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Financial Planning Services


Making a decision to seek financial advice as a means to help realize financial goals is a major step. The needs of today’s investor include advice in various financial areas that can go beyond asset allocation strategies. Today’s planning needs are expanding as a result of changing demographics. Questions such as the following are increasingly common for today’s retirees:

  • When should I take Social Security Benefits?
  • What type of Social Security benefits am I entitled to?
  • How can I maximize Soc Sec claiming strategies between my spouse and me?
  • Should I sell my residence and move to a smaller house?
  • Should I diversify my assets away from rental property as I get older?
  • What are the rules for inheriting an IRA?
  • What are the rules for passing IRA’s to beneficiaries?
  • Am I receiving an investment return that matches my risk tolerance?
  • What are the total fees I’m paying for my investments?

 

Carr Wealth Management, LLC, is an independent fee-only registered investment advisory firm with no obligations or incentive-based agreements with any company selling proprietary products. The founder, Anthony B. Carr, CPA, CFP®, MBA, has dedicated his career to helping people pursue their financial goals by providing a value-added service with low costs: a high-level of knowledge; a commitment to building trust; and access to an efficient way of investing.


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There are generally three phases of a person's financial life-cycle:

The Accumulation Phase usually takes place over a period of many years – when families are being raised, assets are being purchased, and one or both spouses are progressing along with their careers. The sources of income may be from wages, business ownership, business interests, investments, rentals, royalties, and possibly inheritances. The investment strategy during this phase typically has the advantage of longer time horizons, which may allow for greater risk tolerance and higher potential returns. But if the objective at this stage is to be overly conservative, then the opportunity to take advantage of the potential market rewards for long-term investing may be lost.

The Distribution Phase generally begins at the time of retirement, but if other income sources are sufficient, then the need for distributions from retirement accounts can be delayed until they become mandatory, which is the case for most retirement accounts. As we move farther along the financial life cycle and farther away from the accumulation and closer toward the preservation phase, risk factors begin to change – once retirement begins, income may be reduced, sometimes significantly. The sources of income may have varying tax consequences, and inflation and liquidity concerns become greater.

The Preservation/Protection Phase is generally associated with much lower risk tolerances due to much shorter time horizons. The emphasis for those in this stage is usually keeping what they have in order to fulfill family transfer goals and ensuring sufficient income for possible longer life expectancies. During the entire financial life-cycle, the adequate protection of assets often gets overlooked. The assets could be in the form of tangible assets, such as personal residences and other personal assets that you can actually touch. They could be intangible assets, like pieces of paper representing stock and bond investments, or they could be income producing, such as a business, rental property, or even your own ability to earn income. The potential losses may result from events which are unexpected, unforeseen, or possibly catastrophic.

Carr Wealth Management, LLC, can help you with identifying objectives and designing a flexible financial plan to help pursue those objectives. And regardless of which life-cycle phase you are in, the independence and knowledge of the company will ensure you are getting high-quality advice. Please contact the company for a no-charge consultation.


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