Secure Your Future With Union Retirement Solutions
It used to be that people in the U.S. could comfortably retire through a combination of a well-funded Social Security system, corporate pensions with retiree health benefits and a healthy savings account. But today, employer-sponsored contribution plans like a 401(k) have become the norm rather than the defined benefit plans of the past.
Additionally, a longer life expectancy (hovering around age 85, according to the Social Security Administration) is challenging today’s retirees to find more ways to supplement and support their desired lifestyle for an additional 20+ years. On top of that, all too many have put off thinking about their financial future until the last minute.
“We deal with a lot of people who come to us as they’re looking to retire in the next six months to one year. We can certainly help, but there are things that can and should be done 10 years before or more,” said Jenny Skidmore, Chief Operating Officer of Union Retirement Solutions. “For example, the earlier you can lock in health insurance, the better off you’re going to be. Long term care is a big issue today, and if you wait until you retire to set it up, it’s going to cost you a small fortune.”
Founded by Jeffrey Skidmore, Union Retirement Solutions offers a comprehensive approach to help Bay Area SMACNA members and employees maximize every stage of their retirement. From wealth accumulation to wealth transfer with estate planning, they specialize in a variety of solutions designed for security in retirement.
“Whether they’re an employee or a business owner, we can help people retire and prepare for those important years ahead,” Jenny said. “We’ve been union endorsed for more than 20 years, so we’re pretty well known and trusted within the union brotherhood.”
Union Retirement Solutions
offers services in the following areas:
GROWTH: Preparing for retirement by putting your hard-earned assets to work, including retirement income strategies, annuities, investments and IRA/401(k) rollovers.
PRESERVATION: Protecting the assets that can help you live the retirement you’ve dreamed of through asset protection strategies, life insurance, tax-efficient strategies and long-term care strategies.
GIVING: Providing for the people and causes you care about through legacy planning, estate planning and trusts.
“The foundation is really the estate plan. Jeff likes to say you don’t want to build your house on shaky ground, so build that foundation first to make sure your family’s going to be taken care of,” Jenny said. “For union members, that estate plan is often something simple — setting up wills, a Power of Attorney, things everyone should have. Then comes the retirement planning, which can be helping members roll over their retirement account or talking about an income rider that I call ‘mailbox money.’ That check’s going to come every month even if they live until they’re 102, and for a lot of our union guys that’s all they want. It gives them peace of mind that they can outlive the money they’ve worked so hard for.”
As part of their services, Union Retirement Solutions is proud to offer a tool called the Retirement Analyzer. This easy-to-use software allows members to plug in their budget, assets, everything; then it’ll run calculations to show their overall financial picture if they stay on their current plan or what it could look like with some tweaks.
“You can run all these different scenarios and visually see all your options, and what your possibilities are,” Jenny said. “It’s one thing to talk about all these numbers but another when you can see that red line and see that you’re going to run out of money when you’re 82, for example. It’s a little bit of work on the front end, but it’s well worth it to get that report in your hands and know where you stand and where we can make changes.”
To build each client’s personal retirement analysis, you’ll be asked to provide the following information (which will be kept strictly confidential):
- Budget worksheet
- Paystubs
- Retirement account statements
- Social Security statements
- Pension benefits (if applicable)
Regardless of where you are in your retirement planning journey, Jenny stresses to give yourself plenty of time. "The earlier you start planning, the more options you’re going to have,” she said.