Not Enough Opportunity!!!

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By David S Edge

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Mike and Diane had been clients for years and called one day out of the blue to ask a few questions.

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“Be glad to help! What do you need?” I replied.

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“Well, it’s not us; it’s our daughter, Kay”. They continued with they knew we were retirement planners and most of our clients are 55 years or older, but they were trying to assist their oldest daughter, who was a doctor, with her retirement planning even though she was only 41 years old.

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She is maxing out her 401K every year, makes too much to contribute to a ROTH IRA, and has fully funded her traditional IRA. We were hoping you had some ideas for assisting her with other tax-efficient financial planning that she could take advantage of for long-term growth.

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“Great! Why don’t we set up an appointment with one of our expert planners?” So a date was set and we met Kay. After reviewing and ensuring she understood everything she already has, we tackled new information on what was next for her long-term financial retirement plan.

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Most folks during their working years are familiar with stocks, bonds, and mutual funds. That’s what’s promoted on TV, available in your 401K, and through your retail broker. Comprehensive holistic planners (like us at American Retirement Advisors) acting in your best interest, will educate themselves and their clients on every financial tool available rather than what’s available through their firm’s portfolio.

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After reviewing options with Kay, we found a tax-deferred, fully insured savings program that allowed for growth, based on both market performance and a guaranteed minimum rate of return, including protection against downside loss, tax-free withdrawals in retirement, and has protection for beneficiaries against taxes in the future.

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These insured savings programs can be started with a lump sum initial deposit or monthly contributions. They grow tax deferred and can allow you to reap long-term financial benefits for you and your family.

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Kay was delighted with the meeting results and loved the fact that she learned something new on how to prepare for her and her family’s financial future. At the same time we also reviewed Kay’s need for “Power of Attorney” for financial and health directives as well as a “Do not resuscitate”. Additionally, we also looked at Long-Term Care and Life policies that are much less expensive at her current age, but that would get extremely expensive at older ages.

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So for all you parents that have adult kids in their 30’s and 40’s that need help with financial planning, give us a call! We’re here to help!