Quick Education

Ryan describes to the viewers he Retirement My Way Process and how it will enable clients to create additional income streams in retirement so that they can continue to do the things that they love to do, with the people that they love to do them with. By looking at an individual’s expenses and lifestyle goals in retirement, Ryan is able to create a plan that will ensure that they don’t run out of money during retirement. A bid part of that is factoring in inflation and making the necessary adjustments to keep up. As Ryan says: “everyday is Saturday in retirement”.

“What is going to happen when the next 2008 crash hits?” Ryan explains why his clients are so concerned about market volatility, and how it could impact their retirement. They’ve worked 30-40 years building their nest egg, and the last thing they need as they enter retirement is to experience a market crash that will cost them 40% of their savings. Ryan works with his clients to create a plan that will protect their nest from the next crash and make sure that they can enter retirement with confidence that the next storm will not derail them.

Over Ryan’s career he has developed strategies to give his clients additional income streams in retirement. As his clients get ready to retire they are concerned about not having their paychecks come in every week. Naturally they are looking to replace their lost wages with something the is dependable and not subject to the ups and downs of the market. Their are certain tools available to clients that can enable them to create another source of income as that will last throughout their retirement

Ryan talks about the pros and cons of retiring in Massachusetts. In Mass, there are some of the best hospitals and healthcare facilities in the world and that can be an amazing resource for anyone considering retirement. However, taxes are high and there are also some unusual land laws. Many of Ryan’s clients have retired in Florida and really value the decision to do so. It’s a personal choice and one that should be discussed with a retirement specialist.

Ryan has a message and shares a story for people who are getting ready to retire. Ryan remembers when his grandfather, who was a union machinist, retired. He would spend his mornings hanging out at the coffee shop with his buddies and eating breakfast. At one point Ryan‘s grandfather‘s vision deteriorated and Ryan stepped up to take him to have breakfast with his buddies because he could no longer drive. One day Ryan’s grandfather got into the car and told Ryan that he had paid $10 for breakfast that used to cost him $1.25. That’s when Ryan realize the impact that inflation had on people’s retirement. As inflation increases, our purchasing power decreases, and in most cases those small cost-of-living adjustments to Social Security are not enough to keep pace. This is why it is so critical that people spend the time to develop a retirement income strategy that can grow from year to year to make sure that their retirement income is not devastated by inflation.

Ryan shares a story with the viewers about a friend, and how she ran into some trouble when she filed for Social Security. Ryan explains that just because someone is able to file and collect Social Security does not necessarily mean that they should file and collect Social Security. Someone very close to Ryan ran into issues when they filed for Social Security, but were still working and earning a significant amount of money. They did not understand, nor did the advisor who recommended that they file understand that if you make over a certain amount of money and file prior to full retirement age, then a portion or all of your Social Security could be penalized and forfeited. That is why it is always important to work with someone who specializes in retirement planning to know what to do and when to do it.

Ryan briefly discuss the different types of annuities and how they can fit into your plan. He first starts off with variable annuities, and how those types of annuities can give you potentially higher returns, however there is also more risk involved. Then he discusses fixed annuities, and how those are a very safe and secure product, but with not a lot of upside for growth. Lastly, Ryan talks about fixed indexed annuity’s or as some people refer to them as: hybrid annuities. Fixed indexed annuities can give can give you the protection of a fixed annuity, but with more upside if the underlying index performs.

Ryan sits down with his longtime friend, and estate planning attorney Gerry Griffin to share a story of how he was able to protect his grandparent’s home with some of Gerry’s estate planning techniques. Ryan’s grandfather was instrumental in Ryan’s upbringing, and was a huge part of Ryan’s life. On a number of occasions Ryan attempted to get his grandfather to put his home in a trust. However, Ryan’s grandfather resisted and felt like that was for aristocrats, not for every day working people like himself. Eventually Ryan got his grandmother to intervene and she made sure that Ryan’s grandfather, Stanley, put the home in a trust. Years later after both of Ryan‘s grandparents were in a nursing home for an extended period of time they were able to pass their home to Ryan’s father and uncle without having to pay the nursing home. That inheritance made all the difference for Ryan’s Dad and Uncle when it came time for them to retire. This is why Ryan is so passionate about using an the state plan to protect his client’s assets.

Ryan sits down to discuss his firm’s unique planning process as well as the history of Summit Financial Partners. Ryan explains how the average firm deals with their clients, and then contrast that with how Summit Financial Partners is committed to going above and beyond and creating a different experience and culture for those who they serve. Ryan started this firm over 20 years ago and when he did it was just himself in an administrator. Over the course of those 20+ years he has been fortunate enough to grow his practice to a space and place where it can provide multiple services for people entering and in early retirement. That would include estate planning services that his longtime friend and attorney Gerry Griffin. He has also teamed up with his friend and partner Ed Rossi to assist his clients with additional retirement services, if needed. In addition to those services, summit financial partners also provides relationships with tax and mortgage professionals to better help and serve their clients in retirement.