Plan Ahead to Protect Your Wealth

August 19, 2015

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SPECIAL ADVERTISING SECTION

PERSONAL WEALTH Q&A

Most of us spend much of our lives working hard to save and invest for our future, so we’ll not only be comfortable in our later years, but able to enjoy the rewards of our labor. Nobody wants to outlive their money — nor do they want to lose their say in how their money is handled, should they become incapacitated.

That’s why it’s essential for you to protect what you’ve accumulated. Take the time and find the right professionals who can guide you and help you plan for the unforeseen situations that can often arise in daily life, as well as in your retirement years. Having the right documents in place, along with sound financial strategies, can go a long way toward making sure you’re well taken care of should there be an accident or illness, and that your retirement years really are as golden as they’re meant to be.

Rehmann

Q: What is a Personalized Retirement Income Strategy??
A: A Personalized Retirement Income Strategy is a customized solution designed to provide you with income for your specific retirement goals. To create such a strategy, you first need to complete a financial plan that has a target retirement date and identifies your retirement expenses. Once you have a plan, which can be updated over time, you can implement three financial strategies: investments, Social Security, and a fixed payment stream.

Investments consist of a diversified stock/bond portfolio that meets your risk tolerance and growth objectives. Social Security offers a variety of payment options, of which most individuals are unaware. A fixed payment stream may come from a fixed annuity that returns lifetime income.

Utilizing these strategies can provide a balanced, diversified, and risk-adjusted retirement income strategy. It’s never too late or too early, so start now and have a fun-filled retirement!

Rehmann

Tom Wiggins*, MSM, CFP
Financial Advisor
Address: 39300 W. Twelve Mile Rd., Suite 100
Farmington Hills, MI 48331
Phone: 248-579-1100
Email: tom.wiggins@rehmann.com
Website: www.rehmann.com

Dickinson Wright PLLC

Q: How will you pay your bills or prepare and sign your tax returns if you are hospitalized or otherwise incapacitated?
A: A Durable Power of Attorney for Financial Matters designates an individual as your “attorney-in-fact,” to step in and handle all things financial in the event you are unable to do so. Such documents can be very broad, granting your attorney-in-fact the power to take care of all your daily life tasks, from paying your mortgage to caring for your pets.

If you do not have a Durable Power of Attorney and are incapacitated, your loved ones may be forced to petition the court to establish a Conservatorship for you, which can take weeks to months to complete. Meanwhile, bills go unpaid and problems develop. A Durable Power of Attorney is a vital tool to empower the individual of your choosing to handle your financial matters without court involvement.