FAQs

Lineweaver Financial Group is a premier Deferred Compensation provider in Northeast Ohio. We have partnered with Orion Portfolio Solutions to implement one of the only actively managed deferred compensation plans in the State of Ohio. This platform offers over 3,000 funds and allows us to automatically adjust clients’ portfolios on an as-needed basis.

Not only do we offer investment services, but we offer a holistic financial planning environment. As a Top 25 RIA in Cleveland, we efficiently and effectively coordinate insurance, legal, and tax services for our clients. As we all know, planning for retirement can be very challenging. People are living longer and healthier lives making retirement planning even more important. Contact Lineweaver Financial Group to help create a retirement plan for you.
 

This is a very difficult question to address because there are many factors that play into a specific pension option. Most pension plans allow the participant to elect a single-life annuity or a joint and survivor annuity. That being said more questions come to mind such as the health of the participant and their spouse. The average length of retirement is 30 years. There are constant advances in technology and health care which allows people to live a longer and healthier life during retirement. So depending on health and longevity in the family this could affect the decision you make.

Another option is doing a pension maximization. The participant elects a single-life annuity and purchases a life insurance policy on themselves. In the event of the participant dying the tax-free death benefit is paid out to the surviving spouse and family. Again, there are many factors that play into these options but if you would like to know the best option for you please contact Lineweaver Financial Group to meet with one of our advisors. 

Social Security benefits can be reduced for retirees who receive a public pension. Perhaps the participant had two careers. In one job, they were working as a government employee and were exempt from Social Security payroll tax. The other job was in the private sector where they were paying into social security. When the employee retires they will collect a full pension but depending on earnings in the private sector, the employee could receive a reduced Social Security benefit. 

There are two rules that cover public employees which are the “windfall elimination provision” (WEP) and the “government pension offset” (GPO). The WEP applies to the workers, and the GPO applies to the worker applying for a spousal or survivor benefit. The WEP states that the worker will get a reduced Social Security benefit if they do not have 30 years of substantial earnings. The GPO states that a worker applying for a spousal benefit will get their Social Security reduced by two-thirds of their pension.
 

Its too easy to put off getting legal paperwork in order, but when we desperately need them its too late to start printing, signing, and notarizing forms. These are some documents that every adult needs. A will is a legal document that details the final wishes about how to distribute your assets after death. This does not avoid probate but it avoids a lot of headaches for the family.

A healthcare power of attorney allows you to appoint a person to make health care decisions on your behalf. They can talk to your doctor, access health care information, and again make decisions about your care. Also, Parents seem to forget that once their child turns 18 they are officially an adult. This is very important once a child attends a university. This again allows the parents to make health care decisions on their behalf. 

A financial power of attorney allows you to appoint a person to govern your financial affairs if you are unable to do so. If you become incapacitated without legal safeguards in place, your loved ones may have to go through a costly and time-intensive court process.   
 

A common guideline is that you should aim at replacing between 60% and 70% of your annual income. This includes a combination of savings, investments, Social Security, and Pension. It is important to understand that every ones situation is different and will require different amounts of money for retirement. Expenses will change during retirement such as health care, travel, and utilities. You no longer need to dictate a portion of your savings for retirement. You may have also paid off your mortgage and miscellaneous dept. Therefore you won’t need as much money to live off. Be sure to stay on top of your retirement plan and consistent with contributions.