High Networth

Financial Plans for Retirement  2019

Based on a recent study, it’s estimated that over 10.000 Americans will turn 60 every day for the next 20 Years. This makes retirement planning an extremely vital point in your life. Retirement planning is a process of deciding what your retirement goals are and the actions you need to undertake to fulfill these goals.


Set your Retirement Goals

You require a clear road map of what you want to achieve for your retirement plan. To do this, you can work with a financial planner. There are a lot of factors that determine how high or how low this figure includes the kind of lifestyle you want to live, what you want to do during your retirement, and of course at what age you want to retire.

There are multiple methods for calculating this figure. Usually, financial planners recommend that you save 30 times your annual expenses. For example, if you currently spend $30,000 per year then your expense will be multiplied by 30. You will arrive at $900,000. On the downside, this method assumes that you spend a percentage of your income.

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High Networth Financial Strategies

Asset Management & Financial Services

From the east coast to the west coast, we’ve helped over thousands of high networth individuals with multiple financial strategies.


High Networth Financial Strategies

For those who earn high-income and have assets to protect or pass down requires a different type of financial strategy. Entrepreneurs and highly paid professionals must consider tax ramifications and liabilities as well as what to do with their estate. In order to protect your assets, we must uncover what investment strategies you already have in place.

To successfully protect and limit your tax liabilities we have to set clear expectations and think outside of the box to common financial knowledge and strategies. Once you start saving, check your plan at least 1 time per week in order to track your progress and to ensure that you are still on track.

The 401 (K)
This is a popular benefit that is offered by employers. It is a retirement plan where you direct an untaxed amount of your paychecks into an investment account. The better part of it is that you get to select an investment with the capacity to grow over time.

The Traditional IRA
This is just like the 401 (k). However, you have total control over your investments. If you are keen on this kind of power, then an IRA is the way to go. However, it is not available for everyone.


Lost Pensions
No stone should be left unturned in your retirement plan. If you worked for a company that went bankrupt or if your current employer plans to close shop you are still entitled to your pension. Therefore, do not overlook it. Follow up on it instead.


Asset Protection & Investment Allocations

Ready to start your financial strategy?


Investing in Retirement

Just because you have retired does not mean you should stop investing. Based on data collected from the Center for Disease Control seniors are expected to live for 20 more years.

This is a long time. Economically inflation is likely to take place and affect your savings. It is advisable to invest conservatively to generate income and shield your wealth from inflation.

Review Your Insurance Needs

Our advice is to review insurance needs with your financial advisor. As you advance in age, your insurance needs will change.
As an example, if your dependents and debts have gone down you do not need life insurance coverage as much. However, critical illness insurance is something to consider and long-term care insurance is also something to look into. Unfortunately, as you get closer to 60, this coverage will be harder to find and, therefore, you should consider taking out a policy as soon as you feel that it is necessary.
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About ScottRowlandStorick
Scott Storick is a Florida-based broker who specializes in retirement plans for the Palm Beach County, Miami-Dade, and Boca Raton communities.

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