February 2017 Newsletter Eliot•Rose Wealth Management Newsletter

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February 2017 Newsletter

Dear Clients,

Baby boomers, those born between 1946 and 1964, are headed into retirement in droves. In fact, roughly 10,000 boomers are retiring every single day! That being said, here are our 5 best tips as you enter your golden years in 2017 and beyond:

1. Schedule a Check-Up 
Just like you would see your doctor to check your health, you should to do the same thing with your finances - especially as you think about retirement. So schedule a meeting with your advisor to understand where and how your money is invested and ensure you have enough to cover all future expenses! Click here to see a few of our financial planning case studies. If you are interested, click here to set up a complimentary assessment.

2. Understand the Rules
  • Social Security has many different claiming strategies. One of the more popular claiming strategies, "File and Suspend" has just ended. You can see our blog on it here. However, there are still ways to maximize your benefits. You should know that every year past 62, your benefits go up in value. 
  • Don't forget to sign-up for Medicare when you turn 65 years old! If you miss the sign-up window, you will have permanent late penalties for life. Also, understand what is and is not included in coverage. 
  • As you reach age 70, you will start having to take required minimum distributions from your IRA and 401-k accounts. Understand the impact of these distributions and plan for them because they may bump you up a tax bracket!

3. Examine Your Cash 
What's unique about 2017? Interest rates are finally rising and are projected to continue to do so! So you may want to revisit your portfolio allocation. 

If you are sitting on cash, you may want to think about looking into short-term fixed income to increase returns. Or alternatively, if you are heavily concentrated in equities, you may want to think about decreasing equities exposure and adding fixed-income, to reduce risk and actually get some yield for a change! Shoot us an email here, if you want to explore ideas and strategies.

4. Double-check Your Account Beneficiaries
Have you heard of the phrase "set it and forget it?" Well, that's what happens with account beneficiaries! This is important because your beneficiary receives your retirement money when you die. So make sure these are up-to-date because if they aren't, your ex-spouse may have one more reason to be happy that day!

5. Take Advantage of Fiduciary Rule
There has been a lot of talk in Washington about the Department of Labor's "Fiduciary Rule." It essentially states that brokers need to put your interests first in retirement accounts! You would think it would be all accounts, but I guess progress is progress. 

We, as advisors, have always been held to the fiduciary standard in all accounts. If you are not working with a fiduciary, explore advisors that will put your needs first and lower your costs! If you would like a free, no-strings attached, second opinion on your investment allocation and financial picture, email us here.

In Other News

Eliot Rose Highlights 

It has been an exciting few months. So check out what we have been up to below!

Book of Lists Party
Paul, Jason and Kris attended Providence Business News' premier networking event at the Providence Public Library. We met a lot of great, new people, and touched base with old friends and colleagues.

Jason Proposed - and she said YES
Jason proposed to Dana at their Providence residence. It was a beautiful night and a happy one because she said yes! Now they are knee-deep in the wedding planning process!

Gentlemen's Retreat
The mission of the Gentlemen's Retreat is to provide inner city high school men with the tools and skills to be successful. Jason sat on a panel where he shared his experience with these wonderful young men.

Schneider Electric Presentation
Jason was invited to Schneider Electric in Kingston, RI to give a presentation to their young professionals. It was an amazing success and they invited us back to give another presentation at their MA office!

Schwab Impact 
Paul, Kris, and Jason attended Schwab Impact in San Diego, CA. We attended many exciting and interesting courses on a variety of topics and networked with advisors from across the country.

CFA Annual Forecast Dinner
We were proud to help sponsor the CFA Institute's Annual Forecast Dinner in Providence, Rhode Island. We heard a great presentation about what we may see in 2017. If you are interested, we can send over the presentation. Just let us know, by clicking here.

We look forward to speaking with you soon. If you would like to schedule a complimentary consultation meeting, please click here.  Thanks for reading!

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