NEXJENN

FINANCIAL SERVICES

Ready to Plan for Retirement?
It's never too late!

At NexJenn, we stand ready to help pre-retirees and retirees with personalized retirement planning.

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Services:

Retirement plan engagements are designed to be completed within six months to ensure efficiency and focused progress. Meetings are conducted virtually via Zoom to provide maximum flexibility. While this approach may not be ideal for everyone, it enables us to maintain lower fees while providing personalized service. Taxation is woven throughout all stages of retirement. As a CPA, we’ll look at strategic tax planning strategies including Roth Conversions, Social Security Optimization and RMD claiming strategies.

Retirement planning starts at $5,500

Retirement planning fee will be waived if assets under our management exceed $1,000,000
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Retirement Income Planning

Retirement Income Planning ensures that you have adequate income to meet your needs throughout each stage of retirement. It is a multifaceted process that involves several critical aspects to ensure a comfortable and financially secure retirement. Three key components include cash flow planning, Social Security optimization, and health care planning. Whether you plan to scale back or pursue new adventures, we’ll help you optimize your resources to achieve your goals.

Effective cash flow planning ensures that retirees have sufficient funds to cover their living expenses throughout retirement, balancing income sources and spending needs.

Strategies:

  • Budgeting: Developing a detailed budget that accounts for expected living expenses, leisure activities, travel, and any other anticipated costs.
  • Income Sources: Identifying and planning for all potential income sources, including Social Security, pensions, retirement accounts (e.g., IRAs, 401(k)s), and any part-time work or annuities.
  • Withdrawal Strategies: Determining a sustainable withdrawal rate from retirement savings to avoid outliving assets. The 4% rule is a common guideline, but individual circumstances may require adjustments.
  • Emergency Fund: Maintaining an emergency fund to cover unexpected expenses without disrupting long-term investments or incurring debt.
  • Inflation Protection: Investing in assets that provide a hedge against inflation, such as stocks, real estate, or inflation-protected securities (TIPS), to ensure purchasing power is maintained

Social Security benefits are a significant source of income for many retirees, so optimizing these benefits is crucial for maximizing retirement income.

Strategies:

  • Timing of Benefits: Deciding when to start taking Social Security is a major decision. Benefits can be claimed as early as age 62, but full retirement age (FRA) varies depending on birth year, and waiting until age 70 can increase benefits. Delaying benefits increases the monthly amount due to delayed retirement credits.
  • Spousal Benefits: Married couples can strategize to maximize their combined benefits. For example, one spouse might claim spousal benefits while delaying their own to accrue higher benefits later.
  • Earnings Record: Ensuring your earnings record is accurate and complete is vital since Social Security benefits are calculated based on your highest 35 years of earnings.
  • Taxation Considerations: Understanding how Social Security benefits are taxed and planning withdrawals from other retirement accounts accordingly can help minimize overall tax liability.

Health care costs can be a significant and unpredictable part of retirement expenses. Proper planning helps ensure that these costs do not deplete retirement savings prematurely and explores housing options including aging in place.

Components:

  • Medicare: Understanding Medicare coverage, including Parts A, B, C (Medicare Advantage), and D (prescription drug coverage), is essential. Enrollment timing and understanding the gaps in coverage (like long-term care) are critical.
  • Supplemental Insurance: Many retirees purchase Medigap policies or other supplemental insurance to cover costs not included in Medicare.
  • Long-Term Care Insurance: Considering long-term care insurance to cover potential expenses for services such as in-home care, assisted living, or nursing homes can protect against high out-of-pocket costs.
  • Health Savings Accounts (HSAs): For those eligible, contributing to an HSA can provide tax-advantaged savings to pay for medical expenses in retirement.
    By integrating these aspects into a comprehensive retirement plan, individuals can create a robust strategy that addresses both predictable and unforeseen financial needs, thereby enhancing their financial security and quality of life in retirement.

Long Term Care Planning

Long-term care and related medical expenses can quickly deplete retirement assets if not properly planned for. For clients who are deep into retirement, we begin with a thorough assessment of their lifestyle and health history to estimate long-term care needs. By comparing their health data with a dataset of over 500 million data points, we can identify the unique costs associated with each individual’s future long-term care needs and develop a personalized plan. .

Each plan will explore options for financing long-term care including:

  • Personal Savings:  Using personal savings or investments can cover long-term care costs. This approach provides flexibility but requires sufficient savings to handle potentially high expenses.
  • Long Term Care Insurance:  This insurance specifically covers long-term care services, such as nursing home or home care. Policies vary in coverage, cost, and benefits, so it’s important to carefully review options and terms.
  • Health Savings Accounts (HSA):   If you have an HSA, you can use funds for certain long-term care expenses. HSAs offer tax advantages, but they must be used for qualified expenses.
  • Life Insurance with LTC rider:   Some life insurance policies offer riders that provide long-term care benefits. These can be used to pay for care while preserving a death benefit for beneficiaries.
  • Annuities with long-term care benefit:   Certain annuities come with long-term care riders, which can provide funds specifically for care needs, often with tax advantages.
    Government programs such as
  • Veterans Benefits:   Veterans and their spouses may qualify for benefits through programs such as the VA Aid and Attendance Pension.
  • Home Equity:   Some clients can access the equity in their home to cover long-term care costs.

Asset Management

You may feel that you don’t have the time, desire or expertise to manage your own investment portfolio, or don’t have the discipline to ‘stay the course’ during volatile markets. Or simply, you may want to just focus on family, hobbies, or volunteering rather than managing your portfolio. Whatever your reason, we can help by providing professionally managed, diversified portfolios selected for your unique financial situation.

Together we will help you:

  • Create an investment plan. First, we’ll create a proper overall stock/bond mix of investments based on your unique financial situation and your goals. Then, we’ll control what we can by investing in a broad range of low-cost investments, while being aware of tax impacts.
  • Stick to the investment plan. We’ll help you maintain discipline to stay invested for the long term, through the ups and downs of the market.
  • Adjust the investment plan. We’ll closely monitor your portfolio and review your investment plan with you at least annually. When warranted, we’ll rebalance your portfolio to maintain your proper overall stock/bond mix of investments.

Ongoing Financial Planning

Because life is continually changing, a good plan is never truly finished. Most clients continue to use our services for regular review meetings and to address questions or changes in their circumstances.

With this engagement, you will receive;

  • Regular check-ins to ensure your financial plan is on track with updates as needed.
  • Consultations through financial events and issues that come up throughout the year and reassurance during volatile times.
  • Interactive discussions and actionable items to implement your plan.

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