Retirement & Estate Planning

Retirement Planning

The definition of what constitutes “retirement” is ever-evolving, and carries many different meanings for different people. Whether your definition of retirement means golfing, traveling, a retirement condo in Florida, starting a new small business, or seeing the grandkids more – there must be planning involved, and the sooner the better for achieving your retirement financial goals.

One fact is certain: Americans must be responsible for their own financial future, and for that life period when they no longer work to earn an income. Pension and defined benefit plans are disappearing, and defined contribution plans – putting the onus of financial responsibility on individual employees – are now the norm.

Fortunately, current IRS tax laws provide a variety of vehicles which offer tax advantages for retirement savings, including (but not limited to):

  • IRAs: Traditional, ROTH, SEP, SIMPLE
  • Employer/Small Business: 401(k) Plans, SIMPLE IRAs
  • Self-Employed: Keogh Plans, SEP IRAs

Estate Planning

Regardless of your level of wealth, estate planning is an essential part of a comprehensive financial plan. It can be as simple as ensuring your family is provided for when you are gone, or as elaborate as leaving a legacy of giving to your community or organizations important to you. Planning ahead can offer privacy, greater control, and an opportunity to leave a legacy consistent with your goals.

Estate Planning involves a tax analysis, an insurance needs analysis, and a review of beneficiary assignments, to ensure that the people you want to receive your hard-earned assets will, when the time comes. Setting up proper legal documents with your legal representative – will, trust, living will, health care directive –are all crucial in order to outline your wishes and desires. Your Northland Investment Executive will work with your attorney and/or tax professional to provide the complete picture of professional guidance and estate planning advice you need.

Some of the most important reasons to have an estate plan are:

  • To minimize legal fees and administration costs
  • To transfer a greater portion of your assets to your heirs and favorite charities or organizations
  • To protect your heirs by providing them with wealth management continuity throughout your lifetime and beyond
  • To control who manages and receives your assets at your death

Northland Securities can assist you with achieving your financial goals via the estate planning process

Ongoing Review
Even if you already have an estate plan, you should review it in the event of:

  • Marriage or divorce
  • Death of a spouse or beneficiary
  • The birth of a child or grandchild
  • Significant changes in your net worth
  • Changes in your personal financial objectives
  • The purchase or sale of a house or property
  • Business investments and succession or heir planning
  • Changes in applicable tax laws

Northland Securities has many alternatives available to help you protect your assets for your loved ones.

Contact a Northland Wealth Management Representative to learn more.

Northland representatives do not provide tax or legal advice.