A Year in Review: Celebrating Achievements, Growth, and Gratitude at Professional Planning Services

December 19, 2023

MERRY CHRISTMAS and HAPPY NEW YEAR! As the year comes to a close, the team at Professional Planning Services is not only reflecting on the successes and milestones we’ve achieved together but also taking a moment to express our heartfelt gratitude to our valued clients. In addition to our collective accomplishments, we’d like to shine a spotlight on the incredible dedication and personal growth of our team members. Let’s take a closer look at the remarkable journeys of Chris Lester, Katelyn Erchick, Keith Lester, and Alan Fried.

Chris Lester: Nurturing Knowledge and Family

This year, Chris Lester devoted his efforts to expanding his expertise in extended care and later life planning. His commitment to continuous learning led him to achieve designations in long-term care (CLTC®) and Social Security (NSSA®), enhancing his ability to navigate complex later life planning scenarios. Outside the professional sphere, Chris prioritized family and martial arts. His dedication to education will continue into 2024, where he aims to share insights about the innovative platform Currence with friends and clients.

Katelyn Erchick: A Year of Achievements and Adventures

Katelyn Erchick’s journey in 2023 was marked by remarkable achievements and personal adventures. She secured her CLTC® and became an Investment Advisor Representative after successfully passing her Series 65 exam early in the year. On the personal front, Katelyn volunteered at her daughter’s school, explored her favorite island, Aruba, and enjoyed a road trip to Wisconsin, with a memorable stop in Ohio’s Port Clinton. Looking ahead to 2024, Katelyn is eager to explore more of the United States, with the Great Smoky Mountains and Dollywood as the first exciting destination.

Keith Lester: Diving into Growth and Overcoming Loss

Keith Lester’s highlight of the year was a unique and unforgettable experience—swimming with whale sharks alongside his father. He dedicated his time to assisting more health insurance clients than ever before, demonstrating his commitment to helping others. On a sad note, Keith faced the loss of his beloved grandmother and sweet dog this year. As he looks forward to 2024, Keith is excited about more diving adventures and continued growth through certifications and ongoing education.

Alan Fried: Resilience and Light in the Face of Challenges

Alan Fried faced a health scare with his eye after a cruise in 2023 but has since made a full recovery and is back to business. Beyond his professional role, Alan is a shining light as a friend and advisor, contributing positively to the team dynamic. We are grateful to have him as part of our team and look forward to more shared successes in the coming year.

As we bid farewell to 2023, the team at Professional Planning Services extends warm wishes of MERRY CHRISTMAS and HAPPY NEW YEAR to our clients, friends, and colleagues. We are grateful for the trust and support that have defined this year and are excited about the opportunities that 2024 will bring. Thank you for being an integral part of our journey, and here’s to continued growth, prosperity, and shared success in the upcoming year!

Investment Advisory Services offered through Retirement Wealth Advisors, LLC (RWA), a Registered Investment Advisor. Professional Planning Services and RWA are not affiliated. Insurance products and services are not offered through RWA but are offered and sold through individually licensed and appointed agents. 

Retirement Income

Most people have been taught that accumulation of money is the goal for retirement – amassing as much assets as possible.

Planning for retirement in such a way would be similar to hiring a guide to get you to the summit of Mount Everest, and forgetting about the trip down. Wouldn’t you agree that getting to the top is only half of the goal?  It’s just as important to make sure you can make it back down.

This article does a great job of explaining why making sure you have a steady steam of income in retirement is so important, and answers many questions today’s retiree’s are asking.

Check it out, it’s worth the read.

http://www.foxbusiness.com/features/2016/09/29/ways-to-turn-retirement-savings-into-income-for-life.html

If you have questions about income in retirement, please reach out.  I’m an expert, and hold the highly sought after RICP® designation, making me a Retirement Income Certified Professional.

Email me at chris@professionalplanningservices.com or give me a call at (732)302-1810. 

Financial Topics to Watch for During Tonight’s Debate

As you know, the party in office greatly effects personal finance and our daily lives. That is why it is so important to get out there and vote.

I read this great article this morning that covers what to watch for on tonight’s debate, and what issues you should be concerned with:

http://www.bloomberg.com/news/articles/2016-09-26/clinton-trump-and-your-money-a-personal-finance-guide-to-the-debate

Among the top areas to be concerned with:

Jobs & Wages – per the Bloomberg article, increasing minimum wage could mean higher prices for consumers, and INFLATION.  Make sure you’re building your next egg and using actuarial science to protect your retirement.

Social Security – The ever present question – will it be there when I retire?  With both candidates, it seems the answer to that would be yes. Clinton wants to expand on Social Security and plans to get funding from “the wealthiest 6.1 percent of workers” while Trump claims to be the only GOP who says he would make no cuts to SS.

Taxes – Clinton, in a true democratic move, would raise taxes on high earners in several different ways, detailed in the article.  Trump would cut the tax brackets from 7 to 3 – alleviating top earners from the nearly 40% tax they currently face.  Taxes are always a HUGE area of concern, and our office can help minimize the income tax you pay, regardless of your income. Call us to set up a time to have that conversation.

Child-Care Costs – Child care costs are exorbitant. Both candidates have different plans to alleviate some of the cost concerns when it comes to child care.  Clinton would cap child care costs at 10% of the household income and give 12 weeks of paid family leave while Trump would let families deduct the cost of raising a child up to age 13 while giving 6 weeks paid leave to new parents.

Do not be fooled – the elected candidate will have a great influence on your finances in the near future, and what that means for your children as well. Be sure to tune in tonight for the debate, and keep these important topics in mind when watching.

Medicare’s Effect on Social Security

Here’s a good article I came across last week related to Medicare. However, it’s not what the article says, it’s what it doesn’t say…

http://money.usnews.com/money/retirement/articles/2015/07/09/7-ways-to-maximize-your-medicare

This article gives the operational view of Medicare and it’s component. What it doesn’t discuss is the means based testing of the cost for Medicare Part B. This cost is increasing at about 8% a year and being deducted from American’s Social Security checks before they even see them.

This is going to be a real problem for Americans in the future who were counting on Social Security for income and end up not getting a check at all because it was confiscated by the government to pay Medicare Premiums.

The real issue here is that American’s can’t rely on Social Security and need to comprehensively plan in other ways for their retirement.

Social Security – Claim Now or Later?

Social Security claiming strategies are a critical component of retirement planning and helping clients solve for the income gap that presents itself when there is a shortfall of income in retirement. Preparing to fill the income gap is necessary for a household to meet it’s monthly obligations.

As you can see in this Forbes article, waiting to claim benefits can have an enormous impact. This new study shows that 70% of baby boomers have been waiting longer to claim Social Security to maximize their benefits. As you may know, you can start collecting anytime between 62 and 70, but how long you work and when you claim will have a huge impact on how much income you’ll have in retirement.

There’s no simple answer to the question, “How much income will you need in retirement?”   But to maintain your standard of living, you won’t need as much as you currently earn.  You won’t be paying as much tax in retirement, you won’t need to save for retirement, the mortgage will either be paid off or close to being paid off, likely, and the kids will probably be out on their own. A seasoned retirement planner can look at your individual needs and show you how to maximize benefits and help you determine how much income you’ll actually need in retirement.

Keep in mind that even if a calculation says it’s better to wait to claim SS income, the fact is money doesn’t fall from trees. I help my clients figure out how to pay bills now AND later, and sometimes claiming SS at age 62 is the best option as well.

Chris