Level Two – Retirement Strategies Blueprint, $500 upfront planning fee, plus a $250 monthly retainer. Ideal for Retirement Planning for individuals or couples with typically over $500,000 of investable assets.
The $500 upfront planning fee includes all services listed in level one as well as the following:
– Gap Analysis covering listed areas of personal financial planning:
1. Retirement,
2. Risk Management,
3. Estate Planning,
4. Education Planning,
5. Tax Planning,
6. Investment Planning,
7. Cash Flow Analysis
The $250 monthly retainer includes all services listed in level one as well as the following:
- Retirement Income Strategies. Building your retirement income strategy starts with a good understanding of what you’d like your retirement to be like — and what your lifestyle will cost. There’s no one-size-fits-all retirement income strategy because every retirement portfolio is different. After getting to know your priorities, a BayRock Certified Financial Planner™ professional will help you understand the risks and opportunities of each strategy recommendation. BayRock Retirement Income Strategies are focused on four primary considerations:
- Growth potential: While it is important that the growth of your investment portfolio outpaces inflation, BayRock works to balance the need for growth against the risk of exposing your savings to excessive market fluctuations.
- Principal preservation: Knowing that your investments are safe can help you sleep better at night. Some investments are designed to preserve your principal (ie: money market funds, CDs or Treasury bonds). However, these safe investments come with a different kind of risk. Safe investments typically offer relatively low yields. If your principal is not large enough to generate sufficient income from interest and/or dividends to fund your desired retirement lifestyle, your savings may not keep pace with inflation.
- Liquidity and Flexibility: Having control over your assets and immediate access to fund emergencies is an important consideration. However, having immediate access (liquidity and flexibility) typically limits the ability to create a steady stream of reliable income.
- Guaranteed income: Investment returns can fluctuate significantly. Certain insurance products, including Treasury bonds, Certificates of Deposit, and fixed and variable annuities, can often provide an income stream that provides greater certainty. Annuities typically come with fees and withdrawal penalties that can restrict your flexibility when an unexpected need arises.
- Social Security Optimization. Your BayRock Certified Financial Planner™ professional will help identify the best strategy to optimize your monthly Social Security benefit.
Our Social Security analysis is focused on the following three areas:
1. Life Expectancy Analysis. We’ll get to know more about your family history and current health status. With the help of your health care providers you can get a realistic idea of how long you might live. Most retirees underestimate their life expectancy. Your Life Expectancy is essential element to consider in order to optimize your Social Security monthly benefit. If your family has strong longevity, it can make sense to delay your benefits. However, if you have serious or chronic health issues, it typically makes sense to claim earlier.
2. Benefit Availability. BayRock will analyze how much your income would be each month if you drew on Social Security at an earlier age vs. a later age. We then contrast these amounts with your lifetime benefit at each age. We will ask you to provide your estimated social security benefits statement which is now available to you online. Your range of benefits should consider any spousal benefits which we will also include in our analysis as appropriate.
3. Income Gap Analysis. Our planning process will identify any income gaps in your overall financial plan. We conduct further analysis to determine how your Social Security benefits (available to you at various ages) can be optimized for the purpose of filling income gaps in your financial plan over the life of your plan.
- Blueprint Design. A BayRock Certified Financial Planner™ professional works with each client to build a comprehensive financial model (Blueprint) designed to help connect your financial decisions with your vision, values, and purpose. The Blueprint is used to provide clear direction throughout the planning process. During the implementation phase, “The Blueprint” is a helpful tool for tracking progress each step of the way, including your Retirement Income Strategies as well as any Social Security Optimization strategies that are part of your plan.
- Blueprint Implementation. Level Two – Retirement Strategies Blueprint includes an ongoing (in-depth) analysis and review of the personal financial planning elements listed:
1. Retirement,
2. RiskManagement,
3. EstatePlanning,
4. EducationPlanning,
5. TaxPlanning,
6. InvestmentPlanning,
7. Cash Flow Analysis
All subscription fees are paid by invoice through AdvicePay.
