I wanted to highlight a few tools that we use in our office for client analysis.
The first is ASSET MAP. It is a one-page tool that can simplify all your assets and liabilities into a single page snapshot. It also provides a one-page balance sheet, and helps track your progress toward reaching a goal like college funding or debt servicing. This is a great tool for simplification and finding areas where more emphasis needs to be addressed.
Another tool we use is a Social Security analysis. This tool helps analyze when the best time to take social security for you and a spouse if appropriate. It shows the impact of taking Social Security at age 62 or Full Retirement Age (FRA) or even waiting until age 70. This is a great planning tool that helps with future income options.
Finally, we use a tool called BUCKET BLISS. This tool helps establish an income plan in retirement. It provides an analysis of income needs and how and when your assets need to be distributed to meet those needs. It looks at your current fixed income like pensions and social security, and then takes your assets like IRAs, 401ks & Brokerage accounts, and creates a 4 bucket strategy over your lifetime. It calculates how much to distribute from each bucket to meet your income needs and leaving legacy money for children or charity.
These 3 tools form the bedrock of our analysis and servicing for our clients.
Please don’t hesitate to contact use with any questions or if you want additional information.