Aligning Professional Services To Support A Successful RetirementSubmitted by Harvest Asset Group | Fee-Only Financial Planner Portland ME on December 19th, 2019
By Michael Donahoe
There’s a lot more to retirement planning than just contributing to a 401(k) and hoping the dollars add up. Successful retirement planning requires you to make complicated decisions such as, “When should I claim Social Security?” and “How can I minimize taxes in retirement?” or even “Do I need long-term care insurance?” You also need to look closely at whether your current decisions and actions are likely to put you in the best position to meet your lifetime income needs and goals when you retire.
But that’s a lot to handle on your own when you already have plenty on your plate. That’s why our team at Harvest Asset Group provides tailored retirement income planning services, so you can rest easy, knowing you’ve addressed the risks and complexities associated with lifetime income planning issues.
What Exactly Does A Retirement Planner Do?
A qualified retirement planner has a skill set that goes beyond basic financial planning or providing investment advice. A retirement planner helps you strategize every aspect of your retirement, and at Harvest Asset Group we use our client-centered process to design and implement a retirement plan customized to your unique needs and situation.
We dive deep into your life circumstances, identifying your goals and mapping out your retirement income needs and time horizon. Through our conversations with you, we develop a thorough understanding of your financial assets and other income sources, such as Social Security, part-time work, or home equity. When we have the big picture, we can start putting the puzzle pieces together in a way that will result in reliable monthly paychecks in your retirement years.
As you can imagine, this is no easy task. But qualified retirement income planners like the ones on our team at Harvest Asset Group have in-depth knowledge, training, and years of experience that allow us to manage the risks and tax consequences associated with funding your income needs from your nest egg.
How Can A Retirement Planner Help Me?
A retirement planner or advisor is qualified to provide advice and create strategies related to:
- When to claim Social Security to maximize your benefit amount
- What pension distribution choices are right for you
- If annuities are a good fit for your financial situation
- Which accounts to take withdrawals from each year, and in what amounts, to minimize the retirement taxes you will pay
- How much retirement income you could reasonably expect to have
- What withdrawal rate is appropriate when taking money from a traditional portfolio
- How much of your money should be in guaranteed investments
- What types of taxable income your investments will generate
- How you can rearrange investments to reduce taxable income in retirement
- Whether you should leave your money in your company plan or roll it into an IRA account
- If you should pay off your mortgage prior to or during retirement
- If a reverse mortgage is a good option for you
- If you need long-term care insurance
- Whether you should keep your life insurance policies or not
How Does Your Retirement Plan Look?
When it comes to money, there are some things you just can’t control. But just because you can’t predict the stock market doesn’t mean you can’t take charge of your future retirement. While it’s true that you can’t time the markets, we believe you don’t need to. Much of your retirement success is based on factors you can control, such as reducing taxes and expenses, diversification, rebalancing, and annual reviews of long-term planning results.
If you don’t have a retirement plan or want to ensure your current plan has covered all your bases, call us at (207) 775-1151 or email us at email@example.com to schedule a no-fee, no-obligation appointment to see how we can help. And be sure to download our free retirement guide: Strategies Pre-Retirees and Retirees Can Implement For a Financially Successful Retirement.
Michael Donahoe is the founder and principal of Harvest Asset Group, LLC, an independent, fee-only financial planning and investment management advisory firm in Portland, Maine. Michael enjoyed a successful corporate career in marketing and sales before transitioning to the financial industry, founding his firm in 2012, where he now leads the client services team and serves as the firm’s chief compliance officer. Michael earned his MBA degree from George Washington University and completed his educational requirements to earn the CFP® mark of distinction at the University of California, Berkeley. He is a Fee-Only and NAPFA registered financial advisor, a designation which followed the completion of rigorous continuing education requirements. Michael has lived in the Portland area for over a decade since relocating from San Francisco in 1995 to be closer to family. He is active in community affairs and spends his non-working time enjoying the natural beauty of Maine.