We pride ourselves on providing retirement strategies to Chesapeake Virginia and the surrounding communities. We take a look at your unique mix of assets and integrate those aspects into a coordinated retirement income plan.
Our main objective is to assist you in navigating today’s complex marketplace to accomplish your investment aspirations and goals. The recommendations you receive are tailored to you, factoring in your risk tolerance, time horizon, and income specifications.
At Legacy Financial Planning & Insurance Services LLC, we help you turn your savings into a steady, tax-efficient income stream through all three phases: accumulation, distribution, and preservation.
Let’s make your retirement strategy smarter and more efficient.
Life insurance may provide some comfort you, knowing that your loved ones will receive a death benefit when you pass. It can also offer a number of benefits that may make it a valuable tool.
Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Policy loans and withdrawals will reduce available cash values and death benefits and may cause the policy to lapse or affect any guarantees against lapse. Additional premium payments may be required to keep the policy in force. In the event of a lapse, outstanding policy loans in excess of unrecovered cost basis will be subject to ordinary income tax. Withdrawals are generally income tax-fee, unless the withdrawal amount exceeds the amount of premium paid. Policy loans are not usually subject to income tax unless the policy is classified as a modified endowment contract (MEC) under IRC Section 7702A. However, withdrawals or partial surrenders from a non-MEC policy are subject to income tax to the extent that the amount distributed exceeds the owner’s cost basis in the policy. Tax laws are subject to change. Clients should consult their tax professional. Keep in mind that most life insurance policies require health underwriting and, in some cases, financial underwriting.
While there is no shortage of things to plan for in retirement, it’s critical to address your health concerns by crafting a comprehensive health care strategy. There are various ways to accomplish this, with Medicare being the most important for many Americans.
The Portfolio Analysis Review (PAR) process creates a detailed account of your investments while organizing the details of your portfolio, which may make it easier to comprehend. Together, we’ll develop a plan that works in concert to help achieve your financial goals.
Danielle Mefford and Legacy Financial Planning & Insurance Services LLC and Gradient Advisors, LLC are not affiliated with or endorsed by the Social Security Administration or any government agency. This content is for informational purposes only and should not be used to make any financial decisions.
Your Social Security benefit represents years of savings. We offer custom Social Security Maximization Reports because everyone’s timing is different and there are lots of opinions about when to collect Social Security.
Social Security is designed to replace only a portion of your pre-retirement earnings—historically about 40% for an average worker. The remainder of your retirement income generally needs to come from other sources.*
One part of building your retirement is determining your tax liability and developing a strategy to help minimize how much you pay. We recommend customizing your retirement to utilize any possible tax credits, deductions and tax loss harvesting where applicable.
Green, Yellow, and Red Money
Before you can make an informed decision about your assets, you need to have a clear understanding about your attitude towards risk and how it relates to your retirement. The Color of Money Risk Analysis (COMRA) explores how you feel about potential gains and losses, examines the predictability of your assets, and provides a road map to your overall risk preferences. The output will be a Color of Money risk score. This short, interactive analysis is one of the first steps on the road to retirement.
Preserving the past and securing a future.
As a client, you’ll have access to Generational Vault, a secure online portal for uploading, managing, and accessing your financial and personal documents. Each time you log in, you can quickly view a snapshot of your financial picture, including account summaries, asset details, and dynamic reports and charts. You can track investment progress, monitor expenses and income, and keep a clear record of our work together in one central place. Generational Vault helps keep your finances organized and makes it easier for beneficiaries to access important documents when they need them most.