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Investment Insights

Navigating the Golden Years: Smart Retirement Options

By Trilogy Financial
February 26, 2024
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In the era of self-directed retirement planning, the need for individualized strategies and informed decisions has never been more pronounced. As you tread into the realm of retirement, engaging with experienced retirement planners becomes crucial to ensure a secure and joyful post-career life. However, the realm of investing can be complex, and making informed decisions is vital for financial success.

If you are looking to make well-informed investment decisions, consider speaking with a financial advisor at Trilogy Financial Services. With the help of qualified professionals, you can navigate the financial complexities that may be hindering your wealth amplifying journey.

Through this expedition, we recommend reaching out to the Financial Planners at Trilogy Financial Services to help guide you through the fog of financial decision. They can help you navigate resources such as the “dont worry retire happy pdf” documents or the more simplified “Retirement for Dummies” documents you might find on the internet when looking for solutions.

 

Understanding Taxes and Retirement

Let's take a moment to talk about retirement.. It's not merely a phase of life; it's a significant transition that requires meticulous planning and foresight. One of the critical aspects to consider is how might taxes have an impact on your financial plan. A comprehensive understanding of tax implications is essential for effective wealth management, especially when it comes to safeguarding your nest egg from potential tax liabilities.

 

 

Wealth Management Strategies

Engaging in astute tax and wealth management strategies is paramount in preserving and growing your retirement corpus. By exploring various tax-advantaged retirement accounts and consulting with professional tax advisors, you can better prepare for the tax implications that come with retirement. This proactive approach not only keeps your financial plan on track but also paves the way for a more secure retirement.

 

 

Smart Retirement Options

As you delve deeper into the retirement planning process, exploring smart retirement options becomes a priority. These options could range from choosing the right retirement accounts, investing in tax-efficient funds, to exploring annuity products that provide a steady income stream. The aim is to build a robust financial portfolio that aligns with your retirement goals while minimizing tax liabilities, thereby ensuring your savings not only last but grow throughout your retirement.

 

 

Real-world Case Studies

  • Transitioning into Retirement: Curt from De Pere, WI, started strategizing for his retirement alongside his wife after lengthy careers in public service, with the assistance of a Financial Planner.
  • Early Retirement Evaluation: Stephen and Nicole evaluated an early retirement package to manage taxes efficiently during their transition into retirement.
  • Career Change and Retirement Planning: Susan and Chris transitioned from high-profile music industry jobs to retirement, achieving their goals with the aid of First Wealth.
  • Long-term Savings Strategy: Jim and Cathy’s story illustrates the importance of long-term savings and debt management, having saved $750,000 in a 401(k) and $300,000 in savings over their working years.

 

The Bright Side of Retirement

Planning for retirement isn't solely about numbers and finances; it's also about envisioning a happy, fulfilling life post-retirement. Infusing humor and a positive outlook towards this life-altering phase can make the journey enjoyable. A funny, happy retirement is indeed a product of sound financial planning paired with an optimistic outlook.

 

 

Key Retirement Statistics

  • Gender Disparity: Only 17% of women feel on track to meet their financial goals compared to 26% of men.
  • Retirement Account Investments: Americans had invested $6.8 trillion in 401(k)s and $12.5 trillion in IRAs as of the first quarter of 2023.

 

 

Professional Insights

Professional insights add another layer of credibility to the smart retirement planning narrative. Jim Barnash, a Certified Financial Planner with over four decades of experience, emphasizes the importance of meticulous retirement planning. Understanding complex financial concepts such as the ‘Sequence of Returns Risk' is also crucial as per experts' advice. Moreover, strategic moves endorsed by financial experts can significantly enhance the possibility of retiring as a millionaire, as discussed in a recent piece on Nasdaq.

 

 

Planning for the Unexpected

To further aid in your retirement planning, establishing an emergency fund is advisable. An emergency fund serves as a financial buffer, ensuring you have the resources to cover unexpected costs. Having three to six months' worth of living expenses in your emergency fund, which can be adjusted based on your unique financial situation and risk tolerance, is a common goal provided by financial planners.

 

Leveraging Modern Technology

Lastly, as the digital age continues to evolve, leveraging modern technologies can also play a significant role in your retirement planning process. With the aid of new tools, you can access personalized financial advice, explore various retirement scenarios, and receive insights that empower you to make informed decisions towards a secure and happy retirement. These tools can aid in personalizing your retirement planning process, offering insights and scenarios for better financial decision-making. We recommend speaking to a Financial Planner for a full rundown.

 

 

Conclusion

Smart retirement planning is a multi-faceted endeavor that demands a blend of financial acumen, forward-thinking, and a zest for life. By embracing a holistic approach towards retirement planning, you not only pursue your financial future but also set the stage for a joyful and fulfilling retirement. The journey towards a secure retirement begins with the right financial planning, educating oneself on the financial landscape, and making informed decisions that align with your values and retirement goals.

Instead of spending years mastering finances on your own, partnering with those who have already traversed the financial landscape can fast-track your financial success. A dedicated financial advisor from Trilogy Financial Services can work with you to make your money work smarter and harder, simplifying the financial intricacies that have been keeping you up at night.

You can schedule a no-strings-attached portfolio review today and embark on a path to financial success guided by professional advisors. For more information and to schedule your consultation, visit www.trilogyfs.com/yourmoneyamplified. With the right knowledge and professional guidance, the journey of investing becomes an exciting venture towards achieving financial security and growth. This way, you're not just dreaming of an ideal retirement but actively working towards making it a reality.

 

 

*There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

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Budgeting AdviceLife Planning Advice

The Three Buckets Principle

By
Windus Fernandez Brinkkord, AIF®, CEPA
March 6, 2019

The world of finance is tricky to navigate. With so many options available for your investments, it can seem complicated and daunting when trying to plan for your financial future.

The three buckets principle is a way of simplifying the complex and is suitable for people with substantial savings as well as people who are just starting out. Whether you’re well established in your career or fresh out of college, setting up your three buckets should be a priority.

How does it work?

The three buckets are:

  • Bucket 1: Emergency Funds
  • Bucket 2: The Goal Bucket
  • Bucket 3: Retirement Bucket

Bucket 1 – Emergency funds

Expect the unexpected and make sure you’ve planned financially for it.

Unanticipated costs can be devastating financially. Getting laid off work, writing your car off or escalating medical costs, for example, can set you on the financial back foot for many years.

Bucket number 1 creates a buffer of cash that is only to be used for such emergencies. By having this bucket available, it means that should the need arise you won't be dipping into other savings or going into debt to cover the cost.

How much to save in your emergency fund bucket

Aim to have 3-6 months’ worth of living expenses here. Add up all your monthly costs, such as mortgage, bills, transport costs, and groceries, and that will give you the total to aim for.

Bucket 2 – The goal bucket

This bucket is for your short to mid-term financial goals. Savings for your kid's college, a down payment on a house, or even saving for a vacation can go in this bucket.

How much to save in your goal bucket

This is effectively disposable income so anything left over after you’ve attended to your monthly outgoings and buckets 1 and 3 can be added to bucket number 2.

If you've managed to fill bucket 1 already, you can use that cash to start filling bucket 2.

Bucket 3 – Retirement bucket

It's never too early to start saving for retirement, so you should aim to have this bucket set up as soon as you possibly can, ideally, as soon as you enter the workforce.

How much to save in your retirement bucket?

Aim to save 15-20% of your gross income for retirement. If your company offers a 401(k) plan, deposit part of your bucket 3 money there. If you don't have access to a 401(k) plan, consider a Roth or traditional IRA to maximize your investment.

Bucket 3 is made for investing as you want to maximize your returns for your golden years.

These three buckets will help you successfully save for your future. It's a good idea to attend to buckets 1 and 3 first. Once you have them filling nicely, you can look to start filling bucket number 2.

This simple strategy is easy to follow yet priceless for effective financial planning. If you haven’t got yours set up yet, make it a priority to do so.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax.

The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change.

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Budgeting Advice

Don’t Let Your Heartstrings Control Your Purse Strings

By
Jeff Motske, CFP®
December 7, 2018

Giving to charitable causes can be a very emotional thing. You’re supporting something near to your heart, possibly with a deep personal connection. However, if you’re not mindful, it is possible to give at the expense of yourself. Be sure you don’t let your heartstrings control your purse strings.

Forethought and planning should extend over all your financial decisions, including charitable giving. For a variety of reasons, many don’t follow a plan. Some give whatever’s left in their budget, perhaps not as much as they’d like or tempting them to give more than they can afford. Others give at the end of the year for the tax break. Alternatively, perhaps charitable giving isn’t planned for at all, which allows one to be swayed by emotion when the right cause comes along. Suddenly, they can be committing based on what they feel rather than what’s best for their finances.

Once you decide to factor your charitable giving into your annual financial plan, you can start doing your research. Not only do you determine which causes you want to support, but you can also investigate various organizations that service that cause. There are many websites that evaluate charitable organizations to ensure that your financial contributions or going where you want. Additionally, having your charitable giving worked into your financial plan allows you to turn down other charitable requests graciously. Should you be approached, you can mention your annual giving plan and that you will consider them for the following year.

Being mindful about your charitable giving also gives you the opportunity to influence your children or loved ones on how to do the same. Your actions become the example to your values. While you needn’t share all the details, you can openly share how you formulated your plan and why. The more people who become aware of how to consciously create an annual giving plan, the more people are actively working towards their financial independence.

I don’t think it’s possible to take all emotion out of your connection to a charitable cause, and I don’t think you should. However, I will always be an advocate of folks proactively working towards their financial independence. The key to that is approaching your finances with reason and logic, relegating our emotions to the backseat and holding firm to your purse strings.

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Some advisors associated with this material are registered representatives of LPL Financial (LPL) and are Investment Advisor Representatives (IAR’s) for Trilogy Capital Inc. (TC). Some IAR’s of TC are not registered or affiliated with LPL. Securities offered through LPL. Member FINRA/SIPC. Investment advisory services offered through TC, A Registered Investment Advisor. TC markets advisory services under the name of Trilogy Financial (“TF”), an affiliated but separate legal entity. TC and TF are separate entities from LPL. The LPL Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the United States.

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