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Captain's Log
We hope everyone had a wonderful Labor Day weekend and was able to enjoy plenty of time with family and friends. With summer unofficially over, now is a great time to hunker down and think seriously about the important things going forward. For us, that means making sure we're getting the message out to as many people as possible about how vital it is to have a properly structured retirement plan. With the right retirement plan, every day in retirement can be like summer vacation. Unfortunately we don't see many people with a plan that gives them the confidence to live life without worries in retirement.
At JDS, we always talk about covering the 5 key areas of income planning, investment planning, healthcare planning, tax planning, and legacy planning. This month we'd like to put a focus on finding the right advisor for retirement and making sure you know your options for income planning. Taking the steps to be sure you're working with the right type of financial professional who can help you get a retirement income plan in place is a great place to start your retirement planning journey. Our clients know that we put a lot of emphasis on income planning, because your income dictates the lifestyle you'll get to live, so it's important to have it figured out. Once you've got income nailed down, then you can tackle the remaining planning areas.
As you'll read in this month's The Wealth Report, retirement income can come from Social Security, pensions, investments, and annuities. Be sure you understand the different options and how they work. Aside from Social Security and pensions, annuities are the only vehicle that can provide guaranteed lifetime income, but there are a lot of misconceptions when it comes to annuities. Check out the articles below and feel free to let us know if you've got any questions.
If you'd like your own
Chart Your Course Retirement Review
or a second opinion on your current retirement plan, then just let us know.
And, as always, remember -
The purpose of the money dictates where you put it.
Until Next Month,
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Finding The Right Financial Coach in Retirement: Is Yours Still Right for You?
By James D. Stillman
September 2018
One of the most frequent questions I get asked as a financial advisor is how to know which financial professional is the right choice. Although there's no simple answer, the first thing I always tell folks is to trust your feelings. Aside from all the financial talk, you need to feel that you can trust your advisor, and that they are on the same page as you. Another thing to remember is that the advisor that got you to retirement may not be the right advisor to get you through retirement. It's extremely important to understand the difference between advisors that help you "accumulate wealth" and advisors that help you "protect and distribute wealth". In retirement, it's vital to guarantee income and protect assets from too much risk, in my opinion.
Another important thing everyone should ask a potential advisor is what their ideal client profile looks like. This is important because there are different kinds of advisors, with different areas of expertise that should be used at different times of your life. Not every advisor is suited to serve clients in your particular phase of life.
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The Wealth Report:
Lifetime Income:
Options, Misperceptions, and Realities
Lifetime income sources generally provide minimum payouts to help cover everyday expenses. In most cases, these benefits are not impacted by fluctuations in the investment markets.
For example, Social Security benefits are based on one's lifetime earnings, so they reflect a proportionate amount of income based on your assumed standard of living. To maximize benefits, it's best to delay drawing them until full retirement age or later. It's also important for married couples to strategize on the best way to maximize spousal benefits. In 2018, the highest Social Security benefit - based on earning the maximum-taxable earnings since age 22 and waiting until age 70 to draw benefits - is $3,698 a month ($44,376/year).
In post-World War II America, many employers began offering defined benefit pensions to workers at age 60 who had given at least 20 years of service. By 1960, approximately half of the private sector workforce had one.
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All content is intended for informational purposes only. Any guarantees are for insured products only and are dependent on the claims paying abilities of the insurer.
All investments carry some risk and you should be advised by your personal financial advisor before implementing any strategies discussed, as they are not suitable for everyone. James D. Stillman is an Investment Advisor Representative of JDS Wealth Management Corporation and AE Wealth Management.
JDS Wealth Management Corporation's outgoing and incoming e-mails are electronically archived and subject to review and/or disclosure to someone other than the recipient. We cannot accept requests for securities transactions or other similar instructions through e-mail. We cannot ensure the security of information e-mailed over the Internet, so you should be careful when transmitting confidential information such as account numbers and security holdings. If the reader of this message is not the intended recipient, or an employee or agent responsible for delivering this message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by replying to this message and deleting it from your computer."
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