HOW WE CAN HELP
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If you live in the Jackson Metro area, finding a partner you can trust with your money isn’t always easy. The threat of making the wrong investment decision can hang over your head the entire time you’re working with them. This is why it’s so important to find a firm that supports your long-term goals without making you step too far outside your comfort zone.
A small retirement firm like Innovative Financial Strategies can do wonders for your portfolio. Instead of approaching you in the same way a major corporation would, we take the time to understand you as a person. We make calculated recommendations that take into account everything from your interests, to your time, to your relationship with risk.
we secure monthly income for your retirement
Investment doesn’t have to be a maze when you have a financial advisor you can trust. Cooper Campbell can help you navigate through everything from IRAs to charitable giving to stock dividends. He can show you how buying a rental property can fund your lifestyle long after you retire. This is a chance to start mapping out a future that doesn’t include having to skimp and save for every major luxury. And this is true whether you foresee a rustic life of living off the land or five-star global travel.
Secure income is really the only way to make this happen. It’s a steady flow of money that you can count on no matter what. For some, that translates to a combination of Social Security, pension payments, and stock dividends. For others, it might be rental income or distributions from a 401(k).
If you don’t want to leave your retirement to chance, our firm is ready to dive right in. To get things going, we really only have a few thoughts we need you to remember:
1. Now is the time to start planning your secure income.
2. We can manage any other assets aggressively enough to yield the growth you want.
3. You can have the kind of retirement that you’ve always dreamed of.
What We Can Help You With
retirement income planning
Tax-Free Retirement
Maximizing Social Security
Efficient Tax Planning
College Planning
Long-Term Care
Home Equity Management
retirement income planning
Retirement income planning is the art of securing as much money as possible for the future. However, this general explanation can present more questions than answers for many people (especially at the beginning of their retirement planning journey).
If you live in Mississippi, it can take some time to hammer out what your retirement income actually looks like for you. At Innovative Financial Strategies, their mission is to tell you about the kinds of investments and strategies that will give you a leg up when you’re ready to put your feet up after a long career at work.
how much do i need to retire?
If you have a general figure floating around in your head to this question, like $1 million, you’re not alone. This is the most quoted figure if you’re going to withdraw anywhere from $40,000 to $50,000 per year for the rest of your life.
Most people might have a vague idea of how much they should have without a lot of concrete details to fill in the rest of the gaps. This is why having an advisor like Cooper Campbell can be so advantageous to your portfolio. He’s here to explain how you can grow your assets so they can meet your long-term retirement plans.
Whether you picture yourself hunting your own dinner or having it brought to you at a table on the beach, Innovative Financial Strategies tells you how much to retire. They look for income-producing assets, regardless of where they come from. Whether what you own are IRAs, property, collectible action figures, or Social Security, it’s their job to get you ready for your retirement age.
If you want to learn how to plan your retirement income, you should know that it starts with both mapping out your future and accounting for the unexpected events that pop up along the way. This can only be done when you have enough money coming in every month.
tax-free retirement
What does it mean to retire tax free? This might sound like a trick question. Taxes aren’t really negotiable for most people in the Jackson Metro area. This is particularly true when we’re all conditioned to give up part of everything we earn. However, there are a number of portfolio management strategies that can either eliminate taxes entirely or drastically reduce what you owe. When you no longer have a regular job to keep up with bills from the government, it’s only fair to find all the avenues that can give you a break.
How to have a Tax Free Retirement
A tax-free retirement starts with having a partner you can trust. Unless you specialize in investment and portfolio building, seeking out an expert’s opinion is the best way to minimize your taxes. The right financial advisor will know how the local, state, and federal laws affect you. Then, they’ll figure out how to use all the legal jargon to your advantage. Income brackets and major deductions may not change very often but that doesn’t mean there aren’t evolving laws that apply to your portfolio.
In addition to regulations though, financial professionals can show you how anything from charitable giving to account conversions can help you make big gains. Or it might make sense to defer your taxes, so you can make that much more by the time it comes time to pay them. We’re not talking about stiffing Uncle Sam here—we’re just saying there’s no reason to tip him if you don’t have to.
At Innovative Financial Strategies, Cooper Campbell can help you structure your assets so they’re working for you instead of the other way around. Taxes can get messy fairly quickly, particularly if financial organization isn’t your strong suit. Even the IRS can have a difficult time sorting through every potential reality. Having expertise you can call upon whenever you need it is a priceless benefit for busy professionals.
Efficient tax planning
If you live in the Jackson Metro area, you almost certainly have a tax plan in place already. Maybe it’s hiring an accountant, taking the standard deduction, or combing through a box of receipts and adding everything up. These are common tactics, but they can ultimately mean that a lot of opportunities are slipping through the cracks. No matter what you’re currently doing on your own, there’s likely a better way to get it all done.
efficient tax planning in mississippi
Smarter tax planning can make all the difference when it comes to how much money you keep over the year. Cooper Campbell is a financial advisor who can tell you more about how each asset affects your bottom line. He can tell you what steps to take to align your holdings with your larger investment goals. No matter what you’re looking to do, whether it’s buying a second home or just shaving a few bucks off your income taxes, there’s a way to plan for that.
Innovative Financial Strategies earns its name through a staff that pushes boundaries and challenges your portfolio to be more than it is. Cooper Campbell not only knows the tax codes, he can also apply them in a way that eliminates anything extra you might be giving the local, state, or federal government.
Deferments, donations, deductions: there are so many ways to approach your taxes. Your income bracket, retirement goals, and chosen profession will all play a big role in the best path for you. The most important part of tax planning is to be aware of your options. This is a chance to streamline the numbers so you know where your money is going. Once you can hammer that down, it becomes a lot easier to see how to put your disposable income to better use. At the boutique financial firm of Innovative Financial Strategies, they can show you how to implement different principles to grow your assets. They’ll help you build a more comfortable life for you and your loved ones.
maximizing social security
The security net in America has changed since the 1930s when it was first introduced. Back then, it could have reasonably been considered a retirement plan for the average person in Mississippi. Its principle was fairly simple: pay into the system while you’re working and then withdraw when you stop. This straightforward equation doesn’t have nearly the same gravity it once did.
Today, maximizing Social Security might seem like a fool’s errand, particularly if you already know the individual amounts that friends or loved ones receive every month. However, there’s likely more opportunity than first meets the eye. At Innovative Financial Strategies, they certainly don’t recommend that your benefit statement be the only source of income you have, but it can play a big role in your retirement planning.
how to maximize social security
How much you make from this government program depends on your profession and the number of years spent working. A standard estimator will take an average of your earnings and account for how wages have changed over the course of your career. But a financial advisor like Cooper Campbell doesn’t just accept these numbers face-value though.
There are multiple factors that can influence your portfolio for the better, and the right professional can ensure that nothing is left on the table. Considering how difficult it can be to make a change after you file, our boutique firm buttons up the details from the beginning. They also take the time to understand how the money will influence your larger retirement goals. Having your basic expenses covered can give you the means to splash out on luxury purchases with your savings, investments, and retirement accounts.
Secured income is the underlying foundation of a good retirement, and while the system may have its flaws, you should reap the rewards after having so much taken out of your paychecks over the years. After all, you’ve earned it.
college planning
Planning for college can be difficult for parents, particularly when the costs of education continue to balloon year after year. In addition to money for classes, students will have any number of other expenses that can double or even triple the total pretty fast. Room, board, books, healthcare, a semester abroad: it can all be a lot to handle if you’re not prepared.
At Innovative Financial Strategies, their goal is to help you save money, leverage your holdings, and build a future for your descendants. If you live in Mississippi, it’s normal to ask “how much savings do I need for college?” The answer, of course, depends on where your child goes and what they want to do. You might not be expected to cover the costs of two Ph.D.s, but you might want to get them started at very least.
consult with an expert
The right financial advisor can help people in Mississippi decide the right path for everyone. Cooper Campbell can tell you more about how your current assets—and their respective liquidity—can help or hurt your long-term plans.
Whether your child isn’t even born yet or they’re about to be a teenager, there’s a plan that will maximize how much you can put toward higher education without endangering your own financial future. They recommend getting children involved from the minute they’re able to understand the concepts, too.
College planning is a great time to teach kids about the value of thinking ahead. This doesn’t mean your child won’t have to take out student loans, but it can lessen their dependence on them considerably. It can also give them a heads-up about the expenses they’ll be expected to cover.
Not everyone will need or want to go to college, but having the funds in order beforehand can make for a more stable family. Considering many jobs do require some type of degree, it’s as much an investment in the quality of life as it is in financial investment.
long-term care
Long-Term Care (LTC) is a specialized policy that covers non-medical expenses, such as in-home care, in the event of a serious injury or chronic illness. This type of insurance isn’t offered by every company and its terms can vary widely amongst those who do. Cooper Campbell at Innovative Financial Strategies is a financial advisor who can tell you more about this protection and whether it’s a smart addition to
your portfolio.
Long term care at work
There are a lot of things to keep in mind about expenses as you age. The cost of related necessities in healthcare, such as assistance with eating and bathing, can quickly disintegrate a person’s savings if they don’t have the right safeguards in place. If you live in the Jackson Metro area, you’ve undoubtedly heard stories that ultimately end in financial ruin.
In fact, there are studies that back up the value of long-term care. One found that those with the policy spent an average of 6 times less than those without. Being able to cover expenses might even mean the choice between staying at home and going into a nursing home. If you want to be able to fund your retirement and still have something to leave to your descendants, the policy might very well be the only option you have.
Of course, this is in the event it needs to be used. Because it can end up covering years of expenses, the costs of this policy are high. For some people in Madison, it might not be a sensible addition to their portfolio. If you live in Mississippi and want to know if and how this policy can be used to your benefit, Cooper Campbell can tell you more about how it applies to your assets.
Whether you have a family history of chronic illness or you just want to prepare for the unexpected, exploring different LTC policies and their benefits can help you feel more prepared about whatever lies ahead.
MEDICARE
Cooper Campbell also helps people who are 64 and older to understand Medicare. He reviews all the gaps in coverage and explains all the options available to fill those gaps. Sometimes, what first seems like good option for someone turns out to be a much less than optimal choice after further review. So, it can be highly beneficial to consult with an expert like Cooper Campbell before finalizing your choice.
Mississippians also turn to Innovative Financial Strategies for advice on how to cover their prescription drug costs at maximum cost savings. This is a shifting arena in medical care, and it helps to meet with someone versed on the latest updates.
Home Equity Management
When you consider your assets, you might think about how much you have in the market or what the margins are on your retirement accounts. What you might not consider is how much home equity you’ve amassed over time. Equity refers to the current estimated value of the home minus any debt you hold on it. This includes the mortgage but also any other liens that have been placed on the property.
If you have questions about how this non–liquid asset can be converted into cash, talking to a financial advisor can help. A reverse mortgage, for example, or a loan against the value of your home, is a possibility if you are over the age of 62 and you own your home or have accrued substantial home equity. Reverse mortgages can be secured as lump sums, monthly payments or a line of credit, and don’t need to be paid back in your lifetime if you continue living in the home as your primary residence.
How Home Equity Can Work for You
Your home is undoubtedly an asset, but it’s a very different kind of asset than some of your other investments. The logistics of a piece of property are very different from those of a stock. If, for any reason, you needed the value of your equity, it would be an arduous process to get it. It’s far easier to get a line of credit or loan from the equity, rather than put the home up for sale.
At Innovative Financial Strategies, Cooper Campbell can show you more about how to really leverage your property. If you need money for home repairs, a grandchild’s college education, or an emergency, equity management can be one of the smartest ways to tap into its inherent value.
Home equity management is based on the current market value of the home. As the property market increases, so too does your equity. Every time you make a mortgage payment, it will increase the total equity you have in your home. There are two major ways to manage your home equity: either through credit or through a loan. This is where a financial advisor can prove to be invaluable if you’ve built up enough equity over time.
Cooper Campbell can tell you more about whether a home equity line of credit (HELOC) or a home equity loan can mean for your financial situation. For instance, if you wanted to renovate your kitchen, you might take out a line of credit. This will give you the freedom to pay back as needed or borrow more if the situation warrants it. If you need a fixed amount, you might consider a straight loan instead. Let an advisor show you how each option will affect your portfolio, so you can make more calculated decisions for your future.