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How you picture your retirement has a lot to do with your background. Some people see themselves comfortably traveling the world, taking in all the sights that they may have missed during their working years. Others might find themselves fretting over all the ways that something could go wrong (illness, injury, economic collapse, etc.)
No matter which camp you fall into—or even if you land squarely in the middle—having a financial advisor can make a difference in how you get ready for (and enjoy) your golden years. You already know that there’s no such thing as preparing for every emergency, but there is such a thing as setting yourself up for success.
At the Montana Retirement Income Advisory, you’ll learn everything you need to know and more about what that looks like in practice. Financial advisor Shane McCann can help you solve a puzzle that may not seem to have any answers at first glance.
What’s the Best Retirement Strategy in Montana?
The best strategy for retirement is one that’s carefully honed over time. You should work with an expert who understands not only what your lifestyle is like, but also who you want to take care of along the way. Whether it’s your spouse or your grandchildren, the people in our lives can have a big impact on how and where money is spent. This isn’t a matter of following stock advice and hoping for the best. Saving for a million dollars is an admirable goal, but most financial professionals wouldn’t call it a rock-solid plan.
Shane can tell you more about how secured income can play a role in how much money you have to spend during your retirement and why it’s so important to hammer down your income sources now. If that sounds nerve-racking, you can relax. It’s as easy as:
1. Understanding how much money you can save every month.
2. Allowing an advisor to manage a portion of that wealth.
3. Enjoying a worry-free retirement in peace.
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Wealth Management
When you reach a certain echelon of wealth, your financial plans have to be more than just maximizing your margins. Legal, tax, estate: there are multiple components that dictate everything from your retirement lifestyle to how much you leave your descendants. If you’re not paying attention to the details, you could end up paying the price.
What Is Wealth Management in Missoula, Montana?
Simply put, wealth management is a service that a financial provider provides when you want to do more than just maintain your portfolio. They’re able to look at all of your holdings, including how they’re divided, as a part of a bigger picture. If you want to have more control over your retirement, they can show you how opening a trust can reduce your taxes.
If you want to insulate some of your riskier ventures from a fluctuating market, they can watch your investments and advise you. They can lay out the advantages and risks of every move, so you can make the best decisions for you and your family —even when the economy takes a turn.
At the Montana Retirement Income Advisory, a boutique retirement firm, you can speak to a financial expert who understands the benefits of a cohesive portfolio. Shane McCann is a professional who knows how to customize his strategies for each client. He’s also able to work with people on their level, no matter what kind of lifestyle they want to lead. Whether you picture yourself in a modest home or want a little more luxury during your golden years, there are ways to get there with this financial principle.
Wealth has a tendency to overwhelm people, largely because it takes a lot of time to really delve into how each financial decision will affect the rest of the chain. The ripple effects of opening even one extra account can stretch further than people realize. When you have a financial advisor you can trust, it’s a lot easier to feel confident about where your assets are taking you
maximizing social security
If you’re interested in maximizing Social Security, you should know that making the effort can make a real difference to your retirement plans. While you can’t survive solely on the benefits, they can be a substantial contribution to your secured monthly income. The money can help you cover everyday expenses, so you have enough to handle the inevitable emergencies. At the Montana Retirement Income Advisory, a boutique retirement firm, you can learn how this money can fit into a broader income plan.
Maximizing Social Security
Social Security was designed to be a social security net, though the changes it’s endured over the years have been substantial. In 1935, when the program first began, it may have served as a potential fail-safe for Americans who hadn’t saved enough for their retirement. In this day and age, the reverse is more true. The odds of a person getting by on just a monthly benefit check from the government are slim.
The tumbling numbers don’t necessarily mean that you should discount the income source. In fact, a qualified financial advisor can tell you more about how you can maximize Social Security, so you’re certain that you aren’t leaving any money on the table.
This government program pays different people different amounts, so it’s important not to base your expectations on the experience of a friend or family member —no matter how much or how little they receive. A financial advisor can tell you more about how everything from your profession to your annual income affects your account.
The catch is that it’s important to file correctly the first time around, rather than trying to change your forms retroactively. It is possible to get backpay from the government if you make a mistake, but the effort it takes can be substantial. If you’re interested in learning more about how to maximize Social Security, it helps to talk to someone who knows the rules backwards and forward. You might be pleasantly surprised by the time it’s all said and done.
Retirement Income Planning
When you think about your portfolio, you probably think about the different asset classes that you have. Stocks, real estate, bonds: however you split up your funds, the goal is to be as well–rounded as possible. You want to have enough diversity to protect yourself in the event of a low point, but you don’t want your holdings to be chosen at random either.
This is how you should (ideally) think about your retirement,too. There needs to be a clear theme to your income, so you can keep up with what’s coming in against what’s going out. A qualified financial advisor can tell you more about how secured income planning works, and why it’s necessary for nearly all retirees to curate their own version of it.
Retirement Income Planning in Montana
If you’re wondering how to plan your retirement income, it comes down to having enough to feel comfortable no matter what life throws at you. Whether you want to pay for a descendant’s education or just enjoy a little luxury now that you don’t have to be at a 9 to 5, the goal is to amass different revenue streams. You’re ultimately trying to replace your steady paycheck with money that’s every bit as reliable.
When you have questions about how that income breaks down, a financial advisor can help you fill in the gaps. At the Montana Retirement Income Advisory, you can learn more about how to prepare for what’s ahead. No matter what your retirement age is, they’re available to answer questions and learn more about how you envision your golden years. If you’re searching “how much do I need to retire?”, it’s likely because you feel uncertain about the right number for you.
Social Security, rental income, dividends: there are multiple ways to earn money when you reach retirement, separate and apart from your savings account. You may even want to take a part–time job in a field you’re passionate about. Whatever it is, a financial advisor is there to quantify your secure income so you have more than enough.
Life Insurance
A life insurance policy can provide for your loved ones in case you pass away, but the process of choosing a policy is more than answering a few simple questions. If you don’t know what you’re signing up for, it will likely be your descendants and dependents that end up holding the short end of the stick. At the Montana Retirement Income Advisory, a boutique retirement firm, you can work with financial advisor Shane McCann to decide the right policy for you. He understands the details behind each term and condition, and how they play out in real life when certain events occur.
What Is the Right Life Insurance Plan in Missoula?
The reality is that everyone will have a different definition of the right life insurance for them. Some people are drawn to term life insurance policies, not only because they’re more affordable, but because they’re straightforward. With a term policy, there’s an expiration date on the benefits. So maybe you determine the last date of your policy will coincide with a milestone birthday of one of your children. For instance, when they turn 25, they’re no longer eligible for benefits, as they’ll be able to provide for themselves. If, for whatever reason, you feel differently by the time your policy expires, you can talk to a financial advisor about the best way to move forward.
Some clients at Montana Retirement would prefer to explore the world of permanent life insurance policies. With a permanent policy, there is no expiration date —your loved ones will be able to collect the benefits regardless of when you pass away. However, many permanent policies also offer a savings component, one where you can withdraw against your policy if and when an emergency occurs. Whether or not this is the right decision will depend on everything from the stability of your overall portfolio to the lifestyle you’re looking for during your retirement. Before you make assumptions about how life insurance works, it’s important to talk to someone who knows.
Efficient Tax Planning
Efficient tax planning is a financial principle in Missoula that can help you rethink what your taxes can do for your portfolio. If you’ve been thinking of them as largely a burden, being more efficient may have you reconsidering your views on the matter.
The Basics of Efficient Tax Planning
For most people, they have a system worked out as to how they file. Some file every quarter, estimating how much they owe and then seeing how close they got by the end of the year. Others itemize every deduction down to the penny, saving all their documentation so they can justify each and every expense.
No matter how you file, though, it’s likely that you’re missing out on opportunities you didn’t even realize were there. Whether you rely on an accountant or you’ve been handling it all on your own since your first job, a financial advisor can tell you how to be a little more efficient about what you pay the government and what you get to keep for yourself.
Taxes aren’t just standard deductions and income-driven percentages. Every word of the federal, state, and local tax codes can affect your bottom line. If you don’t understand how they work, you can end up overlooking a way to save. A financial advisor like Shane McCann at the Montana Retirement Income Advisory has the time and the patience to work through the jargon before determining how to use each rule and restriction to your advantage.
Plus, McCann is paying attention to any changes that might be on the horizon in Missoula. (Federal codes may not change very often, but state and local codes can.) No matter what industry you’re in or how much money you make, he can help you prepare for new laws, restrictions, exceptions, etc. Even more than an accountant, he can help you avoid being caught unaware. As your portfolio ebbs and flows with the market, you can count on McCann to adjust your tax plans as needed.
College Planning
College planning is undoubtedly a lot of work for parents and students alike, and this is true no matter how financially comfortable they are. The essays, the books, the classes, the dorms—there are endless decisions to be made. If you’re asking, “how much savings do I need,”you should know that everyone will have a different sweet spot.
Parents have to consider not only the sticker price of tuition, but also what kind of education their child will want. Some students will want to spend a year studying abroad. Others will want to go to med school or get their Ph.D. Some are comfortable taking a part–time job so they can pitch into help with expenses. Talking to a financial advisor is a way that both of you can hammer out the terms of the agreement, so there’s no confusion about how all of the costs will be covered.
How to Plan for Higher Education in Montana
Planning for college can feel like something of a minefield these days. For years, students have been saddled with loan debt they can’t afford to pay off. Paying interest for a degree that they may not even use (or use in a way that’s financially lucrative) can be demoralizing at best and debilitating at worse. While there’s no telling what the future will bring, there is a way to prepare for success in the economy of tomorrow.
At the Montana Retirement Income Advisory, you’ll find an experienced staff that can tell you more about how to leverage your portfolio for college planning. Shane McCann not only has deep knowledge of how to make your money work for you, but he understands how you can spend the money without endangering your retirement.
Whether you want to pay for a portion or all the expenses, you can count on McCann to give you concrete advice. He’ll help you make the final decisions before he starts putting the final plan in motion. This is an important financial investment, so it is worth paying attention to the details.