Retirement Planning


For many, retirement planning is their single most important financial goal. This is easy to understand when you consider that there are ways to borrow for essentially any other significant life event, but not retirement. In many cases, simply participating in an employer-sponsored retirement plan is not enough. We help clients take advantage of alternative investment and planning strategies, such as saving on an after tax basis, deferring self-employment income and taking advantage of how different types of accounts are taxed, etc.

As clients get closer to retirement, we can work with them to create retirement income models, which take current assets, anticipate savings, projected investment earnings and inflation expectations and different sources of retirement income to create annual cash flow models to estimate what their net income in today's dollars will be throughout retirement. Using this type of strategy allows us to see potential shortfalls and make adjustments to the plan prior to retiring and beginning to take regular portfolio distributions. We have regular reviews with clients to track their progress through retirement.

However, comprehensive retirement planning should address not just the accumulation of wealth, but the effective distribution of income as well. Portfolio distributions are structured to minimize a client's taxable income, and this often involves taking distributions from both pre-tax and after-tax sources during the course of the year. Careful planning can help keep a client's taxable distributions consistent year over year, and annual review of changes in a client's tax situation is an important consideration in managing portfolio distributions.

Income Tax Planning

Tax planning is a critical, yet highly overlooked area of financial planning. The ever-changing tax environment requires continual attention just to stay abreast of new developments. Our investment in continuing education and technology reflect a commitment to provide our clients with comprehensive tax planning services. Our objective is to understand you and your specific needs. Income tax planning is just the start. By reviewing your return, we get to know you and your finances. With this understanding, we will provide year round consulting to help minimize your future tax burden.

College Planning

Sending your child to college can be very expensive.  Proper planning can help reduce the cost of college and minimize the amount of parent and student loans. We can assist in establishing college saving plans, helping you understand the financial aid process as well as providing some direction to your children.

Insurance Planning

If you have a family that's dependent on your income, then you may need life insurance. Exactly how much? We'll help you find out how much you really need. Most people want enough life insurance to make sure their family can continue to live their current lifestyle if a breadwinner passes away. To calculate what exactly that figure would be, we take into account both your spouse's and your children's annual expenses, current assets and liabilities, existing insurance coverage and social security benefits. It is also very important to consider disability and long-term care planning.

Investment Planning

Whatever stage of life you are in, Cloyd Financial Planning can assist you in developing and implementing a personalized investment strategy designed to help you achieve your financial and lifestyle goals. Whether you want to begin saving for that dream home or for an opportunity to further your education, we can help you implement a goal based investment strategy to help you get there.

If you are further along in life's journey, you may be looking for strategies to save for your children's education, boost your own retirement savings, or both. Maybe you want to save for that once in a lifetime vacation, or a that second home on the beach or in the mountains. Or perhaps you want to build the resources necessary to start your own business or have the financial freedom to pursue your life's passions.

Already retired? Let us help you structure your retirement assets so you can live the retirement lifestyle you envisioned.

If you have recently inherited investment funds, insurance proceeds, or other financial assets, you may be facing some difficult financial decisions. Our advisors can help you make sense of it all and provide the guidance to manage your new-found wealth.

No matter what your personal situation might be, Cloyd Financial Planning can provide you with a comprehensive range of personal advisory services, wealth building strategies and investment portfolio options to designed to meet your specific investment goals and needs.

Estate Planning

It is never too soon to begin planning for the proper distribution and efficient transfer of your personal assets. Estate-tax laws are complex and how you structure your assets today will eventually have a direct impact on your family.

Cloyd Financial Planning has established professional relationships with several local and regional estate planning law firms with specialties in many areas of estate planning. Our strategic partners can help you:

  • Design strategies to help protect your estate from unnecessary fees and taxes.
  • Develop a tax efficient strategy designed to pass on your successful family business to your heirs.
  • Provide ongoing control and guidelines regarding the orderly distribution of your wealth to future generations.

A relationship with Cloyd Financial Planning offers a comprehensive analysis of your personal needs and can provide you with the resources to help you address the most pertinent issues.

Divorce Planning

At best, divorce is a time of distraction in one's life, when emotional and family concerns take center stage and financial issues often take center stage as well. That means that financial planning is crucial when a marriage breaks up. The goal of divorce planning is to arrive at an equitable settlement for both parties. Proper divorce financial planning can reduce the amount you pay in legal fees. After the divorce is over, financial planning needs to begin again.

Long-Term Care

Failure to plan for long-term care expenses usually ends in disaster. Whether the care takes place in your home, an assisted living facility or a nursing home, care is always expensive. According to the Genworth Cost of Care Survey in 2016, Worcester area nursing homes cost over $120,000 a year for a semi-private room. Age is not a determining factor in needing long-term care. On the LongTermCare.gov web site, the U.S. Department of Health and Human Services reports70% of individuals over age 65 will require at least some type of long-term care services during their lifetime. Once a change of health occurs, long-term care insurance may not be available.

There are many strategies available in long-term care planning, and all of them have advantages and disadvantages. Our goal is to educate you about these options so you can make informed decisions.