HELPING YOU BUILD, PROTECT & PRESERVE YOUR ASSETS
You’re looking to build, protect, and manage your wealth to provide you the confidence your future deserves. Our financial advisors work with you every step of the way to deliver personalized wealth management strategies to help you tackle your financial goals. Our approach to planning is dynamic, and we update your plan as needed to reflect changes in your life.
You work hard every day to support your family and we want to make sure you are making the most sound plan for budgeting, insurance costs, planning for taxes, and saving for your future. This can be a lot to take on by yourself. The team at Berry Financial Group has a network of resources to help you develop a financial plan to allow you to feel stable in our ever-changing economic climate.
Your retirement should include some of the best days of your life, giving you time to spend with your friends and family and exploring new places and hobbies. We help you plan to make each moment count by giving you added confidence that your retirement savings will last.
Don’t put all your (NEST)eggs in one basket. 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 both insurance products and investments, depending on what is appropriate for your situation — may offer you the best chance of meeting 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, you may want to include some insurance products in your financial strategy. These products, such as annuities, can provide supplemental income throughout retirement and protect your money from declines due to stock market losses.
Fill the Medicare gap with supplemental insurance. Medicare provides a certain level of coverage for your medical expenses, but it won’t cover all expenses. Medicare supplement insurance plans are designed to help you cover certain charges, or “gaps,” that Medicare doesn’t cover, such as copayments, deductibles and coinsurance costs. These charges can add up quickly during sudden or unexpected illnesses.
Medicare supplement insurance covers expenses not covered in Part A and Part B such as acupuncture, chiropractic services, deductibles, coinsurance and copayments, dental care, eye exams, hearing aids, travel and prescription drugs.
Anyone who is eligible for Medicare and is enrolled in Part A and Part B may consider supplement insurance. Even if you are in good health and believe that standard Medicare will provide the coverage you need, it may be a good idea to purchase supplemental insurance. If your health status changes, your ability to enroll for supplemental insurance may be compromised.
Life is meant to be lived; cherish the exciting moments, and relish in those all too brief moments of relaxation. Berry Financial Group serves as a vessel to help our clients maneuver Medicare and avoid the confusions and frustrations that come with senior health insurance. So, sit back, relax, and read on – we’ve got you covered.
LIFE INSURANCE PLANNING
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 beneficiaries 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, as long as premiums continue to be paid.
Retirement is the day that your money works for you, instead of you having to work for your money. Ask yourself, “Will I have enough?” Figuring out the best way 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 investment products create opportunities for long-term growth. We can help you incorporate both in a financial strategy designed to put you on the path to the retirement lifestyle you want.
Each person’s idea of retirement is different. While some people will never quit working, others may slow down, and others will stop working completely. Some want to travel, others want to garden. Others want to turn a hobby into a new business. Regardless of your personal circumstances, we can custom design a retirement and income plan to suit you, keeping in mind that safety, growth and income are not mutually exclusive.
Retirement planning involves organizing your financial resources to achieve your goals at a predetermined time in the future. When developing a retirement plan, it is crucial to ensure that your company retirement plan or IRA’s, investments, income plan, risk plan, and social security are working together and not against each other.
Who will take care of you if you are unable to care for yourself? As the oldest baby boomers begin to wind through their 70’s, one of the biggest concerns may not be outliving income but outliving good health.
You never know what’s around the corner. We can help prepare you financially for long-term care services you may need so that a health crisis doesn’t derail your retirement savings. 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 if purchasing a long-term care insurance policy may be the right move to help you feel confident in your financial future
When major life events happen, such as birth, death, marriage, or divorce, it’s crucial that you have a relevant and updated estate plan. Estate planning is the preservation and the distribution of your assets, both during your life and upon your death. It is accomplishing your personal and family goals and easing the management of your financial and legal affairs, as well as minimizing taxes if your estate is large enough for taxes to be of concern.
When we talk about an estate, we mean all assets of any value that you own, including real property, business interests, investments, insurance proceeds, personal property and even your personal effects. An “estate plan,” generally, refers to the means by which your estate is passed on to your loved ones on your death, as well as appointing others to act in the event you become incapacitated.
SOCIAL SECURITY ANALYSIS
The Social Security program allows you to start receiving benefits as soon as you reach age 62. The question is, should you? From the Social Security Administration’s point of view, it’s simple: if a person lives to the average life expectancy, the person will eventually receive roughly the same amount in lifetime benefits no matter when he or she chooses to start receiving them. In actual practice, it’s not quite that straightforward.
There is no single “right” answer to the question of when to start receiving benefits. Can you afford to “retire early” and claim benefits at age 62, should you wait until your full retirement age, or can you wait until age 70 in order to receive the largest possible monthly benefit?
If you have a spouse, the decision about when to start receiving benefits gets more complicated (particularly if one person’s earnings were considerably higher than the other’s). The timing of spousal benefits should be factored into your decision.
Our Social Security Analysis software can help you figure out how much retirement income you’ll receive at different claiming ages using different claiming strategies and will suggest your optimal benefit age and claiming selection.
Investment advisory and financial planning services are offered through Alphastar Capital Management LLC (“Alphastar”), a SEC registered investment adviser. Hollifield Financial Group and Alphastar Capital Management, LLC are separate and independent entities. The firm only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. Hollifield Financial Group offers insurance products through individuals licensed to sell insurance. Comments regarding guaranteed returns or income streams refer only to fixed insurance products offered by Hollifield Financial Group and, unless specifically stated, do not refer in any way to securities or investment advisory products offered.