Request a No-Obligation Retirement Analysis with Darell Faust today!
Call Us Call Us
connect with us Phone: 217-224-6400 / dfaust@faustfinancial.com / Visit Us!
Discover many of the opportunities available to help you plan for your financial future.
At Faust Financial & Tax Advisory, we can help you determine a strategy appropriate for your financial situation.
Home » Financial Services

Our Goal

is to develop a financial strategy for your retirement, it’s important for your financial professional to seek a holistic view of your financial picture, including how your assets are integrated and work together to provide for your needs and wants after your retired. Our financial strategies and asset management services help you to meet those financial objectives. Financial strategies work best with Tax planning

At Faust Financial & Tax Advisory, we offer you our expertise to help you with the following financial objectives:
  • Retirement
  • Wealth Accumulation
  • Legacy Planning / Tax Strategies
  • Rollovers into Retirement Plans
 
In addition, we can refer you to professionals who provide the following services.
  • Estate Planning 
  • Long Term Care

Retirement Income Strategies

Retirement income strategies are not just for the wealthy. As retirement nears, the traditional strategy has been to move growth-seeking products to more conservative, fixed-income products. According to a recent study, for a married couple age 65 there is now a 50 percent chance that at least one spouse will live to age 94.1 This means that you may need to plan for your retirement savings to potentially last 25 to 30 years.

One drawback to a longer life is the greater possibility of outliving your savings — creating all the more reason to develop a retirement income strategy designed to last a longer lifetime. Sixty-one percent of Americans surveyed said they were more afraid of outliving their assets than they were of dying.2

A significant loss in the years just prior to and/or just after you retire could negatively impact the level of income you receive over the course of your life. In fact, if a loss occurs earlier in life, there is also the chance that you may have more time to recover (versus a loss occurring later in retirement). Why? Simply because a smaller pool of assets is left to sustain you throughout your retirement years, and your assets may not have as much time to recover.

Wealth Accumulation

You may be able to use time to your advantage when investing for wealth accumulation.

The longer you invest, the more potential your money has to compound interest. If your portfolio has not fully recovered from losses in recent years, you may wish to consider a more aggressive allocation which may help you make up for lost ground.

Tax Minimization Strategies

Rising taxes may be a concern for many individuals approaching retirement. It may be important to incorporate tax planning into your financial decisions.

Investing in or purchasing a tax-deferred vehicle means your money can compound interest for years, free from income taxes, potentially allowing it to earn interest at a faster rate. Few financial vehicles avoid taxes altogether. Insurance products only allow you to defer paying them until retirement — when you may be in a lower tax bracket.

Estate Planning

We can refer you to professionals to help meet your individual needs.

Estate planning is simply determining (while you’re still alive) where your assets should go after you die. Without a properly structured estate plan, your wishes may not be fulfilled, and there may be unintended consequences for your loved ones.

While the concept is simple, the vehicles, planning and implementation process can be rather complex. Because of the estate tax laws and the emerging vehicles to help you protect and transfer your assets effectively, it’s important to work with experienced estate planning professionals who stay current in this field and advise clients on a day-to-day basis.

IRA

IRA accounts have become one of the largest types of assets inherited by beneficiaries. If you don’t anticipate needing your IRA money in retirement, you may wish to consider a legacy planning strategy that potentially reduces taxes and potentially increases the payout your beneficiaries will receive upon your death.

You may want to use some of the value in your IRA to provide your beneficiaries a regular stream of income while leaving the balance of IRA assets invested for tax-deferred growth. The result may yield substantially more money paid out over the course of your beneficiaries’ lifetimes. We can help you evaluate your financial situation to determine if IRA legacy planning could help you meet your goal of structuring a long-lasting inheritance for your beneficiaries.

Trusts

There are many different types of trusts, and they can be complex to set up and execute. However, a trust can be a very flexible and advantageous means to transfer your assets in the future. Most trusts can also provide current benefits, such as tax deferral and deductions. Unlike a will, a trust may help avoid probate upon your death. To learn more about trusts and how they may benefit you, we will be happy to help you consult a qualified estate planning attorney who can assist you with these issues.

Life Insurance

Life insurance isn’t for those who have died — it's for those who are left behind. When shopping for life insurance, consider needs such as replacing income so your family can maintain its standard of living, as well as paying for your funeral and estate costs. A general rule is that you may want to seek coverage between five and seven times your gross annual income. As far as the various types of policies go, they can generally be placed into one of two categories: term and permanent.

Term insurance generally provides coverage for a specified period of time and pays out a specified amount of coverage to your beneficiaries only if you die within that time period. In a level premium term policy, you pay the same amount of premium from the first day of the policy until the term ends. A permanent insurance policy, on the other hand, will stay permanently in effect for the rest of your life, as long as premiums continue to be paid.

403b & 401k Rollovers

When you change jobs or retire, there are four things you can generally do with the assets in any employer-sponsored retirement plan:

Rolling over from one qualified plan to another qualified plan allows your money to continue growing tax-deferred until you receive distributions in retirement. We can help you determine if a rollover is the right move for you.

We can help you find suitable vehicles to help you reach your retirement income goals.

Strategies for Financial Independence

To schedule a time to discuss your financial future, contact us at dfaust@faustfinancial.com or call 217-224-6400 today!

Access Our Retirement Checklist
Download our helpful Retirement Checklist to help you create a sound retirement income strategy for the days ahead.
Who We Are / Our Focus
Meet Darell Faust

Darell is the owner of Faust Financial & Tax Advisory. and has been an independent Retirement Income Planner since 1993.

» Learn More About Darell
What We Do

Our financial strategies use investments, insurance and tax preparation to help you meet your financial goals.

» Learn More About Our Services
Upcoming Events

View our calendar of upcoming events. We invite all clients, referrals and visitors to attend our events.

» Calendar of Events
Securities and investment advice offered through Investment Planners, Inc. (Member FINRA/SIPC) and IPI Wealth Management, Inc., 226 W. Eldorado St., Decatur, IL 62522. 217-425-6340. Faust Financial & Tax Advisory is independently owned/operated and is not affiliated with Investment Planners, Inc. or IPI Wealth Management, Inc. Neither Investment Planners, Inc. nor IPI Wealth Management, Inc. provide tax advice, please contact your tax consultant for information specific to your individual tax needs.

*Guarantees provided by insurance products are backed by the claims paying ability of the issuing carrier.

The 10 Things to Know About Planning Your Retirement Income Report is provided for informational purposes only. It is not intended to provide tax or legal advice. By requesting this report you may be provided with information regarding the purchase of insurance and investment products in the future.