This depends on your personal financial goals, but a good rule of thumb is to put away at least 10% of your income. If you want to reach financial independence or freedom, you should be putting away 15-30% of your income.

*Disclaimer: The above momentous decision is used to illustrate common financial decisions you will encounter on your financial journey. They should not be construed as financial advice for your particular situation. Please get in touch with a qualified financial advisor to discuss the financial decisions you are currently needing guidance with.

This depends on each clients situation, but a good plan is to have at least 6-9 months of monthly expenses in an account for emergencies.

*Disclaimer: The above momentous decision is used to illustrate common financial decisions you will encounter on your financial journey. They should not be construed as financial advice for your particular situation. Please get in touch with a qualified financial advisor to discuss the financial decisions you are currently needing guidance with.

This is a question your wealth advisor can help with. Everyone’s tax situation is different. If you are in your 40’s or 50’s, contributing more to your Roth IRA or Roth 401k can give you more tax control in the future because withdrawals from Roth accounts are tax-free.

*Disclaimer: The above momentous decision is used to illustrate common financial decisions you will encounter on your financial journey. They should not be construed as financial advice for your particular situation. Please get in touch with a qualified financial advisor to discuss the financial decisions you are currently needing guidance with.

This is a question your wealth advisor can help with when creating your financial plan. Ex. If you retire at 55, you will want at least 5x your expenses saved in a taxable account. If your expenses are 70k/ year , you should strive to have at least 350k saved in a taxable investment account.

*Disclaimer: The above momentous decision is used to illustrate common financial decisions you will encounter on your financial journey. They should not be construed as financial advice for your particular situation. Please get in touch with a qualified financial advisor to discuss the financial decisions you are currently needing guidance with.

This is a question your wealth advisor can help with when creating your financial plan. We can so show different social security strategies to show you how to maximize your benefits.

*Disclaimer: The above momentous decision is used to illustrate common financial decisions you will encounter on your financial journey. They should not be construed as financial advice for your particular situation. Please get in touch with a qualified financial advisor to discuss the financial decisions you are currently needing guidance with.

This depends on your goals, but I good rule of thumb, is under 5%. Your wealth advisor can run different withdrawal scenarios and the impact on your wealth and legacy over your retirement life.

This is a question your wealth advisor can help with when creating your financial plan. Whether you should accelerate your pension option or postpone taking it are centered around what is best for your financial plan.

*Disclaimer: The above momentous decision is used to illustrate common financial decisions you will encounter on your financial journey. They should not be construed as financial advice for your particular situation. Please get in touch with a qualified financial advisor to discuss the financial decisions you are currently needing guidance with.

This is a question your wealth advisor can help with when creating your financial plan. There are several approaches you can take. Traditionally, tax professionals suggest withdrawing first from taxable accounts, then tax-deferred accounts, and finally Roth accounts where withdrawals are tax free. The goal is to allow tax-deferred assets the opportunity to grow over more time. Each clients situation is unique and using our planning first approach, we develop a customized withdrawal strategy for maximizing your after-tax income.

*Disclaimer: The above momentous decision is used to illustrate common financial decisions you will encounter on your financial journey. They should not be construed a financial advice for your particular situation. Please get in touch with a qualified financial advisor to discuss the financial decisions you are currently needing guidance with.

This depends on several factors, including your current and future financial situation, tax implications, and long-term retirement goals.

A Roth IRA is funded with after-tax dollars, meaning contributions are not tax-deductible. However, qualified withdrawals in retirement are tax-free, including both contributions and earnings. Additionally, Roth IRAs do not require minimum distributions during your lifetime.

Factors to Consider

1. Current and Future Tax Bracket: The primary consideration for converting your IRA to a Roth IRA is the difference in your current tax bracket versus your expected tax bracket in retirement. If you anticipate being in a higher tax bracket during retirement, converting to a Roth IRA might be beneficial, as it allows you to pay taxes now at a potentially lower rate.

2. Time Horizon: The longer you have until retirement, the more time your investments have to grow tax-free within a Roth IRA. This can increase the potential benefits of converting, as your contributions and earnings will grow tax-free and can be withdrawn tax-free during retirement.

3. Ability to Pay Taxes: Converting to a Roth IRA requires paying taxes on the converted amount in the year of the conversion. It is crucial to have enough funds available outside of your IRA to cover the tax liability without impacting your financial stability.

4. Estate Planning: Roth IRAs offer unique estate planning advantages, as they do not have required minimum distributions (RMDs) during your lifetime. Converting to a Roth IRA can help you leave tax-free assets to your heirs, potentially maximizing the wealth transfer.

Seek Professional Advice

Making the right decision regarding an IRA to Roth conversion is not a one-size-fits-all approach. Consult with a qualified financial advisor or tax professional to assess your specific financial situation, retirement goals, and tax implications.

This is a question your wealth advisor can help with by doing a Roth Conversion Analysis.

*Disclaimer: The above momentous decision is used to illustrate common financial decisions you will encounter on your financial journey. They should not be construed as financial advice for your particular situation. Please get in touch with a qualified financial advisor to discuss the financial decisions you are currently needing guidance with.

It all comes down to your interest rate and your cash flow. Do you have a low interest rate? What is your current mortgage payment and what percentage of your expenses does it represent? What would you do with the money if you didn’t pay off your home?

*Disclaimer: The above momentous decision is used to illustrate common financial decisions you will encounter on your financial journey. They should not be construed as financial advice for your particular situation. Please get in touch with a qualified financial advisor to discuss the financial decisions you are currently needing guidance with.

This is a question your wealth advisor can help with when creating your financial plan. Every clients situation is unique. Doing a budget is crucial to understand your needs. We factor in your wants and wishes as well in your financial plan, like travel, gifting and legacy goals. Your desired lifestyle determines how much you need to have saved to retire comfortably.

*Disclaimer: The above momentous decision is used to illustrate common financial decisions you will encounter on your financial journey. They should not be construed as financial advice for your particular situation. Please get in touch with a qualified financial advisor to discuss the financial decisions you are currently needing guidance with.

This is a question your wealth advisor can help with when creating your investment strategy and financial plan.

We use a process for finding the optimal level of investment risk for you to take as a client by balancing the risk required to meet your goals, your risk capacity and your individual risk tolerance.

Risk Required is the risk associated with the return required to achieve your goals as related to your financial plan.

Risk Capacity is the level of financial risk the you can afford to take.

Risk Tolerance is the level of financial risk you are emotionally comfortable with.

There is often a mismatch between risk required, capacity and tolerance.

*Disclaimer: The above momentous decision is used to illustrate common financial decisions you will encounter on your financial journey. They should not be construed as financial advice for your particular situation. Please get in touch with a qualified financial advisor to discuss the financial decisions you are currently needing guidance with.

This is a question your wealth advisor can help with when accessing your complete financial picture. Life insurance can continue to play a crucial role even after you retire. Let's delve into why it's still beneficial to maintain life insurance coverage in your golden years.

Covering Outstanding Debts

Retirement doesn't necessarily mean that all debts are automatically wiped away. If you have outstanding credit card balances, mortgage payments, or loans, your loved ones could be responsible for settling those debts in the event of your passing. Life insurance provides a financial safety net that helps ensure that your beneficiaries won't be burdened with any leftover liabilities.

Protecting Your Loved Ones

Even though you may have saved diligently for retirement, unexpected expenses can arise. Life insurance can act as a safeguard for your loved ones in case of emergencies, such as medical bills, funeral expenses, or estate taxes. These costs can quickly deplete your retirement savings and hinder your family's financial stability. By maintaining life insurance, you provide your beneficiaries with the necessary funds to handle these unforeseen circumstances.

Inheritance and Estate Planning

For those intending to leave a legacy for future generations, life insurance can be an invaluable tool. It can provide a tax-efficient way to transfer wealth by designating your beneficiaries. Life insurance proceeds typically bypass the probate process, ensuring a timely and straightforward transfer of funds. This allows you to preserve your estate's value and provide your heirs with financial security.

Supplemental Income Stream

In retirement, having a steady income stream is vital to maintain your desired lifestyle. Some life insurance policies, such as permanent life insurance or annuities, have a cash value that accumulates over time. These policies can potentially become a source of supplemental income during your retirement years. By partially or fully withdrawing from the policy's cash value, you can supplement your retirement income or cover unexpected expenses.

Leaving a Charitable Legacy

Life insurance can also be utilized to support charitable causes that align with your values. By naming a charitable organization as the beneficiary of your policy, you can provide substantial financial support even after your passing. This allows you to leave a lasting impact and contribute to causes that are important to you.

*Disclaimer: The above momentous decision is used to illustrate common financial decisions you will encounter on your financial journey. They should not be construed as financial advice for your particular situation. Please get in touch with a qualified financial advisor to discuss the financial decisions you are currently needing guidance with.

This is a question your wealth advisor can help with when accessing your complete financial picture. We can run stress test scenarios to see the impact on your financial plan. Get in touch today.

*Disclaimer: The above momentous decision is used to illustrate common financial decisions you will encounter on your financial journey. They should not be construed as financial advice for your particular situation. Please get in touch with a qualified financial advisor to discuss the financial decisions you are currently needing guidance with.

This is a question your wealth advisor can help with when accessing your complete financial picture. We can show you all the options available today and run stress tests to determine the best option for coverage.

*Disclaimer: The above momentous decision is used to illustrate common financial decisions you will encounter on your financial journey. They should not be construed as financial advice for your particular situation. Please get in touch with a qualified financial advisor to discuss the financial decisions you are currently needing guidance with.

This is a question for your estate planning team. Your wealth advisor can help refer you to someone who can help.

*Disclaimer: The above momentous decision is used to illustrate common financial decisions you will encounter on your financial journey. They should not be construed as financial advice for your particular situation. Please get in touch with a qualified financial advisor to discuss the financial decisions you are currently needing guidance with.

This is a common financial decision in retirement. Reducing overhead and debt are crucial for most people when they retire. A wealth advisor can show how this would impact your financial plan.