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Services

Income

Determining where to get income in retirement is critical.

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Investment

Investment allocation and types of accounts make a difference.

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Tax

Tax planning and keeping you in the appropriate tax bracket is critical in retirement.

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Insurance

Protection of your health and assets is also important.

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Estate

Develop a plan for how you want to have your money be used when you are no longer here.

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Lifestyle

Housing, helping family, and other factors impact your overall plan also.

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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

  • Review life insurance policies (term/whole life/etc.) and help obtain additional life insurance if necessary (3rd party agency since TorchLight does not sell insurance)
  • Discuss Medicare enrollment decisions – both during initial enrollment and open enrollment
  • Help determining how to obtain medical insurance if retire prior to age 65 (Medicare enrollment age) as well as tax and income considerations
  • Examine long-term care considerations as well as help with obtaining long-term care insurance (via 3rd party agency) or reviewing premium increases for existing policies

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
  • Organization of financial documents

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