Retirement Planning Services
Retirement planning is a crucial aspect of securing a comfortable and enjoyable future. At Sovereign Wealth Management, we understand the importance of preparing for this stage of life and that not everyone nearing retirement is equally prepared. Our approach to retirement planning revolves around three pillars: Social Security and income planning, Medicare planning, and investment management.
- Social security provides a reliable, if modest, source of income for retirees. We will help you understand the best time to start collecting benefits, considering factors such as your age, assets, and current income.
- Medicare is a federal health insurance program for people aged 65 and older, and we will help you understand the options available and how to maximize your benefits.
- Investment management involves creating a tailored investment strategy to meet your specific risk tolerance and retirement goals to secure your future financial well-being so that you can thrive in retirement.
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At Sovereign Wealth Management, we believe that a complete retirement plan incorporates all three pillars, ensuring a secure and comfortable future. Our team will work with you to develop a strategy that takes into account all aspects of your situation based on all three pillars.
Learn More About Social Security
Social Security is a government-run program that provides retirement, disability, and survivor benefits to eligible individuals. The program is funded by payroll taxes paid by workers and their employers. When an individual retires, they become eligible to receive Social Security retirement benefits based on their lifetime earnings. The amount of the monthly benefit is determined by a formula that takes into account the average of an individual’s highest 35 years of earnings, adjusted for inflation.
Social Security is a crucial component of retirement planning and is an essential source of income for many retirees. It is important for individuals to understand how Social Security works, as it can have a significant impact on their retirement income. Social Security benefits can help provide a steady stream of income and reduce the financial stress that many retirees face. In addition, Social Security provides benefits to eligible survivors and disabled individuals, making it an important part of estate planning as well.
Social Security benefits are designed to be a foundation for retirement planning and are not meant to be the sole source of retirement income. To achieve a secure retirement, it is important to have a diversified retirement income strategy that includes Social Security benefits, savings, and other sources of income.
At Sovereign Wealth Management, our goal is to help clients develop a comprehensive retirement plan that includes Social Security as an important component. Our team of professionals can help guide you through the process of applying for Social Security benefits and help you understand how to make the most of your benefits in retirement.
Learn More About Medicare
Medicare is a government-run healthcare insurance program for people over 65 and those with certain disabilities. It was established in 1965 and is funded by taxes, premiums, and out-of-pocket payments from beneficiaries. Medicare covers a range of health services, including hospital stays, doctor visits, and some preventive care.
For those preparing for retirement, it is important to consider the cost of healthcare in their overall financial planning. Medicare is a crucial component of this plan as it is designed to help cover a significant portion of medical expenses during retirement. Without proper planning, retirees can face steep medical bills, which can erode their retirement savings.
In addition to the standard Medicare program, there are also options for supplementary insurance policies, such as Medigap, which can help fill in the gaps in coverage and provide more comprehensive coverage for beneficiaries. It is important to consider these options as part of a comprehensive retirement plan to help ensure that retirees have the coverage they need to meet their healthcare needs in retirement.
In short, Medicare is a crucial component of any retirement plan, and it is essential to consider its benefits and limitations as part of a comprehensive retirement strategy. By considering Medicare as part of the larger retirement picture, we help individuals and families ensure that they are prepared for the costs of healthcare during their golden years.
Learn More About Investment Management
Investment management plays a crucial role in the Retirement Planning process in ensuring a comfortable retirement. It involves setting specific financial goals and taking calculated steps to achieve them. This includes creating an appropriate investment portfolio, monitoring market trends, and making informed decisions based on your risk tolerance and future needs.
At Sovereign Wealth Management, our experienced professionals help clients develop a personalized retirement plan that considers all aspects of their financial picture.
This includes efficiently structuring clients’ investment portfolios to supplement their fixed income streams in retirement including either Social Security or a private pension. We also help clients create a budget to determine their current and future expenses, which is a necessary step to understanding how much money they need every month in retirement and where that money will come from. By working with us, clients can feel truly confident in their ability to achieve a sustainable financial plan for their future.
Ready to Get Started?
Are you ready to take control of your financial future? Reach out and schedule an appointment to discuss how Sovereign Wealth Management can help you work towards true financial independence with our comprehensive fiduciary services today.
This is not endorsed by the U.S. government or associated with any federal Medicare program.
This is not endorsed or affiliated with the Social Security Administration or any U.S. government agency.