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What We Do

 

To develop a retirement plan for your future, it’s important for your retirement professional to see a complete, 360 degree view of your financial picture, including how your retirement assets are integrated and work with one another. If necessary, we have in-house CPA’s, tax professionals and plan attorneys in our network to advise you on specific aspects of your retirement plan.

At Bostian Retirement Planning, LLC, we offer the following services:

 

 

Retirement Planning

Retirement income plans are not just for the wealthy. As you near retirement, the traditional strategy has been to move growth-seeking products to more conservative fixed-income products. This may have worked fine back when retirement was only expected to last five to ten years. These days, however, people are living longer. It’s not unusual for someone retiring at age 65 to live to age 90 or longer. You should consider that you may need to plan for your nest egg to potentially last 25 to 30 years.

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Wealth Accumulation

Time doesn’t stand still, and neither does money. That’s why you can use time to your advantage when investing for wealth accumulation. The longer you invest, the more time your money has to compound interest. However, given recent lessons learned in stock market investing, it is important to remember that more conservative retirement plans typically have only a portion of the assets invested in risky areas. Other allocations should be set aside for more conservative investments and/or secured income contracts. After all, the last thing you want to do is lose wealth during the next market correction.

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Asset Protection

When it comes to your financial future in retirement, knowledge is the critical first step. We strive to help you make informed retirement financial decisions about days ahead to protect your assets. We believe as we get older we should be safer with our money and assets and protect them. We believe like Will Rodgers said, “It is the return of our money that is more important in retirement than the return on our money.” Protecting your assets in retirement can provide retirement peace of mind.

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Tax Planning (Minimization Strategies)

In the US, we have entered an environment of rising taxes. That’s why it’s important now, more than ever before, to incorporate tax planning into your retirement portfolio and all of your financial decisions. Investing in a tax-deferred vehicle means your money will compound interest for years, unfettered by income taxes, allowing it to earn interest at a faster rate. While very few investments avoid taxes altogether, many allow you to defer paying them until retirement – when you may be in a lower tax bracket.

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Long Term Care

As the oldest Baby Boomers begin to wind through their 50s, one of the biggest concerns may not be outliving income, but outliving good health. For seniors, home health care can cost $50,000 or more per year(1), and nursing home care can run as high as $80,000(2). Does your retirement plan account for this kind of possibility? Would you be prepared for twice that number as a married couple?

Considering that you have to exhaust virtually all of your financial means before Medicaid will pay for long-term care and neither your group nor major medical insurance will cover long-term care, it’s critically important to plan ahead and protect yourself from these costly expenses.

  • Genworth Cost of Care Survey, 2010
  • MetLife Market Survey of Nursing Home, Assisted Living, Adult Day Services, and Home Care Costs, 2009

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Estate Planning

Estate planning is simply determining (while you’re still alive) where your assets should go after you die. Without a properly structured estate plan, your wishes may not be fulfilled, and your loved ones could be hurt both emotionally and financially.

While the concept is simple, the vehicles, planning and implementation process can be rather complex. Because of the constantly changing estate tax laws and emerging vehicles to help you protect and transfer your assets effectively, it’s important to work with experienced estate planning professionals who stay current in this field and advise clients on a day-to-day basis.

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IRA Legacy Planning

IRA accounts have become one of the largest types of assets inherited by beneficiaries. If you don’t anticipate needing your IRA money in retirement, you may wish to consider a legacy planning strategy to reduce taxes and increase the payout your beneficiaries will inherit upon your death.

A properly structured IRA may provide your beneficiary(ies) a regular stream of income while leaving the balance of IRA assets invested for tax-deferred growth. The result may yield substantially more money paid out over the course of your beneficiary’s lifetime. We can help you evaluate your financial scenario to determine if IRA legacy planning may be the best means for ensuring a long-lasting inheritance for your heirs.

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Trusts

There are many different types of trusts, and they can be complex to set up and execute. However, a trust can be a very flexible and advantageous means to transfer your assets in the future. Most trusts also provide current benefits, such as tax deferral and deductions. Unlike a will, a trust will avoid probate upon your death. To learn more about trusts and how they may benefit you, we have a qualified estate planning attorney that specializes in these matters.

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Probate

Probate is the potentially lengthy and costly legal process that oversees the transfer of your assets upon your death. If you do not create a will or set up a trust to transfer your property when you die, state law will determine what happens to your estate. This is called probate or “intestate.” Without a will or some other form of legal estate planning, there is the chance that some or all of your property may go to the state instead of to your family.

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Life Insurance

Life insurance isn’t for those who have died – it’s for those who are left behind. When shopping for life insurance, consider needs such as replacing income so your family can maintain its standard of living, as well as paying for your funeral and estate costs. As a rule of thumb, you should seek coverage between five and seven times your gross annual income. As far as the various types of policies go, they can generally be placed into one of two categories: Term and Permanent.

Term insurance generally provides coverage for a specified period of time and pays out a specified amount of coverage to your beneficiary only if you die within that term period. You pay the same amount of premium from the first day of the policy until the term ends. Permanent insurance, on the other hand, does not need to be renewed. A permanent insurance policy will stay permanently in effect for the rest of your life so long as premiums continue to be paid.

How does senior life insurance compare to other investment options? Every adult, no matter what age, has a need for senior life insurance. The benefits and disadvantages to each investment strategy will be specific to you, depending on your financial situation. This is why selecting a knowledgeable retirement professional is so important. Why should you purchase senior life insurance?

  • Funerals can cost tens of thousands of dollars. Don’t let these expenses send your family into financial distress.
  • To pay for school fees, utility bills, food and other costs of living.
  • Paying off mortgages and other debts.

There are many other reasons to buy senior life insurance. Learn more about your options by contacting a senior life insurance professional at Bostian Retirement Planning, LLC. Our life insurance specialists are the solution you’re looking for if you need life insurance in North Carolina. We will look over your unique situation in order to locate the option that will work best for you. Call us today to take steps toward improved financial security.

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Charitable Giving

Creating a charitable gift giving plan may provide you with multiple tax breaks: an income tax deduction, the avoidance of capital gains on highly appreciated assets and no estate taxes on the charitable contribution upon your death. With the increasing tax environment we expect in the U.S. in coming years, there may be compelling reasons to integrate philanthropy into your financial and estate planning.

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Income Planning

Thanks to new prescription drugs and medical technology, people are living longer than ever before. However, one drawback to a longer life is the greater possibility of outliving your savings – creating all the more reason to develop a retirement income plan designed to last a longer lifetime.

A significant investment loss in the years just prior to and/or just after you retire can have a devastating impact on the level of income you receive over the course of your life. In fact, the earlier a loss occurs, the greater the chance of depleting your retirement savings. We can help you design an income plan incorporating insurance investment vehicles to create opportunities for long-term growth as well as guarantee income throughout your retirement.

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IRA & 401(K) Rollovers

When you change jobs or retire, there are four things you can do with the money in your employer-sponsored retirement plan:

  • Leave the money where it is
  • Take the cash (and pay income taxes and perhaps a 10% federal penalty tax if you are younger than age 59 ½ )
  • Transfer the money to another employer plan (if the plan allows)
  • Roll the money over into an IRA

Rolling over from one qualified plan to another qualified plan allows your money to continue growing tax-deferred until you receive distributions in retirement. We can help you determine if a rollover is the right move for you, and we can help find the best vehicle to help conserve and grow your rollover assets.

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Social Security Maximization Statement and Services

A social security maximization report can help you with more benefits from your Social Security. Also to receive your free report on the “6 Critical Social Security Facts Retirees Must Know,” contact Bostian Retirement Planning, LLC at info@bostianretirement.com or call us at (877) 603-7526 to schedule a time to receive and discuss your free social security report.

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Protect Your Retirement

Protect your retirement from market losses with safe money strategies.

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