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Retirement is typically the culmination of the many financial decisions a person has made over the course of your lifetime. Some people play it safe and enjoy modest but comfortable golden years. Others take huge risks, and don’t always have the opportunity to recover if their gambles don’t pay off.
If you’re hoping to give yourself better odds, talking to a financial advisor can help you figure out where you want your portfolio to go and how exactly you’re going to get there.
What Does It Mean to Secure Your Retirement Income?
The general attitude on retirement has shifted over the past few decades. Whereas once you might have saved as much as possible so you could live off your nest egg, many financial professionals have started to reimagine what retirement can really be. They started with one simple question: why spend your savings when you can earn money instead?
Secure income is the art of pulling in money from different sources, including Social Security, investments, rental properties, and more. When combined with other types of financial planning, including assets under management, estate planning, and insurance, clients often end up with retirements that they always assumed would be well outside their reach. No matter what your retirement age happens to be, it’s always a good time to jump in and start preparing.
Whether you picture yourself buying property all over the world, funding your grandchild’s dream to attend med school, or just having enough to safeguard your legacy, secure retirement income can be the key to paying your expenses, so you’re prepared for anything. From inflation to health scares to economic downturns, you can rest a little easier no matter what comes along.
At Richard D’Ambola & Associates, serving Roxbury Twp. in N.J., your retirement is broken down into just a few key tenets:
1. Figure out what you can save relative to your retirement goals.
2. Allow your financial advisor to manage a portion of your income to quickly grow your portfolio.
3. Enjoy a retirement you’ve worked your whole life to achieve.
Retirement Income Planning
As the youngest Baby Boomers get ready to retire, there’s been a wave of anxiety about the state of their assets. Many worry that their savings and Social Security benefits won’t be enough to cover the costs of their expenses. The question of “how much do I need to retire,” particularly when inflation can kick off with little to no warning, has become a much more volatile proposition. If you’re hoping to avoid this kind of anxiety, retirement income planning may be the solution you need.
What Is Retirement Income Planning in Roxbury Twp, N.J.?
Retirement income planning essentially works as an antithesis to saving. Instead of using up funds that you’ve stashed away over the course of decades, you pay for your expenses from a steady stream of new revenue. For some people, this will mean maximizing Social Security benefits, establishing rental properties for monthly rental income, and maybe even teaching guitar lessons for fun (and a little extra income on the side). For others, it may mean relying largely on stock dividends and their pension.
At Richard D’Ambola & Associates, you’ll meet a team at a boutique retirement firm that can map out your options based on your current portfolio. They can suggest and implement strategies that you might not have ever considered (or had time for even if you had considered them). They’ll also work around your preferences, so if you would prefer not to be landlord by the time you reach retirement age, you can avoid the extra responsibility.
When you have the right experts in your corner, it’s easier to see how to plan your retirement income in a way that makes sense for you and your family. From estate planning to wealth management, a healthy monthly income can help you achieve all of your financial goals. Whether you’re planning a first-class retirement or far more modest golden years, the right advisor can help you manage it all without having to constantly dip back into your nest egg.
Efficient Tax Planning
Efficient tax planning is a term that can mean different things to different people. When some take the standard deduction and others go through every line item, it’s easy to assume that you’re making the best decisions based on everything from your allotted spare time to your financial situation.
But it shouldn’t come as a shock to you that most people don’t really understand their taxes. How could they when the sheer number of state, local, and federal codes would take days to read (let alone apply to your paperwork)? If you’re looking for help when it comes to filing your taxes, a CPA might not necessarily be the best answer.
How a Financial Advisor Plans Your Taxes in Roxbury Twp.
At Richard D’Ambola & Associates, you’ll work with professionals at a boutique retirement firm who understand how tax regulations impact your retirement goals. When your taxes are directly tied to your disposable income, you can’t afford to skip the analysis of what you pay and why you pay it.
Unfortunately, very few people have the time or the wherewithal to successfully execute efficient tax planning. In fact, in 2020 alone, more than 900,000 people left their tax refunds unclaimed. If people won’t even pick up their refunds, how can they assume that they’re making the best decisions for their portfolio?
Instead of asking about your earnings and deductions for the year, as your accountant is likely to do, a financial advisor will look at the state of your financial health and weigh it against your future retirement goals. So, if you’re planning to expand your real estate empire or you want to pay for your descendant’s college education, they can plan your taxes in relation to the rest of your holdings. This may mean anything from setting up a trust, bumping up your retirement accounts. In the financial advisor world, the goal is always to avoid leaving any money on the table.
Wealth Management
When you reach a certain level of wealth, the time and effort you need to manage it all becomes untenable. Estate planning, investment management, asset management: the sheer complexity means that something inevitably falls through the cracks. Maybe you end up paying capital gains when you should have taken a deferment. Maybe an account closes and you lose track of the paper trail. Or maybe a real estate property is about to plummet in value, and you miss the signs.
A financial advisor can do more than take over the nuts and bolts of your accounts and assets — they can give you the heads-up you need to make substantial changes before your portfolio takes a dive. At Richard D’Ambola & Associates, you’ll meet a team with more than just experience in the financial markets. At this boutique retirement firm, you’ll find people who take the time to answer your questions and set up a plan that makes sense for your lifestyle, goals, and preferences.
What Is Wealth Management?
The term “wealth management” applies to your entire financial health, and it folds in everything from taxes to retirement income. A financial advisor will essentially go through your books, taking a more nuanced approach than a CPA would. Instead of scrutinizing a single aspect, they’ll look at how each number helps or hurts your retirement. From there, they can start giving you the kinds of recommendations that lead to far less clutter.
Wealth management has long applied to the very wealthy, largely because it’s easier to manage your wealth if there are limited assets. However, everyone in Roxbury Twp., N.J., practices some degree of wealth management, whether that’s clipping coupons or deciding to open up a trust for their grandchildren. If you want to learn more about the options that help you retain your assets (and pass them down to the next generation), the right financial advisor can tell you more about what’s available. After you evaluate the pros and cons, you’ll feel far more confident, no matter what direction you choose.
Maximizing Social Security
Social Security was designed as a safety net, but it’s gone through enough iterations since its inception that not everyone sees it as a very safe bet anymore. In fact, very few people would agree that Social Security is a plan for retirement, particularly as more retirees explore everything from van life to seasonal work as a way to scrape by.
But what you see on the news or hear in your network is only part of the story. The truth is that many retirees can use Social Security as a resource, even if they can’t use it to cover all of their expenses. If you’re looking for a way to get more from this long-standing government benefit, particularly when you’ve given up so much of your paycheck over the years for it, talking to a financial advisor may just be the bridge you’re looking for.
How to Maximize Social Security
Maximizing Social Security in Roxbury Twp. starts with understanding its many regulations. The program originally debuted in the 1930s at just 32 pages long. Since then, every administration has added its own flavor, and the documents continue to evolve and change to this day. While online Social Security estimators are certainly a popular way to try to understand what you’ll be paid every month, their algorithms don’t always account for the nuances of the system.
A financial advisor can tell you more about how to file, so you don’t leave any money on the table. It’s an invaluable service for anyone who doesn’t have time to dig through the amendments and additions on their own. If you’ve been disheartened by the whole idea, perhaps because you know someone who receives a pittance of a stipend, it may be time to shed some more light on the topic with more concrete answers. At Richard D’Ambola & Associates, Richard D’Ambola and his team can go through your employment records so you can augment your retirement savings with secured monthly income from Social Security.
Investment Management
Most people get their first lesson in investment management when they’re very young. Maybe they figure out how much time to devote to a certain endeavor to get the best returns, or maybe they notice how much certain trading cards are worth to their friends. No matter what the first “aha moment” is, it often illustrates just how unpredictable investment can be.
When you can make money on anything from action figures to stocks to real estate, the question of what to invest in can make anyone’s head swim. A financial advisor can tell you that the answer is not always as simple as portfolio diversification. In fact, for some people, the best action they can take is to rein in their options.
Expert Investment Management in Roxbury Twp.
At Richard D’Ambola & Associates, D’Ambola and his team help clients keep up with the ever-changing markets. So, if one industry begins to wane, there’s time for the investor to evaluate the situation and decide whether to cut their losses or stick with the investment. When you choose this boutique retirement firm, you’ll get the investment advice you need to plan for a more comfortable retirement.
Part of winning the investment game is being bold enough to take risks but smart enough to play it safe. As you age, it becomes more and more important to curtail your riskiest instincts, because there’s less and less time to put it all back should the odds swing in the other direction. A financial advisor can help you find that balance and, perhaps more importantly, give your portfolio a focus and direction that makes it clear exactly where you’re headed.
When each client can have wildly different investment strategies, it’s important to find someone who can stay within the lines. It’s equally important to work with someone who can help you step a little outside your comfort zone, for the sake of your portfolio and retirement goals. With D’Ambola, you get the recommendations you need to fit it all in.
Long-Term Care
Long-Term Care Insurance can be an asset for your financial portfolio, especially if you have a family history of genetic diseases. But there’s a bit of a catch. The cost of the premium and the conditions of the insurance policy are extreme enough that it’s easy to make a mistake and choose the wrong one for you. A financial advisor will tell you both the pros and cons of long-term care policies, so you can make a better decision.
How Does Long-Term Care Work in N.J.?
Long-term care in Roxbury Twp covers the incidental costs of health care outside the standard health insurance policy. So, if you were injured in a car accident or suffered a long-term illness, you might need a home health aide or an extended stay in a nursing home. Essentially, long-term care picks up wherever your health insurance leaves off, so you don’t have to pay for everything out of pocket.
These policies have changed over the years, with fewer and fewer carriers offering them in unlimited terms. This is a result of the high costs of care, particularly if the policyholder needs full-time assistance with everything from medication schedules to hygiene to standard housework. When you work with a boutique retirement firm like Richard D’Ambola & Associates, you can learn more about how these policies work, and which one would fit the best into your retirement plans.
Long-term care policies have been worth their weight in gold for some people, with one study showing that those with a policy spent about six times less than those without. In some cases, these policies also have a savings benefit attached, allowing you to receive some money back if you never use the policy. However, because carriers continue to change the terms and conditions, it’s become more precarious to narrow it down. If you’re looking for help from an expert who will take the time to get to know more than just your genetic history, Richard D’Ambola and his team are there to help.
We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives.
Advisory Services are offered through Creative Financial Designs, Inc., a Registered Investment Adviser, and Securities are offered through cfd Investments, Inc., a Registered Broker/Dealer, Member FINRA & SIPC, 2704 S. Goyer Rd., Kokomo, IN 46902. 765-453-9600. Richard D’Ambola & Associates LLC is neither controlled nor owned by the CFD Companies. Promotional Consideration provided by Tucker Advisors. Neither Tucker Advisors or Richard D’Ambola & Associates, LLC are affiliated with the CFD Companies or each other. Richard D’Ambola does not provide Tax or Legal advice.
Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. None of the information contained on this website shall constitute an offer to sell or solicit any offer to buy a security or any insurance product.
Any references to protection benefits or steady and reliable income streams on this website refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products. Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods which vary by insurance company. Annuities are not FDIC insured.
The information and opinions contained in any of the material requested from this website are provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. They are given for informational purposes only and are not a solicitation to buy or sell any of the products mentioned. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.