Life brings changes; some we can plan for but some we cannot. Alan Nadolna, CEO of The Associates Group, has made the focus of his practice helping people successfully navigate the financial aspects that can overshadow the transitional times of life – marriage, divorce, death, retirement and the foundation or dissolution of a business – with the goal of easing the anxiety and concern so commonly felt when facing a new stage of life.

With retirement being his clients’ primary investment goal, Nadolna explained that several factors need to be carefully considered to make the most of the capital and potential income available.
Above all, proactive planning makes the most impact when it comes to moving from one life stage to the next. “Most people don’t have a realistic view of what their monthly expenditures are,” Nadolna said.

The first step is to look at what’s currently spent on fixed, variable and elective expenditures each month. “The results,” Nadolna said, “can often be shocking, but it’s necessary for making sure income and expenses will match up for ongoing financial well-being before, during, and after major life transitions.”

“Social Security, particularly for couples, is a very significant benefit. It’s confusing. There’s lots of misinformation,” he said, adding that knowing which partner’s benefits to access and when is a key retirement income strategy.

When it comes to the most costly and unpredictable expense before and during retirement – medical costs – Nadolna said too many people fail to use one of the simplest tools available: Health Savings Accounts. He explained how this underutilized vehicle not only immediately qualifies individuals for medical tax deductions, but the funds put in can accumulate like a medical IRA to be used for post-retirement medical expenses.  

Long term care expenses now pose a unique challenge. “We now have the fifty-year-old client concerned about their future exposure to long term care, while simultaneously dealing with the current long term care needs of parents,” Nadolna said. “This is a phenomenon we really haven’t seen much of in past generations.”

Nadolna also explained that there’s a misconception about estate planning being primarily for tax reasons. While minimizing tax liabilities is certainly an important portion of the planning process, The Associates Group’s approach to estate planning is to “efficiently move assets from one generation to another while thinking through the concept of fairness to children and fairness to others.”

By using their expertise, they are able to circumvent or resolve the problems that can so often arise when assets are disbursed. Emotions run especially high after a death of a beloved family member, so Nadolna’s team eases the burden by matching requests to the right recipients and trying to ensure that those left behind understand the intentions of the deceased.

For more information visit: www.associatesgroupinc.com