When it comes to everyone’s financial future, the most important thing is to have a plan in mind that fits your particular circumstances. The big companies sell cookie-cutter products to everyone, not really worried about the specific situation that each client might be in.
We at Silver Street Financial believe that each person has a different life story, and that must inform all decisions made to ensure a sound financial future.
Prepare for the Worst
We were once approached by a 55-year-old man who suffered a terrible accident. While walking his dog, the man got his leg caught in the dog’s leash. When his dog suddenly bolted to chase after another dog on the street, the man’s leg was pulled out from under him, and he fell on the sidewalk, breaking his back and losing his ability to walk. With less than 10 years away from retirement and his career as Chief of Police in possible jeopardy, he was concerned that the disability would put him and his family in a position of being unprepared financially.
We took his current assets and placed them in safe and guaranteed channels where he could see a return for his family. We are also able to develop an income stream in case he lost his job as well as set up a plan in case he needed long term care. If long term care was never used, then he or his beneficiary could get that money back.
Saving for the Future
Once we were called by a young couple, both in their late 30s, with children. They wanted to be sure that their kids would be able to get a college education and were worried (as all parents are) how they would be able to pay for it. Through our expertise, we created a program that would allow the parents to put money away and made arrangements for a guaranteed completion of the program so the kids’ education will be paid for even if a costly event occurs.
And to top it off, Michael put together a program so that the parents’ cash accumulation plan didn’t count against their kids if they applied for financial aid later on.
Retire with Ease of Mind
Another client we helped has worked with him for 20 years. She recently retired at 61 years old. We informed her that there is a penalty for taking Social Security early, and she had at least six years before she could get her full benefits. So we helped her develop a program to give her an extra income stream and bridge the gap between now and when she is ready to collect Social Security benefits.
He also helped her reposition her assets to help pay for long term care if it’s needed; and if she doesn’t need the long term care, then she or her beneficiary can get that money back, tax free. This kind of commitment is why this woman worked with us for 20 years. Plus, as an aside, her 85-year-old mother is also our client.
No two situations are exactly alike, and we examine each situation to come up with a customized plan of action.
When you are done with Silver Street Financial, you can be sure that your financial future is bright, and you can enjoy the peace of mind that goes with knowing that.