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Part 2 (continued from last week): Growing and Protecting Your Retirement Wealth

by Eric Seyboldt 

With the groundwork laid, the next step in ensuring a comfortable retirement is to adopt strategies that not only increase your wealth but also safeguard it from various risks as you near retirement. This section will guide you through advanced methods to maintain your financial security during your retirement years.

Implement a Strategic Withdrawal Plan: The sequence in which you withdraw money from your retirement accounts is crucial for the longevity of your savings. Without a thoughtfully crafted plan, you could incur unnecessary taxes or run the risk of depleting your funds prematurely. A common strategy involves withdrawing from taxable accounts first, allowing tax-deferred and tax-free accounts (like Roth IRAs) to grow. This minimizes your tax burden and helps ensure your funds last your lifetime. Properly timing your withdrawals is essential for long-term financial stability.

Consider Long-Term Care Insurance: Healthcare expenses are one of the most significant threats to your retirement savings. As you age, the need for long-term care becomes more likely, and these costs can quickly erode your resources. Long-term care insurance covers the expenses of services like nursing homes, assisted living, or in-home care. Investing in this insurance protects your savings from being exhausted by healthcare costs, preserving your assets for other retirement needs and maintaining your quality of life.

Adjust Your Investment Strategy as You Age: Approaching retirement requires shifting your investment strategy from focusing solely on growth to balancing growth with preservation. Although moving entirely to conservative investments might seem tempting, it is important to remember that inflation can diminish your purchasing power over time. Keeping a portion of your portfolio in growth-oriented assets ensures your wealth can keep pace with inflation. The aim is to create a balanced portfolio that provides reliable income while allowing for some growth, ensuring your wealth lasts throughout your retirement.

Regularly Review and Update Your Estate Plan: Estate planning is a crucial, yet often overlooked, aspect of retirement planning. Regularly reviewing your will, trusts, and beneficiary designations to reflect changes such as marriages, births, or deaths in the family is important. Additionally, staying updated on changes in estate tax laws can help reduce the tax burden on your heirs. A well-organized estate plan ensures your assets are distributed according to your wishes and that your loved ones are taken care of after your passing.

Stay Educated and Flexible: The financial landscape is always evolving—tax laws change, new investment options become available, and economic conditions fluctuate. Staying informed and adaptable in your retirement strategy is key to long-term success. Regular meetings with a financial advisor can provide you with up-to-date insights and personalized advice tailored to your circumstances. By remaining educated and flexible, you can navigate the complexities of retirement planning and make decisions that protect and grow your wealth.

By adhering to these guidelines, you’ll not only meet your financial goals but exceed them, ensuring your retirement years are filled with the freedom and security you’ve worked so hard to achieve. Stay tuned for more insights and strategies in our upcoming newsletters, where we'll continue to explore ways to optimize your financial future.

Reach out to us for a complimentary, 10-minute consultation call. Let's explore together how we can help you protect your assets, ensuring your golden years are as fulfilling and worry-free as you’ve always imagined. Email Eric at [email protected] or give us a call today to schedule your consultation. Let's make your retirement dreams a reality!

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The Social Security Tax Trap: Who's to Blame and Why It Must End

Client: Eric, I've been hearing a lot about how Social Security benefits are taxed. Why are seniors paying taxes on money they've already earned, who put this burden on us in the first place?

Eric: This is one of the most unfair, yet least known, aspects of our tax system. To understand its origins, we have to go back to 1983. The previously untouchable Social Security program became the target of a bipartisan deal led by figures such as Alan Greenspan, who chaired the Commission on Social Security Reform. The economy was in trouble, and Washington needed additional revenue. Their solution? Balance the budget on the backs of retirees.

The Social Security Amendments of 1983 were pushed through Congress with both Democratic Speaker of the House, Tip O'Neill, and Republican President Ronald Reagan agreeing to this grim compromise. Reagan signed the bill into law, making it the first time that Social Security benefits would be subject to federal income tax. This broke the promise that Social Security would remain untouched.

Then, in 1993, the burden increased. Under President Bill Clinton, Congress expanded the taxation of benefits even further. Now, up to 85% of a retiree’s Social Security benefits could be taxed if their income exceeded a certain threshold—a threshold that hasn’t been adjusted for inflation in over three decades. This system forces seniors to pay twice on the same income.

Client: This is outrageous! But what would happen if these taxes were eliminated?

Eric: President Trump, the current Republican nominee, has pledged to eliminate these taxes if reelected. Should this happen, the benefits to seniors and the economy could be significant. First, it would provide immediate relief to millions of retirees, many of whom are struggling with the rising cost of living. Imagine the increase in consumer spending when seniors have more disposable income. The positive impact on the economy would be substantial.

Getting rid of these taxes would also restore the integrity of the Social Security system, ensuring it fulfills its original purpose: to provide financial security to those who need it most. Seniors shouldn’t be penalized for a lifetime of hard work. They should be allowed to fully benefit from their Social Security without the burden of excessive taxation.

Final Thought: The taxation of Social Security benefits is a prime example of broken promises and political manipulation. It tarnishes the nation's commitment to its elderly citizens. As the 2024 election approaches, this issue is back in the spotlight. Will the next president correct this wrong, or will seniors continue to suffer from Washington’s fiscal mismanagement? One thing is undeniable: it's time to end this unjust practice and restore dignity to America’s retirees.

Contact us for a free, brief 10-minute consultation. Together, we can discuss ways to safeguard your wealth and ensure your retirement years are as enjoyable and stress-free as you've envisioned. To arrange your consultation, send an email to Eric at [email protected] or call us today. We're here to help turn your retirement aspirations into reality.

Fixed annuities can be an essential component of a well-rounded retirement strategy, offering security, predictability, and efficiency in financial planning.

Here are current fixed annuity rates and their durations from Top A-rated carriers (subject to change at any time, not FDIC insured):

The Fed Has Announced 3 - .25% Rate Decreases In the Coming Months! Don’t Wait To Lock These Fixed Annuity Rates In Today!

3-year: 5.15% (under $100k Deposited)

3-year: 5.40% (over $100k Deposited)

5-year: 5.60% (under $100k Deposited)

5-year: 5.90% (over $100k Deposited)

Please feel free to email Eric at [email protected] if you’d like to ask any questions or request information on these fixed annuities or other retirement topics that are on your mind.

REAL ASSETS, Invest Like the Ultra-Wealthy 

Have You Considered Adding Gold or Bourbon to Your Investment Portfolio?

Given the current economic uncertainties, many savvy investors are turning to physical assets to safeguard their retirement funds. Tangible investments such as gold and even bourbon barrels are becoming increasingly popular. These Real Assets act as a strong shield against the effects of excessive currency creation and rising prices. They also offer excellent diversification options during times of economic stability.

Historically, physical assets have consistently outperformed other types of investments during economic downturns and market instability. They provide a trustworthy protection against potential financial turmoil. Including tangible assets in your investment strategy can be both wise and rewarding.

Considering today's economic volatility, investing in physical assets could be a prudent way to maintain the resilience of your financial plans. Would you like to explore how these tangible investments might enhance your portfolio?

Allocating funds into the asset class known as “Real Assets” may be a strategy that you should consider.

Ask us how to Rollover a portion of Your IRA or 401k To A BOURBON IRA (www.bourbon.fund/how-it-works/) or a GOLD IRA (see link below) and:

• Safeguard your assets from the collapsing dollar

• Incorporate the ‘REAL ASSET’ class into your portfolio like the ultra-wealthy

• Hedge against the current high-inflation conditions

• Protect your retirement assets against economic crises

Just get in touch. We make it easier than ever.

Feedback or Questions?

You’re invited to get in touch with us if you’d like to find out how the Novus Financial Group can help you on your journey to a happy, fulfilling life in Retirement. 

We have a lot of great information, as well as podcasts from our radio show ‘The Financial Insider’, and tools on our website - www.novusfg.com.

[email protected] www.novusfg.com [email protected]

Office: 614-943-2265

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Investment advisory services are offered by duly registered individuals on behalf of CreativeOne Wealth, LLC a Registered Investment Adviser. CreativeOne Wealth, LLC and Novus Financial Group are unaffiliated entities.

The content we provide here isn’t financial advice and cannot be taken as such. Please speak to your financial advisor before making any investment decision. Also, note that every investment comes with its risks and drawbacks. Lastly, we would like to remind you that past results cannot guarantee future returns.

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