Retirement Planning - Signature Wealth Management Group

Why Life Insurance?

Life insurance has come a long way since the days when it was known as burial insurance and used mainly to pay for funeral expenses. Today, life insurance is a crucial part of many estate plans. You can use it to leave much-needed income to your survivors, provide for your children's education, pay off your mortgage, and simplify the transfer of assets. Life insurance can also be used to replace wealth lost due to the expenses and taxes that may follow your death, and to make gifts to charity at [...]

By Russell Harris|2024-04-01T16:35:56-04:00April 1, 2024|Estate Planning, Insurance, Retirement Planning|

Estate Planning 101

By definition, estate planning is a process designed to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death according to your goals and objectives. But what estate planning means to you specifically depends on who you are. Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your particular estate planning needs. For example, you may have a small estate and may be concerned only that certain people receive particular things. A simple will is [...]

By Russell Harris|2024-04-01T16:35:14-04:00April 1, 2024|Estate Planning, Financial Planning, Retirement Planning|

Don’t Forget Your RMD: A Year-End Retirement Planning Reminder

Introduction: As the year draws to a close, it's essential for retirees and those with retirement accounts to be mindful of their Required Minimum Distributions (RMDs). RMDs are mandatory withdrawals from retirement accounts that individuals must take once they reach a certain age. Failing to take these distributions on time can result in penalties and tax consequences. This article serves as a friendly reminder to prioritize your RMDs before the end of the year and offers some insights on how to handle them wisely. Understanding RMDs: The Internal Revenue Service [...]

By Russell Harris|2024-01-30T18:15:09-05:00December 19, 2023|Retirement Planning|

Preparing for the New 529 Plan

Education is a significant investment in a child's future, and responsible financial planning is crucial to ensure the availability of funds when the time comes. 529 Plans have long been a popular saving choice for higher education expenses, its origin dating back to 1996 when this prepaid college savings account first was added to the IRS tax code. And over the years, there have been changes and improvements to the Plan to make it a more attractive savings vehicle for a family’s college planning needs. Though now, it appears that [...]

By Curt Mangold|2024-05-01T10:53:52-04:00December 1, 2023|College Planning, Financial Planning, Retirement Planning|

Retirement Savings Changes

The Consolidated Appropriations Act of 2023 was signed into law in December 2022. Part of this law included what is known as the Secure Act 2.0. This portion spells out many changes to retirement savings rules that take affect over the next several years. One might ask, how does this affect me? Below is a short synopsis of a few provisions that you should be aware of. Probably the biggest change that affects many of us is the modification in Required Minimum Distribution (RMD) time frames. The original Secure Act [...]

By Russell Harris|2024-01-30T18:49:29-05:00July 28, 2023|Retirement Planning|

Fact Of The Week 11 May 2022 | Retirement Age

Are you taking the right steps to be able to retire on time? DID YOU KNOW? Since the mid 1990s, the average retirement age for both men and women has increased by 2 years. SOURCE: CENTER FOR RETIREMENT RESEARCH AT BOSTON COLLEGE This material is for informational or educational purposes only. Signature Wealth Management Group is registered as an investment adviser with the SEC. Signature Wealth Management Group only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. Investing involves risk including [...]

By Russell Harris|2024-01-30T19:12:42-05:00May 11, 2022|Of Interest, Retirement Planning|

Fact Of The Week 20 April 2022 | Calculate Your Retirement

Have you taken the time to properly plan and calculate your retirement? Reach out to us for assistance! FACT OF THE WEEK 43% of workers guess how much they need to retire, rather than basing it on current expenses or using a retirement calculator. Source: Retirement Industry Trust Association This material is for informational or educational purposes only. Signature Wealth Management Group is registered as an investment adviser with the SEC. Signature Wealth Management Group only transacts business in states where it is properly registered, or is excluded or exempted from [...]

By Russell Harris|2024-01-30T19:14:49-05:00April 20, 2022|Retirement Planning|

Unique Advantages of Health Savings Accounts | Tax Advantaged Savings

These tax-advantaged savings accounts can help you cover your health care expenses A health savings account (HSA) is a tax-advantaged savings account that allows individuals with high-deductible health plans to set money aside for medical expenses. These accounts offer unique tax benefits and can even be savings tools for retirement. What is a health savings account and how do you qualify? An HSA allows you to contribute pre-tax funds and make tax-free withdrawals to pay for qualified medical expenses, like prescriptions, co-pays, or dental care. It is a way to [...]

By Russell Harris|2024-01-30T19:33:36-05:00August 30, 2021|Financial Planning, Insurance, Retirement Planning|

5 Tips to Getting Started With the Business Transition Process

At the most basic level, business transition planning is a strategy that can be put into play when a business is sold or changes hands. For company owners nearing retirement, a successful transition plan can play an important part in creating and preserving the value of the business after its changed hands. Here are some tips to keep in mind if you want to maximize the return on your investment as you prepare for retirement. Tip #1: Evaluate Your Market Potential Take a long, honest look at your business [...]

By Russell Harris|2024-01-30T19:37:09-05:00May 18, 2021|Financial Planning, Retirement Planning|

Preparing for Health Care Costs in Retirement | Retirement Planning

For many Americans, navigating the maze of health insurance options—from employer-based plans to individual policies—can be dizzying. Much of that changes at 65. That’s when individuals generally are eligible for Medicare, which covers routine health care expenses such as visits to doctors and prescription drugs. But the program doesn't cover everything. Here is a breakdown of how Medicare works—and your coverage options for filling in the gaps. Inside Medicare Medicare comprises four parts that cover different health care services and carry various financial obligations. People who are already receiving [...]

By Russell Harris|2024-01-30T19:39:44-05:00October 27, 2020|Insurance, Retirement Planning|

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