Freedom Financial Our Services
Efficient Tax Planning
Retirement Income Planning
Life Insurance Strategies
Efficient Tax Planning
When there are numerous tax planning services available, whether it’s TurboTax, your CPA, or an accounting firm, most people assume that their tax planning is already as efficient as it can get. But the truth is that none of these avenues considers your long-term plans, and this assumption can cost you more than just money. When you work with Adel, you can start learning more about how the local, state, and federal tax codes can work to your advantage.
Why Invest in Efficient Tax Planning?
Efficient tax planning can help you take larger steps toward your retirement goals. Adel and Rich will work with you over time to address not just what you want to do during your retirement, but who you want to help and how much it will all cost to turn your dreams into reality. No matter how diligent your CPA is, they typically only have access to a small part of your much bigger story. This limits not only the advice they give you but also the overall efficiency of your forms. Recently, local, state, and federal tax codes have been changing more rapidly. If you’re not aware of the changes, it’s easy to miss opportunities that could save you (and your family) from financial need (either now or down the road). For example, you may be able to roll the profits of an asset into a new (equally lucrative) asset, so you can keep generating sizable returns. Or you could open a charitable trust for a cause you care about to ensure that you’re putting your money where you want it most. When you want to learn more about your options, we at Freedom Financial can help you piece it all together!Retirement Income Planning
Retirement income refers to the money that you MAKE during your retirement, and it’s an excellent way to give your savings a buffer for when the unexpected rears its ugly head. When you want to learn more about how to make money when you’re no longer working, Rich can advise not just on an economic strategy but also on integrating retirement income into your overall lifestyle.How Does Retirement Income Work?
Retirement income essentially means building as many reliable income streams as possible, diversifying your income so you generate as much money as possible month after month. Some of these revenue streams are obvious, like Social Security. Others, like rental income, part-time job salaries, or stock dividends, are less obvious, and they’re based heavily on what you’re planning to do when you retire. For example, if you’re planning to travel the world, you may not have time to keep track of rental properties. If you’re only coming up with one or two available revenue streams, Rich and Adel can tell you more about how to plan your retirement income, so it meshes with your bigger plans. Maybe you’ve always wanted to teach kids how to play the clarinet, you can open a small business where you work with local teenagers. You could use this income, along with Social Security and your annual portfolio dividends, to pay your monthly expenses. “How much do I need to retire?” is an oft-asked question, and it’s not unusual for people to answer it with a stock figure, such as “at least seven figures.” But there’s far more to the question than a stock answer. While many Americans will have some savings by the time they reach retirement age, few will have as much as they want. To help you avoid falling behind, we can provide more guidance on the uncertainties that may arise during your golden years.
Life Insurance Strategies
Life insurance can get complicated quickly. But unlike other types of insurance, such as car or home insurance, the emotions tied to your policy can make it a more complicated issue to discuss, research, and ultimately decide on. Rich can help you do more than reframe the problem; he can show you how different coverage strategies can work across an array of situations.Should I Get Term or Permanent Life Insurance
This seemingly straightforward question isn’t that straightforward. With a term life insurance policy, there is an expiration date. As you reach that expiration date, you must renew at the higher rates based on your age. Usually, term insurance is one of the most affordable and easy-to-understand types of policies, making it a popular choice. So, if you have three kids, you might set up a policy to pay out until your youngest turns 25. However, with permanent insurance, you set up a policy for life, ensuring that whoever is on it is covered. With certain types of whole life policies, you can use your coverage as a financial safety net, making it possible to tap into living benefits for yourself. Whether it’s an unexpected health crisis or you need a new roof, the right policy can give you peace of mind in more ways than one. We know that navigating the insurance world is more than just asking for a referral or searching for the nearest agency. It’s why we offer our clients a more in-depth look at what’s out there and why it matters. Much like the rest of your portfolio, your life insurance is a significant part of your legacy. If you choose the wrong type of coverage with the wrong carrier, you can end up causing your loved ones more headaches than necessary. With the right team, though, you can account for multiple contingencies, so you don’t have to worry about what happens after you’re gone.Tax-Free Retirement
Is it possible to have a tax-free retirement? The answer ultimately depends on the person in question, how they structure their finances, and what they want from their golden years. If you’re wondering how tax-free retirement works, it can help to talk to Rich and Adel, who understand not only how taxes work but also how the relevant rules apply to your portfolio.
Growing Your Wealth with a Tax-Free Retirement
It’s no surprise that tax-free retirements would be appealing to many retirees. When you get to keep more of your money, you have the option to grow your wealth in ways you may not have even considered. If you’re not paying taxes, whether that’s because you’re contributing to charitable causes or using your money for investments, the benefits can pay off greatly. Before you start attempting a tax-free retirement, though, it helps to get your ducks in a row. By implementing guided financial strategies, you can stay within the legal lines and give yourself more economic freedom. Whether you want to pay your grandchild’s med school bills or reduce global hunger, you can start rethinking whether and how you share your money with the government. Asking how to have a tax-free retirement doesn’t have to mean reading through hundreds of local, state, and federal tax codes. In fact, it’s as simple as setting yourself up with us. We can tell you how to switch up your financial game, so you and your family don’t have to worry every time April 15th rolls around. What’s more, when you work with a boutique financial firm, rather than a huge conglomerate firm, you can get holistic advice that factors in everything from your asset management strategies to your healthcare plan to your retirement income. As you navigate the transition to retirement, this kind of guidance can be an invaluable stepping stone toward creating the life you’ve always dreamed of.Maximizing Social Security
If you’re wondering what part your Social Security will play in retirement, it’s important not to make assumptions about the timing. When to begin your withdrawal is a considerable aspect of your retirement. The reality is that many people don’t realize its importance. When you ask Rich to maximize your Social Security income, he gives you the right options to ensure that you don’t miss a single detail.Can You Really Maximize Social Security?
With all the estimators online, you might think that maximizing Social Security isn’t exactly an art form. All you have to do is plug in a few base numbers, and then you’ll receive an accurate ballpark figure. But consider that the Social Security Act used to be under 30 pages and now runs to around 2,600 pages. If you think that an internet calculator can actively encompass all the rules and loopholes, you might be surprised at just how much leeway you have when you file for the program. Suppose you know someone who’s receiving little more than peanuts month after month. In that case, it can help to talk to Rich, who knows not just how the regulations work to your advantage, but how they fit into your larger portfolio and retirement goals. If you want more retirement income year after year, Social Security is one resource at your disposal. To learn how to maximize Social Security, it’s critical to do so before you file. If you make an error or miss a section, you may be able to correct it. Instead, consider consulting with us for more information before you officially submit your forms.
Healthcare
If you’re looking for a healthcare plan in the US, whether it’s Medicare, Long-Term Care, or private insurance, landmines are everywhere. Aside from the policies, which can be difficult enough to understand on their own, coverage changes can be both frequent and drastic. And, while it’s impossible to account for every possible health scenario, the sheer discrepancy between which events you think are covered and what is covered can be enough to frustrate even the most diligent of policy readers. Concerned about your health coverage in today’s marketplace? Talk to Rich. He can tell you more about what’s available and how it applies to your situation.Tracking Down the Right Policy
In a simple world, you would retire, sign up for Medicare, and enjoy competent services performed by skilled doctors. Many retirees struggle not just with when to sign up for Medicare, but also with how much they can afford to pay, which plan is right for them, and whether they need supplemental insurance, such as Long-Term Care. For example, if you end up needing a particular prescription, you may not be able to count on Medicare to cover it. Medicare may cover some home healthcare and nursing home care, but if you don’t meet the specific criteria for the coverage, you may be stuck with a costly bill, or even worse, deplete your hard-earned assets. Rich may not be able to tell you about every clause of every potential policy. Still, he can tell you more about how to leverage the available carriers and coverages to your advantage. He can also tell you about related supplemental policies that go beyond what healthcare policies can cover. So, if you need help cooking and cleaning after you break a bone, you may cover the costs through an indemnity policy. As healthcare shifts and changes, so too should your strategy. Unfortunately, not everyone updates their policies because it’s an arduous task. However, if you don’t want to end up facing an unpleasant mountain of bills, you may need to act sooner rather than later. If you have questions about the best path forward, we can give you more perspective on the situation. Whether you’re looking for specifics or a general framework, an experienced advisor like Rich can help you map out the necessary steps and keep you updated as the healthcare industry navigates its inevitable twists and turns.Affiliated Partners
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