How We Help
Magnolia Financial Planning Services
Planning Your Path Forward
If you’re in the South-Central area including Louisiana, Texas, Arkansas & Alabama; and have been putting off retirement planning, it might be time to let a professional take the reins. When you invest in the right retirement firm, you can walk a much smoother path as you move toward the last day on the job.
Retirement Income Planning
Wealth Management
Financial Investments
Investment Management
Life Insurance
Assets Under Management
Tackling Each Step
As with most major projects, your retirement boils down to a series of steps. From wealth management to investment, it takes a little finesse to understand not just how each step can be tailored to your portfolio, but how to adapt your plans as economic headwinds begin to roil.
At Magnolia Financial Planning, you’ll work with a financial advisor who can break down each concept into its core tenets, so you can start applying the principles and building your wealth. No matter how financially secure you are right now, better financial management can help you edge from standard retirement goals into the big-ticket items you may not have originally dreamed were possible.
As you juggle everything from inflation to IRAs to annuities and beyond, you can do more than just ask your financial advisor about what to do next. You can actively get a sense of how each asset, whether it’s real estate property or stocks, relates to one another and what you can do on your end to maximize its value. And, perhaps even more importantly, you can look for steady revenue streams to replace your current income and reduce the odds that you’ll even need to tap into your existing assets. Whether that’s a part-time passion project like giving music lessons to kids or rental checks from a new multi-family real estate property, you can find options that work for you.
How Does Retirement Income Planning Work?
In some ways, retirement income is similar to that of your entire financial history. Just as your wealth is a patchwork of every financial decision you’ve ever made, your retirement income will reflect your preferences, necessities, and values.
How much do I need to retire?
This standard question means different things to different people. By the time you reach your retirement age, you may want several million across all accounts and a robust retirement income strategy. Other people may need far less to continue financial freedom, especially if they’re planning on very modest lifestyles. Once you’ve worked out the number, you can assess which retirement income makes the most sense for you.
For example, you might opt for expanding your real estate portfolio so you can collect enough rental income to cover your general expenses and even emergency hiccups. Or you might amp up your market presence, giving yourself more opportunities for impressive dividends down the line.
No matter which income sources you choose, a financial advisor can help you diversify your selection, so you’re not putting all your eggs in one basket. Searching for how to plan your retirement income will undoubtedly return some valuable advice, but only a financial professional can help you confidently settle on the final details.
At Magnolia Financial Planning, you’ll get all the help you need to replace your steady paychecks with income that’s every bit as reliable investment strategy. Plus, you can get a better idea of how to balance diversification with a clear-cut strategy. You can get a better idea of not just which opportunities are open to you, but how you can anticipate the economy’s next moves. This way, you can hold onto what you have even during the worst downturns.
Investment management is more than just regular check-ins on the state of your financial affairs. With the right partner by your side, you can catapult your future earning capacity into the next stratosphere. Combine this with expert tax advice and insurance policies, and you can start tracking your upward trajectory along a much steeper curve.
Wealth Management
Wealth management is a way to maximize your gains on nearly every asset you have, so you can rest easy knowing that your money is working for you and not the other way around. The general term can apply to any individual, whether that means searching for sales or paring down on luxury expenses. When the term is used in financial circles, though, the goals and the work become far more complex. That’s why it can help to bring in some professional reinforcements.
Why Invest in Wealth Management?
While it’s evident that some wealthy individuals tackle wealth management alone, few have the time or the expertise to consistently execute their strategy. But that’s just one reason why a financial advisor can be an invaluable addition to your portfolio’s bottom line.
Consider what can happen to your wealth from one hour to the next. When markets can crash and tangible assets can be destroyed at any given turn, wealth management takes constant oversight and acumen to be effective. A financial advisor doesn’t just take on this task and then call it a day, they look at it like the ongoing project it is.
Wealth management is more than just estate planning and taxes. It considers everything from investments to retirement income planning to real estate opportunities. If one of your assets isn’t performing, a financial advisor doesn’t just call attention to the problem. They work to find solutions and to ensure your portfolio isn’t falling behind.
Wealth management services are typically reserved for those who have reached an impressive net worth, though it’s worth noting that the thresholds can vary widely based on the person and their retirement needs. If you’re interested in discussing your options, the team at Magnolia Financial Planning helps clients in the South-Central Louisiana area understand whether comprehensive wealth management services can benefit themselves (and their families) in the long run. With a more cohesive plan, you might be shocked at just how much more organized your wealth (and margins) can be.
Investing
When investments can range from the stock market to real estate to cryptocurrency, it’s easy to be overwhelmed by unfamiliar asset classes. If your portfolio isn’t as diverse as you want it to be, a financial advisor can help you understand how to invest as you lead up to retirement.
How Investment Works
The basic rule of investment is always to hedge your bets. Instead of putting all of your money into metals, real estate, or bonds, you look for multiple opportunities to maximize your margins. The foundation of investment may not be difficult to understand, but the problem with this approach is that every client has their own individual relationship with risk, which can lead to wildly different approaches to the same problem.
For example, you might be hesitant to ask for investment advice if you don’t feel like you have enough disposable income to play with. Or you might be happy to invest in different assets without realizing that your disorganized strategy is ultimately harming your bottom line. If you’re looking for investment advice to fuel your financial growth, one of the best things that you can do is work with a financial professional.
With the help of the right expert, you can secure your income during retirement and then use that to build a much broader investment strategy. Plus, you can get a better idea of how to balance diversification with a clear-cut strategy. At Magnolia Financial Planning, you can get a better idea of not just which opportunities are open to you, but how you can anticipate the economy’s next moves. This way, you can hold onto what you have even during the worst downturns.
Investment Management
Investment management refers to the oversight and handling of your entire portfolio. More than just evaluating the value of your stocks, an expert financial advisor can take stock of your investments and formulate ideas to perfect your strategy.
The Benefits of Investment Management
Investment can be a tricky subject for many people, especially if they don’t have much first-hand experience with different types of asset classes. They may want to avoid risk and accept modest returns for the privilege. Or they may branch out in wildly opposite directions, failing to realize that their disorganization puts their portfolio at risk.
Because investments are more than just buying into buzzwords, a financial planner takes a far more disciplined approach to the matter. Above all else, they’ll make sure you have enough to cover your general expenses before implementing more aggressive tactics. If you live in the South-Central area throughout Louisiana, Texas, Arkansas & Alabama; the team at Magnolia Financial Planning can give you the investment advice you need to track your investments long after you first make them.
Consider how you felt the first time you ever took a risk with your money. If you’re like most people, you tracked every up and down to learn whether you made the right decision. But for most people, investments turn into just another line item in their portfolio after a while. No longer are you seeing the turmoil because your attention is on more immediate matters. This is understandable, but it’s also a good way for your net worth to begin to slip over time.
Investment management, whether before or after your retirement, can essentially help you work out some of the stickiest scenarios you might encounter along the way. From recessions to inflation, a good financial advisor can help you keep at least a half step ahead. When you can make your fortune in real estate property, Bitcoin, or even antiques, a financial advisor helps you cut through the seemingly random tides that determine who comes out on top. Once your portfolio has a solid foundation, it’s far easier to see where to take it next.
Life Insurance
Life insurance can be an important part of your portfolio, but it can also be a drain on your finances if you’re not careful. When there are endless policies and carriers available, choosing the right coverage isn’t always as straightforward as it may seem. Plus, not all companies are as reliable as they should be when it comes to fulfilling their end of the bargain. If you want to ensure long-term family security, it can help to ask an expert.
Why Work with a Financial Advisor?
A financial advisor can offer guidance on everything from taxes to investments based on your personal retirement goals. When it comes to choosing an insurance plan, they won’t push you toward the most well-known carrier or the most comprehensive coverage. Instead, they’ll look into your options, including term life insurance, to give you a better idea of where to invest your hard-earned money.
Life insurance is ultimately an investment in your family’s long-term financial well-being. With term insurance, you can cover your loved ones for a specific period of time, so they have enough financial support to keep moving forward. For example, you might set up a term life insurance policy that expires after your only child turns 25. With permanent life insurance, you can cover beneficiaries without an expiration date.
Term life insurance is popular because it’s affordable, but it’s also worth considering what you’re giving up in return. When some life insurance policies come with a savings component, making it a potentially lucrative investment opportunity, it’s possible to help yourself as much as you help your loved ones.
If you live in Louisiana, the staff at Magnolia Financial Planning are here to help you understand more about how to navigate these complex waters. If you’re concerned about these policies taking far more than you give, you’re right to be wary of unkept promises. With a financial planner, you can better understand what you’re really signing up for.
At a independent retirement firm like Magnolia, you’ll get personalized attention that can give you more confidence as you head toward your golden years. As you wade through potential life insurance plans, we can tell you how each policy impacts your larger portfolio and retirement plans.
Assets Under Management
As you work your way through every asset class, whether it’s real estate or oil, you start to learn how different markets work and how they change over time. The problem? Because the world moves so fast, even the most eagle-eyed investor can miss an important detail. Assets-under-management services can help you get your portfolio under control, ensuring that all your holdings get the attention they deserve — not just your securities.
Understanding Assets Under Management Strategies
You can think of asset strategies as a comprehensive approach to wealth. Instead of just calculating the estimated total of your assets, a financial advisor assisting clients throughout Louisiana, Texas, Arkansas & Alabama will analyze everything from taxes to risk management, so you’re far less likely to end up with an unpleasant surprise down the line.
One of the most invaluable services a financial advisor can provide is both their time and expertise. If you’ve noticed your assets are beginning to slip, whether that’s due to fickle consumer interest or new local regulations, you don’t have to spring into action to make last-minute decisions.
Instead of keeping up with the constantly changing rules of each category, you can explain how you built your assets and how you manage risks. From there, your advisor will make calculated decisions, so you don’t miss an opportunity to improve your portfolio. At Magnolia Financial Planning, a boutique retirement firm, you work with a team that takes the time to get to know you. Whether you shy away from risks or march head-first into new territory, the goal is to secure a stable enough foundation for your retirement expenses, so you’re not gambling with your financial future.
As you work through your investments, assets, taxes, and insurance, you can start to see how it all comes together. Instead of a giant conglomerate, where you’re liable to get lost in the turnover and fray, you get a dedicated team. You can make better decisions to keep your wealth steady during the worst of times and grow it during the best.
Did You Know About This
Danger to Your Medicare Claim?
The story below is an example of what happened to one man and his family when he enrolled in Medicare—please contact me immediately if you have any concerns about this happening to you!
Jim had spent his whole life building his business, pouring in long hours and sacrifices to create something he could be proud of. At 63, he finally decided it was time to sell. The deal was a success, more money than he had ever seen in one place. He and his wife, Susan, felt like they were stepping into a well-earned retirement, ready to travel, spend time with the grandkids, and enjoy the freedom they had worked so hard for.
Fast forward two years. Jim was 65 now, and it was time to enroll in Medicare. No big deal, he thought, it was a straightforward process, and they had planned for health-care expenses. But when he got his Medicare premium notice, his jaw dropped. Instead of the standard Part B and Part D premiums, he and Susan were hit with something called “IRMAA,” an extra charge that nearly doubled what they expected to pay.
Confused, Jim dug into the details. Turns out, Medicare looks at your income from two years prior to determine your premiums. And two years ago? That was when Jim sold his business, triggering a spike in his adjusted gross income. That one-time windfall, which he no longer had, was now costing them thousands in extra Medicare costs every single year.
“I feel like I’m being penalized for selling my own business,” Jim told a friend. “I don’t even have that money anymore tied up in investments, retirement accounts, and taxes I already paid!”
A little more research uncovered a potential way out. If a life-changing event, like retirement, had significantly reduced their income since that high-earning year, they could appeal the IRMAA charges. Jim quickly filed the paperwork with Social Security, providing proof that their income had dropped. It took some effort, but eventually, their Medicare premiums were adjusted, bringing them back in line with what they should have been paying all along.
The whole experience left Jim shaking his head: “I planned for retirement. I thought I did everything right, and still I got blindsided. If I’d known about this earlier, I could have planned differently.”
Now, whenever he talks to friends thinking about selling a business or making big financial moves before Medicare kicks in, Jim gives them a warning: Watch out for IRMAA. It can sneak up on you when you least expect it.
Email me at nnelson139@me.com with any questions you have about Medicare.
The Power of Financial Planning
Retirement income planning is a term that many people may not be exactly familiar with, even if the vast majority of retirees take advantage of it. The concept essentially references the money that you make while you’re retired, so you don’t have to tap into your savings unless it’s absolutely necessary.
For some people, their entire retirement income planning is to file for Social Security benefits. If you’d rather do more than just fill out a few forms, though, you can look to a financial advisor to help you find more effective strategies.
