CARING ADVISORS WHO CAN HELP
We keep the planning process simple. We talk with you in a down-to-earth way and give you the knowledge to make smart, informed choices. Our team creates financial solutions based on your values and priorities, because we want to improve your quality of life as well as preserve and protect your hard-earned money. Always accessible and enjoyable to work with, our team has assembled a dedicated, detail-oriented staff to give you a superior client service experience. McIlrath|Eck are retirement and estate planning specialists who listen to you and learn about your unique needs.
RETIREMENT AND FINANCIAL PLANNING SERVICES
The Importance of Retirement Planning
Financial planning is all about – security. By carefully and comprehensively planning for your financial future, you can help to protect yourself, your family, and your estate against both foreseen and unforeseen events. Knowing that you have a solid financial plan to lead you into the future means that you have one less thing to worry about when scary, stressful unexpected events occur – such as medical emergencies or job losses.
Besides protecting the people, places, and things in your life, planning for your financial future also protects your goals. Having your finances in order is just one way that you can move toward your ideal lifestyle. Maybe your goal is going back to school, purchasing the home of your dreams, or going into business for yourself. An active and independent retirement is also a goal. Many people no longer feel confident that they will be able to rely on pensions or social security checks after they have retired. Most goals take more planning than just a savings account and good intentions. Financial planning involves long term strategic management…but it is worth it!
Estimating how much you need to save
The old rule-of-thumb says that middle-income households usually need to replace 70% to 75% of their current living expenses in retirement to maintain their pre-retirement standard of living. But the one big wildcard is growing health care costs. As such, a better rule-of-thumb is to estimate how much you’ll need to withdraw from savings during your first year of retirement (adjusted for inflation) and multiply that amount by 25 to determine your target number. For example, if you want to withdraw $40,000 from savings your first year of retirement, you’ll need to have saved $1 million.
FINANCIAL PLANNING AND CONSULTATION
We encourage clients to bring the following information for the initial consultation:
Net worth statement (if available, if not we can help write one)
Previous two years of federal tax returns
Copies of most recent brokerage and bank statements
Employee benefit statements (insurance, pension and profit sharing, stock options)
Social Security statements
Copies of wills and powers of attorney
Copies of insurance policies
List of liabilities with interest rates and balances
Copies of divorce decrees and child support records
Fee Schedule for Financial Planning
Initial Plan construction starting at: $750