Are You Ready To Make Progress On The Plans For Your Retirement?
When it comes to planning for your retirement, do you ever feel overwhelmed or just don’t know where to start?
Do you have a plan but don’t really understand how all of the pieces fit together?
From: Bill Lethemon
Subject: Your Retirement!
- You have a dream for what you want your retirement to look like…
- You’ve been saving money and investing…
- Account statements and financial documents scattered all over the kitchen table…
- You talk about it with friends, family and co-workers every chance you get…
- You want to make this happen…
But you’re really not sure how all of the pieces fit together.
As you approach retirement you will likely be making some of the most important financial decisions of your life. Many of these decisions are permanent and can’t be changed once you make them.
If you’ve read my blog or watched any of my videos, you have probably heard me talk about what I call the 7 Core Elements of Retirement Planning.
Your retirement lifestyle and financial confidence may be dependent on how well you understand and optimize those 7 elements.
Here’s How it Works…
- We will walk you through our comprehensive process step by step to help you gather and organize your financial resources.
- We will organize your financial information into easy to understand reports that will bring clarity to your most important financial goals.
- Once we know where you’re at and where you’re going all of the other planning can begin to fall into place.
- Everyone has gaps, thats why you save money!
- Unfortunately many people underestimate the transition from what we call a retirement accumulation strategy to a retirement withdrawal strategy.
- Identify your anticipated retirement plan withdrawals including IRS mandated Required Minimum Distributions (RMD’s) from retirement accounts.
- Understanding where your retirement gaps are is critical to coordinating and optimizing the 7 Core Elements.
This is where things get really exciting!
Now we can start to really work towards optimizing the 7 Core Elements.
- Help you plan your retirement plan contributions between now and the time you retire. (Roth, Traditional IRA etc.)
- Develop a tax strategy that coordinates retirement plan distributions with your other sources of retirement income such as Social Security and pensions.
- Decide when to begin collecting Social Security and coordinate your benefits with your spouse if you’re married.
- Discuss an investment strategy that fits into your overall plan for retirement and tolerance for risk.
For a one-time cost of just $299, WealthVision can help you seek to understand and optimize the 7 Core Elements of Retirement planning.
Is it Time to Rethink your Retirement?
Are you stuck in the idea of traditional retirement? Working for 30 to 40 years, often for the same company, and then retire and never work another day for the rest of your life. As your career progresses, you may realize more financial success, but often this comes at a price. Longer hours with more responsibility and more stress. As your career comes to an end you are literally “burning out”. Sacrificing health, relationships and happiness as you plod along toward retirement. What if there was a different way? One of the potential areas of focus for WealthVision is to help you create an alternative retirement. This might be exploring the idea of a semi retirement or simplifying and prioritizing whats really most important to you. You may find, that with a few small changes in your mindset, you could be much closer to retirement than you think. This could allow you to focus on the work, and things that are most meaningful to you.
Q and A
Some of the most commonly asked questions…
What happens on the free Introductory call?
- The purpose of the call is to discover if WealthVision is a good fit for you.
- On the call you can ask specific questions and if you like like we can even do a brief demo using our online presentation tools.
- The free call with me usually lasts about 15-20 minutes.
- If we both feel like its a good fit we will outline the next steps to begin working on your plan.
What’s included with my WealthVision plan?
- Getting your financial information organized may be the most important part of the planning process. Think of it like a 1000 piece puzzle. If we’re missing pieces or the picture on the box, its going to be a lot harder to put it all together. Myself and our staff will walk you through this process every step of the way to gather all of the necessary information to complete your plan.
- A One-on-One Plan review with Bill. (If you are local, your plan can be presented Here in our Bloomfield Hills Michigan office. If not, or if you prefer we can present your plan using our online presentation tools.
- Plan presentations are usually 60-90 minutes depending on questions and the complexity of your plan.
- A written follow up with a summary of proposed actions and recommendations.
- Follow up review via Goto Meeting. Questions about your plan and next steps. Usually 30-45 minutes.
Obviously we don’t make a lot of money from the initial financial plan! $299 was a price I felt was low enough where cost wouldn’t be a factor in deciding to do a plan or not.
My hope is that after completing the plan you will be so impressed with the efficiency of our office, the specific recommendations we provide and the overall experience that you would consider working with us on an ongoing basis. If not, thats ok too. You will still walk away with a personal plan that can be implemented anywhere.
If not we’ll give you your money back!
How does the money back guarantee work?
After your financial plan is presented to you along with any follow up review, if you are not 100% happy with your plan for any reason, simply let us know and we will refund your $299 financial planning fee.
What if I already have a financial advisor?
Most of the WealthVision plans we do are with people who already have an advisor, including many who are very happy with the person they work with. They choose to do a plan with us because they have questions about their retirement that might not be getting answered.
Many advisors focus primarily investments, and either they don’t do financial planning at all, or only do basic planning.
Especially as you get closer to retirement, you need to have a plan that takes into consideration your entire financial picture, including 401k’s, IRA’s, Pensions, Social Security, Medicare, plans for retirement income, retirement tax strategies, just to name a few.
Also, many people do a plan just to have a double check on the plans and investments they already have in place.
How long does it take to complete a plan?
Once we receive all of the fact finding materials we are usually ready to present your completed plan in about 7-10 days.
If you have a situation that requires a faster turn around, just let us know, we can usually accommodate it.
When is the best time to do a Financial Plan?
Unfortunately many people put off doing a financial plan until they are just about to retire. I would say the most common time people actively pursue a financial plan is when they are planning to retire in a year or less. While its better late than never, waiting too long could mean missing out on some very attractive planning strategies.
One retirement planning strategy we use all the time is how we help our clients shift assets between Traditional IRA, Roth and Non-Retirement assets to take advantage of their current vs estimated future tax rate. Although this strategy has the potential to save a lot of money in taxes, it often requires implementation over the course of several years.
Basically doing a plan sooner rather than later gives you more possibilities to make changes that can have a meaningful impact on your financial situation.
What I Do
I help individuals make the transition from working to retirement.
As you approach retirement you will be making some of the most important financial decisions of your life. Most of these decisions don’t get a do-over, once you’ve made them your stuck.
My goal is to help you get the most out of your retirement resources. I do this by coordinating and optimizing what I call the 7 Core Elements of Retirement Planning.
It all starts with a plan!
We use advanced financial planning software to help you understand your retirement cash flow so you know where the gaps are.
Understanding your retirement gap is the foundation to getting the most out out of your retirement resources and avoiding costly mistakes.
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 1⁄2 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 1⁄2 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.