Category: Videos

Most people think they have a financial plan—until life proves them wrong. A true plan goes beyond investments; it’s a strategy designed to guard, grow, and sustain your wealth through every stage of life. In this quick video, Rory O’Hara breaks down the five essential pillars of a comprehensive financial plan.

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Transcript:

Understanding the Importance of a True Financial Plan

The truth is, most people already think they have a financial plan, until life proves them wrong. But a true financial plan is more than just investments. It’s an intentional strategy designed to guard, grow, and preserve your wealth through every stage of life. Let’s take a look at these five critical pillars.

1. Safeguarding Your Assets

Unexpected events, such as medical emergencies, lawsuits, or divorce, can make a major dent in your finances. The good news is there are several strategies to help protect your assets, such as proper insurance. Asset protection strategies and estate planning can ensure that your wealth is protected at all times.

2. Planning for Sustainable Income in Retirement

At Ausperity Private Wealth, we believe income planning is about creating a steady cash flow for the rest of your life. That means diversifying from steady income sources such as Social Security, pensions, investments, and other passive income strategies. The key is to have your income grow with inflation and your lifestyle. The ultimate goal is to eliminate the fear of running out of money.

3. Maximizing Tax Efficiency

A critical part of a thorough financial plan is tax efficiency. Keeping more of your money involves utilizing strategies that reduce your tax bill. Strategies such as tax-efficient investment structures, creating a retirement withdrawal strategy, and using careful charitable giving can make a significant difference. Many people are surprised to learn that smart tax planning can result in a six- or seven-figure difference over their lifetime.

4. Strategic Investing for Long-Term Growth

Most investors focus on returns, but what about risk? A well-designed investment plan should balance growth with an income strategy. You can achieve this through diversification, alternative investments, and active rebalancing strategies. A strong investment plan should focus on your goals and risk tolerance, rather than chasing headlines.

5. Estate Planning and Wealth Transfer

The final piece of a solid financial plan is your legacy and ensuring confidence in your wealth transfer. One of the biggest mistakes is assuming that your loved ones will figure it out after you’re gone. Without the right estate planning, your assets could be heavily taxed or even end up in probate court. A clear estate plan ensures that your wealth is passed on efficiently, reducing taxes and making life easier for those you care about.

Take Control of Your Financial Future

Are you ready to start feeling confident about your financial future? Do you have a comprehensive financial plan? If not, we’re here to help. Visit our website, www.ausperityprivatewealth.com, and book an appointment so we can help you unlock the potential of your wealth.

One of the biggest concerns people have about retirement is whether their savings will last. It’s a valid worry, and it’s crucial to have a clear understanding of how to evaluate your retirement savings and expenses to feel confident about your future.

That’s why our latest video dives into this important topic. Our goal is to empower you with the knowledge and tools you need to take control of your retirement planning. 

Informed planning creates a road map for a financially solid retirement. Watch now to learn more!

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Video Transcript

Hi, I’m Rory O’Hara, founder and senior managing partner at Ausperity Private Wealth. At Ausperity, we specialize in helping people navigate the complexities of retirement planning.

If you’re like many pre-retirees, you’ve probably asked yourself:

• How do I know if my assets will last?
• Am I saving enough, or am I missing something?

Today, I’m going to break these concepts down into simple, actionable steps to help you evaluate your retirement plan and see if you’re on the right track.

Step 1: Assess Where You Stand Right Now

Before you can plan for the future, you need a clear picture of where you are today. Start by:

• Calculating your total savings and investments – Add up the balances of all your accounts, including:
  • 401(k)s
  • IRAs
  • Brokerage accounts
  • Checking and savings accounts
  • Any other investment accounts
• Understanding your retirement expenses – Break them down into two categories:
  • Essential expenses: Housing, utilities, food, and healthcare
  • Lifestyle expenses: Travel, entertainment, dining out
• Factoring in inflation – Costs won’t stay the same over time, so it’s important to adjust for inflation.
• Listing your retirement income sources – This includes:
  • Social Security
  • Pensions
  • Part-time work
  • Rental income
  • Any other steady income streams

Step 2: Calculate Your Retirement Income Gap

Now that you have the basics covered, it’s time to do some simple math:

• Subtract your retirement income from your estimated expenses – This is known as your income gap, the amount you’ll need to withdraw from your savings each year.
• Determine your withdrawal rate – Divide your income gap from your total savings and investment portfolio.
• Use the 4% withdrawal rule as a starting point – This rule suggests you can withdraw up to 4% of your savings annually in retirement, adjusting for inflation.

However, this is just a guideline—your personal situation may require a more customized approach.

Step 3: Are You on Track for Retirement?

To evaluate your progress, ask yourself these key questions:

• Am I on track to meet my retirement goals?
• Is my portfolio diversified to handle market ups and downs?
• Do I have a strategy to rebalance during market downturns?
• Am I taking advantage of all tax-efficient retirement strategies?

The good news? Your financial plan isn’t set in stone. Life changes—whether through career moves, health changes, or market fluctuations—so your retirement strategy should evolve with you.

Step 4: Don’t Navigate Retirement Planning Alone

You don’t have to figure all of this out by yourself. In fact, you shouldn’t.

At Ausperity Private Wealth, we help our clients create retirement strategies that go beyond the numbers—focusing on the lifestyle you’ve worked hard to create.That’s why we created a Retirement Readiness Questionnaire. Visit ausperityprivatewealth.com to answer a few short questions and find out if you’re on track—or what steps you need to take to build the retirement you’ve always dreamed of.

What if you could focus on just two key lessons to build and protect your wealth? Rory O’Hara, CFP®, CRPC™, founder of Ausperity Private Wealth, shares decades of financial expertise in this quick and insightful video.

1. Pay yourself first.
2. Prevent taxes from eroding your wealth.

These simple yet transformative lessons can make a significant impact on your financial journey.

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Video Transcript

Two Core Lessons for Wealth Management 

Every day at Ausperity Private Wealth, we consult clients on many different retirement strategies. But if I could narrow down wealth management to just two core lessons, they would be to pay yourself first and understand how to prevent taxes from eroding your wealth.

Why Paying Yourself First is the Key to Building Wealth

My advice to pay yourself first isn’t just a simple rule. It’s a fundamental philosophy I recommend to all my clients for building wealth. I think of it as a philosophy because paying yourself first means you prioritize saving and investing before you shell out money on discretionary spending. By considering savings and investments as necessary expenses, you can make consistent contributions towards your financial objectives.

Creating a Proactive Approach to Saving

All it takes is a proactive, disciplined approach. Start by determining how much of your income you want to allocate towards saving and investing. This percentage you come up with should include your goals, such as retirement savings, a large purchase or a down payment on a first home, maybe even a specific vacation.

Automate Savings for Long-Term Success

Then, set up automatic transfers from your checking account to your savings or your investments on payday. That’s it. Just remember to regularly review and adjust your percentages as your priorities change.

Minimize Tax Erosion with Strategic Wealth Management

The second wealth management tip is understanding how to mitigate your tax burdens. It’s true that taxes can significantly erode your wealth over time, reducing your potential for growth and the rewards of compound interest. Things like capital gains taxes, income taxes, and estate taxes all contribute to wealth erosion.

Strategies to Lower Your Tax Burden

But the good news is there are ways to mitigate this tax impact.

• Utilize tax-incentivized accounts such as 401(k)s and Roth IRAs.
• Consider Roth conversions and health savings accounts.
• Leverage charitable contributions, estate planning, and strategic tax-loss harvesting.

Keep More of Your Wealth for a Prosperous Future

These strategies can all lower your tax obligations. The goal is for you to keep more of your hard-earned money and give less of it to Uncle Sam, putting it to work for a prosperous financial future.

Why Partner with Ausperity Private Wealth

With over 40 years of experience, our young and dynamic team at Ausperity Private Wealth has proven to be invaluable partners to our clients. Visit our website at ausperityprivatewealth.com to book an appointment to discuss not only these tips but others to help you unlock the true potential of your wealth.

With the new year comes renewed commitments to improving your finances, strengthening your savings, and planning for the future. At Ausperity Private Wealth, LLC, we believe that even though the ball has already dropped, it’s not too late to jump-start your financial plan for 2025. Watch this quick video to review each area of your financial plan and make sure you’re starting the new year off on the right financial foot.

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Video Transcript

The Perfect Time to Commit

The new year is a perfect time to commit to improving your finances and planning for your future. Even though the ball has already dropped, it’s not too late to jump start your financial plan for 2025.

Meet Shane Fox

Hi, I’m Shane Fox, founder at Ausperity Private Wealth. IIn this video, I’ll share how to review your financial plan and start the year off on the right foot.

Maximize Your Retirement Savings

For retirement, maximize your retirement savings by contributing to plans like 401Ks, 403Bs, or IRAs. For 2025, you can contribute up to $23,500 to employer plans, which will reduce your taxable income.

Traditional IRAs

Traditional IRAs are another option to lower your AGI, provided your income is within certain limits. Contributions there grow tax-deferred, and while withdrawals in retirement are taxed, they can reduce your current year tax liability.

Requirement of Minimum Distributions (RMDs)

Don’t forget about Requirement of Minimum Distributions, otherwise known as RMDs. Under the Secure Act 2.0, the RMD age has changed again, so please consult an advisor to determine whether you need to begin distributions at 70.5, 72, 73, or 75.

Emergency Fund

For cash flow, ensure your emergency fund covers three to six months of essential expenses, including mortgages, utilities, and groceries. If you don’t have enough saved, create a plan to build this over the next year.

Budgeting for Success

Additionally, budgeting is a simple yet effective way to track expenses, save consistently, and then give yourself permission to spend within your means.

Health Savings Accounts (HSAs)

For risk management, if you’re enrolled at a high-deductible health plan, consider contributing to a health savings account. Contributions there are tax-deductible, the earnings grow tax-free, and the withdrawals for qualified medical expenses are tax-free as well.

Review Workplace Benefits

Review your workplace benefit plans and update your coverage if necessary, especially if you’ve experienced a major life change like marriage, divorce, or childbirth. Your employer also may incorporate what’s called a flexible spending account in which you can save pre-tax dollars for out-of-pocket expenses.

Charitable Contributions

If you itemize deductions, annual gifts or qualified charities can help reduce your tax liability while giving back to causes you care about.

529 Savings Plans

Consider contributing to a 529 savings plan for a child or grandchild. It’s a great way to help fund their future education.

Roth IRAs

Roth IRAs are also an excellent tool for building tax-free retirement savings. With benefits like no RMDs and tax-free withdrawals after age 59 and a half, there’s simply nothing better.

Diversify Your Investments

Take time to review your portfolio and confirm that it’s properly diversified, especially given market volatility and recent inflation.

ESG and Impact Investments

You might also be considering incorporating ESG or impact investments that align with your values and your goals.

Update Beneficiary Designations

For estate planning, again, if you’ve experienced a major life event in 2024 like the birth of a child or family members passing, remember to update that.

Review Estate Documents

Review your estate planning documents like wills, trust, powers of attorney to ensure they reflect your current wishes.

Annual Gifts

Making annual gifts up to the annual exclusion amount also will help.

We’re Here to Help

At Ausperity, we’re here to help.

Reach Out to Us

If this list feels overwhelming, please reach out to us. With over 10 years of experience, I’m passionate about helping clients improve their financial plans and enjoy their lives and wealth to the fullest. The Ausperity private wealth team has the tools and the knowledge to help get your financial house in order this year.

Please call me at 856-252-0103 or email me at [email protected] to set up a complimentary meeting.

Thanks and have a great day.

By Robert (Rory) J. O’Hara III, CFP®, CRPC™

Have you considered how you want to pass on your wealth to future generations? 

While leaving a gift that lasts for generations may be an admirable objective, estate planning and gifting present unique challenges. 

In this quick video, we explore key strategies to help you pursue your goals.

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TRANSCRIPT

Hi, I’m Rory O’Hara, Founder and Senior Managing Partner at Ausperity Private Wealth. Today, I’ll share insight into effective ways to transfer wealth to future generations.

Transferring assets can be a complex process, but by using specific strategies, you can simplify and streamline wealth transfer. Below are three approaches to consider:

Direct Payments for Simplified Transfers

Direct payments allow you to transfer cash or other assets directly to a third party, reducing the need for complex estate administration.

Examples include:

• Paying tuition directly to educational institutions for your grandchildren’s education.
• Covering medical expenses by sending payments directly to healthcare providers.

This method offers a straightforward way to support your loved ones while minimizing administrative burdens.

Using Annual Gifting to Reduce Taxes

Annual gifting is a practical way to transfer wealth incrementally while taking advantage of tax benefits. By utilizing the annual gift tax exclusion, you can transfer a certain amount to individuals without incurring gift taxes.

Currently, the annual gift exclusion is set at $18,000 per person. If you exceed this amount, you may need to file a gift tax return, but that doesn’t necessarily mean you’ll owe taxes.

Consulting with a tax advisor can help you navigate the process and optimize this strategy effectively.

Irrevocable Trusts for Long-Term Wealth Management

Irrevocable trusts offer an organized approach to transferring wealth while potentially reducing taxable estate values. Assets placed in an irrevocable trust are excluded from your estate, which can help manage estate taxes.

Benefits of irrevocable trusts include:

• Tax Advantages: Contributions may apply to the annual gift exclusion or lifetime exemption, reducing gift tax exposure.
• Protection from External Risks: Assets are generally protected from creditors, lawsuits, and divorce settlements.
• Customizable Distribution Plans: Trusts can be structured with conditions based on age, milestones, or other factors.
• Intergenerational Support: These trusts can provide benefits to children, grandchildren, or charities while limiting additional taxes.

Irrevocable trusts also offer options for combining family wealth transfer with philanthropic objectives, creating a structured plan for long-term impact.

Expert Guidance for Wealth Transfer

These three strategies—direct payments, annual gifting, and irrevocable trusts—highlight some of the many ways to effectively transfer wealth to future generations.

At Ausperity Private Wealth, we believe in collaboration and tailored solutions. If you’d like to discuss your wealth transfer goals, contact me to schedule a meeting:

📞 856-252-0102

By Robert (Rory) J. O’Hara III, CFP®, CRPC™

Is your tax bill dancing in your head instead of sugar plums this holiday season? In this video, Rory O’Hara discusses year-end tax strategies to help you maximize your savings and minimize taxes. You have moves to make by year’s end that can safeguard your pocketbook. Watch this video to learn more.

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TRANSCRIPT

Are you concerned about taxes eating into your income and savings this year?

Hi, I’m Rory O’Hara with Ausperity Private Wealth. Our mission is to help clients grow and preserve their wealth. Today, I’ll share year-end tax planning strategies that can help you minimize taxes and maximize savings.

1. Harvest Tax Losses

As you align your portfolio with your goals, consider offsetting capital gains by selling investments that have underperformed. This strategy, known as tax-loss harvesting, can reduce your tax liability for the year.

2. Take Required Minimum Distributions (RMDs)

If you’re 73 or older, ensure you take your RMD by year-end. Missing this distribution could result in a 25% penalty on any undistributed amount.

3. Maximize Retirement Contributions

Contribute the maximum to your retirement accounts:

• $23,000 for your 401(k) (if under age 50).
• $30,500 if you’re over 50.

These contributions lower your taxable income, deferring taxes until retirement.

If you expect to be in a higher tax bracket during retirement, consider converting some of your traditional IRA to a Roth IRA this year. Money in a Roth IRA grows and can be withdrawn tax-free in retirement.

4. Optimize Charitable Giving

Giving can lower your taxes while supporting causes you care about:

• Cash Donations: Deduct up to 60% of your adjusted gross income (AGI).
• Appreciated Assets: Donate long-term appreciated assets like stocks to deduct their full market value (up to 30% of AGI) while avoiding capital gains tax.
• Qualified Charitable Distributions (QCDs): If you’re over 70½, donate directly from your IRA (up to $105,000) to avoid taxes and meet your RMD requirements.

5. Consider a Donor-Advised Fund

A donor-advised fund allows you to:

• Contribute a large amount now, taking a full deduction this year.
• Distribute funds to charities over several years.

This strategy, called bundling, lets you maximize deductions now while using the standard deduction in future years.

Partner with a Financial Advisor

A financial advisor can guide you through these strategies, helping you reduce taxes while maximizing savings. At Ausperity Private Wealth, we work with successful families to optimize their financial futures.To schedule an appointment, call us at 856-252-0102 or visit our website at www.AusperityPrivateWealth.com.

Join Shane and Phil as they go over all things Property and Casualty Insurance! In this informative webinar, they will delve into crucial topics to help you make the most of your insurance coverage.