Our Services

Self-Employed Retirement Planning Services

Painting Your Retirement Picture When You Work for Yourself

The most common question we receive from our clients is, “When can I afford to retire?” With a freelancing career or a life of working for yourself, you have worked extremely hard with the goal of obtaining the financial security necessary to live an enjoyable lifestyle in retirement. For the self-employed, Geier Asset Management provides specialized attention and support as you approach retirement by identifying your goals and developing a strategy to adequately position you for your target date. We conduct a detailed analysis of your current financial situation, focusing on key factors such as:

  • Accumulated assets
  • Current debt
  • Earned income until retirement
  • Retirement income needs
  • Current and retirement expenses
  • Rate of return on investments
  • Current and future tax income and capital gains tax rates
  • Required minimum distributions and associated tax implications
  • Social Security, Medicare, and Medicaid benefits

Social Security & Medicare Benefits

Major pieces to your retirement puzzle are your Social Security and Medicare benefits that may be available to you. Social Security is a source of retirement income while Medicare provides healthcare and insurance once you reach retirement age. Both programs have various tax and eligibility implications, causing uncertainty for clients. Being well-versed in both areas, we are able to help you navigate these benefit packages and provide insight regarding:

  • Full retirement age
  • Individual retirement benefits
  • Disability benefits
  • Survivor and family benefits
  • Medicare Part A, B, C & D
  • Enrollment process
  • Eligibility for Medicaid
  • Taxation of benefits

The combination of these factors helps us understand your complete retirement picture, allowing us to generate various projections unique to you. No matter how long you’ve been self-employed, we are able to develop a comprehensive plan for you as you approach retirement, identifying specific goals and a detailed course of action. Retirement planning is fluid and ongoing. We will make adjustments to your retirement plan along the way as your financial situation continues to evolve. We understand your excitement for retirement and we are here to ensure you are financially able to do so.

Tax Planning for Self-Employed

In addition to retirement planning, Geier Asset Management also offers expert tax planning services for those who are self-employed. Our clients who are self-employed or work in multiple states throughout the year require additional, and often times extensive, tax planning. Since self-employed individuals do not have the luxury of having federal and state taxes withheld from their paycheck, they are required to make quarterly estimated tax payments to cover their projected tax liabilities. However, because a payroll system is not calculating a withholding amount, self-employed individuals are at greater risk of being under withheld. For those individuals that earn income in several states, liabilities to multiple states arise. Failure to make quarterly estimated tax payments to these municipalities in a timely manner will result in interest and penalties in addition to the initial liability. Our tax team understands the necessary planning that is required to be prepared to file a tax return.

Geier Asset Management is headquartered in Marriottsville, but helps self-employed individuals with their retirement planning needs throughout Maryland, including Baltimore, Columbia, Ellicott City, and the surrounding areas. 

 

retirement planning guide from geier