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If you live in central South Dakota, there are endless paths your retirement can take. Some people indulge in luxury, giving themselves permission to finally kick up their heels after a lifetime of work. Others maintain a modest lifestyle, content that they have what they need. No matter what you picture, though, you’ll need to learn a few rules if you don’t want to run into problems along the way.
What Is Income Planning for Retirement?
Retirement is more than setting aside a few bucks every month for an IRA. It’s more than wise investments, efficient tax planning, or maximizing Social Security. Ideally, it’s a combination of the smartest financial tactics, ones that generate as much new income every month as possible.
At Behan Financial, a boutique retirement firm, Pamela J. Behan can take you through how each principle contributes to your bottom line. Whether you open your own charitable trust, switch up your asset strategies, or laser-focus on your estate planning, your retirement is an amalgamation of endless choices you make
day after day.
Retirement Income Planning
Maximizing Social Security
investing
Life Insurance
tax-free retirement
efficient tax planning
Income planning is a way to keep your savings afloat, ideally for as long as you need it to. With this financial strategy, you can replace your current paycheck with revenue streams every bit as reliable as your employer. The right advisor can tell you more about how to map out the numbers, so you have what you need long before you head into your golden years.
What Is Retirement Income Planning?
Retirement income planning is a way to protect your portfolio and your savings from everyday expenses and unexpected emergencies alike. Instead of relying on your savings account, you build up unique streams of income based on your lifestyle and goals. For instance, some retirees may acquire a part-time job in an industry they love, like food or wine. Others might purchase a few rental companies and collect rental checks every month.
At Behan Financial in central South Dakota, Pamela J. Behan can tell you more about how to maximize your revenue, whether it’s from Social Security checks or your investment dividends. When you have multiple revenue streams, you have a much better chance of having enough for whatever is coming down the pipeline. How much do I need to retire? The answer isn’t as simple as hitting a benchmark number like $1 million. While it’s certainly helpful to have substantial savings, the trick is to safeguard that nest egg by bringing in additional income on a regular basis.
If you’re considering how to plan your retirement income, you’ll need to sort out the specifics of what you want by the time you reach your retirement age, including how you’ll spend your spare time. The good news is that if you want to weather anything from inflation to recessions, retirement income is one of the most consistently successful strategies you can choose. The key is finding a boutique retirement firm where you can develop a professional relationship with a financial advisor who can look out for you (and your loved ones) during good times and bad.
As lifespans improve, the ratio of people collecting vs. paying into Social Security has shifted. Along with policy rewrites and general changes to the economy, the program has become less reliable for retirees. However, despite its reputation, Social Security benefit checks can be a strong cornerstone of your retirement strategy. The key is talking to a financial advisor who understands how to maximize your returns.
How to Maximize Social Security
Social Security starts with understanding the rules. The original Social Security legislation was 80 pages long, and it’s only grown since then. Hundreds of amendments and additions have been made, enough that you may not want to trust the number a general estimator spits out.
At Behan Financial, Pamela J. Behan can tell you more about how the updated sections impact your economic welfare. Remember that your benefits are based on your individual work history, which is why you can’t always make predictions about what you’ll receive based on the experiences of your family or friends.
The goal of Social Security is not to replace your current income, as it’s unlikely a benefit check will ever be anywhere near what you need to thrive. Instead, a financial advisor will show you how Social Security income joins the rest of your revenue streams to build a strong foundation. The more you can rely on reliable sources of income, the easier it is to hold onto your savings for emergencies.
The best thing that you can do when filing for Social Security is to do it right the first time. Should you make an error, one that costs you thousands of dollars over time, the government can and will correct the error and issue backpay. However, the amount of time and effort it takes to both report the mistake and receive an official judgment can be substantial. Instead, the right financial advisor will tell you more about maximizing Social Security, so you can rest easy you didn’t leave any money on the table.
There are numerous investment strategies you can take to build your portfolio. Whether you prefer traditional opportunities or you’d rather branch out into unknown territory, the right financial advisor can guide you toward a more efficient path. If you want to give your retirement accounts that much more spending power, particularly when inflation can rear its ugly head at any time, Behan Financial is here to help.
Smart Investment Management in Central South Dakota
Investment has long been based on how much risk you want to take. If you really want to have enough by the time you retire, it’s not as simple as diversifying. Without a cohesive plan, you can end up with more than just a confusing portfolio. When you don’t know what you’re investing in or why you’re investing in it, you can end up with a net loss.
It’s not news that the markets can be fickle, even in the most secure industries. Pamela J. Behan does more than just direct clients to the splashiest new investment packages. She takes the time to learn not only your preferred investment style, but also what your personal interests are. For instance, it’s not always worthwhile investing in oil and gas if you know very little about the assets. A financial advisor can certainly help you predict what’s coming around the corner, but you may be better off in a field that you’re more comfortable with.
At a boutique retirement firm, investment advice is tailored around your long-term goals. Investment experts may be able to steer you in one direction or another, but they often do so without factoring in the bigger picture. With Behan, you’ll work with a professional who understands how everything from your estate planning to taxes impact your bottom line. When she has all the pieces in front of her, the end result is more likely to fit with your personal vision. No matter what your retirement age is, investments can be a major part of how you spend your golden years.
Life insurance is meant to protect your loved ones from exorbitant expenses, giving them enough financial security to live their lives in relative peace during a difficult time. However, these policies are often more confusing than many people realize, particularly when plans of the same name may involve very different terms and conditions.
If you’re looking at either taking out a policy or changing a policy, a financial advisor may be able to run you through your best options. Once they know more about your portfolio, they can make personalized recommendations that mesh with your plans, loved ones, and investment strategy.
Permanent vs. Term Life Insurance in Central South Dakota
Most people know the basic types of life insurance. With term insurance, the policy will expire based on the circumstances of the policyholder. For instance, you might set your policy to end the day your child graduates from college or the day they turn 18. These policies are not just practical, they’re also traditionally very affordable, making them one of the more popular options. You add them to your monthly expenses with little dent in your budget, and rest easy knowing that there will be some help even under the worst of circumstances.
However, despite the practical benefits of a life insurance policy with an expiration date, the reality is that it’s not always the best choice for your portfolio. With a permanent insurance policy, one that covers your beneficiaries without a term limit, you can potentially boost the value of your holdings. When some carriers offer the option of a savings component with the right policy, you may be able to dip into these assets should you face an unexpected emergency.
If you’re interested in how life insurance can fit into your larger retirement goals, Pamela J. Behan at Behan Financial can answer your questions about how it can all come together. At a boutique retirement firm, you’ll learn more than just the price of the premiums or the standard-issue payouts. Behan is known for her ability to comb through the many options on the market to find the right match for her clients.
When you live in the U.S., you get used to paying taxes. In fact, as many have said, it’s probably one of the very few things in life you can depend on. So, if you’ve heard of the term tax-free retirement, you may have assumed that it was a myth or far less enticing than it sounds.
The good news is that tax-free retirements can occur, or come very close to occurring, for many retirees. While it may mean making some changes, this financial concept could ultimately help you keep more of your savings and pass them on to the people and causes you care about the most.
How to Retire Tax-Free in Central South Dakota
Whether you’re working or retired, tax laws are complicated. The number of changes made to federal, state, and local laws can be staggering, especially if you’re not ready for them. At a boutique retirement firm, you can work with a financial advisor to learn more about how the many codes impact what you pay at the end of the year.
If you’re wondering how to have a tax-free retirement, it’s more than opening a trust or starting your own charitable organization. You may need to reorganize your assets, rolling over your capital gains into other investments or cutting out holdings that are costing you more than they’re worth. It also means figuring out how all of these decisions relate to your ideal retirement lifestyle.
At Behan Financial, Pamela J. Behan helps people in central South Dakota figure out a 360-degree view of their retirement. From investments to Social Security to taxes, the goal is to find as many creative strategies as possible to give you an edge in all economic conditions. It’s different from working with an accountant, where you typically get short-term advice. A financial advisor will take a different approach to your tax planning. When you work with Behan, you can tell her more about all of your financial strategies, so you can get a better understanding of how each decision affects the rest.
Your taxes are more than just a hassle you need to deal with every year (or even every quarter). By the time you retire, they can have a significant impact on how you spend your golden years. If you want to have enough put away, it starts with getting a handle on the system. Efficient tax planning is a financial concept that refers to more than just itemizing your receipts. A financial advisor can tell you more about how to be more strategic when you fill out your paperwork.
What Is Efficient Tax Planning in Central South Dakota?
The American federal tax code is thousands of pages long. Including the revenue guidelines and regulations, it’s tens of thousands of pages long. Most people miss out on opportunities they never realize they had access to. Even people with accountants often only see one half of the picture.
At a boutique retirement firm like Behan Financial, Pamela J. Behan can tell you more about how your taxes impact every part of your portfolio. From your assets to your investments to your life insurance policy, it all affects your bottom line. For some people, efficient tax planning may include more charitable giving. For others, it may mean checking on your eligibility for a 1031 exchange. In most cases, it’s several different tactics all bundled into one cohesive plan.
When a financial advisor helps you file your taxes, you won’t avoid paying the government, but you will avoid giving it a tip. The smartest thing that you can do is find a professional who not only understands the federal, state, and local tax codes, but who can view them in context with your other assets and your larger retirement goals. Whether you’re planning to cover all of your grandchildren’s college educations or you just want to afford a few first-class tickets every once in a while, efficient tax planning can be a strong step in the right direction.
Location
Aberdeen, SD
Contact
Phone | (605) 290-1980