Each client is completely unique, and at Ermlick Retirement Planning, we specialize in designing and implementing personalized retirement plans with a focus on solutions and strategies that guarantee income to last through your retirement. Our goal is to empower those in or nearing retirement to take control of their financial futures, and we are by your side to guide you through the intricacies of retirement income planning, protection, and wealth preservation. Here are just some of the services we may provide as part of your custom retirement plan.
What We Do
Ermlick Retirement Planning
Retirement Income Planning
The day you decide to retire is the day you will no longer have a paycheck coming in. Before you retire, finding ways to make your retirement savings last as long as you live is critical, as is optimizing your Social Security and/or pension benefits. We have strategies that can help protect you from market drops while allowing for market growth that you may need for the long-term.
- Maximize Social Security Benefits
- Maximize Pension Benefits
- Guaranteed Lifetime Income Options
Investment Advisory Services
As you get closer to retirement, investment management and risk management become more important because you must protect what you have worked so hard to save while allowing for growth you may need. We provide fiduciary services when it comes to investment advice, meaning we keep your best interests first and foremost at all times. Continuous monitoring is part of our service, so that we can adjust and take action when economic indicators signal that change or rebalance is needed.
- Fiduciary Services
- Risk Management
- Continuous Monitoring
Legacy and Estate Planning
We work closely with estate attorneys to provide them with financial information that may help our clients pass on more tax-advantaged wealth to their heirs and chosen charities. Attorneys may not know about all the latest financial instruments that can be utilized, but they do know how to document your legal wishes for your estate. We work as a team to help you with legacy and estate planning.
- Tax Advantaged Estate Planning Strategies
- In Conjunction with Estate Attorneys
- Insurance Products
- Wills and Living Trusts
Medicare Plans
Filing for Medicare can be a confusing experience, and you must do it from the period three months before to three months after you turn 65 or face penalties. For those with high incomes, Medicare premiums can be shocking, because they are determined by your income from two years prior. This is yet another reason why retirement planning is so important before you retire. Later on, each year during open enrollment, you may find that the plan you initially selected has changed, become more expensive, or you have new health concerns. We can help you each year, staying by your side at each turn.
- Enrollment Guidance
- Coverage Analysis
- Cost Optimization
- Annual Review
Long-Term Care Insurance
Long-term care refers to help with daily activities, like eating, walking, getting dressed, bathing and going to the toilet. These long-term care services are not covered by Medicare, and they can be extremely costly whether provided by in-home carers or in a nursing care facility. Furthermore, Medicaid, which can cover long-term care for some, requires a complete spend-down of assets in order to qualify. This can bankrupt a spouse or leave heirs with virtually nothing. Let’s talk about your options to protect yourself and your family.
- Coverage Options
- Asset Protection
- Customized Planning
Life Insurance
Did you know that permanent life insurance can be purchased at nearly any age? Of course, the younger and healthier you are, the lower the cost of life insurance, but many families can utilize it as part of their tax-advantaged estate plan, or help loved ones by leaving them a legacy which in most cases bypasses probate and is tax-free. Remember also that for couples, when a spouse passes, one Social Security check goes away, but the monthly living expenses may stay the same. Life insurance can also help protect retirement income. Let’s discuss this.
- Financial Protection
- Risk Mitigation
- Estate Planning
Tax Planning
If you have a lot of money saved up in pre-tax accounts like TSPs or 401(k)s, the entire amount will be subject to ordinary income taxes when you withdraw the money to pay for living expenses. Depending on your tax bracket, you may have a lot less saved than you think. In conjunction with your CPA or tax professionals, we will take a look at your tax obligations that will kick in during retirement, and run some calculations to see if a series of Roth conversions might help you save for the long-term. We’ll also show you how RMDs, which are due annually starting at age 73 will affect your retirement income.
- Tax Mitigation Planning for Retirement
- In Conjunction with CPAs and Tax Professionals
- Roth Conversion Planning
- RMD (Required Minimum Distribution) Planning
401(k) Rollovers
After you retire, some employers allow you to keep your money in their group retirement plan (like a 401(k) or TSP), and some don’t. We can help you decide whether or not that is a good idea, and what your options are as part of your overall retirement plan. As an independent, fiduciary firm we offer hundreds of options depending on what might be best for your situation. We can even do in-service rollovers while you are still working if your plan allows them; these can be done without tax penalty if you are age 59-1/2 or older.
- 401(k), TSP, 403(b) and Similar Retirement Account Rollovers
- In-Service Rollovers (No Tax Penalty Beginning at Age 59-1/2)
- IRA Options, Traditional and Roth
Federal Benefits
Federal benefits are great, but it can be difficult to reach benefits officers at the OPM to get help with them. We have a lot of experience with federal employee benefits, and we are happy to help you plan for your retirement, including taking a look at your possible pension benefits, annuities, Social Security, health care options, and life insurance benefits as part of your personalized retirement plan.
- Retirement Benefits Planning
- Insurance Planning
- TSP Rollovers
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Meet Our Founder & CEO
Dave Ermlick
Founder & CEO, Investment Advisory Representative (IAR)
Maximizing Social Security
Let’s Talk Annuities
Social Security Maximization
Optimizing your Social Security benefits can help you for the long-term, and can sometimes mean thousands more dollars available in retirement. Couples and those who are divorced but were married for 10 years or longer may not know about their options. And many don’t understand that while you can file at age 62, your benefit will be lower permanently. Also, if you wait from your full retirement age (approximately age 67 for most people) to age 70, your benefit will grow by 8% per year. Let’s talk.