By Ash Toumayants
Retirement is a topic everyone needs to know about. However, the truth of the matter is that most people do not have the faintest clue as to how to handle their retirement or how to pick which options are best for them. Some options could offer higher retirement contributions and others could create big tax savings. It all depends on the individual as well as the professionals handling their portfolios.
We at Strong Tower Associates draw on our knowledge and experience to provide our clients with strategies to help them with the retirement they want.
Here are three ways we help our clients.
1. We Help People Retire Early
Many people walk into our office with the widespread belief that they have to work until they are 65 years old just so they can get access to Medicare. If they retired too early, they would be slammed with a big price tag for independent pre-Medicare insurance, which can cost as much as $20,000 per year.
We do everything in our power to help our clients overcome this financial hurdle. Specifically, we manage their income sources and create a tax strategy that can help some of our clients to retire early and get affordable health insurance (under $300/month per couple).
2. We Zero In On RMD Tax Planning
Many people we work with worry about meeting their Required Minimum Distributions (RMDs). (1) RMDs are the minimum amounts of money that plan participants of specific retirement plans (e.g., Traditional IRAs, Simple Employee Pensions, and Simple IRAs) have to withdraw by April 1st of the following year after they turn 70½ years old in order to avoid tax consequences.
To help put our clients’ minds at ease, we work with them to see if their current retirement plans can be converted into a Roth IRA. Roth IRAs do not have RMDs. Instead, withdrawals are only legally required once the plan participant dies, after which the beneficiary is required by law to withdraw money from the Roth IRA. No RMDs means no tax consequences to worry about.
3. We Know Social Security Inside And Out
We believe in planning and educating our clients on how to deal with Social Security, specifically when it’s the right time to draw from it. Contrary to popular belief, it is not so much about qualifying for a higher payment; it is actually more about looking at potential tax consequences. We help make sure our clients pick the right option for their situation, one that would not only help give them a higher income but also a more favorable tax treatment.
The Next Step
Are you ready to see how Strong Tower Associates can help you work towards your retirement dreams? We would love to help you create a plan that will pursue the best outcome for any situation. You can get in touch with me directly by calling 814-325-9806, emailing email@example.com, or request a meeting online!
Ash Toumayants is a financial advisor and the founder of Strong Tower Associates. For over a decade, he has helped hardworking people across Central Pennsylvania prepare for retirement. Fueled by a passion for helping people see through the veil of confusion that shrouds the financial world, his goal is to educate his clients so they can make more sound choices regarding their financial future. A Penn State graduate, he currently lives in State College with his lovely wife, Noelle, and their four adorable children. Learn more by connecting with Ash on LinkedIn or emailing firstname.lastname@example.org.
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