Are you prepared to safeguard your legacy for future generations? Join me James Thatcher for a free local workshop where I will attempt to help demystify the intricacies of estate planning. You’ll learn how to effectively manage your assets, minimize taxes, and ensure your loved ones are taken care of according to your wishes. Reserve your spot today and take the first step towards a secure and well-planned future for your family!
From a young age, James Thatcher had an interest in personal finance. He opened up his own IRA at 19 and often helped friends and relative create monthly budgets and financial planning to keep track of their money. Growing up in the midwest, where a firm handshake was often the beginning of a long-lasting relationship, James also learned the value of personal connections and showing up for others early on. James spent several years working in customer service, following his passion for helping others. As a Financial Advisor, he takes pride in assisting clients in creating a comprehensive financial strategy that sets them up for success in retirement.
Since our first introduction to Bright Lake we have been impressed by the excellent customer service and personal attention. Ted’s knowledge and compassion combine to make us feel confident in placing our trust in him and his decisions. We have recommended several friends and will continue to do so.
We first met Ted at a presentation he gave on when to look at taking advantage of Social Security benefits. We are following what Ted recommended and Terry has started her benefits this year, while I will start next year when I am at full benefit age. This is due to other earned income I am now receiving.
Ted was really helpful to us in determining the best age for my husband to start drawing Social Security which is this year when he turns 62. You can tell by the questions he asks that he puts a lot of thought in understanding your situation to help you make the best decision for yourself.
Ahhhh, taxes — a necessary evil in our American lives. They pay for roads, safety and a whole host of other community-related services. We enjoy the benefits our taxes pay for but loathe the idea of paying more than our fair share. Taxes leave our pockets with that less-than-full feeling after Uncle Sam takes his cut. Taxes follow you even into retirement. Those retirement accounts you’ve started drawing from, Social Security benefits you’re receiving and other income from accounts designed to support your lifestyle in retirement may be taxable.
For most of your working life, you’ve been in an accumulation phase — gathering and growing assets to be used to support you in your later years. During retirement, however, you move to a different mindset as you transition into a distribution phase. Planning for the distribution phase includes a shift in perspective as you work toward preserving the assets you spent so many years building.
One of the keys to preserving your assets is to develop an appropriate distribution strategy, one that accounts for many things — including the taxes you’ll owe in retirement — and answers key questions: When should I start taking income from my accounts? Which accounts should I take the income from? A distribution strategy is designed to create a plan for optimizing your tax liability and your income — and maintaining that income for as long as you will need it.
Even if you’ve already entered retirement, you can still benefit from distribution planning and potential repositioning of assets to help ensure your strategy is as tax efficient as possible. While distribution planning would start before retirement in an ideal world, people who have already entered retirement can also greatly benefit from building a
distribution strategy to potentially pay less in future taxes. But where do you begin?
What steps do you need to take today to help ensure financial confidence
tomorrow? An experienced financial professional can help you develop a tax-efficient approach designed to preserve your retirement assets, whether you’re already retired or you plan to work 10 more years.
Join us at the Gaia Hotel for a free educational dinner seminar!
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