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Comprehensive Retirement Planning

Many of the most important decisions you will make on your retirement will occur just before and shortly after you retire. It is in this window where your need for professional advice and guidance is most acute. There are many risks faced by retirees today that justifiably threaten their ability to retire in the manner they wish. Risks such as rising health care costs and the costs associated with long-term chronic illness, changing government policies to Medicare and Social Security, inflation, taxes, and a volatile stock market to name a few. Any one of these risks have the potential to derail your retirement plan.

With the help of a trusted professional, planning is the key that will unlock the door to a successful retirement. A great retirement plan isn’t made, it’s built; and it’s built in such a way that it simultaneously addresses your mortality, your longevity, and all points in between. In other words, a great retirement plan cannot be created by happenstance. Nor can it be thrown together, at the last minute, at the direction of a few Google searches. Like how an architect and general contractor would work in tandem to do build a well constructed home, specialized professionals work together to build a great retirement plan.

Nye Financial Group prides itself on having the experience, skills and tools necessary to construct your retirement plan that will weather the storms you will likely face in retirement. We are comprehensive in our approach and guided by the principle that the client comes first. Our aim is to help our clients make well-informed financial decisions so that they can enjoy the comfort and security of a financially stress-free retirement.

At Nye Financial Group, we offer the following services:

RETIREMENT INCOME PLANNING

George Foreman once said, “The question isn’t at what age I want to retire, it’s at what income,” while Dr. Jeffrey Brown, a retirement expert and advisor to the White House is quoted as saying “income is the outcome” when asked about retirement planning.

Rick Nye often tells his clients “for those who are retiring today it is not cash, but the abundance of cash-flow, that’s king!”

The foundation of a great retirement plan is a rock solid Retirement Income Plan or RIP. It is the RIP that will lead you to that place we call a financially stress-free retirement. RIP is also an acronym for “rest in peace.” We believe that resting in peace (in retirement) is largely accomplished with contractual income that is both sufficient and diverse. Our definition of contractual income is simply this: Income that continues for life, which is unaffected by market volatility and is provided to you by a dependable source. Sources of contractual income are pensions, Social Security, annuities and structured settlements.

The means justify the ends where by the “means” is plenty of contractual income and the “ends” a successfully planned retirement. A successful income plan by definition effectively coordinates all of your sources of contractual income which is usually coupled with a prudent withdrawal schedule on your retirement account resources such as 401(k), IRA, 403(b) and nonqualified or after tax accounts. Measuring success of the income plan is determined first by meeting your retirement income objective each year while also taking steps to preserve these retirement resources for your future need for income.

A successful income plan is a customized plan built with your individual specifications in mind. To that end, every attempt is made to maximize your sources of contractual income such as pensions or Social Security benefits. If the planning process identifies a need for more contractual income then another process begins. That process is to find the right annuity, in the right amount for the right reasons to fill that contractual income gap. The income planning process must identify income risk. Income risk, defined by us as: The percentage of your annual income target that is not provided by contractual income sources such as pensions, Social Security and lifetime annuity payments. (For example: If your annual retirement income is $80,000 and your contractual income sources provide $40,000 then your income risk is 50%).

Out living our money is one of the greatest fears we all face in retirement. The best way to address this fear is with a sound income plan built to last as long as you do.

SOCIAL SECURITY OPTIMIZATION

Social Security tells us that over 70 percent of those claiming their benefits today are claiming them before their full retirement date. For some claiming early is the right thing to do but for others it ends up being a huge mistake. There is no one-size-fits-all to claiming your social security benefits. From a practical standpoint you will claim your Social Security benefits one time. As with any decision you make only once you don’t receive the luxury of practice. Therefore, the decision should be informed with all your questions answered before you file and elect your benefits. The most important question is the one you should ask yourself: Do I have a retirement planning resource equipped to help me make the right decision with my Social Security benefits? (If so, that resource should be able to advise you on when you should draw benefits in light of an overall retirement income plan.) Which claiming strategy is right for me? Can I leverage a customized claiming strategy to generate greater lifetime benefits for me and my spouse should my spouse survive me? Counterintuitively, will I receive more in lifetime benefits if I delay my decision past my full retirement date?

In the end it all starts with a plan.

PENSION ANALYSIS

If you qualify for a traditional pension there are many questions you need to have answered before you make your decision. Will the pension fund remain viable over the long-term? Which benefit option should you choose? Should you take one of the many monthly benefit options or the lump sum? What are the trade-offs? Will your pension cause a reduction to your Social Security benefits or your spouse’s survivor benefit?

We assist and guide our clients in carefully analyzing these critical decisions by carefully and thoroughly evaluating each one independently to determine how to optimize the result. Then we combine each decision into an overall income plan that illustrates how they interact and impact the life of your liquid assets.

ANNUITIES

Annuities can be a great tool for diversifying your sources of contractual income or reducing your income risk in retirement. But it is important to select the right annuity for your specific situation, for the right reasons, and in the right amount. If you own an annuity, do you know what type? Is the cash value in your contract subject to market risk? What fees are you paying and how will they impact your cash value once you start taking income? Do you know how it is designed to provide income or when and how to begin taking income? Will the income continue for your life only or will it continue for your spouse if you pass first? If you don’t own an annuity how do you know if you should have one and what type? Nye Financial Group is well versed in the world of annuities and is well equipped to answer these questions.

Being completely independent, Nye Financial Group has access to hundreds of annuity products and well over 35 years of experience to evaluate your current annuity or to determine whether you should consider incorporating an annuity into your retirement plan.

INVESTMENT PLANNING by Nye Wealth Management

The traditional “withdraw 4% a year and your money should last” rule of thumb just doesn’t cut it anymore. Planning for retirement today is much more complicated and, for many, necessitates keeping some assets invested in securities, throughout retirement, in order to provide long-term inflation protection. What happens when there is a market correction that occurs simultaneously with taking withdrawals to satisfy your income needs? The answer is often described as a “double whammy”; when the account loses value due to distributions and a market decline. Not only can this plausible scenario take place, but it can also take place many times throughout your retirement. Mitigating the “double whammy” effect requires slowing down. Slowing down the distributions and receiving less income or slowing down the market decline by selling out and locking in the losses. Neither of these actions should be part of a long-term retirement plan. Nye Wealth Management subscribes to a multi-asset management style that preaches a “few eggs in all baskets” approach to investing. Specifically Nye Wealth Management follows the teachings of Craig Israelsen, Ph.D, and his 7Twelve philosophy. Craig describes his asset management style as a “Diversified Investment Portfolio with a Plan.” The 7Twelve philosophy seeks to:
  • Produce long-term, equity-like returns with less volatility than an equities only portfolio.
  • Minimize frequency and magnitude of losses (compared to an equities only portfolio).
  • Deliver more consistent performance than an equities only portfolio over rolling 3-year periods.
  • Maintain a consistent portfolio philosophy of broad diversification.
  • Promote prudent investment behavior by avoiding fads and performance chasing.
  • Each different mutual fund adds an important dimension to the portfolio because each fund has the potential to behave differently than other funds from year to year. We call this diversity low correlation. Assembling a low correlation portfolio is a vitally important part of it success.
  • Rebalance is a vitally important element of any multi-asset class portfolio. Very simply, rebalancing is the process of bringing each separate component of the portfolio back to their allotted allocation.
Combined with a retirement income plan designed to minimize income risk, Nye Wealth Management’s approach to portfolio management can help retirees achieve a greater level of retirement security.

LONG-TERM CARE Planning

The longer we live the more likely it is that we will eventually need assistance with our daily activities and care. Statistics show 70% of Americans turning 65 will need some form of Long-Term care in their lifetime.1 For some, care will be provided at home. For others, it will mean assisted living or nursing home care. At a cost of up to $83,000 a year2 and inflation that typically outpaces the general economy, future cost of care can be projected to reach $200,000 per year for an individual. Many mistakenly believe these costs will be covered by their health insurance or absorbed by Medicare. That is just not the case. Further, to qualify for Medicaid coverage, you must first spend down your liquid assets. Others believe the cost of covering this risk is too great or that the coverage purchased will fail to pay when it should. As with all aspects to retirement risk planning, it’s important to become informed and utilize the assistance of an experienced advisor to make the best decision possible.

Nye Financial Group can assist you and your family with long-term care planning. An important aspect of this planning is determining just how much of the risk should be transferred and by what means. The cost to transfer long-term care risk is directly tied to age and health of the applicant. Thereby, the sooner you act the more cost-efficient that transfer will be.

Preparing and planning for a long-term illness now, will also alleviate the stress of having to someday spend down much, if not all, of your assets.

While it’s a topic many prefer to avoid, it’s something you must get informed on.

12011 National Associate of Insurance Commissioners Long-Term Care Experience Reporting, Form1, plus sales vs. 230,000 million people in the US Census Bureau

2U.S. Department of Health and Human Services, www.longtermcare.gov, 2013.

TAX PLANNING

Rising taxes are a concern for many individuals approaching retirement. It’s important to incorporate tax planning into your financial decisions Investing in, or purchasing a tax-deferred vehicle means your money can compound interest for years, defer income taxes and provide the potential to earn interest at a faster rate. While very few financial vehicles avoid taxes altogether, some insurance products allow you to defer paying them until retirement – when you may be in a lower tax bracket.

Nye Financial Group can assist you in developing tax-efficient income and withdrawal strategies to minimize your taxable income while increasing your spendable income. We can also work directly with your CPA to ensure you are not overpaying taxes, and that your financial portfolio is organized in the most tax-advantageous manner possible. We can also provide consultation on capital gains deferral, income tax reduction, compound-interest strategies, and/or refer you to a capable CPA.

ESTATE PLANNING

Planning how to properly protect, preserve, and pass along your estate to your heirs is one of the most vital components of your overall financial well-being and should be incorporated in your retirement planning process. Whether you are trying to minimize the impact of taxes or simply guarantee your heirs will receive what you originally planned, Nye Financial Group will work with you and your attorney to help develop a customized strategy to meet your long-term goals and needs. If you do not have an estate planning attorney, we would be happy to provide a referral to one with the appropriate level of experience given your specific situation.

TRUSTS

Living trusts allow you to retain control of the trust while living, pass on guardianship if ever you become incapacitated or unable to make decisions for yourself, and eventually transfer the trust onto your heirs so they by-pass probate. Should you wish to integrate this simple method of passing your estate to your loved ones, please contact us to learn more or to schedule an appointment.

LIFE INSURANCE

Life insurance isn’t for those who have died — it’s for those who are left behind. When shopping for life insurance, one should consider needs such as replacing income so that your family can continue to maintain its standard of living, as well as paying for funeral and estate costs. A general rule is that you should seek coverage between five and seven times your gross annual income. As far as the various types of policies go, they can generally be placed into one of two categories: Term and Permanent.

Probate

Also known as the process of proving a will to be true, probate requires that your estate, assets, and debt become finalized under legal supervision. Probate can be a lengthy, complicated, and burdensome process for your heirs. Nye Financial Group may assist you in mitigating this process by applying probate avoidance strategies to your financial portfolio.

CHARITABLE GIVING

Charitable giving is not only a gracious act - in that you're doing good for others - but can also be considered "doing good" for your financial wellbeing. Nye Financial Group can help you integrate a charitable giving strategy into your portfolio, and thus help you minimize your estate and income taxes.

IRA LEGACY PLANNING

IRA legacy planning is an important planning strategy that helps secure how you will pass along your hard-earned retirement savings to your family and/or friends upon your passing, with the lowest tax liability possible. Nye Financial Group can show you how to leave a legacy to your children, grandchildren, and great-grandchildren, with minimal taxes due.

LIFE INSURANCE PLANNING

Life insurance isn’t for those who have died — it’s for those who are left behind. When shopping for life insurance, one should consider needs such as replacing income so that your family can continue to maintain its standard of living, as well as paying for funeral and estate costs. A general rule is that you should seek coverage between five and seven times your gross annual income. As far as the various types of policies go, they can generally be placed into one of two categories: Term and Permanent.

IRA & 401(k) ROLLOVERS

When you change jobs or retire, there are four things you can generally do with the assets in any employer-sponsored retirement plan. We can help you determine the best strategy for each type. Let us help you turn your nest egg into a "golden egg" that keeps providing for you. Nye Financial Group advisors and agents specialize in retirement planning. Our advisors can help you roll over your retirement savings accounts – thus helping you avoid unnecessary taxes, penalties, and fees – and build a comprehensive retirement plan. Whether you have a 401(k), pension lump sum, 403(b), IRA, or 457, we can help you create the plan you need to reach more of your retirement goals.
 


Strategies for Financial Independence

To schedule a time to discuss your financial future, contact us at info@nyegroup.com or call us at (800) 837-8848 today!

We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives.

Neither the Company nor its agents or representatives may give tax, legal, or accounting advice. Individuals should consult with a professional specializing in these areas regarding the applicability of this information to his/her situation.

Complimentary Report
"Your Retirement Income Planning Checklist” 
About nye financial group


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Nye Financial Group has been serving Northeastern Ohio and Florida’s West Coast for nearly 30 years.


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We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives.

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The Retirement Income Planning Checklist Report is provided for informational purposes only. It is not intended to provide tax or legal advice. By requesting this report you may be provided with information regarding the purchase of insurance and investment products in the future.