstances or goals for retirement have changed. If and when they do, we adjust. Retirement plans aren’t set in stone, but it’s important to get a plan in place to be able to fully enjoy the retirement you’ve worked so hard for. Rachel: Excellent. Ben, thank you so much. Fuchs Financial’s offices are located in Middletown, West Hartford, Middlebury, and Mystic. You can visit their website taxesandincome.com or call (860) 461-1709 to set up an appointment for your complimentary consultation. Ben: Thank you so much. Rachel: And thank you for joining us for today’s CT Buzz. I’m Rachel Lutzker and we will see you next time.
