Jay Forgione discusses retirement planners vs traditional wealth management firms
Listen to the interview on the Business Innovators Radio Network: Interview with Jay Forgione Owner of Summit Retirement Solutions Discussing Retirement Planners vs Traditional Wealth Management Firms – Business Innovators Radio Network
Forgione, owner of Summit Retirement Solutions. Jay shares his unexpected journey into the financial services industry, which began during the economic crisis of 2008. After experiencing a career change, he discovered a passion for helping individuals navigate the complexities of retirement planning. Jay discusses the unique challenges that clients face in this area and how he decided to go independent 15 years ago to better serve their needs.
Retirement planning is a multifaceted process that extends beyond mere wealth management. As discussed in the podcast episode with Jay Forgione, owner of Summit Retirement Solutions, effective retirement planning necessitates a comprehensive approach that encompasses several critical areas: taxes, retirement income, asset management, insurance, and legacy planning.
One of the most significant aspects of retirement planning is understanding how taxes will impact your retirement income. Many individuals assume they will be in a lower tax bracket upon retirement, but this is not always the case. Jay highlights that tax brackets are currently among the lowest in history, and with the national debt rising, there is a risk that tax rates could increase in the future. Therefore, it is essential to strategize about which accounts to withdraw from first, as this can significantly affect the overall tax burden during retirement.
Retirement income planning is another crucial component. It is not enough to simply accumulate wealth; retirees need to know how much income they will require to maintain their desired lifestyle. Jay emphasizes that many people do not have a clear understanding of their income needs in retirement, often leading to uncertainty about whether their savings will be sufficient. A well-structured retirement income plan should outline where the income will come from, whether it be Social Security, pensions, or other investments.
Asset management plays a vital role in retirement planning, particularly as individuals transition through different phases of their financial lives. During the accumulation phase, typically in their twenties to forties, individuals can afford to take more risks with their investments. However, as they approach retirement, the focus shifts to preservation and decumulation. Jay explains that retirees need to manage their assets carefully to ensure they can draw income without depleting their savings too quickly. This involves understanding the right mix of investments and how to allocate funds to meet both short-term and long-term needs.
Finally, legacy planning is an essential aspect of a comprehensive retirement strategy. This involves considering how assets will be distributed to heirs and ensuring that one’s financial legacy aligns with personal values and goals. Jay points out that many people overlook this area, but having a clear plan for legacy can provide peace of mind and ensure that loved ones are taken care of after one’s passing.
Jay shared: “At Summit Retirement Solutions, We take a strategic, results -driven approach to your Retirement Journey. Our Philosophy is simple: Keep you on track and your goals clearly in focus.”
Video Link: https://www.youtube.com/embed/H0l0ouihfU8
About Jay Forgione
Founded in 2009, Summit Retirement Solutions, is made up of qualified financial professionals who are passionate about helping individuals and families achieve their ideal retirements. Jay is committed to helping clients work toward their retirement dreams by crafting customized, easy to understand financial strategies. Beginning as a Senior Regional Manager for a major corporation, Jay decided to follow his passion for helping others and opened Summit Retirement Solutions. As the leader of his firm, he works each day to ensure his clients receive the guidance, support and resources they need to retire with confidence and joy. That includes protecting nest eggs with tax-efficient strategies. Jay has a Bachelor’s Degree in Business Management from the University of Connecticut. Jay enjoys being outdoors, skiing, hiking, golfing and spending time with his wife and three
Learn More: https://summit-rs.com/
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