Financial Services

Preparing for retirement should create excitement, not concern. Yet, for many, that's not necessarily the case.

According to a recent study,¹ 56% of working age Americans, say they are very concerned or somewhat concerned about being able to achieve a secure retirement. Additionally in a different recent survey,² 45% of age 50-plus pre-retirees say their greatest fear is outliving their savings and investments. Finally, In the 2023 T. Rowe Price Retirement and Savings Study³, more than 38% of respondents over the age of 50 indicated that not having enough money was their most significant obstacle to starting retirement planning.

That's where we come in.

We use insurance products, such as fixed annuities, and a variety of investment products to help you build financial strategies. From tax-efficient strategies to protecting some of your assets — we'll cover as many bases as possible to help you create an income strategy that supports your retirement lifestyle and long-term financial goals.

¹ Dan Doonan and Kelly Kenneally. National Institute on Retirement Security. February 2024. "Retirement Insecurity 2024: Americans' View of Retirement." https://www.nirsonline.org/wp-content/uploads/2024/02/FINAL-2024-Public-Opinion-Research.pdf. Accessed Aug. 12, 2024.

² Catherine Collinson and Heidi Cho. Transamerica Center for Retirement Studies. September 2023. "Life in Retirement: Pre-Retiree Expectations and Retiree Realities." https://www.transamericainstitute.org/docs/library/research/life-in-retirement-preretirees-expectations-retiree-realities-report-september-2023.pdf?sfvrsn=58f037dc_11. Accessed Aug. 12, 2024.

³ Bill Meyer. T. Rowe Price. March 2024. "Survey Reveals Growing Importance of Financial Planning for Retirement." https://www.troweprice.com/content/dam/retirement-plan-services/pdfs/insights/research-findings/rtl-is-demand-for-retirement-financial-planning-growing/Growing_Importance_of_Financial_Planning_for_Retirement.pdf. Accessed Aug. 12, 2024.

At Kirsner Wealth Management, we offer you the following products and services:

Click the images below to learn more about each service.

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Retirement
Income Strategies

Figuring out strategies to make your savings stretch over the next 25 to 30 years can not only be confusing, it can also be overwhelming.

But it doesn't have to be that way.

Insurance products like annuities can provide a steady and reliable income stream for the rest of your life, while creating opportunities for long-term growth. We can help you incorporate products that fit with your unique financial situation and goals in a financial strategy designed to put you on the path to the retirement lifestyle you want.

Insurance products are offered through the insurance business Kirsner Wealth Management. Kirsner Wealth Management is also an Investment Advisory practice that offers products and services through AE Wealth Management, LLC (AEWM), a Registered Investment Adviser. The AEWM does not offer insurance products. The insurance products offered by Kirsner Wealth Management are not subject to Investment Advisor requirements. AEWM and Kirsner Wealth Management are not affiliated companies.

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Wealth Management

Generally speaking, the longer you invest, the more potential your money has to grow. If you are still trying to recover from losses in recent years and you're looking to get back on track to accumulating wealth, you may want to consider getting a second opinion. However, those who've lost in the stock market may sometimes be a little more wary of approaches that increase their market risks.

After all, the last thing you want to do in retirement is lose more ground during another market correction.

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Asset Protection Strategies

You've got plans - a lot of them. Wouldn't it be more fun to focus on your dreams than constantly worrying about what the market's doing?

Diversifying your retirement assets among a variety of vehicles - including a mix of products like life insurance and annuities, depending on what is appropriate for your situation - may help you pursue your retirement income goals.

Anyone who invests in the market should understand it involves potential risk of principal. So, to provide some security not found in the stock market, there are alternative products that offer some protection benefits in your financial strategy. These products, such as annuities, can provide supplemental income throughout retirement to help protect your money from declines due to stock market losses.

Insurance products are offered through the insurance business Kirsner Wealth Management. Kirsner Wealth Management is also an Investment Advisory practice that offers products and services through AE Wealth Management, LLC (AEWM), a Registered Investment Adviser. The AEWM does not offer insurance products. The insurance products offered by Kirsner Wealth Management are not subject to Investment Advisor requirements. AEWM and Kirsner Wealth Management are not affiliated companies.

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Annuities

In a recent study of working age Americans,¹ 77% say they strongly agree or somewhat agree that the average worker cannot save enough on their own to gain a secure retirement. That same percentage of people strongly agree or somewhat agree employers should contribute more to workers' retirement plans. In 1975, private-sector pension plans had a total of 27.2 million active participants. That number dropped to 12.6 million active participants in 2019.

With pension offerings on the decline, you may want to consider a fixed income component to your financial strategy. In short, adding an annuity may be an opportunity to help ensure a portion of your retirement income will be guaranteed.

What is an annuity?

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 - some even for life.

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 will reduce the contract value and the value of any protected benefits. Excess withdrawals above the restricted limit typically incur "surrender charges" within the first five to 15 years of the contract. Because they are designed as a long-term retirement income vehicle, annuity withdrawals made before age 59 ½ are subject to a 10% penalty fee, and all withdrawals may be subject to income taxes.

¹ Dan Doonan and Kelly Kenneally. National Institute on Retirement Security. February 2024. "Retirement Insecurity 2024: Americans' View of Retirement." https://www.nirsonline.org/wp-content/uploads/2024/02/FINAL-2024-Public-Opinion-Research.pdf. Accessed Aug. 12, 2024.

Insurance products are offered through the insurance business Kirsner Wealth Management. Kirsner Wealth Management is also an Investment Advisory practice that offers products and services through AE Wealth Management, LLC (AEWM), a Registered Investment Adviser. The AEWM does not offer insurance products. The insurance products offered by Kirsner Wealth Management are not subject to Investment Advisor requirements. AEWM and Kirsner Wealth Management are not affiliated companies.

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Life Insurance

If helping loved ones maintain a standard of living and avoid financial hardships after your passing is a priority for you, life insurance products can help. A general rule is that you may want to seek coverage roughly 10 times your gross annual income.¹ 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 beneficiaries only if you die within that time period. A permanent insurance policy, on the other hand, will stay permanently in effect for the rest of your life, as long as premiums continue to be paid.

¹ Amy Denise. Forbes. June 6, 2024. "How Much Life Insurance Do I Need?" https://www.forbes.com/advisor/life-insurance/how-much-life-insurance-do-you-really-need/. Accessed June 6, 2024.

Insurance products are offered through the insurance business Kirsner Wealth Management. Kirsner Wealth Management is also an Investment Advisory practice that offers products and services through AE Wealth Management, LLC (AEWM), a Registered Investment Adviser. The AEWM does not offer insurance products. The insurance products offered by Kirsner Wealth Management are not subject to Investment Advisor requirements. AEWM and Kirsner Wealth Management are not affiliated companies.

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Tax-Efficient Strategies

Rising taxes may be a concern for anyone - especially for individuals approaching retirement. Having a solid strategy in place for how you will pay taxes on your retirement income can be an important component to living on a fixed income and avoiding surprises come tax time.

Investing in or purchasing a tax-deferred vehicle means your money can compound interest for years, without paying current income taxes, potentially allowing it to earn interest at a faster rate. Tax-deferred vehicles only allow you to defer paying income taxes until the money is withdrawn. However, few financial vehicles avoid taxes altogether.

Because tax-deferred vehicles are generally designed to help individuals work toward specific long-term goals, there may be restrictions on when money can be withdrawn without penalty. Early withdrawals may be subject to charges and fees. Withdrawals prior to age 59 ½ may be subject to a 10% federal additional tax.

Kirsner Wealth Management is not permitted to offer, and no statement contained herein shall constitute investment, tax or legal advice. You should consult a legal or tax professional on any such matters.

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Long-Term Care Strategies

As the oldest baby boomers begin to wind through their 70s, one of the biggest concerns may not be outliving income, but outliving good health. With the median cost of a home health aide at $31 an hour and assisted living facility costs at $5,400 a month,¹ it can be understandably daunting. 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 health insurance 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 what kinds of products could fit into a comprehensive long-term care strategy, one that is suited to your needs and circumstances.

¹ Nationwide. 2024. "Compare long-term care costs from state to state." https://nationwidefinancialltcmap.hvsfinancial.com/. Accessed Aug. 12, 2024.

Insurance products are offered through the insurance business Kirsner Wealth Management. Kirsner Wealth Management is also an Investment Advisory practice that offers products and services through AE Wealth Management, LLC (AEWM), a Registered Investment Adviser. The AEWM does not offer insurance products. The insurance products offered by Kirsner Wealth Management are not subject to Investment Advisor requirements. AEWM and Kirsner Wealth Management are not affiliated companies.

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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:

  1. Leave the money where it is
  2. Take the cash (and pay income taxes and perhaps a 10% additional federal tax if you are younger than age 59½)
  3. Transfer the money to another employer plan (if the new plan allows)
  4. 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 determine if a rollover is the right move for you.

Kirsner Wealth Management is not permitted to offer, and no statement contained herein shall constitute tax advice.

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Legacy Planning

IRA accounts have become one of the largest types of assets inherited by loved ones. 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 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 beneficiaries with 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 beneficiaries' lifetimes.

We can help you evaluate your financial situation to determine if IRA legacy planning could help you, and we can work with attorneys and tax professionals to help you meet your goal of structuring a long-lasting inheritance for your loved ones.

Kirsner Wealth Management is not permitted to offer, and no statement contained herein shall constitute investment, tax or legal advice. You should consult an investment, legal or tax professional on any such matters.

We can also refer you to professionals who provide the following services:
Trusts | Probate | Charitable Giving | Estate Planning | Tax Planning

All investments are subject to risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions.

Insurance products are offered through the insurance business Kirsner Wealth Management. Kirsner Wealth Management is also an Investment Advisory practice that offers products and services through AE Wealth Management, LLC (AEWM), a Registered Investment Adviser. The AEWM does not offer insurance products. The insurance products offered by Kirsner Wealth Management are not subject to Investment Advisor requirements. AEWM and Kirsner Wealth Management are not affiliated companies.

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