Element Wealth knows that people have different views on investing and risk, and different goals for themselves and their families. That’s why our service model is built upon a holistic view of financial planning. We put the unique elements of income, growth and guarantees together so that you can feel comfortable about your financial future.
Retirement Income Planning
At the heart of a solid retirement income plan is finding the appropriate intersection between income, growth and guarantees. In uncertain market conditions, a low interest-rate environment for safe money options, and increased longevity, you need an income plan which protects you from market losses and provides you an opportunity to grow your savings.
Sounds simple. But it’s not! There are many different factors to consider when planning your retirement. Social Security optimization, risk tolerances, taxes, and other sources of income are just a few. Your retirement income plan needs to fit your unique circumstances. We begin by understanding your needs and resources, then we align them in a manner that helps give you the confidence and clarity to live an inspired life.
Social Security Optimization
If you’re like some people, you may think it wise to claim your Social Security benefit as soon as you become eligible, perhaps out of fear that you won’t get out what you paid into the system. There are many ways to file for Social Security benefits, yet only a few options will likely make sense in your situation. Delaying, when possible, to claim your benefit can help provide you with more income security, protect you from longevity risk, and provide your retirement income plan with a hedge against inflation as Social Security benefits are subject to cost-of-living adjustments.
Of course, there’s more to consider than just retirement. Such as, how to pay for higher education for your children or grandchildren. Or maybe you’re evaluating a career change. Should you buy that vacation home? What if something happens to you?
When you think back to past major events which occurred in your life, chances are it’s difficult to deny that money was among the factors which influenced your decisions. Often the quality of how you experienced the event was based on how well you were financially prepared. What if you were able to invest and plan toward reaching those goals you’ve specifically targeted with your investment advisor, rather than simply putting money away in a retirement savings account and hoping for the best?
At Element Wealth, our financial planning approach offers you more options and choices and can help tame emotions which may lead to poor outcomes. Whatever is on your mind, we can evaluate and show you the trade-offs for any decision you need to make. And whatever your financial situation, let us share our knowledge of financial planning and money management with you, so that you have the opportunity to achieve the best outcomes for your financial and retirement goals.
Building a successful retirement plan and an investment portfolio able to withstand the ups and downs of financial markets can sometimes mean resisting the urge to make hasty or emotional decisions. That’s why we work with you to share our knowledge on the options available for your portfolio and the risks involved with different types of investments.
At the heart of executing your plan lies the performance of your assets. We deploy an investment process that is flexible to your preferences and customizable to your needs. We help you understand your risk tolerance and risk needs, then build specific benchmarks to help you evaluate how we’re doing. We also implement a dynamic overlay to ensure that unforeseen events don’t take you out of your Element.
You’ve lived well. You’ve made wise financial decisions. Now you want to ensure you make a lasting impact for your loved ones and the causes that you hold dear. We help you understand your current plan and evaluate it against your desired outcomes. Are there risks that could erode what you’ve built?
Changing family dynamics and relationships make it critical that legacy planning ensures your assets are directed to the proper beneficiaries, who inherit what you want at the time you want them to. If changes are required, we develop the framework to assist you and your other trusted advisors in executing a new plan, one that will endow your legacy.
Life Insurance and Long-Term Care
Depending on your needs and the outcomes you want to achieve with your wealth, life insurance and long-term care (LTC) protection can play an important role in your wealth preservation and retirement plan strategies. Tax-efficient life insurance as well as some form of long-term care insurance can protect you, your family, your assets … and even your business if you’re an owner.
Beyond a tax-free death benefit and liquidity for your heirs, strategies using life insurance can also help pay for unexpected medical expenses and LTC, fund college costs for your children or grandchildren, provide retirement income, or pay bills and expenses if you choose to access your policy’s cash value. And for LTC, there are now options which offer flexible benefits that include LTC coverage, a death benefit, and return of your premium under certain conditions.
Depending on your circumstances, you may want to consider “asset-based” long-term care as part of your retirement plan if you want to protect against unforeseen medical expenses and the need to pay for extended care or illnesses. This strategy isn’t for everyone since it generally requires a large initial deposit.
Asset-based LTC is generally funded with a large initial deposit that grows with interest. Depending on the plan, up to three times what you put in to the policy is available to pay for LTC coverage. The accumulated value also is generally liquid so you can get back what you funded the policy with if you cancel it, or don’t use the funds. Some plans also offer a death benefit.
Health Savings Accounts
Open an individual or joint Health Savings Account (HSA). These tax-advantaged savings accounts can offset the cost of higher medical expenses and may play an important role in your overall financial strategy and planning. Element Wealth works with leading providers of HSAs in the state and will coordinate the setup and financial management of the HSA that fits your needs.
Corporate 401(k) Plans
Element Wealth has valuable partnerships with employee benefit service providers. Through these relationships, we are able to create a robust corporate benefits package for business clients. We can help you navigate the complex world of plan fees, investment selection, record-keeping and compliance to ensure you meet your fiduciary responsibility. We are also available to review your current plan and benchmark it against the industry to see if your plan’s fees are too high. Help your employees save for their retirement by providing a defined contribution plan that fits their needs and keeps them on track to meet their financial goals.