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Retirement in the Miami Metro area is more than IRA and 401(k) rollovers. If you’re nervous about how you’re going to protect everything you’ve worked so hard to build, talking with financial advisor Steven Hennessy might be just what you need. At Trinity Financial Services of South Florida, you’ll get more than a sympathetic ear. This is real advice that you can trust will keep your portfolio from going in the wrong direction. From inflation to market crashes, there are a lot of events that can impact your savings.
Retirement income planning
If you live in South Florida, the question of how much to retire might come up relatively often. This sunny destination is a popular one, and the merchants and property owners charge accordingly. For those in the Miami Metro area, having a financial partner like Steven Hennessy might make all the difference as they approach retirement age.
long-term care
Chronic conditions, unexpected injuries, hereditary disorders: there are a number of reasons why you might need long-term care (LTC) after you retire. If you’re unsure of how you’ll pay for something like home care or a nursing home, long-term care is a type of insurance designed to help people in the Miami Metro area protect their savings for themselves and their descendants.
Maximizing Social Security
Maximizing Social Security starts with understanding a program that has radically changed over the years. If you live in the Miami Metro area, talking to a financial advisor with experience can help you see how to get the most out of your monthly checks. When you spend so much of your working life giving up a portion of your salary to a safety net, it’s only fitting that you get some of it back when it’s your time to retire.
Efficient Tax Planning
Charitable gifts, IRAs, capital gains: these are just a few factors that can influence how much you make in taxes. If you live in South Florida and are planning for retirement, chances are you already have a strategy in place. Whether that’s taking the standard deduction or hiring an accountant to go over all your options, your tax plan is probably one you’ve honed over the years.
Tax-Free Retirement
Paying taxes every year (or for some people every quarter) has become a way of life for professionals in every part of the country. That kind of conditioning may make it seem as though this will always be the norm, even after you exit the workforce and enter your retirement. If you live in South Florida, though, you may want to know about how tax-free strategies can help you drastically reduce what you give Uncle Sam. For some people, these strategies may eliminate most of their tax obligations.
How to increase your income during retirement
Whether you favor fixed index annuities or property investments, there are multiple ways to build your income during retirement. The goal of a good financial advisor is to ensure that you have enough coming in to both cover your expenses and allow you to maintain the lifestyle you choose. To do this, they have to get to know what you’re looking for. They also have to understand the complex details of programs like Social Security and tax codes, so you don’t leave any money on the table.
If you live in Dade County, seeking out a boutique retirement firm can give you peace of mind about how your assets are performing. You can rest assured that it’s all being monitored and managed by a professional who understands what’s at stake. For anyone who’s ever wanted to retire early, there’s a lot on the line.
It can be daunting to consider the details of your “Golden Years,” and this is even when you’ve managed to amass plenty in savings along the way. However, it doesn’t have to be as complicated as it seems, particularly if you know who to turn to. At Trinity, there’s really just a few simple principles to master:
1. Calculate how much you can save per month.
2. Introduce risk to a portion of your assets and then manage it to maximize your wealth.
3. Give yourself a well-earned pat on the back and enjoy your retirement for all it can be.
LONG-TERM CARE
Chronic conditions, unexpected injuries, hereditary disorders: there are a number of reasons why you might need long-term care (LTC) after you retire. If you’re unsure of how you’ll pay for something like home care or a nursing home, long-term care is a type of insurance designed to help people in the Miami Metro area protect their savings for themselves and their descendants.
Does that make this policy right for you? A financial advisor like Steven Hennessy might be able to help you solve this puzzle. It’s his job to go over your portfolio and determine whether this option makes sense.
Six Times More
One statistic shows that people without LTC insurance typically spend about six times more for care when compared to those who do have the policy. At Trinity Financial Services of South Florida, that isn’t the only metric used to make the decision, though. The relatively expensive premium may not be worth the costs, particularly if there are other avenues through which to finance something, like an at-home caregiver.
LTC doesn’t cover direct medical expenses. It’s specifically made for services like transportation, hygiene assistance, and general errands. These are exactly the kinds of costs that can nickel and dime an individual’s nest egg until it’s dwindled down to nothing. If you live in Dade County, the goal is to make sure that you’re shielded from as many angles as possible. So, if you have a concerning family medical history or personal health troubles, the likelihood of your needing LTC could be thoroughly assessed by an advisor who could help you make the most rational decision.
This insurance policy can potentially pay out quite a bit of money, which explains its higher cost. However, there are some insurers that may offer back a portion of what was invested should the policy never be used. If you have questions in South Florida about how insurance can help or hurt your retirement, having the right partner by your side can really make a difference.
Retirement Income Planning
If you live in South Florida, the question of how much to retire might come up relatively often. This sunny destination is a popular one, and the merchants and property owners charge accordingly. For those in the Miami Metro area, having a financial partner like Steven Hennessy might make all the difference as they approach retirement age.
How Much Do I Need to Retire?
If you ask people in your circle of friends, you might hear them quote around $1 million. This number is otherwise known as the standard advice (that is nothing if not easy to remember). It was derived from the assumption that retirees would need between $40,000-$50,000 to live comfortably. However, this estimate can really only go so far to answering your question. How much you’ll need will depend on where you want to live, how you want to live, and who you want to help. It all comes down to what your secure monthly income looks like.
At Trinity Financial Services of South Florida, the goal is to work with each person individually, so they get advice that’s tailor-made for them. For instance, maybe you want to have an emergency education fund, in case a grandchild needs some help to get through school. When you’re wondering how to plan your retirement income, you have to allow for these kinds of eventualities.
Receiving this kind of help isn’t always possible at a bigger financial firm. It’s easy to get lost in a crowd there, even if the larger financial firms seem like they have more resources at their disposal. However, a boutique retirement firm like Trinity is different. The staff’s strategy is based on their relationships. So rather than push the most popular financial products of the day, they structure clients’ finances based on their personal goals. So, whether you want to secure your monthly income through properties, stocks, or rare collectibles, you can trust that your retirement planning is on track in Dade County.
Efficient Tax Planning
Charitable gifts, IRAs, capital gains: these are just a few factors that can influence how much you make in taxes. If you live in South Florida and are planning for retirement, chances are you already have a strategy in place. Whether that’s taking the standard deduction or hiring an accountant to go over all your options, your tax plan is probably one you’ve honed over the years.
However, you might want to stop and ask yourself if there’s more that you could be doing to avoid leaving the government anything extra. Too many people will end up missing opportunities that they don’t even realize are available to them. From local tax codes all the way up to federal regulations, there are endless paths to pursue if you want to be a little smarter about your taxes.
Efficient Tax Planning in Dade County
At Trinity Financial Services of South Florida, you will find Steven Hennessy ready to help. This experienced and knowledgeable financial advisor ensures his clients in the Miami Metro area can maximize their portfolio however possible. If you want to align your holdings with your larger goals, he can show you how to keep your taxes to the bare minimum so you can conserve more for the matters that you care about. This could mean anything from buying a vacation home in your “Golden Years” to donating a portion of your assets to a favorite charity.
He might recommend deferring certain charges, like capital gains, by investing in another asset. Or, he might be able to bring down your income bracket by carefully managing your philanthropic funds. If you want to know exactly where the money is going, he can show you the details so you can be sure you haven’t left anything on the table. The decisions that you make should be designed to save you more every time you need to file — and this is true regardless of if you pay by quarter or by year.
Maximizing Social Security
Maximizing Social Security starts with understanding a program that has radically changed over the years. If you live in the Miami Metro area, talking to a financial advisor with experience can help you see how to get the most out of your monthly checks. When you spend so much of your working life giving up a portion of your salary to a safety net, it’s only fitting that you get some of it back when it’s your time to retire.
How to Maximize Social Security in Dade County
At Trinity Financial Services of South Florida, Steven Hennessy is an advisor who can evaluate your portfolio and determine the best strategy to get you the most money. Your payments are calculated by an array of details, including the industry you worked in and the number of years you spent contributing to the program. If you’re basing your estimate off of your neighbor’s or relative’s amount, you could be surprised at just how much variance there is from person to person.
No one should rely on this program as their sole means of support in Miami. However, there is something to be said for allowing it to cover necessities like groceries and your electricity bill, so you can use the rest of your money on what you want. At a safe money retirement firm like Trinity, you can count on your financial advisor to help organize all of your assets — including your IRA, fixed index annuities, and investments. Doing this will make it easier to see how and where Social Security fits into your larger portfolio.
When you file for this program, it’s important to do it right the first time. While mistakes can be corrected, it can be both time-consuming and frustrating for all involved. The priority to adjust paperwork is very low for the government, particularly if it means that you will receive more from them. That’s why it helps to be able to consult with a professional before you officially submit your request.
Tax-Free Retirement
Paying taxes every year (or for some people every quarter) has become a way of life for professionals in every part of the country. That kind of conditioning may make it seem as though this will always be the norm, even after you exit the workforce and enter your retirement. If you live in South Florida, though, you may want to know about how tax-free strategies can help you drastically reduce what you give Uncle Sam. For some people, these strategies may eliminate most of their tax obligations.
How to Have a Tax-Free Retirement in the Miami Metro Area
If a tax-free retirement sounds like an empty promise, you should know that there are some retirees who manage to achieve a near complete freedom from taxes. Very often, that’s because they have a financial advisor who will look after their assets, assess their performance against their cost, and make adjustments when need be.
Steven Hennessy at Trinity Financial Services of South Florida can help you make sense of exactly how the tax code applies to your portfolio. If you live in Dade County, his guidance can help you restructure your finances. This can include your investment dividends, retirement accounts, and charitable donations, all so you can make certain that you’re not giving up any more than you need to.
When you choose a safe money retirement firm, you can count on getting the attention that would be non-existent anywhere else. Hennessy doesn’t just dazzle clients with knowledge about the local, state, and federal tax codes, he takes the time to get to know how his clients in South Florida actually envision themselves spending their days. Whether it’s golf or a part-time job, that kind of insider information is key to giving people the resources they need to be comfortable and achieve their dreams. Income adjustments, tax deferments, account conversion: no matter what tactics you settle on, understanding what’s available to you can do a world of good for your retirement. A qualified financial advisor can be just the stepping stone you need.