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C.H. Robinson

We specialize in working with C.H. Robinson employees across the U.S.

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Why Do I Need Estate Planning?

Written by Summit Wealth on .

For most couples, the federal estate tax is a thing of the past.  The “fiscal cliff” legislation raised the federal estate exemption to $10.5 million per couple and made the exemption portable between spouses.  Given this big win at the federal level, you may be asking if estate planning is still critical for your family.  We say it is for the following reasons:

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Should “retirement” be retired?

Written by Summit Wealth on .

Fact #1:  Our life expectancies are increasing and we’re living longer as a society.

Fact #2:  Fact #1 means we likely need to accumulate more to achieve our goals.

A trend we are seeing among baby boomers (as well as the generation after them) is that they are no longer planning for retirement (in the traditional sense of the word) but more for their transition to the next phase in life.  That new phase may mean a more flexible work schedule, less hours worked and less stress, more enjoyment in the work performed, and more time to do other things like fish, hunt, golf, travel, volunteer, etc.

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Are You Getting Everything You Want?

Written by Summit Wealth on .

The deVere Group, which claims to be the world’s largest independent financial advisory organization, recently asked a sample of its clients with investable assets of at least $1 million about their top financial regret.

The top regret of 57% of the people interviewed was not designing and installing a financial game plan earlier in life.  It’s clear that those folks highly value the benefits and opportunities that a long-term financial game plan can offer their families.  They also commented that they can see the value of periodically reviewing and adjusting that game plan to ensure they remain on course to achieve their financial goals.

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Are You Monitoring Your Credit Report?

Written by Summit Wealth on .

According to a recent Federal Trade Commission study, 5% of consumers have errors on their credit reports.  These errors could cause credit issues or increase the cost to borrow money for those consumers.

If you find a mistake, file a dispute with the credit bureau immediately to investigate the issue.  If, after the issue is investigated, the issue remains on your report, add a statement to your credit report (you are allowed to include up to 100 words), explaining the circumstances about the error.

Remember that you are entitled to a free credit report every 12 months, from each of the credit bureaus.  Visit www.annualcreditreport.com to request your free credit report.

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How Much Will You Need in Retirement?

Written by Summit Wealth on .

Marlena Lee, a Vice President at Dimensional Fund Advisors, recently performed a study assessing how much of their current income people would need to live on in retirement.  Here is what she found:

  • The bottom quartile of earners (those who make less than $26,000), will need as much as 82% of their current working income to live comfortably in retirement.  Social Security will replace the majority of that income, leaving this group to replace approximately 23% of their final salaries.
  • For those earning $50,000 to $87,000, they will need to replace approximately 62% of their last salary to live comfortably in retirement.  Social Security will replace approximately 31% of that income, leaving the retiree to replace the remaining 31%.
  • For those earning over $87,000, they will need approximately 58% of their current working income and Social Security will replace as much s 21% of that figure.  This leaves the retiree to replace the remaining 37% with their portfolio.

All of the above means you may need much less than you might expect to live comfortably in retirement.  A bit of counsel we provide clients is to begin living as if you are retired (before you actually retire) so you can get a good feel for what you can expect your annual lifestyle needs to be before you actually call it quits.

North Metro: 763.355.5873
227 East River Parkway
Champlin, MN 55316-5873

South Metro: 612.987.9112
5871 Crossandra Street SE
Prior Lake, MN 55372-3337

West Metro: 763.639.3425
322 Greenhill Lane
Long Lake, MN 55356

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