Our Services
Retirement Dashboard Plan
This is a written analysis and plan with the goal of having the same living standard both now and in retirement, even if you live a long life. We evaluate multiple scenarios, like different retirement dates or Social Security start dates, alternative housing options, longevity dates, and other scenarios. Helps you visualize your lifestyle both now and in retirement. We recommend how much to add or withdraw from your savings and retirement accounts, help plan retirement income, and assist in tax planning (but we do not do taxes).
Why You Need This Analysis
At retirement, we transition from one known amount to multiple sources like pensions, savings, retirement account, and Social Security. So for those nearing retirement, this is a comprehensive plan that addresses your many retirement quandaries. It shows the amount over or under-budget you are and by how much. Whether your retirement date is ahead of you or behind you, the financial plan helps you see how your money is projected to last throughout the remainder of your life.
The Retirement Dashboard Plan includes the following analyses, which we can consult with you on separately:
Social Security Maximization
We’ll take the complex decision of when you should start receiving your Social Security benefits and develop a simple plan designed to provide you with your highest potential lifetime benefit. We use software that recommends the month that you should file. We compare the maximized strategy to your current strategy. This tool was designed by some of the nation’s leading Social Security experts, giving you access to their knowledge. It also includes a personal consultation to assist you with a Social Security strategy.
Why You Need This Analysis
Social Security benefits are based on your past wages and the strategy you chose, so when and how you start benefits are critical. For many households, this may be one of the largest incomes in retirement. Social Security representatives tell you what your benefits will be and what the rules are, but they do not necessarily tell you how you can maximize the benefits that you paid for. Accordingly, much of your retirement planning may need to revolve around not only the date you commence benefits, but also the strategy you utilize in doing so.
Roth Conversion Optimization
This analysis shows the tax implication of converting to a Roth IRA both now and in the future. It also answers the question for current workers – should you contribute to a Roth now? We look for years that are projected to be lower taxable income years to convert in. Our software is current with the Tax Cuts and Jobs Act, so you can see how the new tax laws are projected to affect your taxes. The consultation includes a personalized written analysis that discusses the conversion process and what you should be aware of when converting to a Roth IRA.
Why You Need This Analysis
Because income changes in retirement, so do your taxes. You should consult with your tax advisor or us to determine if you may be entering a tax-advantaged time where recognizing taxes (like what happens when you convert to a Roth IRA), may be advantageous for you. Conversion to Roth may also make sense if you are planning on Medicaid eligibility. In this case, the goal is often to accelerate the tax payments on your pre-tax assets, not to increase your tax bracket. Roth IRA also make good inheritance vehicles, depending on your situation.
Pension Benefit Option Review
Pension benefit option review: Two main questions arise from those who are about to retire regarding their pension options:
Survivor benefits: We will recommend a pension strategy using longevity estimates to determine various break-even points based how long a surviving spouse will need to live to make it worthwhile to take a reduced pension benefit with survivor benefits.
Lump sum payout v. monthly annuities: We will make recommendations that are based on not only your budget needs, but that also takes into consideration your feelings toward investment risk and long-term care plan strategy.
Why You Need This Analysis
For those who are about to retire, more and more workers lately have been offered lump sum distributions in lieu of monthly pension benefits. If you take the lump sum, you need to carefully manage the assets throughout your life. But if you take the pension, it may affect other areas, like qualification for Medicaid long-term care. For spouses, you may ask what pension benefit you should take – the one with the 100% survivor benefit or the one with a 50% survivor benefit? Your employer utilizes the assistance of actuaries to determine their pension liability owed to you, but will not give you personalized advise, so we recommend you retain a financial professional like Juniper to look out for your best interest as well.
Long-term Care Strategy Planning
From assisted living to the complex needs of those in skilled nursing facilities, uncovered out-of-pocket expenses can quickly drain an estate with $3,000 to $10,000 a month and beyond. We can help recommend a long-term care strategy, whether it be self- insuring, purchasing a long-term care insurance policy, or relying on a long-term care provided by Medicaid.
Why You Need This Analysis
50% of those age 85 or over have some form of dementia, one of the most expensive medical conditions to treat. Because neither Medicare nor health insurance cover long-term care costs beyond a maximum of 90 days, this leaves many vulnerable to the expenses of uncovered long-term care costs. We suggest that you evaluate this topic when you are younger and healthier, since it provides you with more options.
Investment Management
We review your current investments and make investment recommendations grounded in your financial and estate plan and based in a well-diversified portfolio. Because we are a fee-only financial advisor, you can be assured that our advice is not based on what pays us the highest commission. We are independent, we are fiduciaries, and we work solely in your interest.
Why You Need This Service
On top of the life-changing decision to retire, another question you need to ask is whether the investments in your portfolio will obtain the investment results needed to fund the type of retirement lifestyle you’d like to have. We are expert in helping you design a portfolio so you may live the life you expect and deserve.