Unlike the average advisor, Mitch has a personal and in depth understanding of the Nissan benefit programs as he is still an active participant in the plan. For someone who is an existing or recent Nissan retiree there is a great deal of emphasis on education as outlined below.
In a typical meeting with a Nissan employee and their spouse, if applicable, the following items are covered:
- Thoroughly understand and document your family’s goals and objectives in retirement. Typically, no two retirement situations are the same.
- Calculate and prepare a computerized analysis of distributions/cash flow needed from 401k accounts as well as any other investable assets, such as Individual Retirement Accounts, Roth IRAs, Individual or joint accounts etc.
- Educate and illustrate your pension options as well as Social Security optimization to determine the ideal distribution strategies.
- Educate in detail of the Nissan Medicare benefits, stipend reimbursements, pros and cons of Medicare Advantage plans versus Medigap plans. An understanding of the consequences of not choosing the right options initially and how to avoid potential issues later in retirement if health problems occur for the retiree and/or their spouse.
- Educate in detail regarding recent legislation that affects retirees as it relates to taxes and distributions. As well as potential future legislation that could impact interest rates, tax increases on income or the elimination of the Tax and Job’s act which is current through 2025.
Nissan Employees already in retirement
As many of us can expect to live longer than our parents and grandparents, it is so important to make sure that your investments keep up with inflation. With no inflation increases for a pension plan and very little inflation adjustments from Social Security, the proper growth on investments is critical to a successful retirement. For example. If a family needs $5,000 per month to live on at age 60, by the time they reach age 80, it will take $8,700 per month assuming a 3% inflation rate. Many former Nissan retirees, already in retirement for some time, come to me to review their current portfolios from other firms in the area. Many firms are utilizing in-house or so called proprietary mutual funds and various types of upfront loaded commissioned based investment and insurance products. In virtually every case these products include expensive underlying fees that likely will erode growth and therefore hinder the ability to keep pace with inflation. Our goal is to provide an unbiased evaluation of your existing investment programs and offer recommendations that are always in your best interest and can have a significant impact on the long- term effectiveness of your personal investment program.
Let's Talk
Whether you are nearing retirement or have been retired for some time we would like to offer you a complimentary, no obligation review of your current personal financial situation. Please if you have any questions contact Daren Chamblee at (615)653-0361
