Frequently Asked Questions
Elite Wealth Strategies is an independent financial advisory firm founded on a simple idea; Financial Success doesn’t happen by accident, it’s the result of sound planning and prudent decision making. At Elite Wealth Strategies we collaborate with you to create that plan, a plan unique to you and your goals. This means that you have a partner for today and tomorrow to guide you through tough decisions and make your plan your reality. Unbiased advice is sound advice and being an independent firm, that is exactly what we are able to provide.
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Financial Planning
Investment Management
Estate Planning
Tax Planning
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It is never too early to start planning, but it can sometimes be too late. We recommend planning before entering retirement. This can help you avoid costly mistakes and make impactful adjustments. Whether you are just starting your career or preparing to enter retirement, we can help you plan for what is to come in the future.
We are a fee-only financial planning firm. We have two cost structures based on the services needed.
AUM (Assets Under Management)
Financial Planning Fee
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As an independent financial advisory firm, we have access to a wide range of different investment vehicles and are not limited to proprietary products as some of our competitors are. These products include:
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How much you should save for retirement is something that is entirely dependent upon you and your lifestyle. Typically, it is recommended to save at least 15% of your gross income for retirement purposes. However, this number can be higher or lower based on your situation. If you are unsure of how much you are currently savings or if you should save more or less, contact us and we can help you determine what is right for you.
There are several factors that go into when you should start collecting your Social Security benefit. These factors include; age, benefit amount, working status, spousal status, need, and life expectancy, among others. As a part of our ongoing financial planning process, we will help you weigh the different options available and what the benefits would be to taking your Social Security at any given age.
There are several benefits to rolling your retirement account into an IRA. A few of these benefits are increased investment options and increased flexibility, while still maintaining favorable tax treatment. However, if you are still working at the employer who sponsored your retirement account, there are certain criteria that need to be met for you to be eligible to roll your funds into an IRA. Additionally, it is important to make sure that you are still savings into your retirement account, even if you roll the balance over. To see if rolling your retirement account into an IRA would be right for you, contact our office and we can help you make that decision.
Roth IRAs are great retirement planning tools. They allow you to save for retirement with after tax dollars and grow those funds tax free. What makes a Roth IRA unique when compared with a Traditional IRA, is that when you take the principal and growth out of the account at retirement age, it is 100% tax free. For clients who qualify, we often recommend opening a Roth IRA and starting funding the account with an amount that is comfortable for the client. Even a small monthly contribution can improve your retirement outlook. Not everyone qualifies for a Roth IRA, there are income restrictions that could prevent you from saving into one. To see if you qualify for a Roth IRA and if it would be right for your plan, contact our office, we are happy to help.
RMD’s are required minimum distributions from your qualified retirement accounts. After enjoying many years of tax-deferred growth, the IRS requires that you start taking RMD’s from your retirement accounts and begin paying taxes on the portion you are required to withdraw. Currently, the age that RMD’s start is age 72, and recently it was increased to 73 for those who turn 72 after December 31st, 2022. Often times, when clients hit RMD age, one of two things is already taking place.
When considering taking a loan from your retirement account, you will need to start by reviewing the plan rules. Many retirement plans do allow for partial loans and hardship withdrawals. We assist many of our clients in reviewing their plan documents to determine if this is an option. For assistance on this, contact our office. We are happy to help you determine all of the options available for financing and which would be the most advantageous for you.