Donald Dirren demonstrates to his clients how multiple products, benefits, and investment accounts come together to create a reliable source of income for their retirement years.
For more than 35 years, Donald Dirren has been providing sound financial advice for his clients in the Greater Phoenix area of Arizona. Specializing in tax planning, social security benefits, and and life insurance products, Donald Dirren helps customers in mid-life or approaching retirement to fully understand what benefits they have earned. However, he warns, many people believe that Social Security will take care of all their needs through retirement, which is simply not true. He works with each individual to create a retirement plan based on projected income and financial security.
Donald Dirren Reviews How Social Security Works for New Retirees
While it is possible for a person to retire and begin collecting their social security benefits at the age of 62, it might not be the right choice. Donald Dirren spends time with each now client discussing how taking the benefit at an earlier age results in a lower monthly payment. By delaying retirement and continuing to work, even up to the age of 70, the monthly benefit increases allowing the client to increase their monthly income when they need it most.
Maximizing Income from 401K, IRA, and Pensions
Donald Dirren has each client review their entire portfolio. Many hardworking Americans have spent 30, 40, or even 50 years paying into a retirement account, but they may not need to start taking money out of this nest egg for a few years. Donald Dirren shows his clients how through risk, income and tax planning, they will be able to continue to maintain their target income level for their entire life. With more Americans living into their 90’s, it is crucial to discuss the viability of creating an income stream able to withstand 20 to 30 years of market fluctuations.
Don Dirren Discusses How Tax Planning is Also Part of Retirement Planning
Many retirement plans and pensions use pre-tax dollars for the original investment, which means that even though the retiree is not generating income by working, they will still need to pay taxes. With the tax code changing every year, Donald Dirren maintains an active relationship with every client so they are able to adjust their income strategy and minimizing their tax burden during their retirement years. Donald Dirren introduces tax planning strategies utilizing a variety of investments including hybrid life insurance products that can possibly lead towards achieving paying little or no taxes in their retirement years.
Life Insurance and Long Term Care Policies are Important Pieces of the Income Plan
Other types of investment strategies include adding a life insurance policy that can generate extra income for a remaining spouse or even can be a source for income if the policy is sold in times of financial need. Donald Dirren encourages anybody who is thinking about their retirement to contact a financial advisor to create a proactive approach to a more comfortable and less stressful retirement.