Wealth Management For The Rest Of Us
Many people mistakenly believe that the term financial planner is reserved for the 1%, the people on the Forbes 500 list, or Wall Street barons of business. For Steven Gaito of Retirement Resource Management, it's for everyone from the factory worker to the small business owner. After several years as a 'money manager' and the impact of the market crash in 2008, Steven shifted his business focus to what he really enjoyed--Helping people identify, maximize, and protect the resources they do have by creating plans that work for the average income earner. He explains that the term financial planner doesn't only refer to managing money (aka wealth).
"I know you work hard for what you have, and my sole purpose is to help maintain what you have and protect you and your family by using your resources in the most efficient way." he told the crowd at a recent Ribbon Cutting by the McDowell Chamber of Commerce at his new office located at 68 S. Main St.
As an industry expert Steven has presented on national and regional media shows and publications about how to use Social Security in retirement plans, how to avoid overtaxing of retirement savings, and the importance of establishing a long-term care plan. He has been helping people make retirement a reality for more than 26 years and provides his services on an income-based scale to make financial planning affordable to everyone.
"Retirement Resource Management helps people of all socioeconomic statuses optimize their retirement resources," he explains. "No matter your age or available financial resources, there is a range of options for minimizing taxes and creating the greatest return on your retirement resources." He fondly remembers the very first long-term care policy he sold to a couple more than 20 years ago. "Fifteen years later I heard from one of his children thanking me for selling his dad the policy," he recalls. Because of that policy, the family didn't have to worry about long-term care for their parents and the couple didn't have to worry about placing a hardship on them.
Steven also specializes in working with state and local government employees helping them understand how to use their ample retirement benefits to their advantage. He reveals strategies such as integrating Social Security benefits with a government pension to avoid common tax pitfalls. According to him, there is definitely money to be saved when you delve into the taxation of retirement accounts. "I have focused on taxation of retirement accounts and given our current tax situation there is a 5-year window to adjust the location of assets to significantly reduce the total taxes paid," he explained.
His desire to help others is borne from personal experience. As a child, Steve faced several challenges including having to have leg braces in order to walk, like Forest Gump, he jokes. Facing those difficulties with a determined spirit, he went on to become a competitive athlete in swimming, golf, and tennis. Spending time on the greens with his grandfather was where he learned many valuable lessons he applies to both his business and his personal life. "When I was about 10 years old, I would work on my grandfather's farm for about $5 a day. One day we went to play golf and Papa told me that since I was working, I should pay for my round of golf," he recalls. "I was shocked as the green fees and cart were $10! I remember saying that I don't think I want to play golf because it is two days' worth of work!"
That lesson followed him through college and into his profession. He understands that people work hard for what they have and one catastrophic incident can deplete everything. Health insurance is a labyrinth of confusion and high cost leaving many families without protection. Working with faith-based health care company Aliera Healthcare and Ensurian he can offer a more affordable solution. These plans are designed so that like-minded people invest in the plan and the costs are shared by all. The goal of these plans, he says, is to help participants maintain good health by promoting and providing access to preventative health care, assist with the cost of medical care, and protect plan-holders from financial risk because of a major medical expense. "It's essential to research each provider to understand their approach to pre-existing conditions, preventive care, prescription, and other factors," he says. "We can help navigate the options and choose the best plan for you and your family."
"My goal is to understand your needs and work with you to accomplish your goals," he says. Through a process of analysis, education, and consulting, every client receives attentive care and consideration. With planning strategies mapped out in achievable increments, he is able to focus on the most important retirement solutions first and spread out the costs in order to reach goals. "I have a passion for financial planning and helping others," he adds.
For more information about Retirement Resource Management call 828.559.0299 or visit them at 68 S. Main Street, Suite 200, Marion, NC.