RET IREMENT NAV IGAT ION
4230 Pablo Professional Court Ste. 101 Jacksonville, FL 32224
4711 US Highway 17, Suite C-5 Fleming Island, FL 32003
As seen on:
Hurricane Risks and Retirement Planning
H urricane season lasts from June 1 to November 30 on a yearly basis, but it peaks in mid-August to late October. Here in northeastern Florida, we were fortunate to enjoy a long streak of relatively calm hurricane seasons, and many folks in the area stopped worrying about hurricanes altogether. Then Hurricanes Matthew and Irma raged through, and we were all reminded just how damaging these storms can be. In 2005, I moved to Florida from the Washington D.C. Metro area, narrowly missing the rough hurricane season of 2004. Prior to Hurricane Matthew, the last major one I experienced was Hurricane Hugo in 1989, when my family was living in North Carolina. After moving to Florida, I made it a point to always plan ahead for hurricane season. Even if a storm doesn’t hit our neck of the woods one year, that doesn’t mean it never will. It’s far better to plan ahead while enjoying sunny skies all year long than it is to find yourself caught in a storm unprepared. This is the same advice I give people when it comes to retirement planning. When planning for hurricane season, the first step is to assess your risks. Do you have enough energy sources, food, and water? Are you prepared to evacuate on Investment Advisory Services offered through Retirement Wealth Advisors (RWA), a Registered Investment Advisor. Wolf Retirement Navigation LLC and RWA are not affiliated. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial
short notice? Does the local emergency shelter accept pets? These are questions that need answers before the next big storm hits. Retirement planning follows the same strategy. Are you taking too much risk in the stock market? Will your income plan keep you from running out of money? Do you know how to avoid paying excessive taxes? Of all the retirement risks, taxes tend to catch people off guard the most. This is wild because when it comes to excessive taxes, the question isn’t “if” but “when” they will come. Politicians always claim they won’t raise taxes, but these promises are rarely the whole story. My opinion is that the current President and Senate will do everything to maintain existing tax rates now; however, they are currently targeting tax law provision changes that potentially increase your taxes, i.e., the SECURE Act. In addition, future Presidents and Congress may implement high-cost, campaign-promised programs and thus be forced to raise taxes on us taxpayers in order to pay for Social Security, Medicare, Medicaid, interest on the debt, and the rest of the Fed’s $4 trillion-plus deficit, where we are borrowing close to $1 trillion per year with no end in sight. There are not enough high-income or professional before making any investment decision. This information is designed to provide general information on the subjects covered; it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Wolf Retirement Navigation LLC and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.
corporate taxpayers to foot this bill. Likewise, there are not enough budget cuts that could be made to close the gap. Federal tax increases are all but inevitable, and if you aren’t ready, they can be a nasty surprise in your retirement. Fortunately, there are plenty of strategies we can use to reduce your taxes and maintain your retirement goals and lifestyle, but you need to start planning now. Think tax-free assets like Roth IRAs and life insurance. Floridians are well aware of the hurricane risks that come with living here, and we take care to prepare for those risks. Make it a priority to learn and understand your retirement risks, too, so together we can prepare for whatever the future may bring. -Adam Wolf, CPA, CFP ® Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Any comments regarding safe and secure investments, and guaranteed income streams, refer only to fixed insurance products. They do not refer in any way to securities or investment advisory products. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Retirement Wealth Advisors.
2 LOCATIONS TO SERVE YOU! Jacksonville & Fleming Island
www.wolfretirement.com | 1wolfretirement.com
Made with FlippingBook Online newsletter