Discuss how seniors can combat health problems they may face?
Milking your retirement funds is no small feat. You’ve diligently dumped money into your 401(k) throughout the years, and now you finally get to reap the rewards.
But when you discuss how seniors can combat health problems they may face, staring at a retirement horizon of 30 years or more, how do you make sure that your money lasts? And what if, like many seniors, your retirement is all about enjoying the quality of life and not just the quantity? What if you plan to travel, pay for health care and spend time with the grandkids? How do you make sure that your nest egg outlasts your life expectancy?
That’s where Soaring Eagle Consulting can help. This investment advisory firm specializes in tailoring retirement portfolios for a senior clientele. Its advisory service also helps seniors meet their financial goals by taking into consideration everything from family responsibilities to bucket-list ambitions.
Facts
After speaking to Soaring Eagle Consulting CEO Tamara Fradkin and her team, you’ll understand the three key areas where a senior should focus:
1. Understanding your savings goals. This doesn’t mean that you need to calculate if and how much you want to withdraw from your retirement nest egg during each year of your retirement. Rather, it means that you need to understand how much money you’ll have once all of those years are up. Retirement planning isn’t about a fixed number of years in retirement; it’s about a lifetime of goals for the money. After all, you don’t know how much you’ll need to take out of your nest egg over the course of your retirement.
2. Understanding the amount of money you will need to live on each year. This is where knowing how much money you want to withdraw based on your goals (see #1 above) and knowing how much that amount will be annually come in handy. It also helps with figuring out what portion of your current savings should be earmarked for retirement. As Fradkin explains, “It typically takes an awful lot to live on after the age of 65, so those savings will be depleted pretty quickly even if they get invested well.”
3. Figuring out what the best mix of retirement assets is for you. This is where putting together an overall financial plan for your future comes into play. You’ll need to know if you need to save more, what you should do with your current savings and how tax laws will apply to your investments.
Things to know:
After all, Fradkin says that tax laws “can be very helpful and very stifling for seniors.” The big question here: How does the government handle someone who can no longer work but doesn’t own a home and has a high amount of savings? Some examples include concern over capital gains taxes and the implementation of Medicare Part B, which provides health insurance coverage but requires seniors who reach a certain age to pay premiums.
Fradkin and her team have many years of industry experience, as well as an excellent understanding of available tax laws. In fact, Soaring Eagle Consulting was the first company to offer retirement planning services for seniors – and only months after being founded in 2007. It’s highly recommended for you to speak with Fradkin if you’re currently nearing retirement age or are preparing to retire soon.
Advantages:
At Soaring Eagle Consulting, Fradkin and her team make all the planning decisions on behalf of seniors. The firm also has a broad range of financial and investment background, including an MBA. All that means that all of the senior-oriented questions are sorted out before they reach her, which saves time and money down the road.
Advice for seniors:
The firm’s advice – including its advice that you should “ask lots of questions” – stands against what a lot of people believe about retirement planning. After all, it is quite a change for many seniors to start thinking about their money in terms other than their retirement savings plan.
But the real trick to figuring out how to invest for retirement is figuring out how you want your life and money to change down the road. “It’s all about planning in advance and having a vision for what you want your life to be like,” Fradkin says. “And that vision should include not just your finances, but also your health, relationships and goals.”
Your Investment Advisor:
Fradkin is part of Soaring Eagle’s senior advisory team. As such, she has intimate knowledge of where retirees are at financially and what they might need help with along the way. She also specializes in the retirement planning and asset allocation process, from thinking about the future to managing a cash flow.
The Investment Firm:
And unlike most investment firms, Soaring Eagle Consulting doesn’t just offer its services to high net-worth individuals and corporations. Its advisory team works with seniors of all kinds, helping them make sure that their nest eggs won’t run out before they do.
