Soutas Financial & Insurance Solutions Inc.

As we drive down the road to retirement maximizing our savings and continue to grow the nest egg is always on the mind. Here are some places you can stash your savings with some offering guaranteed growth.

 

Fixed Annuities – FA’s of the most secure…

·       Just few weeks ago, ‘Bert’ told me “I don’t like annuities” though for his income goals it made sense… SSA & Pensions… = lifetime guaranteed annuities

·       No other financial product can do that. Like own private pension, you pay into.

·       Can let grow, FA’s won’t ever drop initial amount. Guarantees built in.

·       Despite low-risk, FA’s pay high rates. Can be 100 times higher than high-interest savings accounts & usually higher than CD’s as well.

·       What’s big advantage of fixed annuities? Tax treatment. Until you withdraw, you won’t be taxed on your earnings. Tax Deferred.

 

Your Retirement Account - Retirement accounts lessen taxable income now, grow tax deferred & have potential to earn a lot more than a savings account.

·       If use brokerage accounts, retirement funds can be invested to gain value in the long term. May have volatility in short-term.

·       Company plans like 401k’s can be good place to start.

·       Can save for 2023: $22,500 to your 401(k), 403(b), and other retirement plans, $30k  employees 50 and older

·       if your employer does not offer a 401k, IRAs can be used. IRA limits increased in 2023 to $6,500 ($7,500 if age 50 or older.)

 

Roth IRAs can be funded in several ways:

·       Regular contributions $6,500 ($7,500 if age 50 or older.)

·       Spousal IRA contributions another $6,500 ($7,500 if age 50 or older.)

·       Transfers Roth to Roth or rollovers (1 per 365 days)

·       Conversions IRA/401k to Roth = smart depending on tax plan for you

 

Dividend Aristocrats - Dividend aristocrats - good if willing take risk own individual stocks.

·       To qualify = dividend aristocrat, company must have paid and raised dividends consistently for at least 25 consecutive years.

·       Dividend aristocrats typically world’s most famous companies, mature businesses with consistent cash flow.

·       By definition, their income component always rises – providing a safe harbor for investors. Risk = stock value changes.

 

Health Savings Account (HSA) – HSA’s great way to save money for healthcare expenses.

·       Put in pre-tax dollars, earnings and interest are tax-free when used for health expenses.

·       Especially good if retire before 65 to help pay health/med costs.

·       Truly tax-free tool, HSAs can pay for co-pays, dental/vision not fully covered and more.

·       What’s catch? HAS’s only used if in high-deductible health plan. Take advantage if in HAS eligible plan.

 

Treasury Securities - Wide variety options: Treasury bills, bonds, and notes… These are debt obligations, you are lending money to the US Treasury. Repaid with interest by Treasury later.

 

Real Estate – Are you buying properties for retirement?

·       Investment properties can provide you with passive income for retirement. Remember: this income NOT guaranteed lifetime… can fluctuate depending on renters…

·       Can deduct significant amount of gross rental income as you maintain & your properties, hopefully appreciate, under the current tax code.

·       The real benefit of rental properties is when you sell them for profit.

·       If sell your primary residence, you won’t be subject to capital gains tax in most cases.

 

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For you listeners, we keep a several openings on our calendar each week, so if you’re able to call right now, we can take your call to provide a time for you to get a thorough Retire Your Way review of your current situation. Whether you are retired or not, the first thing we’ll do is listen to your retirement goals to help determine what you need as a Paycheck, what do you want as a Playcheck and we’ll build into your plan a CareCheck to cover long-term care, if needed, to keep you at home or in an assisted living facility and out of a nursing home, Without buying LTC ins.

 

The second thing we’ll do is your tax plan. We often can uncover tax issues that exist in IRAs, maybe capital gains taxes, or even excess Social Security taxes.

 

We want you to enjoy your lifestyle all the way through retirement, not get there and wonder if your income will be enough or your money will last. Our Retire Your Way strategies can help your income to last your lifetime, keep up with inflation and minimize taxes as well. All of this by analyzing your current investments and plan.

 

Third, we can show you the real fees or cost on your investments and the risk level in your current plan. People are amazed at the amount of fees they are paying.

 

So, call now and get on our schedule this coming week for a complimentary visit to have more confidence in your retirement. Remember, if you are serious about your retirement, you don’t have to have a MILLION or more saved for us to help you with our Retire Your Way strategic process. Just call & get your questions answered and put your concerns to sleep.

 

And, after our visit, you can receive a copy of the “5 Keys to a Successful Retirement”, very helpful resource that could make or save you thousands in retirement.