Retirement | Live a Life By Design

How to Retire Worry-Free

Posted on August 19, 2019August 16, 2019 by Jimmy J. Williams, CPA/PFS, CFP®

If you are like many of our clients, prior to retiring, you are concerned about the process and ability to continue your current lifestyle after discontinuing your career. This is a valid concern and one that we address with every client considering retirement. To provide confidence and courage to initiate this important step, and truly enjoy retirement, we developed a unique process that alleviates these concerns and empowers our clients with predictability in their lives. Do you have a process to create the retirement lifestyle you desire?

First, you must develop a mental approach to retirement that is healthy. Worry will do nothing to resolve a challenge but make it feel more overwhelming that it truly is. To create confidence in your life, we assist our clients with the identification and implementation of activities that generate positive thoughts and enhance self-esteem. You are probably wondering what this step has to do with a successful retirement plan? It is the key ingredient! Thinking about others, showing gratitude and fulfilling the needs of others are the truly valuable “assets” in a person’s life. Qualitative characteristics of retirement are as critical to the process material resources. This stage of the process has nothing to do with money, budgets or investments. However, if we can help you become more confident by helping others, the process of retiring is simply a transition from focusing on your career to focusing on others in your community.

Helping others is one method of creating a worry-free retirement. Seek out those in need and create a legacy for yourself through service.

Next, we assist our clients in creating expectations for the next phase of life. To expect more income from your resources, than you properly prepared for during your accumulation years, is to set a tone of frustration for yourself. By prudently projecting reasonable returns and estimating living expenses that are realistic, you will reap the predictable, recurring and adequate lifestyle that you need to live worry-free. Many people believe it is too late to correct course on their retirement plan after the initial decisions have been made. This is not true. You can always create a better tomorrow through proper planning and executing on adjustments to create the life you desire. Your goal in retirement should be to maximize your quality of life. Life is too short to live in worry. A wise, old football coach, Leo Thurman, often offered advice to those around him. One such profound statement is:

“Son it don’t take long to live a lifetime.”
—Leo Thurman

Lastly, to mitigate worry, you must utilize a continuous monitoring system to help you manage your lifestyle and “stay on track”. Unlike the infomercial that promises you can “set it and forget it”, life is somewhat more challenging. You must adopt a mindset that anything worthwhile is going to require some input of your time, talents and resources. Don’t tackle a job without the proper tools and experience. You only get one chance to retire the first time. Seek out a Certified Financial Planner^TM practitioner that specializes in the needs and desires of retirees to help you build a plan that is sound and creates a worry-free retirement for you.

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The Best Index to Gauge the Performance of Your investments

Posted on July 29, 2019July 17, 2019 by Jimmy J. Williams, CPA/PFS, CFP®

The DJIA, S&P500, Russell 2000, Nasdaq Composite, etc. There are hundreds of indices that report on a variety of investments. Which is the most appropriate for your family? How do you know if your investments are performing in a manner that will help you reach your goals? Keep reading, we have the answer.

While assisting our clients in reaching their retirement goals, we use our proprietary LifePlan Solution^TM process. An outcome of this process is a special index we use to provide our clients a better understanding, not to mention an easier process for monitoring their assets, by computing a unique index – The Family Index.

Your family is unique. Your tolerance for risk, cash flow needs and goals for the future may or may not require investing your lifetime savings in the same manner as the aforementioned indices. We apply our process to your family’s cash flow needs over its projected lifetime and determine the needed return to accomplish your goals. As simplistic as it sounds, the process is quite easy for our clients to understand and, more importantly, confidence is maintained because they realize it is particularly tailored to their family’s needs.

Discipline to adhere to the plan is necessary for your family to truly benefit. When the markets are reporting 10% returns for the year and your portfolio achieved 7%, it is vital to remind ourselves that you didn’t participate in the negative year so deeply nor the highs of the current year. Additionally, your family is most likely not 100% invested in the stock market as represented by the DJIA or S&P500.

Recent market performance has been setting record highs. All markets move in cycles. If you wish to reduce the volatility in your family’s investments, it is critical that you allocate the assets in a manner that meets your risk tolerance and other qualitative needs. Many of our clients appreciate the process mentioned above but seek guidance on a continuous basis to make certain any plan modifications required by changes in their family’s needs or desires are properly and timely addressed.

One of the most critical mistakes we have witnessed clients performing is market timing. It has been scientifically proven that the average investor is not capable of investing in a manner to predict the rise and fall of markets. Don’t fall into the trap of listening to “water cooler” experts that “know how to beat the markets”. Too often the “expert” has been proven wrong but your family is the one that pays the price for the lesson learned.

The Family Index is one tool we utilize in an arsenal of tools to help your family realize its dreams. Don’t attempt short cuts and expose your family’s future to gambling on market timing. Seek out a Certified Financial Planner^TM practitioner to help you prepare, implement and monitor a plan that is sound and provides your family with confidence about the future.

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How to Increase Your Retirement Assets in Three Steps

Posted on July 22, 2019July 17, 2019 by Jimmy J. Williams, CPA/PFS, CFP®

As we presented in the last article, we will focus, in this article, on the simple steps anyone can take to improve their retirement planning strategy. Time is of the essence. If you feel you have not saved well for retirement, by making these three simple steps a habit now, you will reap exponential benefits later.

Step One: Budget

First, review your family budget and immediately reduce the unnecessary cash outflows. These may be subscriptions to magazines never read, automatic renewals for insurance on your vehicles that are costing more than your 10-year old car is worth and those movie channels that are never watched since the kids moved out. Now, I know what you are thinking. “This isn’t that much money each month.” You are correct in the short-term sense; however, if you have more than 5 years until your desired retirement date the sum of funds can amount to a significant support for your future.

Step Two: Maximization

Second, immediately maximize your employer-provided return plan contributions. Remember, if you are age 50 or older, you may contribute an additional $6,000 per year as a “catch-up” for failing to fully fund a 401(k) plan in your younger years. The total for 2019 that you may defer from your salary is $25,000 if you at least age 50. This amount of funding for the next 5 years will add at least $125,000 (not including growth or employer matching) to your retirement funds.

If you are self-employed, review your company’s cash flow and find ways to fully fund a Simplified Employee Pension Plan (SEP). You may contribute up to 25% of your salary or $56,000 whichever is lower for 2019. If you were to establish your budget for accumulating the maximum amount for the next five years, you would contribute an additional $280,000 (not including market returns) for your retirement support.

Step Three: Asset Allocation

Third, review your investment asset allocation. Recent economic data reports the Dow Jones Industrial Average and Standard & Poors 500 Indices are at record highs. Do not anticipate these returns for your retirement planning. We use a phrase in planning, “Plan for the worst and hope for the best.” Your investment allocation during retirement will most likely be different than your investment strategy for the accumulation phase of your life.

Forget about the past and your lost opportunities. You can only control the present. Start today in making positive decisions and change your future. I purposely used the word “immediately” several times in this column to impart to you the importance of taking action now. By preparing a plan and following the strategy, no matter what anyone else does, you may improve your chances for a happier and better retirement.

Concerned about the adequacy of your assets for retirement? It is time to take action. Seek out the guidance of a Certified Financial Planner^TM practitioner to gain the strategies needed to live life on your own terms. You will be glad you did.

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Starting Late and Finishing Strong

Posted on July 15, 2019July 12, 2019 by Jimmy J. Williams, CPA/PFS, CFP®

Too many people give up on their dream retirement simply because they started too late (or so they think). One of the greatest opportunities to change your future to what you wish it to be is … to start today! Often, we experience a client that wishes to retire at age 65 and have saved little. Instead of simply acknowledging their lack of discipline, we provide solutions that will help them realize a better future but requires their participation on a plan that will be effective for them.

Let’s look at the most obvious savings point – employer retirement plans. If you work for an employer that provides a deferred savings plan such as a §401(k) Plan, you are in luck. Meet with your employer or human resource officer and determine when you can begin participating in the plan. If you are already enrolled in the plan but want to make changes to your savings rate (called your “deferral amount”) there are certain windows of time that must be observed.

If you are age 50 or older, you can take advantage of “catch-up” provisions within the law that can significantly reduce your current taxes and increase your savings exponentially. For 2019, the “catch-up” contribution amount is $6,000. Think about it. You can save an additional $500 per month on a tax-deferred basis. This will add up to a considerable increase in retirement savings over a ten-year period! If invested prudently, you will experience even greater potential growth until retirement.

The next step is to review your investments within the plan. Are you sufficiently allocated and diversified in your selection of investments? Don’t simply invest in the same manner as other employees. Invest in yourself by spending some quality time to understand the particular options and how you feel if the performance was not as projected. How would your retirement plans be affected if the performance was lacking?

By electing to save your maximum amount to your employer plan, you have essentially placed your goals on auto-pilot. You will automatically be saving money each pay period and it is a little more difficult to obtain the funds if an impulse to buy is experienced.

Now, the really good news. Your employer-provided plan matches a certain limit of your contributions each year. This is money you will receive in your account that helps you grow your retirement savings. Let’s assume that your employer matches up to 5% of your salary (assuming you defer or invest at least 5% of your salary to the plan) and your total compensation is $60,000 per year. This means your employer will contribute $3,000 (or $250 per month) to your retirement account each year. If you work at least ten years you will have gained another $30,000 plus potential growth for retirement support!

If you are self-employed, you have a number of options that will benefit you if you started late saving for retirement. We will discuss these options in the next article.

Now, take the initiative today to set your course for retirement to be your best years ever! If you have questions about your employer’s plan account, retirement strategies or the tax impact on your cash flow to and through retirement, contact a Certified Financial Planner^TM practitioner to construct a retirement plan that works for you. Until next time…

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Strategies for Filing for Medicare Benefits

Posted on July 1, 2019June 28, 2019 by Jimmy J. Williams, CPA/PFS, CFP®

One of the most complex benefits provided by the federal government is Medicare. Numerous elections that affect your lifetime benefits cause people much anxiety. You will learn when and why to file for certain benefits under the Medicare laws in this article.

While working, employers generally provide health insurance benefits for its employees. The coverages are broad and provide a level of safety for the participants. However, when a worker turns age 65, some strategies must be considered about filing for Medicare in a timely and appropriate manner.

Medicare Part A is the program that provides hospitalization coverage for in-patient care, hospice care, skilled nursing facility care and home health care. The cost for this coverage is free to individuals who have worked forty (40) quarters during their career and contributed to the system through payroll deductions. When examining your paystub, the payment for this program is deducted from your gross pay at 1.45% per pay period. All qualified individuals should file for Medicare Part A coverage upon turning age 65 regardless of employment.

If an individual continues to work beyond age 65, Medicare Part A serves as a supplemental to the person’s employer-provided group coverage if the plan covers equal to or more than 20 employees. However, if the employer plan covers fewer than 20 employees, additional research will need to be performed with your employer-plan provider. The insurance company may or may not cover your healthcare needs as the primary insurer.

Medicare Part B is the program that provides medical insurance for out-patient care. This type of coverage will provide payment for services from your doctors, durable medical equipment costs, preventive services and home health care. The premiums for Medicare Part B are borne, partially, by every participant. For 2019, the monthly premium for Medicare Part B is $135.50. However, some participants may be required to pay an additional amount referred to as the “Part B income-related adjustment amount” if his or her modified adjusted gross income is greater than $85,000 for a single person or $170,000 for a joint filer. Modified adjusted gross income is defined as adjusted gross income plus tax-exempt interest.

One area of the Medicare Programs that many people don’t understand, or utilize appropriately, is Medicare Part D, the prescription drug coverage. Anyone that is needing prescription drugs on a regular basis for their care should consider the benefits of enrolling in Medicare Part D. There are several punitive measures for failing to enroll at your first opportunity. Many different carriers provide plans for this program and a professional should be consulted to determine which plan is most appropriate for your needs.

Medicare is a wonderful program for those qualified individuals. You don’t have to worry or wonder if you are utilizing the program to its fullest extent. Consult a CPA or Certified Financial Planners^TM practitioner to assist you in enrolling for this important coverage. For additional information about retirement benefits and strategies, please go to our Compass Capital Management Resource Center.

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Are You Confident in Managing Your Investments for the Future

Posted on May 13, 2019May 10, 2019 by Jimmy J. Williams, CPA/PFS, CFP®

One of the most frequent mistakes committed by near–retirees is to attempt to manage their own retirement assets without the appropriate background, or even worse, by listening to pundits on TV. Many people have met with us to review their current financial condition in preparation for retirement. Similar to a physician, we performed a comprehensive review of the various financial and other data to determine if these individuals’ expected course of action was possible.

After adjourning our introduction meeting, we quickly analyzed the information and determined that the goals established by many of them were not going to be realized based on their current financial condition. Generally, other important matters need urgent attention instead of their finances – most often this could be a significantly ill spouse. To provide our clients with perspective and vision toward the future, we perform our analysis and request a meeting to discuss our findings. This is a strategic review meeting and we ask the individuals to bring their spouse.

Is it plausible to believe that women and men think differently about finances? Even more critical, could a spouse’s definition of “happiness in life” differ from their mate? The answer is an emphatic “YES”! Many of the people we guide to, and through, retirement experience a different opinion from their spouses. By reconciling these opinions and providing perspective to the most important of life’s challenges, our clients find solutions that contribute to a more rewarding and enjoyable lifestyle.

Don’t people retire to allow themselves time for those things in life that they had not been able to enjoy during their careers? Most marriages, in our experience, are not equally balanced with input from both partners in deciding financial decisions. To complicate matters, with medical advancements, it is conceivable that many people may live longer in the retirement phase of life than their career spanned! This simply means that one should be prepared for a considerable amount of time in which financial stability and consistency would provide confidence and clarity to the family.

By focusing on our clients, our goal was clear, we seek to provide a plan for retirement that addresses both spouses’ goals and guides them through retirement with practical advice that maintains their desired lifestyle. After carefully defining and understanding our clients’ risk tolerance and cash flow needs, we assist our clients in creating a retirement plan that brings smiles to both of their faces.

To simply plan for appropriate funding of retirement is not considering all the factors that may occur in life. One should always plan for contingencies. Our substantial history as CPAs and Certified Financial Planner practitioners has taught us to live by the phrase – “Plan for the worst and hope for the best”. By simply focusing on one aspect of life, you may set yourself up for some difficult days at a time in life in which you are least capable of surviving financially.

Do yourself a tremendous favor. Seek out a second opinion that your complete financial picture is, in fact, what you think you possess to live life by your design. You may learn from others’ mistakes by utilizing someone who specializes in the needs, desires and challenges of retirees. What have you got to lose? If you are financially “healthy”, wouldn’t it be a relief to know this fact? Conversely, if you knew you weren’t prepared properly for the future, this is news that would give you great confidence in life.

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How Do You Define Risk?

Posted on April 29, 2019April 26, 2019 by Jimmy J. Williams, CPA/PFS, CFP®

Danger! Danger! Red flashing lights! Sirens breaking through the still night awakening you from a deep sleep! These are simple, yet effective, methods of alerting you to risks that arise in life. Don’t you wish investment risk were that simple to alert you when you are about to face an inanimate action that has the power to destroy your life savings?

We accept certain risks in life everyday. Once you leave the safety of your bed, you may be subject to risk. Let’s focus on one type of risk – financial risk. You can control the level of risk in your financial life by taking prudent steps to minimize risk when possible. For example, if you are 80 years of age, it may be too risky to invest in a new tech startup with 50% of your retirement portfolio. If you were 24 years of age, this may be viewed more as an opportunity.

As specialists in retirement planning, we believe it is critical to properly measure and mitigate risk when possible. Many of our clients come to us with portfolios that are highly illiquid or invested in a manner that is not in their best interest. When we ask questions pertaining to their acceptable level of risk, the client will generally be moderate or conservative in their approach to investing their hard-earned money.

However, after a careful analytical analysis of their portfolio we inform them of their current investment risk level and their eyes pop open like they are watching a scene from a horror movie. To mitigate the risk, we believe several factors must be considered in their portfolio design:

Consider liquidity needs
Research suitable and appropriate types of investment positions
Determine the tax-effect of the proposed investments
Properly diversify the portfolio to control the level of risk acceptable by the client.

Simply investing the portfolio in its initial allocation does not resolve the client’s risk issues. Proper monitoring of the performance and appropriate rebalancing of the asset allocation to its original target are critical to maintaining the client’s risk level in the portfolio. The financial planning required for an advisor to fully understand the client’s long- and short-term needs and goals entails significant education, experience and knowledge of the economy.

Certified Financial Planner practitioners are professionals that maintain one of the highest credentials as a witness to their competency and ethics. Don’t risk your lifetime savings to risk. What you don’t know could truly ruin your future. Ask for a second opinion regarding your retirement portfolio. Better to find out early if there is a problem in your future.

Diversification and asset allocation strategies do not assure profit or protect against loss. Past performance is no guarantee or future results. Investing involves risk. Depending on the types of investments, there may be varying degrees of risk. Investors should be prepared to bear loass, including total loss of principal

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Living Life With Purpose

Posted on April 15, 2019April 10, 2019 by Jimmy J. Williams, CPA/PFS, CFP®

Planning for a major change in your life, such as retirement, requires a considerable amount of thought and planning. Up to this point in your life you have been contributing most of your energy, thoughts and resources to your chosen career. Your family has also played a big role in your day.

There are two important days in your life that should be given ample attention: the day you retire and the day you decide how you wish to spend the rest of your life! For many of our clients, the decision to change lifestyle from work focused to life focused is one that requires a tremendous amount of study. Can you play golf every day? Can you fish every day? How about simply sleeping in bed until noon each day?

Odds are that you are someone who needs a little more structure and the satisfaction that you are contributing to your community. Below are five strategies to help you continue to grow intellectually, spiritually and financially during retirement:

Continue or start reading books. Many of the great minds of modern times attribute their knowledge, and continued growth past their active careers, to reading good books. The library has a great program for a cheap price – FREE! Yes, you can read some of the great classics by completing a library card application. What a great world we live in!
Join a civic group. Man was meant to be active and provide charity to those less fortunate. Many communities have wonderful civic groups to help those in need. I am partial to the International Association of Lions Clubs. Helping others also helps you become a better person and it takes the focus of yourself.
Attend the church or synagogue of your choice. Active participation and consistent attendance in spiritual worship creates a more fulfilling life. Many of our clients attend church every time the doors are opened. These individuals’ lives are more peaceful, tranquil and fulfilled due to the study of Holy Scriptures.
Become a mentor to younger professionals. One of my dearest friends serves as a mentor to younger professionals in his career field. His forty years of experience helps the younger generation of leaders make better decisions. He often tells me, “Just because you are not working for pay, doesn’t mean you quit working.” Wise words from a very wise gentleman.
Keep a journal of your activities. For many years I have recorded life’s highs and lows in my journals. This activity gives my mind the opportunity to think clearly about challenges and develop solutions. Perhaps you could start a journal to leave your wise words to your family that will help them in times of need. This is a private book that you write in any manner you choose.

The key to living a successful life is to live it on your own terms. Define clearly what makes you happy. How can you help others find happiness? Don’t think of retirement as the end of a career, think of it as “reFIREment”- the start of another chapter in life.

One of my favorite roles is to help pre-retirees find their goals in the next phase of their life. If you truly want to live life to its fullest, it doesn’t simply take money. You are the secret ingredient! Go out today and change someone else’s life for the better. The one that receives the most benefit may just be you.

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Working After Electing SSA Benefits

Posted on March 21, 2019March 28, 2019 by Jimmy J. Williams, CPA/PFS, CFP®

Many Social Security benefits recipients continue to work, if not full-time, at least part-time. Confusion surrounds the taxability of their SSA benefits when it is time to file their income tax returns. The worst-case scenario is the call you receive from your CPA and she informs you that “you owe a few thousand dollars due to your SSA benefits”.

How can you prevent such a conversation? It is simple but you must proactively plan for the elimination or mitigation of the applicable taxes. For example, let’s assume you have elected to receive your SSA benefits at age 62. You continue to earn a portion of your annual salary working part-time. How much can you earn and not be taxed on your SSA benefits? If you are taxed, how much of your SSA benefits is taxed? And by which taxing agency?

Let’s tackle the nagging question of “how much can I earn?” per tax year and not pay tax on my benefits. The IRS established the base amount of household income, defined as adjusted gross income plus nontaxable interest and one-half of your SSA benefits, a taxpayer can receive to determine the applicable taxable portion of SSA benefits. The limit for a single filer is $34,000.

Assume you receive $12,000 of W-2 income from your employer, SSA benefits of $25,000, taxable interest and dividends of $5,000 and nontaxable interest income of $5,000. Your household income for purposes of determining the taxability of SSA benefits, as a single person, would be $34,500 [$12,000 + $5,000 + $5,000 + $12,500 ($25,000/2)]. In our example, since your combined household income exceeds the limit by only $500, you would be taxed on 85% of your SSA benefits.

This doesn’t seem “fair” to many beneficiaries as they wrestle with the concept that they were “taxed” on their paychecks to contribute to the SSA benefits program. However, the theory is that your contributions have earned income that is currently being paid to you in the form of your benefits and, therefore, a portion would be taxable.

The maximum amount of your SSA benefits taxed by the IRS is 85%. Good news, right? Even better news is that the State of Oklahoma does not tax your SSA benefits at all! Now that I have placed a smile on your face, lets clear up a big SSA benefits misconception.

Many rumors abound that individuals can “earn” all the money they want and not withhold FICA and Medicare contributions from their earnings after reaching age 70. This is perhaps a little misconstrued by most people. To clarify, you may earn as much “earned” income as you desire, while drawing your SSA benefits, after age 70 and not be subject to the requirements to return a portion of the SSA benefits for earning above the allowed income limits set by the SSA.

If you elect to take your benefits at age 62 and continue to work, you may earn $17,640 in 2019 and not repay any benefits. However, for every $2.00 you earn over the limit, SSA deducts $1.00 from your benefits.

If you elect to take your benefits at FRA (full retirement age) and continue to work, you may earn $46,920 in 2019 and not repay any benefits. The SSA will deduct $1.00 in benefits for every $3.00 you earn above the limit.

Don’t play games with your retirement income. Seek professional assistance from a CPA or Certified Financial Planner practitioner. Live your life with confidence and control your future tax liability.

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How to Qualify for SSA Benefits

Posted on February 25, 2019March 12, 2019 by Jimmy J. Williams, CPA/PFS, CFP®

One of the largest and most impactful U.S. Government Programs for citizens is the Social Security Administration. Benefits administered by this agency affect most Americans. Let’s look at the various means to realizing these important benefits.

First, there are several ways to qualify for Social Security Benefits:

You can qualify on your own work history.
You may be eligible based on someone else’s work history.
You may be eligible before reaching age 62.

To qualify on your own work history, you generally must have worked (and paid in to the

SSA system) for a period of 40 quarters (3-month periods of employment). Your employer withholds 7.65% of your earnings and remits them to the IRS for allocation to the SSA. (Stay with me; this can get a little confusing.) Your employer is required to match your contribution with 7.65% for a total payment to the SSA of 15.3%.

The component of the withholding that pertains to your Social Security Benefit is limited in 2019 to the first $132,900 of earned income. The remaining 1.45% of the withholding is designated for the Medicare System which will provide hospitalization, health and prescription benefits, if you elect, when you retire.

To earn one (1) credit, which is applied towards your total of forty (40) credits needed to qualify for benefits, you must earn $1,360 in a three-month period to earn one credit. A maximum of four (4) quarters may be earned in a calendar year.

Another means of qualifying for benefits is being married to an individual who paid in SSA benefits during their work history. Assume your spouse worked in a position that provided greater salary than you. During their work history, she earned far more than you. You both are the same age and elect to file for SSA benefits at full retirement age of 66 years.

In our example above, assume your spouse’s benefits are the maximum allowed under the SSA payout formula, $2,861. Your benefits are calculated at $1,000 per month. At first glance, you may not realize that you have an election to make under the SSA regulations. If you have been married to your spouse for ten (10) years or more, you may receive benefits based on their earnings history. To simplify this option, you may be entitled up to one-half (½) of the benefits credited to your spouse or your actual benefits, whichever is higher. In our example, you would have earned $1,000 per month but will be allowed to receive $1,430 per month! This provides your household a 43% increase in your earned benefits.

Lastly, you may receive benefits prior to reaching age 62. This may occur if your spouse predeceased you and your age is 60 (or age 50, if disabled). To mitigate the loss of your spouse’s income, your children may qualify for benefits, too. The children must be younger than 18 years of age or between 18 and 19 years of age while continuing to attend secondary school as a full-time student or age 18 or older and disabled (provided the child was disabled before age 22).

The programs administered by the SSA are complicated to understand for most people. It is critical that you make informed decisions that will provide the greatest impact for your family. Seek out the assistance of a CFP practitioner or a CPA who specializes in these benefits. What you don’t know, can hurt you.