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Financial Services

Financial Services

BF&T and our Affiliates provide a wide variety of services to develop a financial strategy for your future. It’s important for your financial professional to see a complete, 360-degree view of your financial picture, including how your retirement assets are integrated and work with one another. Our financial strategies use investment and insurance products to help you meet financial goals. We can work in concert with tax professionals or attorneys in your or our network to advise you on specific aspects of your financial strategy.

 

Retirement Income Strategies

Retirement income strategies are not just for the wealthy. As retirement nears, the traditional strategy has been to move growth-seeking products to more conservative, fixed-income products.  According to a recent study, for a married couple age 65 there is now a 50 percent chance that at least one spouse will live to age 94.1 This means that you may need to plan for your retirement savings to potentially last 25 to 30 years.

One drawback to a longer life is the greater possibility of outliving your savings — creating all the more reason to develop a retirement income strategy designed to last a longer lifetime. Sixty-one percent of Americans surveyed said they were more afraid of outliving their assets than they were of dying.2

A significant loss in the years just prior to and/or just after you retire could negatively impact the level of income you receive over the course of your life.  In fact, if a loss occurs earlier in life, there is also the chance that you may have more time to recover (versus a loss occurring later in retirement).  Why?  Simply because a smaller pool of assets is left to sustain you throughout your retirement years, and your assets may not have as much time to recover.

We can help you design a guaranteed* retirement income strategy that incorporates insurance and annuity vehicles to create opportunities for long-term growth as well as guarantee* income throughout your retirement.

1 Prepared by Ernst & Young Insurance and Actuarial Advisory Services practice. The analysis uses the Annuity 2000 mortality table with Scale G2 mortality improvements.

2 State of the Insured Retirement Industry: 2012 Recap and a 2013 Outlook, Insured Retirement Institute

Guarantees are backed by the financial strength and claims-paying ability of the issuing company and may be subject to restrictions, limitations or early withdrawal fees. Annuities are not FDIC insured.


Long-Term Care Strategies

As the oldest baby boomers begin to wind through their 60s, one of the biggest concerns may not be outliving income, but outliving good health.

For retirees, home health care can cost $50,000 or more per year, and nursing home care can run as high as $80,000 per year. Does your retirement income strategy account for this kind of possibility? Would you be prepared for twice that amount as a married couple?

Considering that you could have to reduce your financial means before Medicaid will pay for long-term care and neither your employer group nor major medical insurance will cover long-term care, you may want to consider planning ahead for these potential expenses.

We can help evaluate your situation and determine if purchasing a long-term care insurance policy may be the right move to help you feel confident in your financial future.

1 Genworth 2012 Cost of Care Survey: Home Care Providers, Adult Day Health Care Facilities, Assisted Living Facilities and Nursing Homes

2 MetLife: The 2011 Market Survey of Long-Term Care Costs


IRA Asset Planning

IRA accounts have become one of the largest types of assets inherited by beneficiaries. If you don’t anticipate needing your IRA money in retirement, you may wish to consider a legacy planning strategy that potentially reduces taxes and potentially increases the payout your beneficiaries will receive upon your death.

You may want to use some of the value in your IRA to provide your beneficiary(ies) a regular stream of income while leaving the balance of IRA assets invested for tax-deferred growth. The result may yield substantially more money paid out over the course of your beneficiary’s lifetime. We can help you evaluate your financial situation to determine if IRA legacy planning could help you meet your goal of structuring a long-lasting inheritance for your beneficiaries.


Annuities

In the past, retirees could typically count on three sources of retirement income that divided roughly into thirds. The three sources of income have traditionally been government-funded Social Security, employer-sponsored components and individual savings. With this traditional scenario, both the government and employer-sponsored components of the strategy were considered predictable — reliable income sources that may also be adjusted for inflation, like Social Security benefits. Only one-third of the plan, individual savings, was the responsibility of the individual. Today, however, due to employer-sponsored plans evolving from guaranteed pension payouts to more defined benefit contribution plans, which generally result in a payout in retirement based upon level of individual participation, the majority of the burden for retirement income seems to have shifted to the individual. For this reason, you may want to consider a guaranteed* fixed income component to your retirement strategy. In short, adding an annuity may be an opportunity to help ensure a portion of your retirement income will be guaranteed*.

An annuity is a contract you purchase from an insurance company. For the premium you pay, you receive certain fixed and/or variable interest crediting options able to compound tax deferred until withdrawn. When you are ready to receive income distributions, this vehicle offers a variety of guaranteed* payout options. Most annuities have provisions that allow you to withdraw a percentage of the value of the contract each year up to a certain limit. However, withdrawals can reduce the value of the death benefit, and excess withdrawals above the restricted limit typically incur “surrender charges” within the first five to 15 years of the contract. Withdrawals will reduce the contract value and the value of any protection benefits, and because they are designed as a long-term retirement income vehicle, annuity withdrawals made before age 59½ are subject to a 10 percent penalty fee, and all withdrawals may be subject to income taxes.

*Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods which vary by carrier. Annuities are not FDIC insured.


Life Insurance

Life insurance isn't for those who have died — it's for those who are left behind. When shopping for life insurance, consider needs such as replacing income so your family can maintain its standard of living, as well as paying for your funeral and estate costs. A general rule is that you may want to seek coverage between five and seven times your gross annual income. As far as the various types of policies go, they can generally be placed into one of two categories: Term and Permanent.

Term insurance generally provides coverage for a specified period of time and pays out a specified amount of coverage to your beneficiary only if you die within that time period. In a level premium term policy, you pay the same amount of premium from the first day of the policy until the term ends. A permanent insurance policy, on the other hand, will stay permanently in effect for the rest of your life so long as premiums continue to be paid.


IRA & 401(k) Rollovers

When you change jobs or retire, there are four things you can generally do with the assets in any employer-sponsored retirement plan:

  • Leave the money where it is
  • Take the cash (and pay income taxes and perhaps a 10 percent federal penalty tax if you are younger than age 59½)
  • Transfer the money to another employer plan (if the  new plan allows)
  • Roll the money over into an IRA

Rolling over from one qualified plan to another qualified plan allows your money to continue growing tax-deferred until you receive distributions in retirement.

We can help you make those critical decisions to help you reach your reitrement income goals.


To schedule a time to discuss your financial future, contact us at myteam@bfandt.com or call us at 800.425.7044 today!

We are an independent financial services firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives.

Your insurance professional is not permitted to offer, and no statement contained herein shall constitute tax, legal or investment advice. You should consult with a legal or tax professional on any such matters. For guidance on your securities holdings, please consult with a broker/dealer representative or registered investment advisor.

Investment advisory services are offered through Elevated Performance Investment Group LLC, a Registered Investment Advisor in the state of Michigan and North Carolina. Elevated Performance Investment Group LLC, Barnett Financial & Tax Charlotte LLC, and Barnett Financial & Tax are affiliated companies.

Meet Our Team Barnett Financial & Tax

At Barnett Financial & Tax (BFT), we are dedicated to providing individuals, families and businesses with quality financial products and services for the achievement of their goals and objectives. We are committed to serving clients by assisting them in the development of financial stewardship in their lives. Founded in 1990 we are an accredited member of Better Business Bureau.

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Investment advisory services are offered through Elevated Performance Investment Group LLC, a Registered Investment Advisor in the state of Michigan and North Carolina. Elevated Performance Investment Group LLC, Barnett Financial & Tax Charlotte LLC, and Barnett Financial & Tax Inc are affiliated companies.

We are an independent financial services firm helping individuals create retirement strategies using a variety of insurance and investment products to custom suit their needs and objectives.

By submitting your contact information, you consent to be contacted in the future regarding retirement income strategies that utilize insurance and investment products.

*Our firm provides links to third party articles in an effort to assist users in locating information on topics that might be of interest to them. Information presented has not been verified and is not guaranteed, nor can we attest to the accuracy of information provided. Linking to an article or web site does not constitute a representation of the services offered by our firm nor does it constitute an endorsement by Firm of the sponsors of the site or the products presented on the site. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual's situation.