Donald Dirren demonstrates to his clients how multiple products, benefits, and investment accounts come together to create a reliable source of income for their retirement years.
For more than 35 years, Donald Dirren has been providing sound financial advice for his clients in the Greater Phoenix area of Arizona. Specializing in tax planning, social security benefits, and and life insurance products, Donald Dirren helps customers in mid-life or approaching retirement to fully understand what benefits they have earned. However, he warns, many people believe that Social Security will take care of all their needs through retirement, which is simply not true. He works with each individual to create a retirement plan based on projected income and financial security.
Donald Dirren Reviews How Social Security Works for New Retirees
While it is possible for a person to retire and begin collecting their social security benefits at the age of 62, it might not be the right choice. Donald Dirren spends time with each now client discussing how taking the benefit at an earlier age results in a lower monthly payment. By delaying retirement and continuing to work, even up to the age of 70, the monthly benefit increases allowing the client to increase their monthly income when they need it most.
Maximizing Income from 401K, IRA, and Pensions
Donald Dirren has each client review their entire portfolio. Many hardworking Americans have spent 30, 40, or even 50 years paying into a retirement account, but they may not need to start taking money out of this nest egg for a few years. Donald Dirren shows his clients how through risk, income and tax planning, they will be able to continue to maintain their target income level for their entire life. With more Americans living into their 90’s, it is crucial to discuss the viability of creating an income stream able to withstand 20 to 30 years of market fluctuations.
Don Dirren Discusses How Tax Planning is Also Part of Retirement Planning
Many retirement plans and pensions use pre-tax dollars for the original investment, which means that even though the retiree is not generating income by working, they will still need to pay taxes. With the tax code changing every year, Donald Dirren maintains an active relationship with every client so they are able to adjust their income strategy and minimizing their tax burden during their retirement years. Donald Dirren introduces tax planning strategies utilizing a variety of investments including hybrid life insurance products that can possibly lead towards achieving paying little or no taxes in their retirement years.
Life Insurance and Long Term Care Policies are Important Pieces of the Income Plan
Other types of investment strategies include adding a life insurance policy that can generate extra income for a remaining spouse or even can be a source for income if the policy is sold in times of financial need. Donald Dirren encourages anybody who is thinking about their retirement to contact a financial advisor to create a proactive approach to a more comfortable and less stressful retirement.
Receiving sound financial advice from a professional is something that many people would benefit from. One issue that a lot of people have is that they are not always able to apply the lessons they learn in a practical manner. However, one popular financial advisor has continued to offer sound tips that can help people manage their taxes and build their personal net worth.
Don Dirren is a licensed financial advisor that has been providing financial services to clients for more than 30 years. In that time, he has offered many pieces of wisdom that have helped people improve their financial positions. Recently, Don Dirren gave a few different tips that could help someone save money on taxes when earning their Social Security benefits. Since Social Security income is a major part of many retirees income, following the tips provided by Don Dirren and saving even a little could be very beneficial.
Don Dirren Suggests You Know Income Impact
One factor that will influence your taxation on Social Security benefits is the amount of income that you are making outside of Social Security, this is called provisional income. If your provisional income plus 50% of your social security income exceeds $32,000 as a married couple filing jointly than your social security benefit is 50% taxable or as a single individual it is $25,000 MAGI.
Consider Withdrawal Impact
According to Don Dirren, Another factor to think about when you are going to start drawing on Social Security is the impact of your withdrawals from retirement accounts. If you have a standard 401k account, any money that you take out will be taxed as ordinary income. When you add on your Social Security benefits on top of this, the taxation can get even higher. Due to this, it would be a good idea to consider withdrawing retirement accounts at today’s low tax brackets while delaying social security until full retirement or later provided you are in good health.
It is important to fully understand what your tax liability will be on your Social Security income. While you can manage this tax burden as well as possible by following these tips provided by Don Dirren, paying some taxes could be inevitable. In these cases, it could make sense to withhold some of your possible taxes or pay quarterly estimates, therefore, avoiding a possible large tax bill come April 15th.
Don Dirren can help anyone to better manage their tax burden when it comes to retirement benefits. If you choose to meet with Don Dirren, you could get the support that you need to create a formalized plan. Don Dirren has more than 30 years of experience helping others reach their financial goals by minimizing their taxes and maximizing their retirement income through utilizing comprehensive financial planning strategies.
Don Dirren is helping seniors with all facets of social security planning and a spectrum of important financial decisions. Income in retirement is one of the most critical factors in determining seniors’ quality of life. Donald Dirren is experienced and adept at these planning sessions.
Topics covered during social security planning include other sources of income during retirement, tax planning and eligibility for social security. The requirements for social security and the amount of income seniors will receive is variable and contingent on specific factors. Also, the timing of social security income is covered to ascertain the right amount of income, at the right time.
Specific questions answered during social security planning revolve around when seniors should apply, the documentation needed, factors impacting benefits and things retirees must do to maintain their benefits. These important subjects, along with clients’ specific questions, are reviewed in detail with Donald Dirren and his associates. This leads to the optimal decision-making for clients.
Don Dirren helps seniors maximize their social security income based on their current financial needs. Taking social security payments, before the full retirement age, is a viable option for some seniors. However, Donald Dirren works diligently to make sure that is the right option by evaluating all sources of retirement income in combination with other tax planning and long-term care issues. Don Dirren is available to answer questions and is quick to repond to inquiries.
In addition to social security planning, Don Dirren also advises clients on life insurance products, long-term care, annuities, risk management and minimizing taxes on retirement income. Seniors and those planning for retirement have a well-rounded resource, when they work with Donald Dirren and his associates. A well-defined plan can change the complexion of retirement.
Zero tax strategies are also a viable option for some clients. Don Dirren understands the nuances of tax law and can develop smart tax avoidance strategies that save clients money over time. Reducing tax liabilities to the minimum amount is an important step in ensuring that retirement is comfortable. It also maximizes the estate and inheritance for seniors’ beneficiaries
Donald Dirren is a well-known financial advisor with experience advising seniors on a spectrum of financial situations. Social security planning is one of the most important financial decisions seniors can make. Don Dirren is available for consultations and is currently accepting new clients.
Donald Dirren can help you finance your retirement
Donald Dirren, a financial expert who has been helping clients reach their retirement goals for more than thirty years, has announced offerings in social security planning, how to minimize taxes on Social Security, new life insurance products for senior citizens, long term care insurance, and more.
“It has been a great joy and indeed a privilege to help Arizonians reach financial freedom and security for more than thirty years,” Donald Dirren said. “I wake up every morning excited to help hard-working people protect, preserve, and pass on their wealth.”
As the owner of two independent brokerage firms, Donald Dirren has extensive experience in the financial industry. He is a licensed financial advisor and is one of the top Safe Money Specialists with Bergen Financial Group. As part of his mission to help people enjoy their golden years, Donald DIrren focuses on retirement planning and education. With his decades of experience in the industry, Donald DIrren is able to enhance and supplement course materials with real-life illustrations. By breaking down what can sometimes be dense and intimidating content, Donald DIrren is able to help Arizona residents understand their total financial picture.
A long time financial planner, Donald Dirren has extensive ties to the community. He is an Arizona State University alumnus as a member of the class of 1984 and has a financial industry presence throughout the Grand Canyon State. Donald DIrren’s elevated profile has long made him a natural choice for Arizonians who are contemplating retirement. He welcomes residents from throughout Arizona to contact him with concerns about any financial need, especially
1. How to plan for Social Security
2. How to minimize taxes on Social Security
3. To learn more about tax planning in retirement
4. How to develop an income plan for retirement
5. New life insurance products for senior citizens
6. Long term care planning with life insurance
7. How to develop a risk plan for retirement
8. How to reduce your taxes to zero after you retire
9. The fixed index annuity: What’s good, what’s bad, and what’s ugly!
10. Dispelling myths about buying and holding
Donald DIrren can help residents throughout Arizona at the Bergen Financial Group. No matter where you are in your financial journey, Donald Dirren is ready to help you make your retirement dreams come true.
Licensed financial advisor Donald Dirren provides an expert look at some of the latest life insurance products available for seniors.
From term life and final expense insurance to indexed life and long-term care protection, licensed financial advisor Donald Dirren outlines a number of the latest life insurance products best suited to today’s seniors across the United States.
“Life insurance products for seniors vary wildly, so it’s vital that people choose the policy that’s right for them,” suggests Dirren, a financial advisor for more than 30 years, speaking from his office in Phoenix, Arizona.
Depending on an individual’s age, their health, goals, and other factors, life insurance products for seniors include hybrid life which is a newer form of index universal life, universal life, and whole life insurance policies, according to Donald Dirren, who focuses on retirement planning and educating those seeking to protect, preserve, and pass on their wealth.
Dirren starts by taking a closer look at what’s known as term life insurance. “Usually the cheapest option, term life insurance is best suited to those who only need short-term coverage, as the name suggests,” he explains. Terms for older individuals, however, Dirren says, are often limited. “Where end-of-life expense coverage is the goal, another option is final expense life insurance,” suggests the expert.
For individuals with more long term or estate planning needs, meanwhile, Dirren points toward fixed indexed universal and fixed universal life insurance for seniors. Permanent and flexible are these types of policies and the expert suggests, representing a safe investment option with no risk. “Another option,” Dirren goes on, “is long-term care insurance, although the cost of this type of coverage is rising.”
A hybrid option, then, he says, may be a better proposition. “Combining two types of coverage, chiefly long-term care and a permanent form of life insurance, hybrid life and long-term care coverage is available as a single policy, often much more cost-effective premium than traditional long-term care insurance,” adds Dirren. With hybrid life and long-term care coverage, an individual’s death benefit amount is utilized for long term care as needed while the policyholder is alive or a death benefit upon the policyholders death, both on a tax-free basis according to the expert.
Arguably the most expensive form of coverage for seniors, however, Donald Dirren says, is permanent whole life insurance. “Highest premium among life insurance options and thus potentially out of reach for many seniors, whole life insurance is more common among younger individuals,” he explains. “If money isn’t an issue though, whole life insurance from a top-rated insurance company, arguably, remains one of the the better ways to leave an inheritance,” Dirren goes on, “and one which is tax-free for beneficiaries.”
If in any doubt about which life insurance products are best for seniors, Donald Dirren suggests speaking to an expert. “If there’s any doubt about which option is best, consider making a point of finding and speaking to a qualified financial advisor who can walk you through the process of choosing the best life insurance product for you personally,” adds Dirren, wrapping up.
Financial advisor Donald Dirren provides expert insight into minimizing taxes on Social Security.
A popular financial advisor from the southwestern U.S. state of Arizona city of Phoenix, Donald Dirren has been a licensed expert for more than three decades. Known for his illustrations of real-life scenarios focused on retirement planning and educating those seeking to protect, preserve, and pass on their wealth, Dirren offers a valuable insight into minimizing Social Security taxes.
Dirren starts with one of around a handful of pieces of advice tailored toward minimizing taxes on Social Security. “Based on my 30 years of experience,” reveals the financial advisor and Social Security expert, “here’s how I’d suggest that someone reduce the taxes on their Social Security benefits.”
First, says Dirren, stay below the relevant taxable thresholds based on the sum of adjusted gross income, nontaxable interest, and 50 percent of an individual or couple’s Social Security benefits. “Currently, Social Security benefits become taxable when this total exceeds $25,000 as an individual,” he explains, “or $32,000 as a married couple.”
“Next,” Don Dirren continues, “think about taking IRA withdrawals prior to signing up [for Social Security].”
The Arizona-based financial advisor also stresses the importance of factoring in state taxes, and suggests considering saving in a Roth IRA. A Roth IRA is a retirement account that offers tax-free growth and withdrawals in retirement. “A Roth IRA plan is not taxed upon distribution,” explains Dirren, “provided that an individual meets certain conditions.”
If in any doubt, Donald Dirren advises speaking with a qualified financial advisor. “If you’re in any doubt, make a point of finding and speaking to the right financial advisor for you,” he suggests.
Lastly, says the expert, turning his focus back to minimizing taxes on Social Security, set up what’s known as Social Security tax withholding. “It’s also important to manage any other sources of retirement income,” adds Dirren, wrapping up, “when seeking to minimize taxes on Social Security.”
Donald Dirren has been a licensed financial advisor for more than 30 years. A specialist with Bergen Financial Group located in the Phoenix suburb of Peoria, Arizona-based Dirren focuses on retirement planning and educating those seeking to protect, preserve, and pass on their wealth. Utilizing his own experiences as a longtime financial professional, Donald Dirren employs illustrations of real-life scenarios to make the subject as straightforward as possible for those wishing to hand down their financial legacies.