A managing partner of Bergen Financial Group, Darcy Bergen is skilled in explaining highly technical investment and wealth planning strategies to his clients. Advising clients on everything from IRA/Roth conversions to establishing a trust, Darcy Bergen is currently accepting new clients who have a minimum of $500,000 in investment assets.
Other than retirement and end-of-life, there are many other reasons as to why you may need the assistance of an experienced financial investment adviser. For instance, welcoming a new baby into your family is a perfect time for you to review your life insurance benefits and to start a college savings fund. Another time you should consider consulting with an investment professional is when you are about to get married, and are looking to combine assets or to keep them separate through a prenuptial agreement.
Of course, if you inherit money, you should seek investment advice from a wealth management professional, so that you can better understand the tax ramifications and how to manage this new wealth. Additionally, people who are buying or selling a business can benefit from professional advice on financing their business and protecting their assets.
The founder and a managing partner of Bergen Financial Group, Darcy Bergen is a fiduciary with a Series 65 license. Experienced in risk management, income planning, and social security planning, Darcy Bergen assists people nearing retirement age with their financial planning needs.
As you prepare for retirement, you will need to consider your healthcare needs and associated costs. Those who have not yet reached Medicare eligibility don’t always realize that, currently, beneficiaries must pay a monthly premium for Medicare, which is typically deducted from your Social Security benefits payment.
In addition to premiums, many Medicare plans also have other out-of-pocket costs, such as deductibles and coinsurance amounts, as well as prescription drug co-pays. Each year, the amount you pay and the benefits you receive depend on the plan you select during the Medicare Open Enrollment period, which runs from October 15 through December 7, for plans that will be effective the following year.
Remember to review drug costs for each plan to see if any name-brand pharmaceuticals you rely on may have recently dropped in price due to recent legislation requiring certain drug manufacturers to lower costs for enrollees who fall into the drug coverage gap.
With more than two decades of experience in the financial services industry, Darcy Bergen is the founder and president of Bergen Financial Group in Peoria, Arizona. A certified retirement financial advisor, Darcy Bergen frequently shares his financial planning knowledge as the host of the live radio show Smart Money, as well as the television show The Money Doctors.
A recent development that may impact your financial planning is the Social Security Administration’s 2019 cost of living adjustment (COLA), which will increase by 2.8 percent. Many retirees may be pleased to hear that this is the largest COLA since 2012. However, it's important to keep in mind that increased earnings may lead to an increase in your income taxes depending how much you earn.
Once you pass retirement age, you can continue to work and still draw Social Security benefits.
When determining your tax rate, your income is counted as one half of your Social Security benefits plus your other earnings. If you earn a combined $44,000 or less filing jointly, you may pay taxes on 50 percent of your benefits. If you earn more than $44,000 filing jointly, the tax rate on your benefits can rise up to 85 percent. These rates can influence how much you would like to work once you reach retirement age.
What Are Tax-Free Bonds?
For more than 20 years, Arizona-based retirement planner Darcy Bergen has been giving advice on wealth management and tax planning to his affluent clients. As a Certified Retirement Financial Advisor, Darcy Bergen helps his clients develop personalized plans for their retirement through well-timed IRA conversions and municipal bonds.
People nearing retirement often turn to low-risk opportunities such as municipal bonds to reduce their exposure to market volatility. Municipal bonds are issued by state and city governments to raise large sums of money, usually to finance infrastructure projects. Generally, bondholders are paid out interest over the term of the bond and returned the principle after the bond matures.
Unlike with corporate bonds, the interest earned on municipal bonds is exempt from federal taxes. In some circumstances, bondholders can also avoid being taxed at the state level. Municipal bonds are considered low-risk because the issuing government can leverage various taxes to repay its lenders.
These bonds typically earn lower rates of return than stocks and other financial products. Additionally, any capital gains from selling a bond are subject to taxes.