DO IT YOURSELF PATHWAY: MIDDLE AGES

You have life experiences and maybe a little gray hair. This represents the majority of your earning years. Your path may have diverged from where you started but typically:

You have life experiences and maybe a little gray hair. This represents the majority of your earning years. Your path may have diverged from where you started but typically:
You have life experiences and maybe a little gray hair. This represents the majority of your earning years. Your path may have diverged from where you started but typically:
  • You might have a family or other dependents you are supporting
  • You probably have debt that you are in the process of paying off
  • You have built an asset base
  • You are becoming aware of your mortality and your financial future

Initial Planning Concerns to address:

Download Our Checklist
  • We assume you addressed the initial planning concerns from Starting Out
  • Insurance – Risk Management
  • Update your Risk Tolerance
  • Is it time to start saving for college
  • Maximize your Retirement Savings
  • Is College Funding in your future
  • Wealth Planning
  • We assume you addressed the initial planning concerns from Starting Out
  • Insurance – Risk Management
  • Update your Risk Tolerance
  • Is it time to start saving for college
  • Maximize your Retirement Savings
  • Is College Funding in your future
  • Wealth Planning
  • We assume you addressed the initial planning concerns from Starting Out
  • Insurance – Risk Management
  • Update your Risk Tolerance
  • Is it time to start saving for college
  • Maximize your Retirement Savings
  • Is College Funding in your future
  • Wealth Planning

In Washington State we have the GET program and the Dream Ahead programs. We prefer the GET program but both are suitable options.

Risk Management

Risk Management

Risk Management

  • A common strategy when you are younger and healthier is to save into an HSA, invest it and then use it later in life for medical expenses. This let’s you defer current taxation, grow the funds tax deferred and then use it tax free for a qualifying medical expense. We still generally suggest this.
  • Now you are less likely to be healthy and you may have dependents pushing more medical expenses, is an HSA best for you?
  • Family Health coverage is where this strategy can shift, especially around Dental and Vision coverage, as you can spend the HSA.
  • If you have medical conditions or expect medical expenses, a lower deductible plan is better
  • We usually don’t suggest FSAs until you have more predictable medical expenses, as the use it or lose it feature can be a major hassle
  • If you have family history of cancer, heart attack, or stroke, you should consider critical illness coverage. Quote and Apply here if you don’t have an employer option.
  • You are more likely to be disabled during your working years than to die
  • You should consider a buy-up option if your employer offers it
  • You can quote and apply for Disability Insurance yourself right here (Link to other page or tool)
  • Most Plans offer 2X to 5X earnings
  • Make sure to coordinate with your personal coverage to generally not exceed 10X income.
  • If you are relatively unhealthy, make sure you get your workplace coverage to take advantage of group pricing
  • We believe in personal Term Life Insurance, quote and apply here
  • Are you saving enough for retirement and were the investments you initially set up still appropriate for you? (Appropriate Risk Tolerance article)
  • If you have changed employers often, we suggest you consolidate older retirement accounts such as 401(k)s. This can help you manage and control your investments. In addition, this can protect you from issues if a former employer changes retirement plan providers or goes out of business.
  • Maximize employer options:
    • Can you do Backdoor Roth Contributions?
    • Can you maximize your HSA?
  • Once you have maxed out employer/deferral options:
    • Can you purchase property maximizing depreciation and capital gains taxation rules?
    • Can you purchase individual stocks or Mutual Funds under Capital Gains rules?
    • Is Cash Value Life Insurance a viable option for tax planning in retirement?

Congratulations, you have made it. You’ve got too much money, what are you going to do with it? Sometimes by middle age you will have achieved great financial success. What do you do then once you have satisfied the initial concerns? Tax and legal planning is a chance to build even greater wealth. However, you can’t do it all yourself and it is time to be the CEO of a team managing your wealth.

  • Building out your team is one of the most important things you can do – Legal, Tax, Investing, Insurance
  • Often everyone wants to sell you something – who is your fiduciary, who is going to be your gatekeeper and trusted advisor?
 
In Washington State we have the GET program and the Dream Ahead programs. We prefer the GET program but both are suitable options.

Congratulations, you have made it. You’ve got too much money, what are you going to do with it? Sometimes by middle age you will have achieved great financial success. What do you do then once you have satisfied the initial concerns? Tax and legal planning is a chance to build even greater wealth. However, you can’t do it all yourself and it is time to be the CEO of a team managing your wealth.

  • Building out your team is one of the most important things you can do – Legal, Tax, Investing, Insurance
  • Often everyone wants to sell you something – who is your fiduciary, who is going to be your gatekeeper and trusted advisor?

In Washington State we have the GET program and the Dream Ahead programs. We prefer the GET program but both are suitable options.

DISCLAIMER:

Investment advisory services provided by Regal Investment Advisors LLC, an SEC registered investment adviser. Regal Investment Advisors is independent of Fortress Mega, LLC. Advisory services are only offered to clients or prospective clients where Regal and its representatives are properly licensed or exempt from licensure. SEC registration does not imply a certain level of skill or training. The information presented is general in nature and should not be considered to be investment, legal, tax, accounting, consulting, or any other professional advice. It is not a solicitation of, or an offer to buy or sell, any securities or advisory services. The purpose of the information presented on this website is to educate and inform. The content is developed from sources believed to be providing accurate information. In all cases, you should consult with a professional familiar with your particular situation for guidance concerning specific financial matters before making any decisions.

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