"That type of information raises a lot of questions," says Timothy Fussell, PhD, Founding Partner and CEO of Partners South Estate Planning, a full-service solutions-oriented insurance and estate planning firm headquartered in Ft. Lauderdale, FL. "How do I save?" "How do I make my money last?" And "How do I avoid a nasty tax surprise?" are just a few of the questions our clients ask about their retirement options," Fussell said. "Thankfully, we have proven ideas and solutions that help our clients whether they're near or moving into retirement," he added.
Recently, AARP® published a series of articles in the September edition of AARP The Magazine addressing some of the real problems facing retired, middle-aged, and young Americans. "The AARP articles provide great information for people of all ages looking to secure their future," Fussell said. "Retirement options abound – knowing the best ways to maximize your retirement savings and income is the difference between retiring comfortable or retiring concerned," he added.
It was Benjamin Franklin who said, "In this world, nothing can be said to be certain, except death and taxes." Taxes weigh heavy on every working and retired American's mind. Competent tax advisors will generally encourage splitting funds between a 401k plan and ROTH IRA, however, even the best advice isn't the best for everyone. "If you've created one retirement plan, you've created one," Fussell said. "Every person, every plan, is different – no two people have the same needs for the immediate or long-term future."
Americans are living longer and that's one reason why so many institutions are weighing in with retirement options and advice. The number of available retirement options can be mind-numbing. Even the US Treasury, the IRS and the Federal Reserve Bank have all very recently publicly advised Americans to have annuities with income riders in their 401k accounts and to invest in Life Pay Annuities in retirement. There are tax-deferred growth options that provide tax-free income available for Americans of all income levels and options that are tax-deductible for business owners and the self-employed. "Management fees, market downturns, and income tax liabilities are all questions that should be asked before entering into any partnership who will act as guardians of your future," Fussell said. "Those who prepare and plan will face their financial future without fear."