Retirement Planning With a Long-Term View
Protect the lifestyle you’ve worked to create.
You should be able to look forward to retirement as a time to enjoy the fruits of your many years of labor. Yet, for many, questions of whether or not they have enough money to retire comfortably make it difficult to look forward with anticipation to these days. Without proper planning, you can face shortfalls that mean you cannot enjoy the lifestyle you desire. Baltimore and Ellicott City retirement planning services are an essential part of protecting the future you have in mind.
Geier Asset Management offers retirement planning services in Ellicott City, Baltimore, and much of the rest of Maryland. Our goal is to help each of our clients understand their retirement needs and create a plan to ensure a comfortable, worry-free retirement.
If you live in Ellicott City or Baltimore, Maryland, and want to have someone take a look at your retirement plan, reach out to Geier Asset Management to learn more about our retirement planning services.
Retirement Planning Services in Ellicott City & Baltimore
Geier Asset Management’s retirement planning services include traditional business retirement plans. Our retirement planning professionals in Ellicott City and Baltimore can help you review your company’s 401(k) or 403(b) to ensure your chosen program meets your needs and the needs of your employees. We also have a Retirement Planning Guide our clients can use to understand their options and our role in the retirement planning process. With these services, you can be confident that you are well prepared for the demands of your retirement years, with adequate savings and investments managed by a knowledgeable team.
Schedule a review of your retirement plans, either for yourself or your business, by calling Geier Asset Management at (410) 824-1853. You can also reach out to our team online to schedule your retirement plan assessment.
Planning Your Retirement in Maryland
A common question we hear is, “Have I saved enough to retire?” the answer to this question is different for everyone. It involves painting a picture of what retirement living means to you and making financial calculations regarding savings, other assets, expenses, social security, health, and many other factors. It requires an understanding of how you envision retirement, the lifestyle you wish to live, and of course, the assets and income sources to support it. Ultimately, our goal is to replace your current annual earnings with a variety of income sources in retirement – pensions, social security, investment income, etc.
Now you’re asking yourself, “When can I afford to retire?” You have worked extremely hard throughout your career to obtain the financial security necessary to live an enjoyable lifestyle in retirement. 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 to help us build long-term projections that outline your retirement. Our comprehensive analysis considers the following:
- Accumulated assets
- Current debt
- Earned income until retirement
- Retirement income needs
- Current and retirement expenses
- Rate of return on investments
- Income and capital gains tax rates
- Required minimum distributions (RMDs)
- Social Security and Medicare benefits
Whether defining the specific age at which you can retire, calculating the total assets needed, or determining the retirement lifestyle you can afford, planning for the next chapter of your financial life is critical. That’s where having a trusted Maryland retirement planner can help.
Contact our trusted financial planners in Maryland to get started with retirement planning.
Understanding Your Pension Benefits
A main source of retirement income for some clients is the pension they have earned through years of service with an employer. Clients will often target the date when they are eligible for their maximum pension benefit. Pensions are the greatest retirement income source for retirees, but the taxation and payout options of these benefits can be complex. Understanding the options available in your defined benefit plan is crucial to maximizing your income and potentially protecting your spouse. These options may include:
- Lump-sum pension
- Life-only pension
- Life annuity with term certain
- 100% joint-and-survivor pension
- 50% joint-and-survivor pension
Contact our retirement planners in Maryland to understand your pension benefits and get started with retirement planning.
Social Security & Medicare Benefits
Two major pieces to your retirement puzzle are your Social Security and Medicare benefits. Social Security is a source of retirement income, while Medicare provides healthcare and insurance once you reach a certain age. Both programs have various tax and eligibility implications, causing uncertainty for clients. Well-versed in both areas, we can 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
Retirement planning is fluid and ongoing. Our financial planning advisors will adjust 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.
A thorough understanding of Social Security and Medicare benefits has been valuable for our older clients. We’ll help you conquer the fear of outliving your retirement income. We will be there to guide you throughout your career, so you can retire comfortably when you choose.