Financial Planning for Retirees In Massachusetts

Tim Hayes

Tim Hayes

Offices In Boston & S Dartmouth, Massachusetts

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Retirement Planning Challenges:

  • Understanding interest rates, bonds, annuities, dividend stock investing, and other transition products can be challenging and confusing.
  • As with most things in life, the first step is often difficult, but securing sound financial advice should not be left until it’s too late.
  • Finding a licensed and knowledgeable resource will help you get the best financial advice.

Put Your Retirement Money in the Hands of Someone Who Knows Best

Life isn’t all about money, but it is an important tool for building the life you want. And, like any tool, best results happen when skilled, experienced hands are in control of it.

For over 30 years, I have studied the financial markets, always striving to learn and adapt my knowledge to the new financial “normal” as it is continually redefined. The result: I can help you make smart financial planning decisions for every stage of your life, under all market conditions.

Every smart planning decision starts with listening to my clients and asking them the right questions, including:

  • What do you want out of life?
  • What are you working for?
  • What are your short-term and long-term financial goals?

My Professional Designations

Financial advisors who hold the AIF® designation have:

  • Completed the AIF® Designation Training;
  • Passed the AIF® designation exam;
  • Met the designation’s prerequisites and qualification and conduct standards;
  • Accrued a minimum of six hours of continuing professional education, with at least four hours coming from fi360-produced sources;
  • Attested to a code of ethics.

Financial professionals who hold the CRPS® designation have:

  • Completed a course of study encompassing design, installation, maintenance and administration of retirement plans;
  • Passed an end-of-course examination that tests their ability to synthesize complex concepts and to apply theoretical principles to life situations;
  • Pledged adherence to the CRPS® Standards of Professional Conduct, and are subject to a disciplinary process in that regard.

CRPS® designees renew their designation every two years by completing 16 hours of continuing education, reaffirming adherence to the Standards of Professional Conduct, and complying with self-disclosure requirements.

Financial Advisor who hold the AWMA® designation have:

  • Completed a course of study encompassing wealth strategies, equity-based compensation plans, tax-reduction alternatives, and asset-protection alternatives;
  • Passed an end-of-course examination that tests their ability to synthesize complex concepts and apply theoretical concepts to real-life situations;
  • Agreed to adhere to the AWMA® Standards of Professional Conduct, and are subject to a disciplinary process in that regard.

AWMA® designees renew their designation every two years by completing 16 hours of continuing education, reaffirming adherence to the Standards of Professional Conduct, and complying with self-disclosure requirements.

CFS designation is awarded upon passing an examination on mutual funds, ETS, REIT’s, closed-end funds, and similar investments. Advanced studies on topics include:

·       Fund analysis and selection;

·       Asset allocation;

·       Portfolio construction;

·       Sophisticated investment strategies for risk management, taxes, and estate planning.

San Diego, CA, November 13, 2020 – The Institute of Business & Finance (IBF) recently awarded Tim Hayes with the only nationally recognized tax designation, CTS (Certified Tax Specialist). This graduate-level designation is conferred upon candidates who complete an 135+ hour educational program focusing on personal income taxes and methods to reduce tax liability. The combined top state and federal bracket can easily exceed 40%.

San Diego, CA, September 1, 2020 – The Institute of Business & Finance (IBF) recently awarded Tim Hayes with the estate planning designation, CES™ (Certified Estate and Trust Specialist™).

This graduate-level designation is conferred upon candidates who complete a 135+ hour educational program focusing on trusts, wills, probate, retirement benefits, caring for children, and what should be done after the death of a loved one. Over $50 trillion is expected to pass from one generation to another during the next half-century.

The Accredited Portfolio Management AdvisorSM, or APMA® program, is a designation program for financial professionals. The program educates advisors on the finer points of portfolio creation, augmentation, and maintenance. Students will gain hands-on practice in analyzing investment policy statements, building portfolios, and making asset allocation decisions.

San Diego, CA, May 12, 2020 – The Institute of Business & Finance (IBF) recently awarded Timothy Hayes with the only nationally recognized annuity designation, CAS® (Certified Annuity Specialist®).

This graduate-level designation is conferred upon candidates who complete a 135+ hour educational program focusing on fixed-rate and variable annuities. Several trillion dollars are invested in annuities; it is estimated that at least one-third of all annuity contracts are not titled correctly.

Financial Planning for Retirement

You have retirement accounts in a few different places, and so does your spouse. Now that you are retired or thinking of retiring, you are closer to using the money. But you haven’t changed any of those accounts’ allocation or risk level. Moreover, you haven’t met with a financial advisor to discuss your retirement goals or accounts.

Along with great careers, you’ve built up substantial 401k balances. It took a while, but you got the hang of investing in equities — never comfortable with the ups and downs but always focusing on long-term growth.

But now, you need income, not growth. Over the years, you owned some bonds with mixed success. But unlike your foray into equity investing, you cannot afford on-the-job training this time. You need the income now. Plus, you have less time to recover from any mistakes.

For Example, Tim is a Retirement Advisor…

  • with a keen understanding of interest rates and the bond market.
  • with the knowledge that is imperative when one talks about retirement income.
  • with access to the products necessary to help you transition from growth to income.
  • who will research your retirement accounts and let you know if leaving it with your 401k or 403b is a good option, or if you should roll it over.
  • who will work to keep your costs low – because in a low-yield world, the less you pay to someone else, the more you keep for yourself.

Read More: Should You Still Have a Trust as Beneficiary on Your Retirement Accounts

Diversification

Diversification is the proverbial don’t put all your eggs in one basket. So, within an asset class like bonds, a diversified investor owns treasury bonds, corporate bonds, high-yield bonds, and international bonds, benefiting from the fluctuations from year to year in returns.

By rebalancing instead of selling what has gone down or buying what has gone up, investors remain diversified but return to their original allocation. So while diversification is about the eggs, asset allocation is about the basket. What percentage of your basket is going to be in stocks and bonds?

For example, if six years ago you were comfortable with an asset allocation of 60% in stock funds and 40% in bond funds, now, after the doubling of the stock market, that portfolio might be 75% stocks and 25% bonds. Rebalancing puts your asset allocation and risk level back to the original 60/40.

Retirement accounts are ideal for rebalancing because they enable you to buy and sell within the account with no tax consequences and usually no fee or commission.

Rebalancing

Investors approaching retirement who fail to rebalance might unwittingly end up closer to retirement with a riskier portfolio. That is why, when such investors rebalance, they might want to update their targeted allocations. For example, an investor with a portfolio that was 60/40 five years ago and now 75/25 could rebalance to 35% stocks and 65% bonds.

Nobody knows for sure what the rest of the year will bring. But, as the adage goes, past performance is not indicative of future results.

Financial Planning for Retirees In Massachusetts
Financial Planning for Retirees In Massachusetts

Retire Checklist

Consider me for your financial advisor when switching from growing your retirement accounts to distributing them.

This transition usually means moving some money from stocks to bonds, and I am well-schooled in the economy, inflation, markets, interest rates, and the bond market.

Before coming to Cambridge Investment Research Advisors in 2010, I spent 20 years with MetLife, so I am also well-versed in guaranteed retirement products such as variable and fixed annuities.

  • Review the fees in your 401k plan or 403b
  • Review the fund lineup in your 401k plan or 403b
  • Check if there are enough choices to provide retirement income security
  • Calculate your retirement risk-tolerance score
  • Compare your retirement risk score with your current 401k or 403b allocation.
  • Recommend whether you should leave your 401k or 403b in your plan or roll it to an IRA
  • Design your retirement portfolio in your 401k, 403b, or IRA using your retirement risk tolerance and income goals

Read More: Fee-Only Financial Advisor • Fee-Based Advice In Massachusetts

Retirement Advisors Near Me

I will provide expert, highly personalized financial planning for retirees when you need an independent retirement advisor in Massachusetts, Boston or Greater Boston, Salem or the North Shore, Hingham, or any other town on the South Shore, Andover, the Merrimack Valley, and the MetroWest, including Framingham or the Southcoast, Martha’s Vineyard, Nantucket, and Newport, RI.

Additional Resources and Information

  • Investor Profile Questionnaire (PDF) – Before creating your retirement portfolio, it is essential to spend time learning about you and your unique financial situation.
  • Retirement Planning Guide (PDF) – You are not alone if you are overwhelmed with how to provide income for your retirement. Millions of Americans struggle to ensure that they have enough income to last them through their retirement years.
  • Most investor accounts are held at Pershing LLC or Fidelity Investments, Pershing, a wholly-owned subsidiary of the Bank of New York Mellon Corporation (BNY)

Please be sure to speak to your advisor to consider the differences between your company retirement account and investment in an IRA. These factors include, but are not limited to, changes to the availability of funds, withdrawals, fund expenses, fees, and IRA-required minimum distributions.

These are the opinions of Financial Advisor Tim Hayes and not necessarily those of Cambridge Investment Research. They are for informational purposes only, and should not be construed or acted upon as individualized investment advice.

Securities Licenses

Passing the exam qualifies candidates as both securities agent and investment advisor representative.

Individuals who pass the Series 7 examination are eligible to trade all securities products: corporate securities, municipal fund securities, options, direct participation programs, investment company products, variable annuities contracts, etc.

The exam measures the degree to which each candidate possesses the knowledge needed to offer the products of investment and insurance companies, including the sales of mutual funds and variable annuities.

The exam qualifies candidates as securities agent within a state. Nearly all states require people to pass the Series 63 for state registration.

I am also licensed to offer life, health, accident, disability and long-term care insurance products, as well as fixed annuities.

Fee-Based Financial Planner, Hourly Rate, or Commission

Most clients pay fee-only or an hourly rate. The size and complexity of the client’s wealth management and financial and retirement planning determine that fee.

Hourly Fee

$ 150 /Hour
  • Fiduciary Advisor
  • Financial Advisor
  • Financial Planning
  • Advisor Financial Planning

Fee-Only

Varies
  • Fiduciary Advisor
  • Fee Based
  • Fee-Only Financial Planning
  • Financial Planning Services

Commission

Varies
  • Financial Professional
  • Best Interest Regulation
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