Why hire a financial advisor? paid Fidelity
Support their son, maintain lifestyle during retirement, leave a legacy to a local charityEveryone has goals and an advisor can work with you to understand those goals, model and quantify your options, confirm the steps you are taking and illustrate alternative plans to get you there. Over time, holistic planning may include retirement, housing, education, travel, family support, charity, and more.
Instead, by waiting until age 67 to retire, they’d have more years of savings and compounded earnings, fewer years in retirement, and a higher Social Security benefit so the probability was higher that they could maintain their lifestyle, and have money left over. Also, their hypothetical surplus meant their savings had the potential to last throughout their lives and, also, provide an inheritance for their son and a donation to Ben's favorite charity.
Donating appreciated securities for charitable donations. By making a direct donation of $50,000 worth of stock that has appreciated $30,000, they could potentially avoid capital gains taxes—and increase the value of their federal income tax deduction from $15,858 to $18,500 .This is a hypothetical example for illustrative purposes only. The chart assumes that the donor is in the 37% federal income bracket with an adjusted gross income of $500,000.
Here's how tax-loss harvesting could work for Sally and Ben. Say Sally is subject to a 20% long-term capital gains rate, so she would owe $2,000 in taxes on a $10,000 long-term capital gain this year. But what if she had sold $6,000 worth of stocks at a loss during the same year? Those losses could offset $6,000 worth of capital gains this year, leaving a $4,000 taxable capital gain, and only an $800 tax bill. That’s a tax savings of $1,200 this year, increasing her after-tax gain by 15%.
The advisor lays out 2 scenarios. In one, Sally and Ben shift all of their savings to a more conservative mix of 50% equity, 40% bonds, and 10% cash—a common asset mix for retirees—and use withdrawals to cover essential and discretionary expenses in retirement. In the other, they put 20% of their savings in a guaranteed income annuity that along with Social Security will cover their essential expenses, and the rest in that 50-40-10 asset mix.
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