problems we solve

Maximizing Social Security

Social Security is a program that has undergone numerous changes over the years, and most would agree that those changes were not for the better. As priorities and incentives shifted since its beginning in the 1930s, fewer and fewer people could count on the benefits to fund their retirement.

However, before you disregard this as a source of income entirely, it’s worth learning how a good financial advisor can make a difference in how much you receive every month. If you want to learn more about how to maximize Social Security, contacting a retirement firm like Magas Advisory Group is a smart first step.

Maximizing Social Security in Maryland

At Magas Advisory Group, George Magas can tell you more about how you can file to make the most of a program that you’ve already paid for — likely for the majority of your working life. What you receive from the government is related to your profession and how much you’ve personally contributed over the years. So, if you happen to know how much a friend or a neighbor is getting, don’t assume that you’ll receive the same amount. A good advisor can show you how to correctly fill out the forms the first time, so you can get what you’re entitled to receive. (While changes are allowed if you make a mistake, they’re notoriously difficult to push through. As you might imagine, federal employees have a lot of other matters on their minds.)

If you want to be confident that you’re getting as much of your benefits as possible, you really can’t go wrong talking to a professional. George Magas understands not only the updated laws of the program — meaning he may know about a new clause that’s applicable to your situation — but he also understands how the final number will fit into your larger retirement plans. Building secure income, whether that money comes from your stock investments or rental checks, is the core of a retirement that can’t be shaken by unexpected twists and turns.

Efficient Tax Planning

How much you pay in taxes, whether it’s annually or quarterly, depends on everything from charitable donations to capital gains. It’s not as simple as deducting a certain percentage from your annual salary or assuming that you work the first four months of your job for free. With so many factors influencing the final totals, it’s easy to lose sight of what you need to pay for and what’s unnecessary.

Because the tax codes, local, state, and federal, are ever-evolving, you can easily end up spending far too much. At Magas Advisory Group, a boutique retirement firm, you get customized advice that’s based on both your portfolio and your larger goals for your golden years. This isn’t about cheating people or not paying your fair share, it’s about avoiding a tip for the government when none is due. Plenty of people do it every year without even realizing it, and financial advisor George Magas wants to put an end to it.

Efficient Tax Planning in Baltimore-Washington, D.C.

Chances are, you work with an accountant who already uses their own methodologies to cut back on how much you owe. This could mean anything from allocating certain funds to your favorite nonprofits, to deferring taxes for another few years to give you more capital to work with. A financial advisor will actually take this a step further though. Efficient tax planning is all about closing any holes in your current tax strategy.

The right professional serving the area may be able to do more with your assets. They will understand how small adjustments in the tax code can spell big savings for you. Tax planning is a detailed and often pain-staking exercise. It takes a lot of skill to get a sense of the numbers and then work out the best path moving forward. George Magas works with his clients and takes the time to understand what they care about, so they feel completely comfortable every time tax season rolls around.

Wealth Managment

Wealth management in the Washington–Baltimore metropolitan area, is the process of maximizing all your holdings across the board. It’s often reserved for high-net-worth families, though its principles can be applied to nearly any portfolio. The right financial advisor can explain how this concept can be applied to your assets and, ultimately, what it can do to improve your bottom line.

Asset Wealth Management

If you live in D.C., a boutique retirement firm like Magas Advisory Group can help you determine your asset and wealth management strategy. Whether you invest in property or stocks, George Magas can find a way to protect your money during tough times and leverage it during the best. No matter how much you make, there are tried and true ways to give yourself the advantage.

Throughout the journey, he integrates his expertise in everything from tax codes to account conversions. He explains all the facts, so you have the information you need to make the right decision. Magas is also cognizant of your investment style, meaning he won’t push you into taking risks that you’re uncomfortable with. If you’re looking for wealth management companies, you need to find one that understands your personal relationship with money before signing on.

The best wealth investment strategies ensure that your assets have a cohesion to them that is as straightforward as it is lucrative. This doesn’t mean that you won’t diversify, only that new accounts will have a logical purpose to them that “fits” with the rest of your portfolio.

Bringing all of your assets under one umbrella is the only way to both organize them and understand the patterns that affect their returns. Magas will call attention to accounts that you’ve likely forgotten about, so if one isn’t performing the way you need it to, you can consider replacing it with another investment. He can also work to give your portfolio more focus, so there’s a clear path from now until retirement.