Comprehensive Retirement Planning Services for Educators
Retirement often feels so far away, especially for educators inclined to focus on fulfilling other people’s needs before their own. Nevertheless, retirement planning is essential to guarantee long-term financial security in an uncertain world. LaBrunerie Financial is here to help you plan for your future and take advantage of every available opportunity, including:
Closing the Income Gap
Understanding the difference between your current salary and your future pension payments is vital for retirement planning. Most retirement experts contend that your retirement income should be around 80% of your earnings before retiring, though this can vary considerably depending on your retirement goals. Our experts have the experience and expertise to help you ensure that your retirement income meets your unique needs and plans for the future.
Taking Advantage of Tax Savings
As an educator, you can access special tax savings by contributing to 403b and 457b plans as well as IRAs. Our experts help you determine the best strategy for your economic future by contributing to these accounts through their pre-tax and after-tax contribution options. These plans make it easy to pay yourself first and then cover your tax liability. So even if it feels like retirement is not a top priority, you should not overlook the chance to take advantage of these savings reserved for educators, certain non-profits, and churches. Saving early and often is a time tested strategy that works to build future financial success.
Providing for Your Surviving Spouse
No one wants to think about losing their spouse or leaving them behind to face life alone, but with the constantly changing economic landscape, these are vital things to consider. Most pensions include survivor and joint options but significantly reduce monthly payments for such alternatives. Generating and saving through other income sources for the possibility of a surviving spouse allows you to receive larger pension payments during your life with a more substantial reduction to payments for your surviving partner. The intricacies behind these details make it essential to work with an experienced financial planning firm, like LaBrunerie Financial, to map out your future.
Planning for Long-term Care
The demand for long-term care can emerge at any moment. For example, should you be involved in an accident or diagnosed with a degenerative or chronic disease, long-term care assists with daily activities in your home, assisted living facilities, or nursing homes. In addition, while most retirement packages cover considerable medical expenses once you retire, those expenses do not include long-term care options. Fortunately, various options are available, but they require careful planning to reduce the stress on your spouse or loved ones.
LaBrunerie Financial is here to help you plan for all of the uncertainties that come with retirement. Since 1966 we have focused on building enduring client relationships, creating personalized solutions that adapt as you do, and implementing a strategy to take you where you want to be. Contact us today for more details!