Services
Tax
Tax planning and keeping you in the appropriate tax bracket is critical in retirement.
Risk Management
Assessing risks such as early death, disability, a long-term care event or obtaining medical insurance prior to Medicare coverage.
Estate
Develop a plan for how you want to have your money be used when you are no longer here.
Income
- Review cash flow and spending
- Determine income distribution sources (which account to use first for retirement income)
- Timing of Social Security start date and taxation
- Review pension claiming options – single life, joint with survivor (25%/50%/100%)
- If still working, optimize retirement savings and employee benefits, etc.
Investment
- Review investment accounts (pre-tax, taxable, tax-free, annuities, health savings accounts) to determine best allocation, funding strategies and when to use for cash flow needs
- Discuss risk tolerance and volatility expectations as well as market results
- Determine asset allocation for each account and overall portfolio – time horizon for each account and specific investment goals
- If still working – review current employer retirement plan or stock purchase plan, incentive options or related employer retirement accounts
- Inherited accounts will be given specific guidance and advice since each type of inherited account or asset has unique requirements
- Annuities will also be reviewed and may be used to bring in more guaranteed income (3rd party annuity company is used since TorchLight is fee only and does not sell any insurance/commissioned products)
Tax
- Review annual income taxes (Federal and state)
- Prepare tax projections and discuss specific tax objectives for your situation with potential strategies (Roth conversions, taking long-term capital gains at a 0% rate, etc.)
- Determine optimal withholding elections if still employed, or work together for making estimated tax payments if necessary
- Analyze if Roth conversions are useful to your long-term wealth strategy
- Help organize tax documents for your tax preparation (if desired)
Insurance
- TorchLight reviews employee benefits coverages (or personal coverages) such as medical, disability or life insurance coverages as part of a comprehensive plan
- Since TorchLight (Laura) is not insurance licensed, any client that needs to increase, add or change insurance coverages (medical, life, disability, Medicare, or long-term care insurance) will be referred to a third party firm to review options with a licensed agent
Estate
- Review beneficiary designations as well as update as life changes
- Facilitate the creation or update of your estate plan (trust, will, financial & medical power of attorneys) by working together with your attorney
- Examine opportunities for Qualified Charitable Donations and gifting – specifically if you desire to gift money to charity out of your pre-tax accounts
- Discuss ways to talk with your family about your financial situation
Lifestyle
- Review housing situation – downsizing, maintaining, relocating, moving to a retirement community
- Determine how much savings to have for ‘emergency’ situations
- Help determine if you finance a new vehicle, pay cash, or lease
- Be a confidant for family, life, or personal health situations
- Explore purposeful life in retirement