Many Americans entering retirement come to find that the right strategy can be just as important as the actual dollar amount they have saved. You’ve worked hard for years to save for retirement, and now that time is upon you. Perhaps you’re now wondering if all the pieces are in place for you to enjoy a happy and worry-free retirement. Do you have the proper strategy in place to help ensure you have the retirement you’ve always wanted?
Our organization prides itself on providing retirement strategies to Fort Myers and the surrounding communities. We take an extensive look at each client’s unique mix of assets — this includes everything from your bank accounts, pension, and Social Security benefits, to your estate plans, wills, taxes, insurance policies and more. Our services and strategic partnerships allow us to integrate all aspects of our clients’ wealth into a coordinated effort. Our end goal is to create financial clarity for you and your loved ones, and to promote multi-generational wealth.

We offer:
• Insurance planning
• Beneficiary review
• Retirement strategies
• Financial needs analysis
• Analysis of present and future expenses
• Estate preservation
• Income planning

When you work with us, we organize all of your financial, estate and tax preparation materials into a customized binder. Crafting your comprehensive retirement strategy is a coordinated effort on our part, and is done so using an all-inclusive view. Although many financial services professionals focus on specific products, our experience has proven that our clients’ needs are best fulfilled focusing on processes, and most importantly, people.
Making a recommendation on a retirement strategy is not a one-size-fits-all proposal. When you speak with Paramount Financial Advisors, LLC, we provide you a framework that aims to satisfy your retirement income budgeting needs to go along with a risk tolerance that satisfies your growth expectations. A retirement strategy simply isn’t something you do once, but something that may be ever-evolving throughout your retirement, and knowing who to turn to for advice can make a world of difference.

Our tax strategies are at your disposal.

One essential part of preparing for your retirement is determining your current and future tax liability and developing a tax strategy to minimize the amount of taxes you pay during retirement. Tax planning is an integral part in planning your legacy and can directly impact the amount of wealth you will be able to hand over to your heirs and beneficiaries. We will help you ensure that your customized retirement strategy is able to take advantage of any possible tax credits and deductions to help secure and maintain what you’ve worked hard to save.

Paramount Financial Advisors, LLC has a strategic alliance with Stovall & Associates, Ltd. through which we utilize a team of certified public accountants to supply tax planning, preparation, and filing services to best serve our clients. Based upon their unique set of retirement goals, in addition to their income and expenses, our clients are afforded the benefit of minimizing their tax burdens while building a foundation for a sustained tax reduction strategy throughout your retirement.

Stovall & Associates, Ltd. monitors tax law changes specific to your retirement strategy, providing sound and dependable tax strategy recommendations, in addition to serving as your advocate in tax matters. Based on this strategic alliance, we will carefully craft a sound, dependable recommendation to minimize tax liabilities from year to year. Our clients’ tax returns are prepared to take full advantage of all possible deductions, credits and exclusions in order to minimize your tax burden.

Tax Planning Services:
• CPA-prepared Roth conversion analysis
• CPA-prepared second opinion prior year individual and business tax return reviews
• CPA-prepared year-end tax filing services
• 1040 tax optimization reports
• Personalized tax reduction reports

Paramount Financial Advisors, LLC does not offer tax planning services, but has a strategic alliance with Stovall & Associates, Ltd., to provide account and tax services.

Enjoy smooth sailing in retirement with proper income planning.

Income planning for retirement can be a daunting task for many retirees because there can be a lot to learn, and too many people a lot of the information is new. Whether you are just setting out on your retirement journey, or it is already well underway, you may be skeptical of whether you’ll have enough retirement income to maintain a comfortable and enjoyable lifestyle.

There are three major phases in the management of retirement income:
• The accumulation phase
• The distribution phase
• The preservation or transfer phase

Preparing for your retirement may require a shift in mindset, and a solid understanding of the difference between retirement savings and retirement income. Prior to retirement, your financial life was dictated by your paycheck. Once you retire, however, you can no longer rely on a paycheck, which means you will be left to find other sources of income. You’ve worked hard to save for retirement, and now the time has come to find the proper methods of creating additional income from what you’ve saved. Although this can represent a challenge for many, it also represents a great opportunity to grow your savings beyond what you’ve saved — and this is usually made easier by enlisting the help of a financial services professional that you trust.

We will work with you to help you uncover the various opportunities and concerns of each phase. Additionally, we will walk you through the process of:

• Determining how much retirement income you will need
• Estimating how long your current income plan may last
• Calculating how much additional income you may need
• Evaluating your additional income sources

Because taxes play a major role in any retirement income planning process, our firm will utilize the most tax advantaged vehicles to accomplish your retirement income goals, such as traditional IRAs, Roth IRAs, 401(k)s, and IRA rollovers.
Keep in mind, while the numerous options for your retirement savings may seem overwhelming, all of us at Paramount Financial Advisors, LLC
are here to help you make sense of it all.

We do not provide legal or tax advice and you should consult an attorney or tax advisor for such advice.

Make sure you can maximize your Social Security benefit.

If you’re like many retirees, your Social Security benefit represents years and years of hard work, and may be the foundation upon which you plan to build and grow your retirement income. Though most Americans have some basic familiarity and knowledge on the topic, far less are able to determine — on their own — the right way to file so they may be able to maximize their benefit and carefully integrate it into the rest of their retirement strategy.

At Paramount Financial Advisors, LLC, we help our valued clients develop a clear understanding of their Social Security benefit, and both educate and inform them on the right time to start accepting their benefit. Delaying your benefit may potentially increase your benefit amount by as much as eight percent per year.

There is a lot to know about Social Security, and it is important for you to be educated so that you head into retirement with a plan on exactly how you will rely on your benefits. Our firm is committed to helping you get the most you can out of your benefit, so you can take one step closer toward the comfortable and enjoyable retirement you’ve been working so hard for! In order to help ensure you are maximizing your Social Security benefit, you should have a firm understanding of this complex matter.

We have put together an informative brochure that helps answer the following questions:

• What is your Social Security benefit amount?
• When is the right time to start accepting your benefit?
• Are there different options if you are married?
• Does earning additional income while you are on Social Security impact the value of your benefit?
• Do you pay tax on your benefit?

Please contact us to receive your brochure today!

We are not affiliated with, or endorsed by, the Social Security Administration or any other government agency.

Life insurance offers multi-faceted retirement solutions.

Although some people view life insurance as a way to replace lost income or pay off debt after the passing of a loved one, it also can offer a number of potential benefits that may make it a valuable tool to accomplish different financial goals in retirement.

First and foremost, life insurance may provide peace of mind and a degree of comfort for the policyholder (the insured) that their loved ones (the beneficiaries) are taken care of financially in the event that they pass away. In addition, life insurance can be a sensible solution for many small business owners to help protect the financial future of their business if something should happen to them. Life insurance is also one of a few types of products that may offer helpful ways to reduce or avoid certain taxes.

In addition to a death benefit, however, life insurance is also one of a few types of products that may offer helpful ways to reduce or avoid certain taxes. Some of these benefits may include:

Death benefits:
• Policy death benefits paid to beneficiaries may be income tax-free.
• Some life insurance policies may allow the death benefit to be accelerated out before the insured’s death due to terminal or chronic illness, and that benefit may be income-tax free.

Tax-free exchanges:
• The insured may exchange their existing life insurance policy for a new life insurance policy and the investment gains on the original contract may be tax free.
• The insured may exchange their existing life insurance policy for an annuity and the investment gains on the original contract may be tax free.

Policy cash values:
• Cash values may grow tax-deferred during the insured’s lifetime.
• Income from cash value, when properly structured, may not be subject to income taxes.

As an independent insurance firm, we are able to shop dozens of insurance carriers to find rates and product solutions to fit your specific needs and goals, meaning we are not relegated to simply one line of products or one brand name like a captive agent. In addition, we offer complimentary reviews on your existing life insurance contracts.

Medicare and retirement health strategy

While there is no shortage of things to prepare for in retirement, it’s critical to also address your health needs and concerns by crafting a comprehensive health care strategy. There are various ways to accomplish this, with Medicare being the most important for many Americans.

Medicare generally provides health insurance for most people age 65 and older, and others who have received Social Security disability benefits for at least 24 months, have end-stage renal disease or have amyotrophic lateral sclerosis (also known as Lou Gehrig’s disease). Medicare is similar to Social Security, since it is a federal program that you have paid into throughout your career. Just like Social Security, you want to maximize this benefit in retirement.

Medicare is split into four parts:

• Part A: Hospital insurance – covers the costs of health care at medical facilities. Offers coverage for medically necessary inpatient care at hospitals, skilled nursing facilities, hospices and some home health services.
• Part B: Medical insurance – covers the costs of health care outside medical facilities. Offers coverage for doctors’ services, hospital outpatient care, mental health and some preventative health care services.
• Part C: Medicare Advantage (MA) plans – policies you can purchase from certain private insurance carriers that provide the same (or more) coverage as Parts A and B.
• Part D: Prescription drug coverage offered through private Medicare-approved insurance companies.

Many people with Part A do not pay a premium because they have already paid enough into the system. As with Social Security, a certain portion from each one of your paychecks is deducted to pay for Medicare. When you’ve had Medicare tax withheld from you or your spouse’s pay for at least 40 calendar quarters, then you may be be eligible for free Part A coverage.

The monthly premium associated with Part B is set according to income level, although most people will pay a standard monthly premium amount and a small yearly deductible. Individuals who have an annual income greater than $85,000 and couples who have a joint annual income greater than $170,000 will have an extra charge added to their premium due to their high income level. Parts C and D are provided via private insurance companies so the monthly premiums of these policies depend on the extent of their coverage and can vary between companies.

We are not affiliated with, or endorsed by, the Social Security Administration or any other government agency.

Insurance solutions to help meet a variety of goals.

Some retirees are concerned with the impact a market loss may have on the future of their income and assets. Others are looking for a reliable income stream. Still others actually underestimate the impact of a market loss.

For that reason, we offer a number of insurance solutions that can be used to protect more than just your physical assets. They can also be used to help protect your future. Whether they’re right for you depends on your unique retirement goals. Our firm specializes in helping individuals secure their retirement assets while still achieving growth by offering a variety of insurance products as part of a retirement strategy.

With the right strategy, you can potentially earn money with your money through the use of fixed annuities* and life insurance. Our firm can help you create a dependable and sustainable source of retirement income to be used now, in the future or whenever you need it most.

We offer:

• Fixed and Fixed Indexed Annuities
• Life Insurance
• Long-Term Care
• Health Insurance
• Medicare Supplements

Contact us to explore if one of our insurance solutions could fit within your retirement strategy.

*Annuities are designed to be long-term insurance products. Early withdrawals may impact annuity cash values and death benefits. Taxes are payable upon withdrawal of funds. An additional 10% IRS penalty may apply to withdrawals prior to age 59 ½. Income benefit riders may be offered either built-in or for an additional cost. Annuities are not guaranteed by FDIC or any other governmental agency. Keep in mind that most life insurance policies require health underwriting and, in some cases, financial underwriting. Guarantees are based on the claims paying ability of the issuing insurance company. Fixed Indexed Annuities are insurance products and not considered a security or investment. Some restrictions may apply. We are not endorsed by, or affiliated with, the Social Security Administration or any other government agency. Call for specific details and availability.

Two important components to any retirement are: the dreams you have for what it will entail and the work you must do to bring those dreams to life. While those two components exist for everyone, women may face unique challenges when on their journey to retirement.

During your working years, it can seem like retirement is only a dream; a far-off fairytale of a time when you won’t work. At the other end of the spectrum, in retirement — long after you presumably have taken steps to generate income, decided where you want to live, and planned accordingly — you can still dream new dreams. Dream/Do is about empowering women to dream big about retirement and do what it takes to get there.

Throughout the Dream/Do process, we’ll:

· Provide exercises to help walk through how you can identify and outline achievable dreams for your retirement

· Explore some of the steps you can take toward doing what you may need to do to realize those retirement dreams

· Work with you to help you balance the dreams you have for retirement and what you may need to do to get there

Everyone is always dreaming and doing. But Dream/Do is about finding balance for you and helping you feel empowered to dream it and do it in those moments.

Ensure your legacy lives on and serves a purpose.

Proper legacy planning is one key element of any successful retirement strategy, helping ensure that your legacy carries on to assist your loved ones and that your final wishes are respected. We can help you plan your legacy in a variety of ways based on your unique desires and whether it’s most important to you to preserve assets for future use, or transfer your wealth to beneficiaries.

It is important to carefully plan for the transfer of your assets to allow the wealth you’ve worked hard for to serve a meaningful purpose. From starting the conversation with you, to guiding you through the actual transfer of assets, we at Paramount Financial Advisors, LLC are here to educate you on the process and guide you through every step.

Creating a strategy for your legacy is more than simply managing estate taxes. There are a number of methods and tools that may be put to use to protect your wealth and ensure it is transferred according to your wishes. It’s important to understand helpful instruments to use during the legacy planning process, including:

• Wills
• Revocable living trusts
• Powers of attorney
• Advanced medical documents

In addition, both term and cash value life insurance and long-term care insurance policies may be options to consider. These policies can be designed to serve different helpful functions.

Overall, legacy planning and preservation of your wealth and assets require a coordinated effort. Our firm is uniquely positioned to provide protection and peace of mind to yourself, your loved ones and any of the channels in which you wish to eventually distribute your wealth and assets you’ve worked hard over time to accumulate.

We do not provide legal or tax advice and you should consult an attorney or tax advisor for such advice.