Retirement Planning

Keys To A Great Retirement

What Is The Best TIme to File Social Security?

The timing of filing for your Social Security benefits will dramatically impact how much you will receive each month. Generally, baby-boomers are eligible to receive full benefits at age 66. Filing prior to age 66 can reduce your monthly payments by as much as 25%. Conversely, if you delay filing for benefits, you will receive an increase of 8% per year through age 70. Consideration of timing and the many other filing options available is critical in determining how to optimize benefits. Married couples, as an example, may be able to claim spousal and survivor benefits to maximize their benefit as a couple. At Aegis Financial, we provide a free, personalized ‘Social Security Maximization Report’ which is an integral part of the retirement planning process.

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Social Security
Medicare Application

Take Time to File for Medicare on TIme

File for Medicare soon as you become eligible. We recommend submitting your paperwork up to three months before turning age 65. You become eligible to sign up for Medicare during a seven-month window that begins three months before you turn 65. If you fail to sign up during the initial enrollment period, your monthly Part B premiums will increase by 10 percent for each 12-month period of delay. It is also important to look at Medicare’s premiums, deductibles, copays and coinsurance so you can get an idea of how much out of pocket expenses you will incur. Retiring prior to age 65 will require finding another source of health insurance until you qualify for Medicare. Ohio Group Insurance Consultants will assist your efforts.

Review and Assess Workplace Retirement Benefits

Your human resources department will help you determine which workplace retirement benefits will carry over into retirement. Knowing the extent and duration of these employee benefits, whether traditional pension, 401(K), 403(b) and/or retiree health insurance plans becomes critical in formulating a secure, sustainable and predictable long term retirement plan.

Retirement Benefits

Rollover Considerations

Rollover Considerations for Qualified Plans

Most people know that when they leave their current employer, they can roll over retirement plan assets to an IRA; keep those assets in your former employer’s plan (if the plan permits it); potentially move the assets to a retirement plan with a new employer (if that plan permits); or Take a distribution in cash (taxes will apply and withdrawal penalties may apply). At Aegis Financial we will help you assess your options by comparing fees, investment options, taxes and penalty ramifications as they pertain to your individual and/or family goals and objectives.

Investment Plans

Prepare a Short, Intermediate and Long-Term Investment Plan

Whether you’re in, nearing, or decades away from retirement, you face an increasingly complex challenge — acquiring and growing assets to maintain the lifestyle you’ve become accustomed to. A comprehensive investment plan entails much more than a portfolio of stocks, bonds and cash. At Aegis Financial we craft an Investment Policy critical to the long-term success of an investment strategy and acts as the blueprint for all parties involved. It mitigates the impact of emotions and subjectivity, addresses conflicts of interest, various risks and client specific objectives. In fact, having an Investment Policy Statement is generally considered a “best practice” for qualified retirement plans, certain trusts, foundations and endowments. The investment advisory firm of D.A. Schwenker & Associates will assist with the implementation of your plan.

Know Required Minimum Distributions (RMD)

In exchange for allowing you to defer paying taxes on contributions and earnings of your qualified retirement plans, the IRS requires by law, forced withdrawals (RMD) of those funds beginning after age 70 ½. A Uniform Lifetime Table is utilized to determine your RMD which is due by December 31st every year. The penalty for failing to withdraw the correct amount is 50 percent of the amount that should have been withdrawn.

Know your Retirement Facts
Plan for Emergencies

Develop a Plan for Emergencies

In life you should expect the unexpected, and this is why you need an emergency fund. The best you can do is to prepare for emergencies that require access to additional money and having an emergency fund is the ideal solution. Financial emergencies can come in the form of a job loss, significant medical expenses, home or auto repairs or something you’ve never dreamed of. Having cash availability gives you the flexibility to adjust to most situations. Being forced to liquidate assets, rely on credit cards or a loan tend to compound those problems.

Decide How You Will Spend Your Time

Retirees finally have the freedom to choose how to spend their time. While some people want to relax after a lengthy and stressful career, others are ready to move on to the next adventure. Many people will cycle through periods of leisure and creation at various points in their retirement. What you decide to do in retirement will have a big impact on your costs and quality of life.

Retirement Life
Retirement Analysis

Get A Handle On Your Retirement Readiness!

If you’re going to be retired for 20 to 30 years or longer... Doesn’t it make sense to spend a few minutes NOW to help ensure your retirement is everything you envision it to be and more?

Schedule a complimentary Retirement Income Analysis, provided as a public service to help you get the most from your retirement savings.

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