Wealth Management & Retirement
Retirement Planning in Idaho Falls: Secure Your Future with Strategic Wealth Concepts
It’s easy to move fast and miss important planning solutions in a good retirement plan. At Strategic Wealth Concepts, we understand the importance of taking a measured approach to ensure that you are building your wealth to meet your retirement goals. Our process is designed to first understand your unique situation, identify how you can achieve those goals and proactively cover the important issues you need to know to have confidence your retirement plan is solid. Planning doesn’t stop there, we are consistently involved year to year to help you add to, modify and adjust your planning as needs shift. Here are some of the services and concepts we use to help you on your retirement journey.
Customized Long-Term Spending Plans
At the time you are looking to transition from saving to spending, a retiree’s most common comment is one of fear of outliving their savings. Our planning process will provide a clear vision of how you can use your money in retirement without fear of running out and building flexibility for future needs. An Income Segmentation Model shows how a time segmented approach to investing your savings can ensure you are not in an overly aggressive position that can cause significant difficulties if negative markets surface early on in your retirement.
401k/IRA Consolidation & Rollovers
We believe turnkey 401k providers rarely proactively manage their client relationships. We also find they limit investment options to an approved list, limiting your access to the full market of options. If you want the fee’s you pay to go to a financial advisor who provides you the most value, a conversation should be on your priority list. Keeping money in an old 401k can limit both your investment choices and eliminate valuable tax planning options in retirement as 401k’s are unable to provide qualified charitable deductions and can limit your ability to easily manage Roth conversions stunting your tax planning. Managing multiple retirement accounts can be a significant administrative burden with spending and RMD planning. It can increases confusion and be duplicative thereby reducing diversification and is inefficient for wholistic planning. Our 401k/IRA consolidation and rollover services may help simplify your finances by combining your accounts with a single advisor that knows you and your financial objectives, and is proactive in working with you to achieve the results you need.
Penalty-Free Distributions
Accessing your retirement funds without incurring penalties is crucial, especially those who retire early or are no longer able to work prior to reaching the retirement age. We help you navigate the rules and regulations surrounding penalty-free distributions from your 401k as early as age 55 or using 72T rules in an IRA to eliminate early penalties. We can work with you to withdraw funds early and structure your distributions to avoid unnecessary taxes and penalties to provide the guidance you need.
Extremely Low-Cost Institutional Investments
Our group deploys several investment committee’s with professionally credentialed staff to serve you. Keeping investment costs low is essential for maximizing your retirement savings. We don’t use retail or preferred funds with revenue sharing conflicts of interest. We offer access to professionally managed portfolios with extremely low-cost institutional investments, which significantly reduce the impact of management fees on your portfolio. Many of these investments are typically not available to individual investors, providing you with a unique advantage in growing your retirement funds.
Social Security & Pension Analysis
Understanding your Social Security benefits and pension options is vital for a well-rounded retirement plan. We conduct a thorough analysis of your Social Security and pension benefits to help you determine the best time to start taking distributions and how to maximize your income. This analysis ensures that you make informed decisions that align with your overall retirement strategy.
Alternative Non-Market Risk Reduction Assets
Market volatility can pose a significant risk to your retirement savings. To mitigate this risk, we explore alternative non-market risk reduction assets where appropriate. These investments provide stability and protection against market downturns, helping to preserve your capital and ensure a steady income stream during retirement.
Required Minimum Distributions (RMDs)
Navigating the complexities of Required Minimum Distributions (RMDs) is essential for tax-efficient retirement planning. We help you understand when and how much you need to withdraw from your retirement accounts and help you understand if these withdrawals should be out of every account or a single account to comply with IRS regulations. There are also tax avoiding strategies such as Qualified Charitable Distributions than can eliminate the taxes on RMD’s. Proper management of RMDs can prevent costly penalties and optimize your tax situation.
Tax Reduction Strategies
Effective tax planning is a cornerstone of a successful retirement strategy. Our tax reduction strategies are designed to minimize your tax liability and maximize your retirement income. We explore various methods, such as Roth conversions, tax-efficient withdrawals, and charitable giving strategies, to help you keep more of your hard-earned money.
Health Emergency and Long-Term Care Expense Planning
Unexpected health emergencies and long-term care expenses can quickly deplete your retirement savings. We help you plan for these potential costs by incorporating health emergency and long-term care expense planning into your overall strategy. This includes evaluating insurance options and setting aside funds to cover medical expenses, ensuring that you are prepared for any eventuality.
Enhanced Estate Planning & Coordination
Ensuring that your assets are distributed according to your wishes is an important aspect of retirement planning. Our enhanced estate planning and coordination services cover everything from beneficiary designation management to the creation of powers of attorney, living wills, last wills and testaments, trusts, and estate death tax planning. We work closely with you to develop a comprehensive estate plan that protects your legacy and provides for your loved ones.
Beneficiary Designation Management
Keeping your beneficiary designations up to date is crucial for ensuring that your assets are passed on to the right people. We help you manage and review your beneficiary designations regularly, making any necessary updates to reflect changes in your family or financial situation.
Powers of Attorney
Establishing powers of attorney is essential for protecting your interests if you become unable to make financial or medical decisions for yourself. With a financial power of attorney, we coordinate these powers with your accounts and others you authorize so that there is no interruption in service or financial needs. This coordination between family and institutions is how we can assist you to ensure your wishes are fulfilled.
Living Will, Last Will and Testament, and Trusts
Creating a living will, last will and testament, and trusts are fundamental components of a comprehensive estate plan. We guide you through the common questions of how these should or shouldn’t be used in estate planning. The coordination of these documents, your wishes and the beneficiary’s will ensure that your end-of-life wishes are respected and that your assets are distributed according to your intentions.