3202 Tower Oaks Blvd.
Where do some people fall short with retirement planning?
In our opinion there are many reasons why people fail to adequately fund their retirement. Unfortunately, many people wait too long to begin the planning process, often approaching their mid-fifties before focusing on retirement, thereby facing retirement as an unplanned reality rather than a welcomed respite. The best approach is to start early and review often.
In addition, people fail to appreciate how much money they will need in retirement. With a 1 percent yield it takes $1,000,000 to generate $10,000 per year. Although investing involves risk, a portfolio should be structured with risk appropriate for the time frame needed.
A mistake that some people make is relying solely on a CPA, who can provide great tax advice but not always great investment advice. Another mistake is relying solely on an investment advisor, who can provide great investment advice but not necessarily great tax advice. At SPC we integrate both areas of expertise.
People can also make dangerous assumptions about Social Security, income taxes post retirement, life expectancy and the cost of health care.
Other people fail to maximize tax incentives that are available to them (IRA, Roth IRA, 401(k), TSP, 403(b), SEP-IRA, SIMPLE IRA, and self-employed retirement plans). At SPC we use conservative assumptions for these variables.
The worst mistake of all, in planning for a well-funded retirement, is failing to integrate retirement planning, investment planning, estate planning and risk management into an overall plan.
At SPC Financial, Inc., we work with clients to help them achieve a balanced *tax-integrated, wealth management retirement program.
Financial Advice Provided By: SPC Financial, Inc.
Edward Geoffrey Sella/CPA/PFS, CFP®/President/CEO/SPC Financial, Inc./ Independent Registered Investment Advisor/SEC
3202 Tower Oaks Blvd./Suite 400/ Rockville/301-770-6800/
Securities Offered Through Raymond James Financial Services, Inc./Member FINRA/SIPC. RJFS does not provide tax, legal or healthcare advice. *Tax services and analysis is provided by the related firm Sella & Martinic, LLC through a separate engagement letter with clients. Sella & Martinic, LLC & SPC Insurance, LLC are independent of RJFS.