May 18, 2021

Our Complementary Retirement Planning Services

New prospective clients often ask us, “What else can you do for me outside of investment advice?”  The answer is: plenty. Below is a short list of just some of the other services that we commonly provide our clients who are navigating the retirement planning process.

            • Social Security Analysis

Many of our new clients have yet to consider when to claim their Social Security benefits.  Every client’s situation and needs are unique.  Baird’s Social Security analysis takes the client’s expected benefit amount at full retirement age and provides a report that breaks out all the scenarios available, helping the client make the decision on when to start supplementing their retirement income with Social Security.

            • Estate Plan Review

While every client should have an estate plan, the type of plan can vary significantly.  Some clients have estate plans that are determined by the state. Others have established legal documents (wills, trusts, advance care directives, etc.) and designated beneficiaries to reflect their wishes. Yet due to the passing of time, changes in personal circumstances—family dynamics, estate composition, estate size, etc.—and changes in law, the terms of the documents do not always accomplish the client's objectives. Our estate planning review includes flowcharts showing how assets move through the various provisions of the estate plans as well as recommendations for improvement.

            • 72(t) Calculations

A provision in Internal Revenue Code 72(t) allows you to take early withdrawals from your retirement savings accounts without the 10% penalty.  This may provide you with a way of accessing your retirement account early for supplemental income. Before you consider taking early withdrawals from your retirement account, please discuss your distribution options and tax implications with a qualified tax advisor.

            • Financial Plan

Baird’s comprehensive financial planning services start with identifying the financial goals that are important to our clients, with an eye on designing the portfolio to best meet those goals. Our financial planning review can address topics such as:

-Funding a retirement goal, college expenses or other significant financial objectives

-Evaluating the adequacy of insurance to provide income for survivors, protect against a disability or fund the costs of long-term medical care

-Understanding the impact of estate taxes and other considerations on wealth transfer goals

-Meeting charitable giving goals in a tax-efficient manner

            • NUA Analysis

Employees who invest in their own employer’s stock inside their company plan may be able to take advantage of the Net Unrealized Appreciation rules, which can be used to help lower the tax rate applied to withdrawals from the plan.  In some cases the tax savings can be significant. To take advantage of these tax benefits, though, employees must follow very specific rules around the nature and timing of the withdrawals.

            • Pension Analysis

Many pension plans give the participant a choice between taking a monthly annuity payment or a lump sum distribution that can be rolled over into an IRA. Choosing the distribution option that best fits your personal circumstances will be one of the most important decisions you will make in retirement.

            • Tax Return Review

Baird’s thorough tax return analysis helps our clients better understand their tax picture and potentially uncover planning opportunities. There are two primary tax-related analyses available: a Tax Return Review and a Transaction Tax Analysis.

This list is not all-inclusive of the services we provide to our new and prospective clients, but simply a quick overview of some of the more common services we provide outside of investment planning.  Also, it is important to note that we do not charge for these services.  We provide these reviews as a service to our new and prospective clients in order to help them make informed and educated decisions while navigating the retirement planning process.

Baird does not provide tax or legal advice. Please consult your legal or tax professional for specific information.

 

JG2021-0514*.

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