Premier Wealth Solutions
Keith McLaughlin, President, RICP©
Many people find that making financial decisions is a complicated process. There are layers and layers of factors that influence the relationship we have with our money. Regardless of income, occupation, age, or education, for the majority of people, life events are amongst the most powerful influencers in our decisions about money. Rarely are we moved or dissuaded solely on the basis of data; rather, when it comes to our money, we tend to make emotional decisions.
In our experience working with clients, we’ve often found that there’s an unacknowledged factor at play – simple procrastination. It’s not surprising that many people find themselves the victim of indecision about what they “should” do with their money. We are bombarded with financial headlines that can be conflicting, grossly misleading, and profit-driven. This leaves many consumers scratching their heads or throwing up their hands about what to do next.
That’s where Premier Wealth Solutions comes into the picture. We’ve successfully helped our family of clients to plan, grow, and protect their money, and we’re able to assist you in making informed decisions about your money along the path of your financial journey.
As a Registered Investment Advisor, our firm is bound by a fiduciary standard legally mandating that we act in your best interests at all times. We’re locally owned and independent, owing no allegiance to other financial institutions or insurance companies, which means you will always receive unbiased financial recommendations. Our fee-based consultation services are focused on creating solutions that are tailored to your unique circumstances.
We guide you in executing strategic plans to help you reach your financial goals, including:
- Creating and monitoring a customized financial plan that is designed to encompass evolving economic and life circumstances
- Educating you about investing options and strategies and building a portfolio with an investment policy that guides your decisions
- Assessing your needs and creating a plan to mitigate and manage risk and to protect your assets
- Coordinating additional areas of your financial affairs with key professionals (your attorney, accountant, and insurance agent)
Why Work With An RICP©
Once you move into retirement, you need to figure out what you’re going to do with those assets and how you’re going to address new risks you face in retirement. It’s complicated and something that requires advice, because it’s extremely hard to do on your own. The stakes are at their highest: making sure you don’t run out of money at the end of your life when you can’t do anything about it.
Consider the questions you’ll face once you do retire:
- When should you take your Social Security to optimize benefits?
- Which tax vehicles should you withdraw money from first — a Roth IRA, a 401(k) or a taxable account?
- How should you finance your health care and long-term care?
- Where should you live? And how will you pay for it?
- Should you annuitize a portion of your assets or take systematic withdrawals from an investment portfolio?
Broader changes in the way people save for retirement, such as pensions, which pay out a fixed monthly amount upon retirement no matter what the investment returns have been, have become less popular in favor of retirement accounts like 401(k)s, whose monthly benefit depends on how well the investments have fared.
While one should start regular retirement planning (the accumulation plan) as soon as one starts drawing a paycheck, it probably makes sense to start thinking in your mid-50s about the “spend down” phase, though the plan should remain fluid as the market fluctuates and your circumstances change.
Here are four ways an RICP could be valuable to you both before and during retirement:
- An RICP could help you decide whether to buy deferred-income annuities.
- An RICP could help you make sure your nest egg lasts even if the market drops.
- An RICP could help you decide if it makes sense to buy an annuity later on in life.
- An RICP will ensure that your financial decisions are tax-efficient.