Beneficent Times
Creating a Retirement Strategy
Most people just invest for the future. You have a chance to do more.
Across the country, people are saving for that “someday” called retirement. Someday, their careers will end. Eventually, they may live off their savings or investments, plus Social Security. They know this, but many of them do not know when or how it will happen. What is missing is a strategy – and a good plan might make a significant difference.
A retirement strategy directly addresses the “when, why, and how” of retiring. It can even address the “where.” It breaks the whole process of getting ready for retirement into actionable steps, which remains essential.
Too many people retire with doubts, unsure if they have enough retirement money and uncertain of what the near future holds. Year after year, many workers also retire earlier than they had planned, and according to a 2019 study by the Employee Benefit Research Institute, about 43% do. In contrast, you can save, invest, and act on your vision of retirement now to chart a path toward your goals and the future you want to create for yourself.
Some people dismiss having a long-range retirement strategy since no one can predict the future. Indeed, there are things about the future you cannot control: how the stock market will perform, how the economy might do. That said, you have partial or full control over other things: the way you save and invest, your spending and your borrowing, the length and arc of your career, and your health. You also have the chance to be proactive and to prepare for the future.
A good retirement strategy has many elements. It sets financial objectives. It addresses your retirement income: how much you may need, the sequence of account withdrawals, and the age at which you claim Social Security. It establishes (or refines) an investment approach. It examines tax implications and potential tax advantages. It considers possible health care costs and even the transfer of assets to heirs.
A prudent retirement strategy also entertains different consequences. Financial advisors often use multiple-probability simulations to try and assess the degree of financial risk to a retirement strategy, in case of an unexpected outcome. These simulations can help to inform the advisor and the retiree or pre-retiree about the “what ifs” that may affect a strategy. They also consider the sequence of returns risk, which refers to the uncertainty of the order of returns an investor may receive over an extended period.
Let a retirement strategy guide you. Ask us to collaborate with you to create one, personalized for your goals and dreams. When you have such a strategy, you know what steps to take in pursuit of the future you want.
“It’s a Jungle out There!”
Client Referral Rewards Program
At Beneficent Financial, we dare to be different in the financial world. We are advocates, and our goal is to lead you out of the economic jungle to financial freedom. We were very excited to host our annual Referral Rewards event this year at Malibu Wine Safaris.
This open-air tour of Saddle Rock Ranch & Vineyards included a meet and greet with such exotic animals as yaks, llamas, zebras, water buffaloes, and the star of the show, Stanley, the giraffe. We also enjoyed a sampling of delicious local area wines, which were the perfect complement to the stunningly gorgeous scenery.
We hope you’ll consider participating in our next exciting Referral Rewards event.
Details to be Announced Soon!
New Team Member Spotlight
We want to extend a warm welcome to the newest additions to our Beneficent Family!
Tessa Brinkman
Tessa joined us in May, and has spent her first seven months here studying and improving upon every aspect of our Client Services procedures.
She has a warm personality, unmatched work ethic, and incredible attention to detail.
In her free time, Tessa enjoys hiking, watching classic films, and exploring new culinary creations with her family.
We are thrilled to have Tessa as part of our team, and excited to see her continue to grow and thrive.
Stephen Gonzalez
After a three year stint with Wells Fargo, we recruited Stephen to spearhead our Marketing team. Stephen is fun and friendly, and excitedly and purposefully takes on each and every new project, no matter how challenging. In the four months he’s been with us, Stephen has already made great strides in revamping our marketing materials and improving our online presence.
Stephen enjoys the outdoors; he loves to cycle, both as a practical vehicle for his work commute, and as training in anticipation of his first 100-mile Century Ride. In addition, he is nearing completion of his Bachelor’s Degree at Concordia University.
An Estate Planning Checklist
Create a will if you do not yet have one. A valid will may save your heirs from some expensive headaches linked to probate and ambiguity. A solid will drafted with the guidance of an estate planning attorney will likely cost you a bit more than a “will-in-a-box,” but may prove worth the expense.
Complement your will with related documents. Depending on your estate planning needs, this could include a trust (or multiple trusts), durable financial and medical powers of attorney, a living will, and other items.
Review your beneficiary designations. Who are the beneficiaries of your retirement plans and insurance policies? If you aren’t sure, it is probably a good idea to go back and check the documentation to verify (or change) whom you have designated as beneficiary.
Create asset and debt lists. You should provide your heirs with an asset and debt “map” they can follow so that they will be aware of the little details of your wealth.
Think about consolidating your “stray” retirement and/or bank accounts. This could make one of your lists a little shorter. Consolidation means fewer account statements, less paperwork for your heirs, and fewer administrative fees to bear.
Let your heirs know about the causes and charities that mean the most to you. Write down the associations you belong to and the organizations you support.
Select a reliable executor. That person should have copies of your will, power of attorney documents, health care proxy or living will, and any trusts you create. Any of your loved ones referenced in these documents should also receive copies of them.
Talk to the professionals. Do-it-yourself estate planning is not recommended, especially if your estate is complex enough to trigger financial, legal, and emotional issues among your heirs upon your passing.
SAVE THE DATE
Annual Shredding Party
When
Thursday, May 7th, 2020
Time
5:30 pm
Location
Beneficent Financial
3858 E. Colorado Blvd, Ste. #200
Pasadena, CA 91107
(626) 795 - 7210
Ladies!
Come join us at our First Women’s Day of the year!
This year, we will be getting in touch with our creativity and at this event, we’ll be planning for fun and relaxation. No experience necessary!
When
Sunday, March 29, 2020
Time
3:00 p.m.
Location
The Ranch
