Darcy Bergen is the president of Bergen Financial Group in Peoria, Arizona. In his work as a fiduciary, he makes financial decisions on behalf of clients in their best interests. As one of the managing partners of Bergen Financial Group, Darcy Bergen provides financial advice to seniors about retirement education and planning.
Retirement planning is an essential part of a successful retirement. It guides retirement goals and financial planning strategies for a sustainable and fulfilling lifestyle. The following are four essential steps that should be taken to achieve a successful retirement.
1. Set clear goals - Outline realistic lifestyle goals in retirement, including any financial needs, hobbies, and planned vacations.
2. Create a budget - A comprehensive budget clearly outlines income, investments, expenditures, and savings goals.
3. Develop a retirement investment strategy - Individuals should diversify their investment portfolio into various options, such as estate planning, stocks, and bonds, to increase financial returns while mitigating potential risk.
4. Evaluate healthcare insurance plans - Healthcare expenditures are the most common large expenditures during retirement, As a result, it is paramount that individuals secure sustainable healthcare insurance plans to protect assets from unforeseen health-related expenses.
Darcy Bergen is an experienced financial advisor and president of the Bergen Financial Group in the Phoenix suburb of Peoria. Among his wide-ranging areas of expertise, Darcy Bergen is adept at helping clients convert traditional IRAs to Roth IRAs.
Both traditional and Roth IRAs are individual retirement accounts that allow people to invest for retirement and then draw upon those savings with various tax advantages. Only recommended under professional guidance, an IRA to Roth IRA conversion involves moving assets from an existing traditional IRA into a Roth IRA.
Well-known for their potential tax benefits, Roth IRAs do not require you to pay taxes on investment profits or any deducted contributions. Holders of Roth IRAs can make tax-free withdrawals as long as they meet the stated requirements.
For people in different life and financial situations, the benefits of an IRA to Roth IRA conversion may not outweigh its drawbacks. Because you will owe federal income taxes on the full amount of your conversion, you must be able to make that one-time payment. Furthermore, anyone who might need to begin withdrawing from a Roth IRA in the near future should think twice before doing so. This is because Roth IRAs impose a 10-percent penalty on all withdrawals within five years of conversion.
A resident of Peoria, Arizona, Darcy Bergen is the president of Bergen Financial Group, a financial planning firm emphasizing safe strategies for building wealth. At one time, Darcy Bergen co-hosted the financial radio show Safe Money & Income, which covered smart retirement tips.
In one Safe Money & Income segment, the hosts talked about how to maximize savings in 401K. In 2014 when the segment aired, the hosts referenced a comment from former House Education and Labor Committee Chairman George Miller, who said that the 401K was akin to a high-stakes crap shoot.
The host gave listeners a bit of advice when investing their retirement savings. Investing is like taking a risky elevator ride going to the penthouse. Every day, the fund grows as the elevator moves toward the penthouse. During this time, most investors are likely to hold onto their investments, which is analogous to hardly anyone getting off the elevator.
Alternatively, suddenly, something happens in the markets, and the retirement fund loses money. These moments resemble the elevator descending as the financial forecast becomes adverse. Investors worry about whether to cash out of their retirement fund.
There is one caveat, though. The elevator stops, allowing passengers to get off it. In the same way, investors can pull out of a fund when their retirement fund is not performing as it did while they are on their way to the penthouse.
The host eventually tells viewers that they can be proactive in guiding the direction of their retirement savings upward by working with investment advisors who can show them alternative ways to grow their wealth. By working with an advisor, retirees can get off the risk elevator to see their retirement income only go in one direction-upward.
Darcy Bergen is an accomplished financial advisor who has led Bergen Financial Group as its president since 2003. Among his other credentials, Darcy Bergen is a certified retirement financial advisor.
Administered by the Society of Certified Retirement Financial Advisors (SCRFA), the certified retirement financial advisor (CRFA) designation demonstrates a focused proficiency in complex retirement planning procedures and strategies. Although there are no official credentialing prerequisites, CRFA candidates must have professional experience and industry-specific education to pass the CRFA exam. Specifically, SCRFA recommends three years of work in the financial or investment service industries and 24 CRFA educational credits.
To obtain the CRFA credential, candidates must pass an official exam covering six subjects. They include general retirement principles, retirement investment concepts, retirement taxation, government programs, estate planning, and ethical principles. SCRFA estimates that 72 percent of candidates pass this 4-hour exam on their first attempt, while 90 percent pass on their second attempt.
President of Bergen Financial Group in Peoria, Arizona, Darcy Bergen has been a financial advisor for 20 years. As a part of helping seniors with their retirement planning, Darcy Bergen holds the Certified Retirement Financial Advisor (CRFA) designation.
The CRFA designation directly benefits seniors and retirees working with a CRFA because it focuses on helping the financial planner with understanding the complexities of retirement planning. This designation indicates that the person is a qualified retirement planning advisor. They must enroll and pass a course that covers extensive areas in retirement planning, and then they must sit for their exam. Once they receive the CRFA designation, they must enroll in 15 hours of continuing education every year, which ensures the financial professional keeps their skills up to date.
These advisors offer their clients a host of benefits related to saving money or finding ways to maximize their retirement wealth. Some services they provide are dispensing advice on estate taxes and planning, reducing capital gains taxes, maximizing social security benefits, helping plan for grandchildren’s education, and providing information on insurance products.