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 protected], 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 [email protected].
Advisory services through Retirement Wealth Advisors, Inc. (RWA), a SEC Registered Investment Advisor. Strong Tower Associates and RWA are not affiliated. This Email is being sent by or on behalf of a Registered Investment Advisor. It is intended exclusively for the individual or entity to which it is addressed. This communication may contain information that is proprietary, privileged, or confidential, or otherwise legally exempt from disclosure. If you are not the named addressee, you are not authorized to read, print, retain, copy, or disseminate the Email or any part of it. If you have received this Email in error, please notify the sender immediately by Email or fax, and destroy all copies of this communication. Please be advised that you may conduct securities transactions only by speaking directly with your Investment Advisor Representative either by phone or in person. Requests for securities transactions via Email will not be executed by Retirement Wealth Advisors, Inc. To help protect your privacy, we strongly suggest you avoid sending sensitive information, such as account numbers and social security numbers via Email. Please be further advised that, pursuant to the Bank Secrecy Act, the USA PATRIOT ACT, and similar laws, any communication in this Email is subject to regulatory, supervisory, and law enforcement review. This information is designed to provide general information on the subjects covered; it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Strong Tower Associates and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.