Our Services

Your health insurance choices as you approach your retirement is imperative to your retirement success. Dawney Financial completes a comprehensive review of your Medicare plans with many insurance carriers. We also complete a detailed report of your prescription drugs costs, coverage and carriers available. Not only is this completed during our onboarding process this is also offered as a continued service to our clients.

Understanding your Health Insurance: 

Terms you should know: 

Deductible:  The amount that you need to pay initially out of pocket before the insurance company makes any payments for medical services. 

Copay: The amount that you are responsible for paying yourself, as mandated by your insurance contract, for doctor visits of services. 

Max Out of Pocket: The most you'll have to pay during a policy (usually a year) for services. Once you've reached your max out of pocket, your plan begins to pay 100% of the allowed amount for covered services. 

As a value add to our tailored Planning process, Dawney Financial offers a Life Insurance performance review. Policy performance review are very important and offer you a detailed explanation and review of your current life insurance policies to ensure success. 

Eight Important uses for Life Insurance: 

  1. Debt
  2. Mortgage
  3. Education
  4. Income Replacement
  5. Retirement Income
  6. Hybrid Coverage for Long Term Care 
  7. Legacy
  8. Final Expense

IRA Consolidations

 Maintaining retirement accounts with different financial institutions can make it very difficult to maintain a consistent, comprehensive investment strategy. Consolidating your assets into one IRA can help you maintain a single investment strategy that is in-line with your investment goals, risk tolerance and time horizon.

IRA RMD Planning 

Your required minimum distribution is the minimum amount you must withdraw from your account each year. You generally have to start taking withdrawals from your IRA, SEP IRA, SIMPLE IRA, or retirement plan account when you reach age 72 (70 ½ if you reach 70 ½ before January 1, 2020). Roth IRAs do not require withdrawals until after the death of the owner.

The RMD rules apply to all employer sponsored retirement plans, including

profit-sharing plans, 401(k) plans, 403(b) plans, and 457(b) plans. The RMD rules also apply to traditional IRAs and IRA-based plans such as SEPs, SARSEPs, and SIMPLE IRAs.

The RMD rules also apply to Roth 401(k) accounts. However, the RMD rules do not apply to Roth IRAs while the owner is alive.

Social Security Planning

Your Social Security retirement benefit is based on your highest 35 years of earnings, adjusted for inflation, as well as the age you begin taking Social Security. 

Your yearly statement from the Social Security Administration can provide you with an estimate of what your retirement benefit is, based on your full retirement age (FRA) and work history. You can also find your statement and estimate your benefits online at ssa.gov. 

You can claim benefits as early as age 62 and as late as age 70. However, your benefits are reduced by up to 30% if you claim before your FRA but can increase by up to 32% above your full-retirement benefit if you delay past your FRA.  

Retirement Income Planning.

Retirement withdrawal strategies to consider as you prepare for retirement the 4% rule, the bucket strategy, annuities, maximize social security, earn money in retirement, tax efficiency and downsizing.  We will establish a custom plan that can utilize multiple strategies to maximize your retirement experience.