Sunrise Retirement Consulting
How We Can Help
How We Can Help
Retirement Income Planning
Long-Term Care
Life Insurance
Maximizing Social Security
Tax-Free Retirement
Efficient Tax Planning
Retirement Income Planning
Sunrise Retirement Consulting
Retirement income is exactly what it sounds like — money that you make during your retirement. But how can you make money when you’re retired? The specific answers will look different based on the retiree, but the basic answer is that you need to identify and choose revenue streams that work for you.
How a Financial Advisor Helps You Manage Your Retirement Income
How much do I need to retire? Imagine that you retire with around $500,000 in liquid assets and another $500,000 in fixed assets. Is this enough to sustain your daily needs and unexpected emergencies? Will you want to or be ready to liquidate your assets if you have to? How does inflation factor into these numbers?
When you seek help from a financial advisor, you can start to put some of these answers in order, and you can start to supplement your savings and assets with new monthly revenue. Whether you rent out your properties, tap into a healthier pension, invest in better yielding stocks, maximize your Social Security, or even get a part-time job, you can go over each option to see how it affects your finances.
As you get closer to retirement age, you have fewer and fewer opportunities to take financial risks. And, as with practically all standard financial advice, the more you diversify, the more protected you’ll be from economic fluctuations. If you’re in the Boca Raton area and you want to learn more about how to plan your retirement income, Blake Mustain at Sunrise Retirement Consulting can help you run through why and how different options work.
Retirement income has become the top answer to retirement plans. Instead of worrying about how inflation will pummel the spending power of your money, you can rely on new money coming in instead of constantly going back to a quickly emptying well. If you have questions or concerns about how to make it happen, Mustain can help you decide which revenue streams are worth the effort.
Long-Term Care
Sunrise Retirement Consulting
Though illnesses or injuries can strike at any time, the consequences of nearly every malady become more severe as you age. When people speak about their medical debt, they’re often referring to more than just their surgeries and clinical visits. If you’re looking for supplemental insurance outside your health insurance, long-term care insurance may be the right asset for you.
Do You Need Long-Term Care Insurance?
Long-term care insurance is a type of policy that covers all the help you need as you recover. So, if you need a qualified health aide to help you get dressed in the morning, run errands, cook your meals, manage your medications, or clean your home, you can file all those expenses against the policy. In one study, people with long-term care insurance spent about six times less out-of-pocket than those who just had standard health insurance. Plus, if you don’t use the benefits, you may be able to recoup some of the policy costs.
Long-term care insurance comes with several noteworthy benefits, particularly if your family has a problematic health history. But, as you might expect, these benefits come at a cost — particularly as inflation causes the price of home health aides and nursing homes to rise. With every year, these policies become less popular for insurance carriers to offer, which is why it pays to consult someone who understands the market.
If you’re looking for answers about the details of these policies and whether they work with your long-term retirement plans, you can talk to Blake Mustain at Sunrise Retirement Consulting. If you live in Boca Raton, long-term care can mean the difference between getting everything you need during your recovery or being forced into debt for ballooning expenses, but it could just as easily be an unnecessary expense that eats into your larger portfolio. To put all the facts in order, Mustain can give you the information you need to make better decisions for your emotional, physical, and financial health.
Life Insurance
Sunrise Retirement Consulting
Life insurance is an important policy for nearly everyone to carry. Unfortunately, not all policyholders really understand what they’re signing up for when it comes time to choose a plan. If you’re trying to decide between a sea of options, a financial advisor can walk you through your options, so you can protect your portfolio and still leave the next generation plenty of resources to settle your estate.
The Basics of Life Insurance
Most people know life insurance the way they know nearly every other product on the market: by price. Term life insurance is a popular option, because it’s affordable and practical. With term insurance, there’s an ironclad expiration date on the policy, with the date usually picked based on the ages of your descendants. So, say your youngest child turns 25. If your beneficiaries don’t need the policy by the time it expires, then you can cross this expense off your list.
But term life insurance doesn’t always address new scenarios that might pop up between the time you sign up and the time the policy ends. For example, if you want to provide for a spouse, you’ll need a permanent policy that doesn’t expire. Similarly, in some cases, you can use your life insurance as an emergency fund, which you may end up needing to cash in at some point due to an unpredictable event. If you do want to make changes down the line, you may end up paying more than you expect for it.
If you want to learn more about which type of life insurance policy will do the most for your loved ones, Blake Mustain at Sunrise Retirement Consulting can start filling in some of the blanks. If you live in Boca Raton, you should know that policies can drastically vary from carrier to carrier — even when they seem to offer the same terms. Whether you’re concerned about claim denials or extenuating circumstances, you can discuss the details with Mustain before you make a decision you’ll regret.
Maximizing Social Security
Sunrise Retirement Consulting
The Social Security program has changed considerably over the years. Once regarded as a viable revenue source to cover expenses, the reality is the average monthly benefit doesn’t have the same spending power it once did. If retirees want to maintain their lifestyle, they’ll need to do a lot more than just apply for the program. But just because the program isn’t the same, doesn’t mean that Social Security is a negligible income stream. With the right financial advisor, you’ll learn more about how to file your paperwork so you can maximize your benefits.
Why Maximize Social Security in Boca Raton, Fla.?
The most obvious reason to maximize Social Security is because you’ve earned the benefits. After paying into the system for decades, it’s only fair to dip back into the Social Security net so that you can cover at least some of your basic monthly expenses.
Financial advisors see the equation a little differently, though. A professional tries to diversify your monthly income wherever possible, whether it’s a check from the government or a rental check on a commercial property. All of your income revenue sources supplement your savings, giving you more freedom if and when an emergency hits you and potentially giving you a lot more to pass down to the younger generation.
When you first file for Social Security, it may seem like a straightforward process. But countless people misinterpret the questions or fail to see opportunities, which can translate to tens of thousands of dollars lost over time. If you’re interested in learning how to maximize Social Security, Blake Mustain at Sunrise Retirement Consulting can tell you more about how the program fits into your larger retirement goals.
Maximizing Social Security is ultimately more than just relying on the estimator calculators you’ll see all over the web. It takes a little finesse to work with the program, particularly after the hundreds of amendments the government has added over the years. With the right financial pro, you can rest assured you’re not leaving anything on the table.
Tax-Free Retirement
Sunrise Retirement Consulting
When you’re used to paying taxes on your monthly income, you may wonder exactly how your retirement years will be taxed. The answer ultimately depends on your holdings. But, more than that, it depends on how you structure your assets according to the current tax laws.
How Can a Financial Advisor Help Me Retire Tax-Free?
Tax-free retirements are a reality for some retirees, though it takes some strategic planning to reach this goal. From income brackets to charitable donations to trusts, you’ll need to know where and how to allocate your property so you can retain as much value as possible.
Tax-free retirements are often tied into the causes and ventures that you care most about. So, instead of paying the government a fixed percentage every year, you set up a charitable foundation to help the environment. Or, if you want to remain an active investor for as long as you can, you can look into deferring taxes so that you can roll profits from one asset into the acquisition of the next.
If you’re interested in how to make this happen, particularly when federal, state, and local taxes in Boca Raton can change on a dime, you may need to work with someone other than an accountant. At Sunrise Retirement Consulting, Blake Mustain can tell you more about what a tax-free retirement really looks like and what you’re expected to do to maintain it.
Searching for how to have a tax-free retirement online will undoubtedly give you a few generic answers about some core tax rules. However, when it comes time to apply these rules to your portfolio, you may not have the first idea how to really maximize your opportunities. With the right financial advisor, you get all the information you need (and none of the noise you don’t) to start confidently making decisions about your taxes. The retirement choices you make today could have a positive lasting impact on multiple future generations to come.
Efficient Tax Planning
Sunrise Retirement Consulting
Efficient tax planning is a term that you might hear in financial circles, even if the common taxpayer could easily apply it to their tax planning. Whether they take the standard deduction, itemize every receipt, or work with a specialized accountant, you may be hard-pressed to find someone who describes their tax planning as inefficient!
But a financial advisor sees the situation somewhat differently. Instead of just ticking off a few standard boxes, they’re planning your taxes based on your long-term retirement goals. Whether that’s to own multiple rental properties by the time you clock out on the job for the last time or to sail around the world, they’re playing the long game.
What Is Efficient Tax Planning in Boca Raton?
Put simply, efficient tax planning is a way to avoid giving the government more money than you need to. Unlike a restaurant server or valet driver, the government isn’t asking for a tip! With efficient tax planning, you’ll learn how to structure your income and assets based on the federal, state, and local laws that affect your portfolio.
With a financial advisor, you’ll also understand how upcoming changes to those laws will help or hurt your net worth, so you make strategic changes before they’re implemented. While it’s true that your tax accountant can adapt some of their strategies based on efficient tax planning principles, they typically don’t have the time or wherewithal to offer the same kind of big-picture advice.
At Sunrise Retirement Consulting, Blake Mustain helps clients in the Boca Raton area see how everything from income planning to life insurance fits into their financial future. Once he knows how you plan to spend your retirement, it’s easier to see where and how to make certain adjustments. Whether that’s bumping you into a different income bracket, deferring capital gains, or setting up more charitable donations, you can start taking the right steps to safeguard your wealth.