Financial Planning

For many, financial planning seems like a daunting, frightening task. Using the right tools and creating a plan centered around your values and beliefs can deliver powerful feelings of comfort, hope, and excitement about your financial future.

Our advisors spend time teaching clients about money, markets, and investment options. We know each client is unique, with different values, dreams and goals. We won’t base your plan on ready-made software models or allocation plans that are generated by your age, your income, or your assets. Instead, we use our experience and expertise to design a customized solution that fits your specific needs and goals.

After building a personalized financial plan that meets your goals, you’ll rest easy feeling empowered, educated, and in control.

Accumulation Phase

In recent years, saving for a comfortable retirement has become more important than ever. It is quite possible that the average American will spend more than 30 years in retirement. When viewed in tandem with shrinking pensions and the crisis facing Social Security, it becomes quite clear that the responsibility of saving for retirement lies with each individual.

Longevity is not the only challenge facing pre-retirees today. It’s equally important to factor in the uncertainty of our financial system, the potential for a rising tax environment, and likelihood of encountering inflation.

At Wisdom Wealth Strategies, we work with our clients to understand and manage the risks and challenges of saving for retirement. We help clients understand how their retirement planning picture is affected by the financial environment. Through constant adjustment and monitoring, our clients accumulate the wealth they will need to sustain the retirement they desire.

Creating Income

In creating an income stream to support retirement, it is crucial to understand the balance between preserving principal, generating income, and producing opportunities for growth. A common concern among retirees is the possibility of outliving their income and depleting their savings. Before starting a distribution plan, it is critical to consult a financial professional who is an expert in creating income streams and preserving principal.

It is also important for clients to understand the impact of applying for Social Security benefits early versus waiting until full retirement age. At Wisdom Wealth Strategies, we help our clients determine the most advantageous strategy for their individual situation.

College Planning

According to recent studies, college tuition increases about 8% per year. An 8% annual increase means that the cost of college doubles every 9 years! For some parents, helping their child achieve a college education is one of the highest priorities. For other parents, it is important to provide funds that can satisfy a range of future needs for a child.

We assist parents as they plan for their children’s needs, whether the need is college planning or planning for the purchase of a child’s first car. Tax laws provide opportunities for parents to take advantage of savings plans and tax-advantaged plans. We guide our clients in deciding which of the many options is best for their needs.

Tax Planning

An old saying reads, “It’s not what you make. It’s what you keep.” At Wisdom Wealth Strategies, we keep this philosophy at the core of our financial planning philosophy. We specialize in helping clients understand the actions that create taxable income, the ways to use deductions most effectively, and the impact taxes have on pre-retirement and post-retirement planning.

We work closely with each client’s tax professionals to ensure that our actions complement the tax planning strategies in place. We also work closely with tax professions to proactively implement strategies to reduce the tax liability faced by our clients.

Estate Planning

Our clients feel tremendous satisfaction when they consider the impact their life’s work has on the next generation of their family and the charities and groups they support. We take great pride in helping individuals direct the benefits of their wealth to the people, places, and groups that fulfill their passions.

Many tax law changes are on the horizon for individuals as they consider their wealth transfer options. We work diligently, with the help of qualified estate attorneys and tax professionals, to keep our clients updated and their planning documents current and effective.

View our resources and Estate Toolkits

See Estate Toolkits

Planning for Seniors

Factors that Affect Seniors

With pensions disappearing, uncertainty surrounding Social Security, and care costs rising, many seniors are spending down the assets that support the type of care they need. The financial aspect is significant, but there are additional important factors to consider:

·It is vital for each senior to creating an effective estate plan which includes drafting power of attorney documents as well as picking a trustworthy executor and outlining your wishes.

·Long-term care costs are increasing by 3.3% every year and the primary payer of care is Medicaid, followed by Medicare, and then personal funds. The coordination of payments is very important when developing a personalized care plan.

·There are benefits specific to servicemen and women as well as surviving spouses. These benefits need to be carefully coordinated with other planning aspects and require expert supervision.

At Wisdom Wealth Strategies, we navigate through these factors with our clients and connect them with qualified professionals who specialize in these areas to create a comprehensive plan that addresses the unique challenges that seniors face.