A La Carte Services

 
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Generational Planning

For many people, their financial goal is not only that having enough to retire on but that there is wealth left to transfer to the next generation.  With proper planning, we can assist with generational planning, allowing you to help your children and grandchildren go to college and  buy their first homes. Gifting to others and making charitable gifts can make a dream a reality—and may even help with your tax bill!

Work with our financial advisors and our vetted list of estate planning attorneys, to protect your assets through trusts and appropriate portfolio strategies so that the wealth created is used for your intended purposes for years to come.

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Social Security Planning

Does it make sense for you to claim your benefits at age 62? Are you aware of the annual increases if you wait? What are your options if you are widowed or divorced?

We can help you understand your Social Security benefits by designing the claiming strategy that is best for you. Take our plan with you when you meet with the Social Security Administration to maximize your benefits. Furthermore, join us for our annual workshop on Medicare strategies and work with our vetted list of strategic partners to understand filing for Medicare and what Medicare supplement may be best for you.

 
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Retirement Distribution Strategies

As we live longer, the need to make your money last is even more important to a successful retirement.   Lori Johndrow obtained her Retirement Income Certified Professional® (RICP®) designation to ensure  her clients’ money lasts as long as they do.  There are many strategies such as the “Bucket Approach,” “Interest Only,” “Systematic Withdrawal,” and “Annuitization” to name a few.  Many advisors also tend to exclude the rising cost of health care when discussing retirement distribution strategies; don’t worry, we got you covered! We discuss all distribution options to help you decide how to make income and assets work the best for you, while still attaining your financial goals.

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College Planning

Truly understand what college costs and make decisions on how to fund it. We will do an analysis of the costs of various schools and present the funding choices of 529s and Coverdell accounts, various investment accounts (UTMA), as well as loans that may be available. After college is done we can also create a plan to pay off student loans most efficiently, understanding Public Student Loan (PSL) forgiveness, repayment options such as Income-Based Repayment, and/or student loan refinancing.

 

Basic Estate Planning

Everyone needs an estate plan, no matter the size of the estate.  A plan should outline a strategy to manage your financial affairs and health care decisions in the event that you cannot.  It can prove to be invaluable in easing the administrative burden for your family and friends during a time of emotional distress.  We can help you understand the basics of a will, durable power of attorney, and a trust.  We work closely with a trusted list of attorneys to help you get all your documents in order, saving both time and money.

As an added service to our clients, we’ve created a “Love Letter” which collects all of your important data in one document held securely with our office. At the appropriate time, you may share the document with your loved ones in order to minimize the stress they may feel during a tragedy.

“Have the conversation while everyone is healthy,” [Maggie] Johndrow said. “There are few things more disheartening than having the estate-planning conversation when a family member is already sick. The entire family is stressed and they feel they are pressured to make important decisions quickly.” —Maggie Johndrow quoted in Advisor News

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Budget and Debt Analysis

Gain control over your expenses and eliminate the debt that might be holding you back from achieving your goals.  We will summarize your expenses and help you determine where you can save money by reducing costly interest rates and get you on solid ground with your living expenses.

“Often creating a budget and sticking to it can be overwhelming,” said Magdalena G. Johndrow, certified fund specialist and associate financial advisor at [Johndrow Wealth Management] “After all, who wants to track every single latte they drink?” —Maggie Johndrow quoted in Student Loan Hero

 

Johndrow Wealth Management does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.