Do You Have the Best 401K Plan Possible?

Do you have a 401(k) plan through your employer?

Are you sure that your employer is offering you the best retirement plan available?

According to Forbes, the best 401(k) plans all include 5 key factors that help you achieve your retirement goals. Does your plan have it all covered?

To learn more, visit our website!

Let Us Help You Plan for Retirement in Ann Arbor 

Do you need someone to help you figure it all out? That’s where we step in!

At Imber Wealth Advisors, we know how overwhelming it can be to have so many options for retirement. To help you achieve your dream retirement, we’ll sit down with you and go over your options and set goals. To get on the right track with retirement planning, give us a call today!

How to Design Your Ideal Retirement

Have you started designing your ideal retirement?

What does your ideal retirement look like?

Do you and your partner share the same ideas for retirement?

Nowadays, retirement can be many different things: shifting from full-time to part-time work, beginning a new career from scratch, stopping work altogether, volunteering, or simply stopping work and traveling.

The possibilities for retirement are endless. “New” retirement assumes you’ll live another 20, 30, or 40 years in retirement, so having a plan for what you’ll do post-career is more important than ever!
According to Forbes, here are some of the things a financial planner can help you decide about your retirement:

1. “Long-term care insurance – is it right for you? What will premiums cost you and will this insurance be sufficient to staunch the drain on your assets if you need at home or institutional care?
2. Significant reserves for health care – Medicare covers some medical costs but these need to be supplemented with savings.
3. The possibility that adult children or grandchildren will need significant financial support – are you willing or able to help in that way (if you want to)?
4. What happens if you’re married and your spouse unexpectedly needs care or predeceases you – are you still able to fund your ideal retirement?
5. Longevity risk is a key issue for this new generation of potential retirees. It’s great to live longer, but how will you fund your lifestyle if you live into your 80s or 90s?”

Talk to the Experts on Financial Planning in Ann Arbor

Working hand-in-hand with an expert in financial planning is the best way to examine all of your ideal retirement scenarios and see how many of them will leave you on solid ground to begin your perfect retirement.

To talk to a financial planner who can help you examine all your options and who cares about not only your money goals, but your lifestyle goals too, contact Imber Wealth Advisors!

Career Planning Can Benefit Your Retirement Plans

Have you met with a financial planner recently?

Did they ask you a lot of questions that weren’t directly related to money?

Are you wondering why they spent more time asking about your family, your career goals, and even upcoming travel plans?

For many, financial planning is all about saving for retirement. Some people just want help managing investments, or making the right decisions at the stock market. However, most decisions, large and small, are connected to your financial situation in some way.

A great financial planner will not only help you sort out your priorities and goals for your career and retirement, but help you reach other goals like taking that big trip around the world, or buying your dream home.

At Imber Wealth Advisors, we look at the full, 360-degree view of your retirement to make sure your money goals align with your lifestyle goals. We want to help you achieve a worry-free retirement! Talk to one of our friendly team members to see if financial planning in Ann Arbor could benefit you! Contact us today!

The Truth about the Magic Number for Retirement Savings

Trying to simplify your plan for retirement savings with a magic number that works for everyone?

Want to know if a magic number really works as a retirement plan?

Looking for advice from professionals in wealth management in Ann Arbor about saving for retirement?

We understand that planning for retirement is complicated. Really complicated. And it’s actually harder to figure out and more abstract the further away you are from retirement age. That’s where the idea of the magic number for retirement savings comes in handy. Without needing incredibly specific plans for retirement, calculating the magic number allows people to begin a solid retirement fund early in life to setup success and comfort later on.

But the truth about the magic number is that it’s just a rough estimate and can’t take the place of a retirement plan tailored to your life.

What’s your magic number?

The general rule for calculating the magic number is to save ten times your final salary by retirement age, or 67 years. That means if you expect to make $85k/year at retirement, you should have saved $850,000 in a retirement fund.

This is a great place to start, but leaves a lot out of the equation like your precise social security benefit, plans for travel, reduced living expenses if you downsize or move to a less expensive area, or any interest in leaving an inheritance for children.

Because you could end up needing a lot more or a lot less that your magic number depending on how you want to spend retirement, basing your plan on the oversimplified equation is usually not the best route. 

Trust your retirement plan to a professional in wealth management in Ann Arbor

Don’t settle for a retirement savings goal that’s one-size-fits-all. Get a plan tailored to your unique situation, wants, and needs with Imber Wealth Advisors in Ann Arbor. Give us a call today to make sure you’re on the right plan for the retirement you’ve been dreaming of.

Should You Take an Early Retirement Offer?

Are you considering early retirement?

Is your employer putting together an early retirement offer that you’re unsure about?

Want to know if your early retirement offer is worth what you deserve?

An offer of early retirement can sound generous and extremely appealing to an employee who is facing retirement within the next several years. While it can be a great option for some, we have to remember that ultimately an employer’s motivation behind an offer of early retirement tends to be cutting costs and saving money.

So, is early retirement a good option for you? Let’s take a look at some of the considerations you should make when weighing your early retirement offer.

1. Does the offer include medical coverage until you are eligible for Medicare?
With the high cost of medical care these days, make sure you’re considering this expense when you’re looking at the numbers.

2. How does the compensation compare to the amount you would earn as an employee?
Know the precise amount you can expect per year with the offer and compare to the salary you would earn as an employee.

3. Is there a bonus to cover the difference between the offer and the amount you would have earned as an employee?
It’s possible your employer will cover the difference between salary and your retirement offer with a bonus, but make sure you consider any taxes you’d owe on that sum.

4. Is the company experiencing a period of transition?
Think about what’s prompting the offer such as downsizing or merger. 

5. Is the company likely to let you go down the line if you pass on the retirement offer?
If your company is struggling and continues to do so after you pass on an offer, you may end up being terminated without an offer.

6. Will the offer bridge the gap between retirement and when you receive social security?
If your early retirement is several years before social security benefits kick in, compare the offer to your expected benefits and make sure you’ll earn enough to afford retirement.

7. Is there room for negotiation in the offer?
If you think negotiating a better offer is an option, make sure you ask for what you need to be comfortable. But keep in mind that the first offer tends to be the best.

8.  Can your nest egg sustain an early retirement plan?
If the offer falls a little short of what you planned, check the status of your nest egg to see if it can make up the difference.

9.  Are you considering tax or other penalty implications on the offer?
When you’re crunching numbers, don’t leave out any taxes or penalties you are expected to pay on severance, bonuses, and etc.


10. Do you have a high-stress or extremely fulfilling job?
There are costs and benefits to consider that aren’t easily quantified, like the stress or joy you get from your job.

11. Have you discussed the offer with an independent professional in wealth management in Ann Arbor?
Your employer may offer counseling to help you understand your benefits with early retirement, but you should also talk to someone independent from the company so you know your best interest is represented.

Get advice on early retirement from a professional in wealth management in Ann Arbor.

Be confident in your response to an early retirement offer! Discuss all your options and benefits with our team of professionals at Imber Wealth Advisors. We look forward to hearing your story and helping you meet your goals in retirement. Give us a call today.

5 of the World’s Most Epic Road Trips

If there’s one thing on your retirement checklist, it should be a great road trip! After years of hard work, you deserve a great vacation with your family! Or just go solo!

Booking.com, one of the leaders in connecting travelers with places to stay, highlights some of the best road trips this year.

While one of these trips is in the United States, the others require a passport, so make sure you make your travel plans well ahead of time!

1.    Pacific Coast Highway – San Francisco

This route along the iconic California coast from San Francisco down to San Diego is known for having some of the most scenic views in the world. Over 621 miles long, you’ll see amazing coastal views, seaside villages, and sunny wine vineyards.

2.    Great Ocean Road – Melbourne, Australia

This route along the southern coastline of Australia is full of cliff-hugging turns, seascapes, and rain forests. At 170 miles long, you’ll start in Torquay, which is home to Apollo Bay and Great Otway National Park.

3.    Southern Scenic Route – Queenstown, New Zealand

This road trip encompasses everything from deserted beaches, native forests, waterfalls, lakes, and snow-covered peaks. The 380 mile route is perfect for scenery and adventure lovers.

4.    Amalfi Coast – Sorrento, Italy

Warning: this trip isn’t for the faint of heart! Narrow, winding roads along steep clifftops will give you stunning views of rugged shorelines, fishing villages, and cliff-side lemon groves. This route is 37 miles long between Sorrento and Salerno, and is filled with boutique hotels and coastal towns.

5.    Overwater Highway  - Xiangshan, China

Labeled as the Overwater Highway, this seven-mile road is built in the middle of a river and follows the natural curve of the valley. The views of the valley itself coupled with the nearby fishing villages will have you talking about this trip for weeks afterwards.

So, are you ready to hit the road, or hop on a plane? To help make your travel dreams a reality, talk to a financial advisor in Ann Arbor about your retirement plans! You’ve worked hard for years to achieve a worry-free retirement, and we want to help you have the retirement you’ve always wanted, whether that includes road trips, or just quality family time at home.

Whatever your dreams are, we want to help you reach them. To schedule your no obligation consultation, contact us today!

3 Money Mistakes to Avoid When You Retire

Have you recently retired?

Are you planning your retirement?

Do you want to make sure you have an easy, worry-free transition from working to retirement?
It can be difficult to make sure you have everything lined up for a perfect, no-stress transition to retirement, but talking to a financial advisor can help!

These simple tips from your financial advisor can help you achieve your dream retirement:

1. Don’t claim social security too early. Although you can start claiming retirement benefits at 62, experts caution that it still might be too soon. The longer you wait, the more you’ll receive in monthly benefits. 
2. Don’t discount inflation. Do you remember how much a pack of gum, a gallon of gas, or a gallon of milk cost when you were a kid, and how much they cost now by comparison? That’s inflation. If you discount inflation when you’re planning for retirement, you may find that you’re being too conservative when it comes to asset allocation.
3. Don’t forget to plan for medical and long-term care costs. According to Time.com, “The cost of medical care rises higher than general inflation, at a rate of about 5% or 6% a year.” A mistake many people make is not taking into consideration out-of-pocket costs, and the costs of items not covered by Medicare, like hearing aids, and dental work.

Even if you and your partner have been diligent savers, you could forget to plan for the factors that may make your path to retirement a bit bumpy. Talking to a certified financial advisor in Ann Arbor could help!

At Imber Wealth Advisors, we take into consideration your lifestyle, your overall health, and your goals for retirement as we put together a plan tailored specifically for your family. If you’re planning for retirement but still have questions, there’s no time like the present!

Contact us today to set up a no-obligation consultation to see how we can help you achieve your dream of a worry-free retirement.