Retirement Lifestyle Protection Planning® Services

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Planning the Petros Way – Believe in Better

Tapping into the Petros Estate & Retirement Planning network

To develop a Retirement Lifestyle protection Planning® strategy for your future, it’s important that your planning professionals see a complete, 360-degree view of your retirement plan, including how your retirement assets are integrated and work with one another. We work in concert with tax professionals, attorneys and others in our network to advise you on specific aspects of your overall strategy.

At Petros, we will connect you with professionals specializing in: Retirement Income Strategies, Wealth Accumulation, Asset Protection, Tax Minimization Planning, Long Term Care Planning, Estate Planning, IRA Asset Planning, Trusts, Life Insurance, Probate, Charitable Giving, IRA & 401(K) Assets.


Retirement Lifestyle Protection Planning®

Retirement Lifestyle Protection plans are not just for the wealthy. As retirement nears, the traditional strategy has been to move growth-seeking products to more conservative, fixed-income products. This may have worked fine back when retirement was only expected to last five to ten years.

These days, however, people are living longer. Thanks to new prescription drugs and medical technology, it’s not unusual for someone retiring at age 65 to live to age 90 or longer. You may need to plan for your nest egg to last for potentially 25 to 30 years.

One drawback to a longer life is the greater possibility of outliving your savings – creating all the more reason to develop a Retirement Lifestyle Protection Planning® strategy designed to last a longer lifetime.

A significant loss in the years just prior to and/or just after you retire can have a damaging impact on the level of income you receive over the course of your life. In fact, if a loss occurs earlier in life, there is also the chance that you have more time to recover (versus a significant loss occurring later in retirement). Why? Simply because a smaller pool of assets is left to sustain you throughout your retirement years.

We can help you design a guaranteed* Retirement Lifestyle Protection Planning® strategy, which incorporates insurance and annuity vehicles that create opportunities for long-term growth, as well as guarantee income throughout your retirement.

*Guarantees are backed by the financial strength and claims-paying ability of the issuing company, and may be subject to restrictions, limitations or early withdrawal fees. Annuities are not FDIC insured.


Asset Protection

Because the market does not provide security, you may want your Retirement Lifestyle Protection Planning® to include some secured income products. For example, annuities, which are insurance products with guarantees*, can provide a source of supplemental income throughout your retirement.

Twenty-first century asset protection calls for more than just strategic asset allocation. Product allocation—buying instruments that can protect your monies from market declines throughout retirement—can be an additional means of protecting assets.

Diversifying your retirement assets among a variety of vehicles—both through insurance products and investments, depending on what is appropriate for your situation—may offer you the best chance of meeting your retirement income goals throughout your lifespan.

*Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.

We can connect you with a Registered Investment Advisory (RIA) firm to assist you with evaluating and potentially managing your retirement investment account/s.


Tax Minimization Planning

Rising taxes are a concern for many individuals approaching retirement. It’s important to incorporate tax planning into your financial decisions.

Investing in or purchasing a tax-deferred vehicle means your money can compound interest for years, free from income taxes, potentially allowing it to earn interest at a faster rate. While very few financial vehicles avoid taxes altogether, insurance products only allow you to defer paying them until retirement – when you may be in a lower tax bracket.

Please note that withdrawals will reduce the contract value and the value of any protection benefits. Additional withdrawals taken within the contract withdrawal charge schedule will be subject to a withdrawal charge. All withdrawals are subject to ordinary income tax and, if taken prior to 59 1/2, may be subject to a 10% federal additional tax.

Your insurance professional is not permitted to offer, and no statement contained herein, shall constitute tax, legal or accounting advice. You should consult a legal or tax professional on any such matters. For guidance on your securities holdings, please consult with a broker/dealer representative or registered investment advisor.


Healthcare Protection

Along with long-term care planning comes the necessity of planning for ever-increasing health care costs in general. With the rollout of the Affordable Health Care Act, or Obamacare, it is estimated that the average married couple will need to be prepared to pay up to $250,000 in out of pocket expenses for healthcare during their retirement, beyond what Medicare and most Medicare Supplements will pay. Does your current Retirement Lifestyle Protection Plan® provide for this possible reality? Through our strategic partnership with a leading healthcare insurance agency, we can help you sort through the options available to you and choose the best one to meet your unique needs.


Long Term Care Planning

As the oldest Baby Boomers begin to wind through their 60s, one of the biggest concerns may not be outliving income, but outliving good health.

For seniors, home health care can cost $50,000 or more per year1, and nursing home care can run as high as $80,0002 per year. Does your Retirement Lifestyle Protection Plan account for this kind of possibility? Would you be prepared for twice that number as a married couple?

Considering that you have to exhaust virtually all of your financial means before Medicaid will pay for long-term care, and neither your employer group nor major medical insurance will cover long-term care, it’s critically important to plan ahead in order to plan for these potential expenses.

We can help evaluate your situation and determine if purchasing a long-term care insurance policy may be the right move to help ensure your financial future.

1 Genworth 2012 Cost of Care Survey: Home Care Providers, Adult Day Health Care Facilities, Assisted Living Facilities and Nursing Homes

2 MetLife: The 2011 Market Survey of Long-Term Care Costs


Estate Planning

Estate planning is simply determining (while you’re still alive) where your assets should go after you die. Without a properly structured estate plan, your wishes may not be fulfilled, and your loved ones could be hurt both emotionally and financially.

While the concept is simple, the vehicles, planning, and implementation process can be rather complex. Because of the estate tax laws and emerging vehicles to help you protect and transfer your assets effectively, it’s important to work with experienced estate planning professionals who stay current in this field and advise clients on a day-to-day basis. We can connect you with professionals to help meet your individual needs.


IRA Asset Planning

IRA accounts have become one of the largest types of assets inherited by beneficiaries. If you don’t anticipate needing your IRA money in retirement, you may wish to consider a legacy planning strategy to reduce taxes and increase the payout your beneficiaries will receive upon your death.

You may want to use some of the value in your IRA to provide your beneficiary(ies) a regular stream of income while leaving the balance of IRA assets invested for tax-deferred growth. The result may yield substantially more money paid out over the course of your beneficiary’s lifetime. We can help you evaluate your financial situation to determine if IRA legacy planning may be the best means for ensuring a long-lasting inheritance for your heirs.


Trusts

There are many different types of trusts, and they can be complex to set up and execute. However, a trust can be a very flexible and advantageous means to transfer your assets in the future. Most trusts can also provide current benefits, such as tax deferral and deductions. Unlike a will, a trust may help avoid probate upon your death. To learn more about trusts and how they may benefit you, we will be happy to connect you with a qualified estate planning attorney that can assist you with these issues.


Life Insurance

Life insurance isn’t for those who have died—it’s for those who are left behind. When shopping for life insurance, consider needs such as replacing income so your family can maintain its standard of living, as well as paying for your funeral and estate costs. A general rule is that you should seek coverage between five and seven times your gross annual income. As far as the various types of policies go, they can generally be placed into one of two categories: Term and Permanent.

Term insurance generally provides coverage for a specified period of time and pays out a specified amount of coverage to your beneficiary only if you die within that time period. In a level premium term policy you pay the same amount of premium from the first day of the policy until the term ends. A permanent insurance policy, on the other hand, will stay permanently in effect for the rest of your life as long as premiums continue to be paid.


Probate

Probate is the potentially lengthy and costly legal process that oversees the transfer of your assets upon your death. If you do not create a will or set up a trust to transfer your property when you die, state law will determine what happens to your estate. This is called intestate. Without a will or some other form of legal estate planning, there is the chance that more of your property may not go where you want it to go. We can connect you with a qualified estate planning attorney who can assist you in these matters.


Charitable Giving

Creating a charitable gift-giving plan may provide you with multiple tax breaks: an income tax deduction, the avoidance of capital gains on highly appreciated assets, and no estate taxes on the charitable contribution upon your death.

With the increasing tax environment we expect in the U.S. in coming years, there may be compelling reasons to integrate philanthropy into your financial and estate planning.

We can refer you to a qualified professional to help you decide if this is a good option for you.


IRA & 401(K) Assets

When you change jobs or retire, there are four things you can generally do with the assets in any employer-sponsored retirement plan:

  • Leave the money where it is
  • Take the cash (and pay income taxes and perhaps a 10% federal penalty tax if you are younger than age 59½ )
  • Transfer the money to another employer plan (if the new plan allows)
  • Roll the money over into an IRA

Rolling over from one qualified plan to another allows your money to continue growing tax-deferred until you receive distributions in retirement. We can help you determine if a rollover is the right move for you.

If you determine to cash out of an IRA, we can help you find suitable vehicles to help you reach your retirement income goals.

We can connect you with a Registered Investment Advisory (RIA) firm to provide guidance on your securities holdings.


Your insurance professional is not permitted to offer, and no statement contained herein, shall constitute tax, legal or accounting advice. You should consult a legal or tax professional on any such matters or we can connect you with our strategic partners who assist with such matters. For guidance on your securities holdings, please consult with a broker/dealer representative or registered investment advisor or we can connect you with our strategic partner who provides assistance with retirement investment portfolios.