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There are more retirement options available than ever before, which has led to no end of available retirement advice and tips. And yet, all of these choices and paths don’t necessarily lead to more confident, financially secured Americans. In fact, nearly 40% of all Americans risk running out of money at some point during their retirement, caused by a combination of everything from poor planning to inflation to economic downturns.

How Can a Financial Advisor in the New York Tri-State Area Help?

The right financial advisor doesn’t present you with dozens of retirement accounts and then leave you to your own devices. Instead, they’ll learn more about how you spend, what you want from your golden years, and what you’re willing to sacrifice to get there. While you ultimately make the final decisions, they give you the confidence to settle on a path.

If you’re feeling exhausted by the very idea of “optimizing your portfolio,” you’re not alone. It takes a lot of time and effort to break down these vague goals into actionable steps. Few adults have the time and energy to go about it on their own. It’s why so many adults put off their retirement plans even as they make strides in other financial areas (e.g., the stock market, real estate, etc.).

At Prime Income Advisors, Sean Woodrow helps clients put their options into perspective. He helps you see that tactics like secure income planning can form the framework that guides you the rest of the way. From your investments to your life insurance policies to your health care plans, you can rely on secure income to carry you through nearly every conceivable event (planned or otherwise).

Retirement Income Planning

What does it really mean to pay for your expenses when you retire? How do you distribute your money so it doesn’t run out when you hit unexpected emergencies? How much number crunching will you need to do every time inflation takes a hike or the economy takes a tumble?

These questions should be difficult to answer, because they aren’t straightforward, and the specifics depend on the individual asking. If you’ve been feeling overwhelmed, you may want to learn more about secure income planning.

How Does Secure Income Planning Help Me Finance My Retirement?

During your career, secure income typically refers to your salary. While you can lose your job at any time for any reason, your paycheck is usually the most dependable form of income you have. Secure income planning in the New York Tri-State area refers to a retirement strategy where you bring in as much money as possible every month, so you don’t have to rely quite so much on your savings.

When you work with the right financial advisor, like Sean Woodrow at Prime Income Advisors, you can learn far more than just “How much do I need to retire?” As you explore your revenue options, whether they come from rental properties or stock dividends, you can start to see how you can preserve your savings without compromising your quality of life.

If you’re asking how to plan your retirement income, the underlying principles aren’t so different from standard investment principles. The more diversified your income, the more reliable it will be. Sean can show you how to build your percentages, bringing in money from as many sources as possible, until you reach numbers you can sign off on. What’s more, he’ll do this with an eye on the rest of your portfolio, so you’re comfortable with your margins. No matter what your retirement age is, secure income can help you maintain and grow your estate, so you still have plenty to leave behind for the next generation.

Life Insurance

Life insurance may not be an off-limits topic of conversation, but the sheer number of options and policies makes it a confusing road to trudge down. It’s how people end up putting it off or choosing the wrong policy. When life insurance can last as long as you do or for as little as a year, it can help to talk to a financial advisor about the right decision for your portfolio.

How Does Life Insurance Impact Your Retirement Goals?

Life insurance plays a big part in not just your descendants’ or beneficiaries’ lives, it can also play a big role in your life. Because some permanent life insurance policies have savings components, it is possible (if not always preferable) to dip into your life insurance to pay for unexpected expenses or emergencies.

If you’re starting from scratch, you have two major options: permanent or term life insurance. Permanent life insurance has no expiration date, whereas term life insurance will expire if your beneficiaries don’t use the policy. So, you might set up a policy that expires when your youngest child turns 25 or the day of their college graduation.

Term life insurance is usually very affordable for its coverage terms, which makes it a popular option. However, for some people, it will actually hurt their retirement goals if that’s all the protection they have.

If you have questions about life insurance, whether it’s about the carrier or the real-world benefits of each policy, a financial advisor can help you see through the legalese to the reality of the situation. At Prime Income Advisors, Sean Woodrow helps clients in the New York Tri-State area take a closer look at their financial decisions, so they can formulate a more comprehensive strategy.

Whether you’re planning a luxury retirement or you have a far more modest lifestyle in mind, the right life insurance policy can bolster nearly anyone’s future. Plus, it can be sensibly worked into the rest of your estate planning, so you can align all your accounts and holdings to your long-term goals.

Efficient Tax Planning

Planning your taxes can be a frustrating experience for anyone. Those who know the ins and outs of the system may struggle to make the most cost-effective decisions. Those who know little about the system may take shortcuts to save themselves the hassle. These are common ways to deal with a ubiquitous problem, but unfortunately, they explain why people often overpay on their taxes.

Why Does Efficient Tax Planning Matter?

Consider how much money you spend on your taxes. Now ask yourself what you might do with that money if it didn’t all go to the government. This isn’t about stiffing society or not giving your fair share, but about rethinking the rules so they work more to your advantage.

To a financial advisor, efficient tax planning is more than just examining receipts and claiming every potential dollar. Even more than a CPA, they’re looking at your investment strategies, your retirement goals, and your overall lifestyle. So, if you’re the type of person to roll profits from one venture right into the next one, they can structure your taxes so you’re not wasting a single penny.

For example, if you sell a rental property for 50% profits and you don’t want to pay capital gains, you can do a 1031 exchange to defer taxes by funneling the money into a new, more lucrative property. These types of tactics, of which there are many, help you reap more while you’re still working, so you can retire with more than enough on hand.

Local, state, and federal taxes affect your portfolio in both small and big ways. If you’re looking for a financial advisor that can help you detangle the tax codes, Sean Woodrow at Prime Income Advisors can help. If you’re in the New York Tri-State area, he can help you put together a more stringent plan, whether you file every quarter or every year. Whether you open trusts or reclassify your assets, you can start taking proactive steps that end with more money in your pocket.