Retirement Planning Miami FL

Local resource for retirement planning in Miami, FL. Includes detailed information on local businesses that provide access to retirement planning, financial planning, investment advice, financial management, and financial advisors, as well as advice and content on asset management, mutual funds, retirement plans, and senior living.
Catherina Pareto
Cathy Pareto and Associates, Inc.
(305) 648-9814
2030 South Douglas Road, Suite 215
Coral Gables, FL
Brian Rezny
Rezny Wealth Management, Ltd.
800-618-8577
4000 Ponce de Leon Blvd.
Coral Gables, FL
Lydia Sheckels
Wescott Financial Advisory Group LLC
(305) 960-2357
200 South Biscayne Blvd., Suite 3400
Miami, FL
Bonnie Sewell
American Capital Planning, LLC
703.579.7031
9100 S. Dadeland Blvd.
Miami, FL
Eric Weiss
Brightscape Investment Centers
305 233-6222
7241 SW 168th Street
Miami, FL
William Neubauer
Comprehensive Money Management Services, LLC
(305) 662-7757
535 Vilabella Avenue
Coral Gables, FL
Francis Armstrong
Investor Solutions, Inc.
(305) 443-3339
3250 Mary Street, Suite 207
Coconut Grove, FL
Karl Schwartz
Hewins Financial Advisors, LLC
(305) 358-8349
801 Brickwell Avenue, Suite 2350
Miami, FL
Daniel Elie
DAGEL Financial, Inc.
(305) 271-9399
14723 SW 132nd Avenue
Miami, FL
Joel Bruckenstein
Global Financial Advisors, Inc.
(954) 885-1900
PO Box 277930
Miramar, FL
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Debate Over How Much You Can Safely Spend in Retirement Simmers On

For many baby boomers one of the questions we have always loved to debate is about to change. The old question was - how much do we need to accumulate in savings to afford a comfortable retirement? The old question had a corollary which is also changin - when will we be able to retire and start spending?

These questions will change direction because retirement is either here for a lot of us boomers, or it will be here within just a few years. We will have saved and invested what we did, and that is what we have to work with. for many of us, our traditional careers are over. So now the question has mutated into - how much can we safely spend each year and not run out before we die in 30 years or so from now. The decision is a momentous one, because if we miscalculate we might end up working as a greeter at Walmart to make ends meet. Or almost as bad, we will reach the age when we can no longer do anything with a pile of money, but regret that we never took the trips or had the fun we actually could have afforded.

According to several financial analysts inteviewed in the New York Times, ( How Retirees Can Spend Enough, But Not Too Much ) the question of how much we can take of our 401ks, IRAs, and other retirement savings isn’t that clearcut. And it has even gotten a lot murkier since the recent stock market crash. Will our portfolios ever get back to where they were? Will future returns be assured as they have been in the past?

A rule of thumb used to be that 4% or 4.5% of the principal a year was the right number. So say we had savings of $200,000, that means that we could withdraw $9000 a year and add that to our Social Security and any other pension income. Using that formula we would be able to keep up with inflation, so every year we could safely give ourselves a 4 or 4.5% raise.

Now some experts are questioning that rule of thumb. Some suggest that the right withdrawal rate might be 5 or even 6%. As you might expect, after the experience of this down market that type of thinking has given a lot of people the willies.

Michael E. Kitces is a financial planner with Pinnacle Advisory Group and Jonathan Guyton is with Cornerstone Wealth Advisors in Edina, MN. They have different approaches to setting a withdrawal figure, although they share one principle: flexibility might be the key to finding the right number. If the stock market is overvalued, it might be a good year to take a little extra out of your retirement fund - maybe even 5.5 - 6.5%. The thinking is the market is about to head down anyway, might as well spend it as lose it. Similarly, if the market is severely beaten down (sound familiar?), then we might be looking at a good belt-tightening year. Save the capital now and it will probably come back. Guyton has another idea we like. Carve out a separate discretionary fund for special trips, projects, or down years. His idea gives us some fun money, we just have to realize that once it is gone it is gone.

You can find more a...

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Retirement for Younger Baby Boomers Will be a Different Experience

Younger baby boomers, those aged 50 years old in 2010, foresee a vastly different retirement world than 50 year-olds who were surveyed in 1996. According to a pair of surveys by active adult community developer Del Webb, today’s 50 year-old plans to retire four years later, at a median age of 67 versus age 63 nearly fifteen years ago. Fully 73% of baby boomers plan on continuing to work in retirement. That contrasts with current retirees living in Del Webb communities, of whom just 40% have actually worked since retirement. The conclusion drawn by Del Webb is that today’s younger boomers don’t see retirement as necessarily the end of their working life, but possibly something pushed out further or which includes work in some form or another.

Financial Readiness
Today’s 50 year-olds are much more pessimistic about their financial readiness for retirement than those of 15 years ago. Most of that is probably realism and conservatism brought on by the recent recession, since today’s 65 year olds are generally far less upbeat about their retirement finances now than they were 15 years ago. Today’s 50 year old is half as likely to be financially prepared for retirement, at 16 percent versus 34 percent in 1996; and three times as likely to indicate they will never be financially prepared for retirement, at 41 percent versus 15 percent. These pessimistic statistics are very close to what was reported earlier this year in a survey from the Employee Benefit Research Foundation. A frightening statistic is in the savings department; at 23 percent versus 11 percent today’s 50 year old is twice as likely to not even have begun saving for retirement.

Moving Out
According to the Del Webb survey, nearly a third of older Baby Boomers plan to move in retirement, with more than 50 percent planning to move to a different state. About 25 percent of them plan to move to a different city within the same state, and less than 20 percent of older Boomers planning to move within the same city.

Today’s 50 year olds, the younger baby boomers, are more likely to be moving in retirement that those who turned 50 in 1996. In the Del Webb survey the younger Boomers, those who turn 50 this year, 42 percent plan to move in retirement as compared to 36 percent among 50 year-olds in 1996.

Carolinas on Top
According to the 2010 Del Webb Baby Boomer Survey, the Carolinas have emerged as the preferred destination for retirement, while perennial favorites, Florida and Arizona, remain top contenders. Both younger and older Baby Boomers ranked either South or North Carolina first as their preferred location in retirement—with the other Carolina ranking as their second choice.

Reasons for Relocating
Among younger Baby Boomers looking to move, the most important factors in deciding where to relocate weighed heavily towards an area’s cost of living (81%) and access to preferred healthcare programs (66%). Surprisingly, cultural and re...

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Taking the Mystery Out of When to Start Taking Social Security

Ask any 4 people when they intend to start taking social security benefits and you might get 4 different answers. Ditto with how long should you keep working and how that work will impact your social security benefits (short answer: working longer is usually a good thing for your benefits). Even when to start with Medicare is not well understood (and this is the easiest one to answer: everyone should sign up 3 months before their 65th birthday).

The Social Security Administration is actually doing a very good job of helping to educate the public and remove the mystery out of the issue. As they point out, it is NOT a “one size fits all” kind of question - everyone’s situation is a bit different. To that end the SSA has come out with a short but informative podcast that will be an excellent overview for most people. You can download the podcast and other materials using this link at the Social Security Administration

Topretirements has also developed an extensive article, “ A Surprising Answer to When to Start Taking Social Security Benefits “. Our article has some good background and a raft of excellent links for further reference.

Short Answer:
It all Depends!

Give us your opinion either here in our Comments section (below), or in the Topretirements Forum Topic: When to Start Taking Benefits

Posted by Admin on February 1st, 2009

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