Covering All Your Financial Planning Needs
A sound financial plan is one that’s comprehensive and addresses each one of your financial needs – from insurance to investments to retirement.
Building The Retirement of Your Dreams
You work hard as a physician to care for others, and it’s a labor love. But you shouldn’t forget to take care of yourself, and that includes planning for your future after you’ve finished working.
Building a sound financial strategy for retirement is challenging and multi-faceted. There’s a lot to think about and includes questions such as “Where will my retirement income come from?”
Building a retirement distribution strategy
It’s crucial to determine much money you can withdraw each year to ensure that your savings and investments last your entire retirement.
One long-held rule for retirement distribution is the 4% rule. It helps establish how much retirees can withdraw each year without running out of money. Whether the 4% rule works for you depends on your retirement goals, time horizon, and risk tolerance.
Determining your long-term retirement objectives
Establishing your retirement goals is crucial for building your dream retirement.
There are many things to consider for the distribution of your retirement funds, including what to take first, benefits and beneficiaries, and more.
Social security benefits
One of the most common questions people in retirement or nearing retirement have is when they should take their Social Security benefits?
Adjusting your investment approach before retirement
Your investment goals and needs change the closer you are to retirement.
The above are just some of the things to keep in mind while planning for retirement. At Spaugh Dameron Tenny, we’re committed to helping you enjoy the retirement you deserve.
Developing a Financial Plan For When You’re Gone
Managing your financial affairs during your lifetime while controlling the distribution of your wealth after you die constitutes effective estate management.
That said, do you have a smart exit strategy? If not, the estate conversation is too important to put off until it’s too late and we can help.
A sound estate management plan consists of many objectives and factors while covering how to manage your personal and financial affairs now and after you die. Without one, problems can occur when passing your estate on to your beneficiaries and while managing estate taxes in the probate process.
What are some of the parts of effective estate management?
The will is the cornerstone of your estate and directs the distribution of property following your death. Sadly, 64% of people don’t have a simple will.
Power of Attorney
A power of attorney designates someone to handle legal and financial decisions
Durable Power of Attorney
A durable power of attorney authorizes someone to handle legal and financial decisions on your behalf.
A living trust is a valuable piece of the estate management puzzle and enables your family to avoid probate court (which is a matter of public record) when you die; ensures the effective management and distribution of your assets; and designates and gives control to beneficiaries.
Moreover, a trust is hard to contest in court.
The bottom line is that managing your financial and personal affairs during your life includes making plans for what happens after it’s over. Schedule a review with us today to go over your estate management strategy.
We’ll Help You Develop a Sound Investment Strategy
Developing a healthy investment portfolio requires many things, not the least which is time and discipline. Without them, the chances are good that you won’t get the most from the money you invest.
While the classic investment strategy of “buy low, sell-high” remains good advice, many investors get sidetracked. They buy when the stock market is on the rise, for example, then sell at a loss at the first sign of its decline.
We’ll help you remain on track and staying disciplined during times of potential greed and panic, while also following these five smart investment principles:
Estimate Your Time Horizon
Your investment horizon should include short-term, mid-term, and long-term goals. Also, ask yourself what will happen to your outlook if the value of your portfolio drops.
Know Your Risk Profile
Your risk profile determines what type of investments you prefer – whether they be cash alternatives, stocks, debt-based investments, or speculative investments. Other risks include external risks and company-related risks.
Diversify, Diversify, Diversify
An example of a diversified portfolio is one that consists of three $250,000 investments rather than a single $750,000 investment. The diversified portfolio usually grows more than a single-investment portfolio during the same timespan.
Get Started Now
There’s no time better than now to start building your investment portfolio. You can take action by creating a personal income statement, a balance sheet, a list of long, medium, and short-term goals, and by determining your risk tolerance.
Our team at Spaugh Dameron Tenny will help you develop a strategy and portfolio that makes the best use of the money you invest.
Using Insurance to Protect Those Who Matter Most
Life is precious and, as a physician, you know that as well as anyone else.
You also know that death is a part of life – and no one knows when their own life will end. At Spaugh, Dameron, Tenny, we believe that a financial strategy that includes insurance enables you to effectively deal with the financial consequences of you or a loved one passing away.
In short, insurance transfers the financial risk of life “happening” to an insurance company. It’s also vital for making sure our loved ones don’t face an uncertain financial future after our passing.
Insurance has many benefits, including:
– It replaces your income after you’re gone
– It’s used to pay estate taxes
– It protects your home
– It pays for routine tasks
– It can fund a college education
– It aids in estate distribution
When a family relies on you for income, it’s critical to know what their needs are if you die. We encourage you to take a “DNA” (Detailed Needs Analysis) test to look at your needs and obligations while subtracting your liquid assets, i.e., the money you can access quickly.
Some things to factor into that test include short-term issues such as funeral expenses, final medical bills, and outstanding debts, and longer-term factors such as how much money your family will need to maintain its current lifestyle.
When you die, you want to protect the people you love. With insurance as part of your overall financial plan, you can rest easy while knowing that you have them covered.
Lessen Your Tax Burden For a Stronger Portfolio
There’s no overstating the impact taxes can have on your financial plan. Meanwhile, to say that understanding tax laws and codes is a challenge qualifies as an understatement.
For instance, did you know that there were 4,000,000 words in the 2014 tax law?
Complying with tax code takes a lot of time, money, and effort but effective tax management strategies can help you pay fewer taxes while maximizing your investments. Taxes can significantly reduce the returns on your investments – the average stock return before taxes is 10.1 percent, but that drops to 8.1 percent post-tax – while 20% of top earners pay 84% of the total taxes in the U.S.
Our team at Spaugh Dameron Tenny can help you develop a plan that includes tax-efficient investing while managing the impact of taxes on your financial efforts. It’s a plan that uses a variety of strategies:
• Tax Exempt Investments – Such as municipal bonds and money market funds.
• Tax Deferred Investments – Including qualified retirement plans, such as traditional IRA and employer plans, annuities, and life insurance.
Each of these strategies has benefits, and it’s essential to examine and potentially utilize all of them as you deal with your tax burden in ways that contribute to a solid financial foundation.
We also urge you to take advantage of tax-deferred strategies by contributing as much as possible to employer-sponsored plans while also potentially investing in IRAs.
At Spaugh Dameron Tenny, we’ll help you make sense of the world of tax codes while making sure that you remain on track for achieving your financial goals.
6 Money Decisions
When you became a physician or dentist, you entered a career expecting to help people, serve society, be respected by your community and provide a comfortable lifestyle for you and your family. But despite the fact that you’ll be among the top 2% of income earners in America, a high income alone doesn’t mean financial success. It’s what you do with your income that makes all the difference.
Putting a Plan in Place
The period after residency is exciting but also challenging. You’re making substantial money but may have significant student loan debt. That’s where sound financial planning comes in. Check out our e-book about transitioning into this period while making the best financial choices.
Different Stages, Different Needs
More money doesn’t make planning easier. It’s not too early to start thinking about your financial situation. You may not realize it, but you’re making decisions already.
Learn how to manage the money you’re making after you’ve settled into your career and practice.
Understand how the financial choices you make today influence you and your family’s future. Protect your loved ones and plan for a bright tomorrow.
Your financial needs change as you approach retirement after a meaningful career. Enjoy a secure retirement by your design and plan so you can leave a lasting legacy.
There’s no time like the present to start planning your financial future while learning how we can help. Send us your questions and comments and we’ll respond promptly.
Call Us: (704) 557-9750
Helping You Understand Estate Planning
Our lecture series will help you understand the nuances of estate planning, from wills to trusts to relevant documents you’ll need.
Our Service Plans Include:
We help clients still in residency or within five years of starting their practice, focusing on short-term goals such as student loan strategies.
$500 to $1,000
In the early stages of your career, we help as you transition into practice to establish short-term goals, including cash flow analysis, home purchase, student loan repayment strategies, protection needs, and more.
Working with clients on both short and long-term goals such as investment allocation, college savings, and insurance needs.
As your financial situation grows and develops, we establish a solid foundation through goals such as insurance planning, investment strategies, employer benefits, retirement projections, and college funding.
We help clients as their financial picture and strategies become more complex, addressing issues such as cash flow and estate planning.
When your financial scenario becomes more complex, we take a comprehensive approach to incorporate more advanced financial strategies including, cash flow analysis, estate and tax planning, retirement design, social security options, and detailed investment management.