Terry Balding & Associates - Individual

Retirement Planning
Consistency and innovation are the first two ingredients of all of our retirement plans. 410k, IRA, TSA, SEPP, or Simple all of our plans are custom made to order for you. We don't do one size fits all plans. Each plan is custom designed for you. 

Plan Design
Your goals and specific concerns are the basis for the plan design. When we know your needs we will recommend the appropriate plan or plans.

Investment Choices 
While we can provide any possible appropriate investment, our recommendation is that you let us search the more that 15,000 mutual funds available and recommend the finest for your use.

Implementation 
With a custom-built retirement plan you would expect top of the line service, and that's just what you receive. We act as advisors for most retirement plans. That means we actually advise you and your participants on portfolio design and investment selection. We complete an investment policy for each participant, listing desired return, risk, term of investment, and protection measures to be taken. When we are done you and your participants will have a clear understanding of what to expect.

No obligation plan reviews. 
Call us today for a review of your current plan, or to discuss a new plan.

Questions and Answers About Your Retirement
How do I find out whether I can afford to retire?
You’ve read that Social Security and your company pension plan probably will provide less than two-thirds of the income you’ll need during your retirement years. You’d like to do something to make up the difference, but you really don’t know where to start. 

You’re not alone.

The truth is, most people never sit down and figure out how much they’ll really need. Research has shown that while a comfortable retirement ranks as the number one financial goal for most Americans, very few know what to do about it. They don’t realize that a small investment each year could create a portfolio large enough to meet future needs.

Where can I get help to plan for my retirement?
Using the financial planning process, your financial adviser can help you decide how best to plan for your financial needs during retirement. The financial planning process includes:

Gathering data about your current situation and expectations in retirement; 
Setting goals for retirement needs; 
Quantifying any gap between your needs and expected resources; 
Analyzing alternatives (systematic investing and other strategies) to reach your goals; 
Deciding on and implementing your preferred strategies; and 
Reviewing your goals, resources and progress periodically to ensure that, with changing circumstances, you are still on track for a comfortable retirement. 
How will my adviser help me decide how much I need to save?
We will help you determine your income needs during your retirement years, and develop a year-by-year investment approach that will meet those needs. 

How much income will I need during retirement?
Even before you seek professional advice, you can calculate a rough estimate. Starting with your current budget, subtract expenses related to raising children, mortgage payments (if your home will be paid for), and job-related expenses (such as transportation). Add back estimated costs for travel plans and make some provision for increased medical care.

Is there any way to cope with inflation?
Yes; by making your money work harder. Generally, the forces of inflation are the biggest threat to your future financial security. Some investments, like savings accounts and U.S. government bonds, usually keep pace with inflation. Others, like real estate and gold, generally appreciate faster when inflation is high, but may lose value during low-inflation periods. Still others, like some types of mutual funds, have consistently earned returns at a higher rate than the inflation rate over the long haul, but at the risk of short-term drops in value.

How do I decide which investments are right for me?
Most financial advisors will recommend that you diversify your assets among several investment categories, depending on the level of risk and rate of return you’re comfortable with and how long the funds will be invested. Your financial adviser also can evaluate short and long-term prospects for individual investments within each category – for example, stocks, bonds, mutual funds, or other assets. Your advisor also can help you implement your investment choices, if you wish.

How can I find out what my Social Security benefits will be?
Any determination of future needs should be based on an estimate of how much Social Security will contribute to your income. Your advisor can estimate the benefits you are likely to receive at retirement.

Unfortunately, Congress can change methods of calculating benefit allocations at any time, so it can be risky to expect Social Security benefits to keep pace with inflation.

I’ve figured out what I need to invest each year, and it’s too much. What do I do now?
No reputable adviser will expect you to put aside an unreasonable amount each month. Start an investment plan now and increase your contributions to it as your income increases.

Also, remember that you may be able to defer taxes on both your contributions to and earnings in some retirement plans, such as 401(k) plans and Individual Retirement Accounts (IRAs). And even if your investment must be made with after-tax dollars, you can choose one of the many tax-advantaged investments available. Your earnings can grow with taxes deferred until you withdraw the money after you retire.

Will it matter whether I take income from my retirement plan rather than my investment account after I retire?
It could matter a great deal. For one thing, IRAs and retirement plans have minimum distribution amounts that must be taken by age 70 ½. Whether you take the minimum or more, or whether you begin to draw income from your retirement plan at an earlier date depends on your objectives and on how much flexibility your company’s plan offers. Will it provide you with a fixed amount or will your income depend on investment performance? You also should arrange your benefits to avoid the excise taxes on "excess" distributions from retirement plans.

Suppose I can’t set aside enough money to generate the income I’ll need, or make my money work hard enough to make up the difference. Is there any way I can reduce the investment amount I’ll need at retirement? 
There are several ways. Rather than living off investment income exclusively, it may make more sense for you to use a portion of the principal each year, defer your retirement date, reduce your spending level expectations, or begin a new part-time career.

Another approach is to look at your non-income-producing assets – chief among them the family home. Its value could become part of the investment pool.

Does a plan to reach my retirement goal offer any other benefits?
Your most important benefit is a sense of control over your financial destiny and the ability to measure your progress as each year goes by. With periodic reviews and your financial adviser to call on whenever you have questions, you’ll always know where you stand financially.

If you would like professional answers to your questions, contact Terry Balding & Associates at (608) 837-9099 or tabalding@hirep.net. 



Fees for Services 
Terry Balding & Associates hourly rate for Retirement Planning is $125.00.