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Wealth and Estate Planning

Let’s look at a hypothetical example of how a home-equity conversion mortgage (HECM) could be used to help you increase your retirement income and be sure to leave a legacy to your heirs. Mr. Moon is 70 and Mrs. Moon is 68 years old. They are in very good health and have been retired for almost fifteen 15. When they retired, their pension was more than enough to cover all of their living expenses.  read more »

 
Building Wealth

Fall is officially here — and if you’re like most people, you’re probably wondering how summer went by so fast. Those trips to the lake or the beach are fading in memory now, giving way to helping kids with homework, raking leaves and the other rites of autumn. And just as your day-to-day tasks change with the seasons, so, too, will your money management and investment activities at different phases of your life.

Here’s how these scenarios might look:

Phase one: Planning for possibilities — When you’re young and you’re starting out in the working world, your most immediate financial concerns may be to pay off student loans and then, possibly, save for a down payment on a house. read more »

 
Building Wealth

Over the years we have worked with a lot of retired teachers. The type of teacher’s retirement plan you have determines how your benefits are calculated and which components are available to you. Many of the teachers we have met with, who are considering and transitioning into retirement, have benefits based on two parts from the Department of Retirement Systems commonly known as DRS:

  1. The pension component, which is called the defined benefit program, and
  2. for those in Plan 3, the retirement savings component called the defined contribution program.

One question many retiring teachers ask is, “Should I purchase the additional service credits?” At the time of this article, purchasing additional service credits is currently available for all TRS Plans 1, 2 and 3. read more »

 

You probably have thought about what you’d like to do during your retirement years. But all your plans probably depend, to at least some extent, on your financial situation. What happens if you reach the age at which you wish to retire and you just don’t have the money you thought you’d have?

If this occurs, it’s time for “Plan B.” What does that look like? Here are a couple of possibilities:

Continue working. If you like your job, you may not mind working an extra year or so. You’ll be bringing in more income and contributing more to your 401(k) or other retirement account — and, perhaps almost as importantly, you may be able to avoid tapping into these retirement accounts, thus giving them more time to potentially grow. read more »

 

Kitsap Community Foundation and BNY Mellon Wealth Management are partnering to offer a free seminar on “Leveraging Charitable Gifts in the Current Low Interest Rate Environment.” This continuing education seminar is intended for Kitsap County estate-planning professionals including attorneys, financial planners, CPAs and insurance brokers.

The seminar will include breakfast and a presentation by BNY Mellon wealth strategist Justin Miller. In addition to learning how the Kitsap Community Foundation can help their clients achieve their charitable goals, professional advisors and development professionals will learn practical solutions and innovative ways to introduce their clients to timely and advantageous charitable gifting solutions. read more »

 
Building Wealth

If you’ve been self-employed and find yourself retired, you probably missed the ceremony where the office chips in to buy you a watch or gives you cruise tickets and hosts a forgettable lunch in a local restaurant. Then they all go back to work, comment on what a fine person you are/were, how you will be missed, how much better and efficient it is with younger people now in charge, and you begin receiving pension and retirement benefits, maybe the company lets you stay on their health and dental, vision and massage and generally generous benefits package. read more »

 
Building Wealth

Which is better: To retire without a mortgage or keep the mortgage and retire with a bigger nest egg?

More Americans approaching retirement face what some describe as worrisome levels of debt.

Consider: More than half (55 percent) of the American population aged 55 to 64 carry a home mortgage, according to a paper presented at the 15th annual Joint Conference of the Retirement Research Consortium in August.

What’s more, that debt isn’t going away after retirement. Among people aged 65 to 74, almost half had mortgages or other loans on their primary residences. read more »

 
Building Wealth

Think you’re not wealthy enough for an estate? Think again. Even a child with a savings account has an estate.

Think your estate isn’t big enough to warrant an estate plan? Consider this: Where do you want your possessions to go when you pass away? Do you want to provide for your family after your death? Leave a philanthropic legacy? Reduce taxes? Ease the transition of your business?

An estate is nothing more than possessions of value that can be transferred to another individual or entity upon death. So essentially everything you own — property, bank accounts, investments, business interests, retirement benefits, IRAs, insurance policies, fine art, collections, jewelry, clothing and other personal belongings read more »

 

Harrison Medical Center Foundation (www.harrisonfoundation.org) is offering a series of educational presentations focused on estate planning.

Presented by Tom Deichert, a certified financial planner, the “Wealth to Legacy” series is designed to provide attendees with a comprehensive overview of a disciplined approach toward connecting heartfelt goals with appropriate tools and techniques to both optimize and protect family wealth. Participants will receive a binder to assist in plan design, organization and management that they can then use as a foundation for discussions with their family and other advisors. read more »

 
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