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    Financial Services

    To develop a financial strategy for your future, it’s important for your financial professional to see a complete, 360-degree view of your financial picture, including how your retirement assets are integrated and work with one another. Our financial strategies are composed of various asset management services  to help you meet financial goals.

    Retirement Income Strategies

    The traditional strategy has been to move growth-seeking products to more conservative, fixed-income products. This may have worked fine back when retirement was only expected to last five to 10 years.

    These days, however, people are living longer. Thanks to new prescription drugs and medical technology, it’s not unusual for someone retiring at age 65 to live to age 90 or longer. You may need to plan for your nest egg to potentially last 25 to 30 years.

    One drawback to a longer life is the greater possibility of outliving your savings – creating all the more reason to develop a retirement income plan designed to last a longer lifetime.

    A significant loss in the years just prior to and/or just after you retire can have a damaging impact on the level of income you receive over the course of your life. In fact, if a loss occurs earlier in life, there is also the chance that you have more time to recover (versus a significant loss occurring later in retirement). Why? Simply because a smaller pool of assets is left to sustain you throughout your retirement years.

    We can help you design a retirement income strategy which incorporates the ideas of preservation and conservation, potentially incorporating insurance and annuity vehicles, to create opportunities for long-term growth as well as income throughout your retirement.


    Wealth Accumulation and Investment Planning

    Whether you're near or in retirement already, you understand the importance of: Risk.

    You also understand that high levels of risk during these golden years can be detrimental to your retirement future.

    At Cherry Wealth Advisors our goal is to help you manage the level of risk in a range that you feel comfortable with. It's not a one size fits all. It's important for us to have a clear understanding of what your risk tolerance is, how much income is needed to be generated, inflation,  rising taxes, and plan for any long term care needs. With proper diversification, we can build a solid and reliable plan to address these and any other concerns you may have in retirement.
     


    Asset Protection

    Because the market does not provide security, you may want your financial strategies to include some secured income products. For example, annuities, which are insurance products with guarantees*, can provide a source of supplemental income throughout your retirement. Twenty-first century asset protection calls for more than just strategic asset allocation.

    Product allocation — buying instruments that can protect your monies from market declines throughout retirement — can be an effective means of protecting assets.

    Diversifying your retirement assets among a variety of vehicles— both through insurance products and investments depending on what is appropriate for your situation—may offer you the best chance of meeting your retirement income goals throughout your lifespan.

    *Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.

     

    Tax Minimization Strategies

    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, deferring income taxes, providing the potential to earn interest at a faster rate. While very few financial vehicles avoid taxes altogether, insurance products only allow you to defer paying them until retirement – when you may be in a lower tax bracket.


    Estate Planning

    Estate planning is simply determining (while you’re still alive) where your assets should go after you die. Without a properly structured estate plan, your wishes may not be fulfilled, and your loved ones could be hurt both emotionally and financially.

    While the concept is simple, the vehicles, planning and implementation process can be rather complex. Because of the potential impact of changes to estate tax law for 2013 and emerging vehicles to help you protect and transfer your assets effectively, it’s important to work with experienced estate planning professionals who stay current in this field and advise clients on a day-to-day basis.


    IRA Legacy Planning

    IRA accounts have become one of the largest types of assets inherited by beneficiaries. If you don’t anticipate needing your IRA money in retirement, you may wish to consider a legacy planning strategy to reduce taxes and increase the payout your beneficiaries will receive upon your death.

    A properly structured IRA may provide your beneficiary (ies) a regular stream of income while leaving the balance of IRA assets invested for tax-deferred growth. The result may yield substantially more money paid out over the course of your beneficiary’s lifetime.

    We can help you evaluate your financial situation to determine if IRA legacy planning may be the best means for ensuring a long-lasting inheritance for your heirs.


    Annuities

    Today, the majority of the burden for retirement income seems to have shifted to the individual. For this reason, you may want to consider a guaranteed* fixed income component to your retirement strategy. In short, adding an annuity may be an opportunity to help ensure a portion of your retirement income will be guaranteed*. An annuity is a contract you purchase from an insurance company. For the premium you pay, you receive certain fixed and/or interest crediting options able to compound tax deferred until withdrawn. When you are ready to receive income distributions, this vehicle offers a variety of guaranteed* payout options. Most annuities have provisions that allow you to withdraw a percentage of the value of the contract each year up to a certain limit. However, withdrawals will reduce the contract value and the value of any protected benefits. Excess withdrawals above the restricted limit typically incur “surrender charges” within the first five to fifteen years of the contract. Because they are designed as a long-term retirement income vehicle, annuity withdrawals made before age 59½ are subject to a 10 percent penalty fee and all withdrawals may be subject to income taxes.

    *Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods which vary by carrier. Annuities are NOT FDIC insured.


    Life Insurance

    Life insurance isn’t for those who have died — it’s for those who are left behind. When shopping for life insurance, consider needs such as replacing income so your family can maintain its standard of living, as well as paying for your 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.

    Term insurance generally provides coverage for a specified period of time and pays out a specified amount of coverage to your beneficiary only if you die within that time period. In a level premium term policy you pay the same amount of premium from the first day of the policy until the term ends. A permanent insurance policy, on the other hand, will stay permanently in effect for the rest of your life so long as premiums continue to be paid.


    IRA & 401(k) Rollovers

    When you change jobs or retire, there are four things you can do with the money in your employer-sponsored retirement plan:

    Rolling over from one qualified plan to another qualified plan allows your money to continue growing tax-deferred until you receive distributions in retirement. We can help you determine if a rollover is the right move for you.

    If you determine to cash out of an IRA, we can help you find suitable vehicles to help you reach your retirement income goals.


    Your insurance professional and Registered Investment Adviser/Registered Representative is not permitted to offer, and no statement contained herein shall constitute, tax, legal or accounting advice. You should consult legal or tax professional on any such matters.

    Investment advisory services offered through Global Financial Private Capital LLC, an SEC Registered Investment Advisor.

    Any comments regarding guaranteed income streams refer only to fixed insurance products. They do not refer, in any way to securities or investment advisory products. Insurance and annuity product guarantees are subject to the claims-paying ability of the issuing company, and are not offered by Global Financial Private Capital.

    Complimentary Guide
    "Your Retirement Income Planning Checklist”

    Discover 10 things you should consider in creating your retirement strategy.
  • We help create retirement income strategies for people in or nearing retirement so their retirement income lasts as long as they do.
    Investment Advisory Services offered through Cherry Wealth Advisors, an SEC Registered Investment Advisor.

    *Guarantees provided by insurance products are backed by the claims-paying ability of the issuing carrier.

    The "10 Things to Know About Retirement Income" 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.