By Thomas Britt

It’s probably safe to say that we will all be happy to wrap up 2020 and embrace 2021 with a renewed sense of positivity and hope. That being said, hardship can also bring opportunities to grow, adapt, and reprioritize what’s most important to you. We believe there are many reasons to be grateful this year, despite the many challenges we have faced.

Look For The Good

Let’s reflect on the good things we’ve experienced in 2020! Our firm had a successful year, welcoming a number of new clients into the Benchmark family. We are grateful to our existing clients who refer friends and family, and we consider this the highest compliment we can receive. We appreciate the opportunity to expand our client base and to share our holistic approach to financial planning and wealth management with those who are new to us.

Market volatility and COVID-19 did cause us a few sleepless nights; however, our emergency preparedness planning and business continuity plan allowed us to provide you with the service you’ve come to rely on without interruption. While we remained in the office, we moved the majority of our client meetings online and will continue to offer this as an option in the coming year. Thank you for your willingness to embrace new technologies. It’s amazing what can be done when we all work together!

We have been working on an updated, refreshed website and look forward to sharing it with everyone at the beginning of the year. We hope that our new site will act as a conduit to financial information and resources you may find helpful and, at the same time, offer you the opportunity to learn more about our philosophy and how we do business.

Thank You For A Wonderful Year!

This year has served to remind us how important human connection is in our daily lives, and we want you to know how much we value our interactions with each and every one of you. We are grateful for the opportunity to work with, and for, you.

We hope that in serving you we have provided your family comfort in knowing that we are here to help whenever you have questions or concerns. We understand that life changes can happen at any moment, and we want you to rest easy knowing that when you need advice, guidance, or simply someone who will listen, we’re here for you.

As we prepare to enter a new year, we look forward to continuing to help you achieve your financial goals in 2021. Here’s wishing you joy and laughter during the holiday season and a happy new year!

Let’s Connect!

If either Rick or I can answer any questions, offer our insight, or if you’d like to review where your finances stand and adjust what to focus on in the coming months, please don’t hesitate to reach out. Appointments can be scheduled by calling 860-434-6890 or emailing us directly at thomas.britt@bwmllc.net or richard.stout@bwmllc.net.

We extend our very best wishes to you and yours during the festive season.

About Thomas

Thomas J. Britt is managing director of Benchmark Wealth Management, LLC, with 20 years of experience in the financial industry. He specializes in executive financial planning, retirement planning, investing, as well as the management of trusts and endowments. Thomas is a CERTIFIED FINANCIAL PLANNER™ (CFP®) professional and holds the Master Planner Advanced StudiesSM (MPAS®), Certified Investment Management Analyst (CIMA®), and Chartered Retirement Planning Counselor (CRPC®) designations. He earned a Bachelor of Science in Finance from the University of New Haven, an MBA in financial technology from Rensselaer Polytechnic Institute, and a Master of Science in Personal Financial Planning from the College for Financial Planning. He is also a proud veteran of the United States Navy Submarine Force. Learn more about Tom by connecting with him on LinkedIn.

Additional information, including management fees and expenses, is provided on our Form ADV Part 2, available upon request or at the SEC’s Investment Advisor Public Disclosure site, www.adviserinfo.sec.gov/firm/160192

Securities offered through Private Client Services, Member FINRA, SIPC in the following states: AZ, CA, CT, FL, KY, MA, ME, MI, MN, NH, NJ, NY, RI, TX. (Securities-related services may not be provided to individuals residing in any state not previously listed) Advisory services offered through Benchmark Wealth Management, LLC a Registered Investment Advisor. Private Client Services is an unaffiliated entity.

By Richard W. Stout III

If you are looking for a fresh start with your financial plan, you are not alone. 2020 has been a year of reflection, with many investors reconsidering priorities, how well they are prepared for the unexpected, and how they can remove anxiety from their financial lives. What does the loss of a job, an unexpected illness, an unexpected expense, or a historically turbulent stock market mean for your financial plan?

Our clients have living financial plans that permit us to answer these questions, and others, quickly, accurately, and assuredly. Knowing where one stands, both now and well into the future, is a tremendous relief and can assist in dealing with the unknowns we all face. A living financial plan accomplishes this. Here are some important considerations as you review your financial plan and how it is positioned entering 2021.

Is Your Financial Planner a True Fiduciary?

Financial professionals can operate under two sets of standards: the regulation best interest standard and the fiduciary standard. Under the fiduciary standard, financial professionals are required by law to act in their clients’ best interests at all times. The regulation best interest standard, which took effect last June, aimed to elevate the level of transparency between financial professionals, broker-dealers in particular, and their clients. It is a move in the right direction, but the regulation best interest standard is still roomier in terms of its restrictions compared with the fiduciary standard. Do you know if your financial planner is a true fiduciary? You can search the SEC database to find out. If your financial professional’s firm shows up when you search for them using this tool, they are operating as a Registered Investment Advisor and bound by the fiduciary standard.

How Much Are You Paying in Investment Fes?

When was the last time you asked your financial professional about fees? Make sure you understand how much you are paying them to manage your financial plan and your investments supporting your plan. Understand what your investments’ expense ratios are, the existence of any front-end sales loads, and if these expenses include 12-B1 fees. If your financial professional is not operating under the fiduciary standard, are they making recommendations based on your best interest only? Ensure you understand the fees you pay in totality and seek out a second opinion if you are unsure about any of them.

Our Fees and What We Offer

At Benchmark Wealth Management, we believe in transparency. We also believe that a financial planner should only do well when their clients are doing well. That is why we utilize a simple percentage-based fee schedule on assets under management to both create and monitor their financial plan and build an investment portfolio to support it:

Household Assets Annual Fee

$1,000,000 and below 1.000%

$1,000,001 – $2,000,000 0.875%

$2,000,001 – $5,000,000 0.750%

$5,000,001 and above Custom pricing

Utilizing this type of approach encourages a transparent and objective partnership with our clients. We are here to help with all your complete planning, investment management, estate, and retirement needs, and we offer compelling value delivered with exceptional service.

Is Your Financial Plan Ready for 2021?

Make sure your financial plan is ready for the unpredictability of 2021 and beyond. With market volatility, election cycle fallout, active global pandemic, unemployment, and business cycle uncertainty, 2021 will likely be another anxious year for investors. Is your financial plan positioned to meet your goals today and throughout your and your loved ones’ lifetime?

Your financial plan’s strength should be built to withstand market corrections, uncertainty, and be based on reasonable assumptions. By addressing those inputs that can be managed, and making conservative, reasonable assumptions for those areas that appear uncontrollable, a living financial plan keeps you on track, reduces the anxiety uncertainty brings, and prevents the reactive decisions that regularly derail proper planning. Good plans do not have a “PANIC” section.

Get Started Now!

Get on track for 2021 with a fresh start to your financial plan by scheduling a meeting with us today. At Benchmark Wealth Management, our goal is to deliver unsurpassed wealth management to our clients. With our commitment to proactive and responsive service, a transparent fee schedule, and a range of service offerings, we’re dedicated to providing the highest levels of service and value our clients deserve. Please call 860.434.6890 or email me at richard.stout@bwmllc.net to schedule a consultation.

About Rick

Richard W. Stout III is managing director of Benchmark Wealth Management, LLC, with 25 years of experience in the financial industry. He specializes in financial planning and asset management for individuals, families, and institutions seeking to build and monitor durable and sustainable plans for their financial futures. Rick is a Certified Financial Planner™ professional and holds the Accredited Investment Fiduciary (AIF®) designation. He has earned a Master of Science degree in Personal Financial Planning from the College for Financial Planning and holds the Master Planner Advanced StudiesSM (MPAS®). He obtained his MBA from Rensselaer Polytechnic Institute and his BA in Economics and Anthropology from the University of Connecticut. He also completed the Accredited Wealth Management Advisor (AWM®) program through the Estate and Wealth Strategies Institute at Michigan State University. He has extensive background experience in lending, credit review and analysis, and real estate and partnership management. Learn more about Rick by connecting with him on LinkedIn.

Additional information, including management fees and expenses, is provided on our Form ADV Part 2, available upon request or at the SEC’s Investment Advisor Public Disclosure site, www.iapd.com, searching with our company name or unique identifier, CRD # 160192. Past performance is not a guarantee of future results.

Securities offered by Registered Representatives through Private Client Services, Member FINRA, SIPC in the following states: AZ, CA, CT, FL, KY, MA, ME, MI, MN, NH, NJ, NY, RI, TX. (Securities-related services may not be provided to individuals residing in any state not previously listed) Advisory services offered through Benchmark Wealth Management, LLC a Registered Investment Advisor. Benchmark Wealth Management and Private Client Services are unaffiliated entities.

By Richard W. Stout III and Thomas Britt

At Benchmark Wealth Management, we believe that there is more to wealth than just building it. We have a long history of community involvement and we’ve made the habit of doing good for others part of our business philosophy. We’re fortunate to be able to use our resources and our firm’s influence to make a difference in our community and, in so doing, serve as a catalyst to others. From volunteering time and expertise to making financial contributions, the impact of giving can be substantial and truly create a success that is shared.

Help For The Vulnerable

Benchmark has been a proud supporter of the Lymes’ Youth Service Bureau (LYSB) since our firm’s founding. When COVID-19 shutdowns began, we partnered with them to provide financial support for the most vulnerable residents of Lyme and Old Lyme. Funds raised ensured essential needs such as groceries, fuel, and rental assistance were met. We stand arm in arm with our community in both good times and times of need.

Supporting Our Local Therapeutic Riding Organization

Old Lyme is home to an extremely valued resource in our community, High Hopes Therapeutic Riding, providing beneficial services for those with physical, emotional, and developmental disabilities. As a sponsor of the annual High Hopes Holiday Market, one of their major fundraising events, we are grateful for the opportunity to aid them in raising awareness and funding for their vital programs.

Generosity Is Always Worth It

It’s because of your support of Benchmark Wealth Management that we can give back to our community in such impactful ways. We encourage you to think of ways you can pay it forward to those around you, especially during these trying times. If you want more information about our firm, our role in the community, or how we can help you build charitable giving into your financial plan, we’d love to hear from you. Appointments can be scheduled by calling 860-434-6890 or emailing us directly at thomas.britt@bwmllc.net or richard.stout@bwmllc.net.

Additional information, including management fees and expenses, is provided on our Form ADV Part 2, available upon request or at the SEC’s Investment Advisor Public Disclosure site, www.adviserinfo.sec.gov/firm/160192

Securities offered by Registered Representatives through Private Client Services, Member FINRA, SIPC in the following states: AZ, CA, CT, FL, KY, MA, ME, MI, MN, NH, NJ, NY, RI, TX. (Securities-related services may not be provided to individuals residing in any state not previously listed) Advisory services offered through Benchmark Wealth Management, LLC a Registered Investment Advisor. Benchmark Wealth Management and Private Client Services are unaffiliated entities.

By Richard W. Stout III

It would be an understatement to say that 2020 has had its fair share of challenges. None of us could have predicted the events that have changed our lives and tried our perseverance. As of right now, the future is still unclear and there may be more obstacles ahead, but we encourage you to use this time of year to take a deep breath, shut out the noise, and celebrate, even if it looks different than usual.

Thriving in Hard Times

As a firm, our core purpose has always been to remove anxiety from the financial lives of our clients. The importance of our mission was made abundantly clear this year, as uncertainty in many aspects of our lives became the norm.

As such, we at Benchmark are very thankful that, despite the tests this year has brought, we were able to stay in close contact with our clientele when it mattered most, using a plethora of methods of communication. While we were not able to conduct in-person meetings, our clients rose to the occasion and embraced technology and virtual connection. We know that nothing compares to face-to-face contact, but we have been pleasantly surprised by how connected we remained and how in touch we continue to feel.

Truly, we are overwhelmed by how understanding you have been and also by how resilient our firm and our business partners have proven themselves to be! Tom, Aileen, Heather, and I strive to regularly communicate our gratitude for your trust and confidence, and never in my career have I felt this gratitude more abundantly. Thank you.

We hope that your Thanksgiving leaves you refreshed and recharged and ready to look forward with hope. Through it all, we at Benchmark Wealth Management are here for you and your family, just a phone call away. Reach out to us at 860.434.6890 or richard.stout@bwmllc.net with your questions, concerns, or just to touch base before the end of the year. Happy Thanksgiving.

About Rick

Richard W. Stout III is managing director of Benchmark Wealth Management, LLC, with 25 years of experience in the financial industry. He specializes in financial planning and asset management for individuals, families, and institutions seeking to build and monitor durable and sustainable plans for their financial futures. Rick is a Certified Financial Planner™ professional and holds the Accredited Investment Fiduciary (AIF®) designation. He has earned a Master of Science degree in Personal Financial Planning from the College for Financial Planning and holds the Master Planner Advanced StudiesSM (MPAS®). He obtained his MBA from Rensselaer Polytechnic Institute and his BA in Economics and Anthropology from the University of Connecticut. He also completed the Accredited Wealth Management Advisor (AWM®) program through the Estate and Wealth Strategies Institute at Michigan State University. He has extensive background experience in lending, credit review and analysis, and real estate and partnership management. Learn more about Rick by connecting with him on LinkedIn.

Additional information, including management fees and expenses, is provided on our Form ADV Part 2, available upon request or at the SEC’s Investment Advisor Public Disclosure site, www.iapd.com, searching with our company name or unique identifier, CRD # 160192. Past performance is not a guarantee of future results.

Securities offered through Private Client Services, Member FINRA, SIPC in the following states: AZ, CA, CT, FL, KY, MA, ME, MI, MN, NH, NJ, NY, RI, TX. (Securities-related services may not be provided to individuals residing in any state not previously listed) Advisory services offered through Benchmark Wealth Management, LLC a Registered Investment Advisor. Private Client Services is an unaffiliated entity.

By Thomas Britt

You work day in and day out. Often what keeps you going is the knowledge that one day you’ll finally clock out for good. But rather than eagerly anticipating the golden years of retirement, almost half of all Americans worry about running out of the money they’ve worked so hard to build over the decades. (1) Are you one of them? Even if you’re not, you likely feel the need to be fiscally responsible in retirement in order to avoid problems down the road.

If you want to stay on top of your finances in retirement, a budget is essential—in fact, it’s the foundation of personal financial management. Today let’s discuss three budgeting tips to help boost your confidence and peace of mind as you enter and enjoy retirement.

1. Identify Flexible Spending Categories

As you build your budget, organize it based on needs. Every single expense should be identified as either fixed or variable and essential or non-essential. For example, your housing expenses are likely fixed and essential. Food is essential, but it is a variable expense. A gym or country club membership may be fixed, but it is non-essential. Other forms of leisure or travel are likely variable and non-essential.

Knowing which expenses are necessary and which are flexible can give you incredible peace of mind. If you’re used to spending $8,000 a month, once you sort your expenses and discover that only $4,500 of them are truly necessary, it relieves a lot of pressure.

It also allows you to make wiser financial decisions and adjust better to market conditions. If we enter a bear market and your portfolio is down, you can cut spending back to cover the necessary expenses you identified. Maybe you put off that big trip or eat out less. This can potentially keep more of your money invested so you can be better positioned if and when the market bounces back.

2. Plan For Taxes

Unless all of your money is in an after-tax account or Roth IRA, you will have to deal with taxes in retirement. Having your mortgage paid off before retirement is a common—and excellent—goal. However, don’t make the false assumption that no mortgage equals no payments.

Part of your monthly mortgage payment may be going toward property taxes and homeowners insurance if you escrow. Don’t forget that you still have to pay these bills when your home is fully paid off, and it’s important that these figures be included in your budget. Keep in mind, these numbers will be inflating over time as well. One way to handle property taxes and homeowners insurance in retirement is to set aside money on a monthly basis, just like you did with your mortgage, so that you have the funds when those bills are due.

Property taxes won’t be the only taxes you will owe in retirement. Distributions from 401(k)s and IRA accounts will most likely be considered taxable income. Even your Social Security benefits may be taxable, depending on your overall income. It’s critical that you are withholding and paying the proper taxes so that you don’t get into a large tax bill situation. A competent tax preparer can help you with this.

3. Work With A Professional

I’m not talking about just tax preparers. During retirement, you’ll also want to work with a competent financial planner—it can make the difference between a retirement marked by fear and stress (like the 49% of Americans mentioned previously) and one of confidence.

It isn’t enough to just have a professional help you with your investments during this next stage of life. Yes, it’s wise; but you need a financial professional to not only manage your money but also to help you manage your entire financial life.

We at Benchmark Wealth Management, LLC will help you develop a comprehensive financial plan that includes your short-term and long-term goals, a sustainable budget, and a general road map to help you navigate retirement. To learn more about what it’s like to work with a professional who cares more about your life than your investments, please call 860.434.6890 or email me at thomas.britt@bwmllc.net to arrange a consultation.

About Thomas

Thomas J. Britt is managing director of Benchmark Wealth Management, LLC, with 20 years of experience in the financial industry. He specializes in executive financial planning, retirement planning, investing, as well as the management of trusts and endowments. Thomas is a CERTIFIED FINANCIAL PLANNER™ (CFP®) professional and holds the Master Planner Advanced StudiesSM (MPAS®), Certified Investment Management Analyst (CIMA®), and Chartered Retirement Planning Counselor (CRPC®) designations. He earned a Bachelor of Science in Finance from the University of New Haven, an MBA in financial technology from Rensselaer Polytechnic Institute, and a Master of Science in Personal Financial Planning from the College for Financial Planning. He is also a proud veteran of the United States Navy Submarine Force. Learn more about Tom by connecting with him on LinkedIn.

Additional information, including management fees and expenses, is provided on our Form ADV Part 2, available upon request or at the SEC’s Investment Advisor Public Disclosure site, www.adviserinfo.sec.gov/firm/160192

Securities offered through Private Client Services, Member FINRA, SIPC in the following states: AZ, CA, CT, FL, KY, MA, ME, MI, MN, NH, NJ, NY, RI, TX. (Securities-related services may not be provided to individuals residing in any state not previously listed) Advisory services offered through Benchmark Wealth Management, LLC a Registered Investment Advisor. Private Client Services is an unaffiliated entity.

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(1) https://www.aarp.org/retirement/planning-for-retirement/info-2019/retirees-fear-losing-money.html

Tom Britt recently had the honor of being a guest on iCRV radio’s program, “Meet the Expert.” In this episode, Tom discusses how recent market volatility has led to an increased awareness of financial plans and cash flow sustainability. Additionally, Tom shares his insight on ABLE (Achieving a Better Life Experience) accounts, which are a great planning option for parents of special needs children. Listen to the show below to learn more.

About Thomas J. Britt, CFP ®, MPAS ^℠ , CIMA ®, MBA

Tom’s life experience includes over 19 years in the financial services industry, 10 years in engineering as an Operations Supervisor for a Fortune 500 subsidiary and he is a proud Veteran of the United States Navy Submarine Force. Tom draws on his professional experience to assist clients in creating and executing wealth management strategies, which help guide his clients towards achieving their financial goals.

Tom is a Certified Financial Planner ™ professional. He earned a Master of Science degree in Personal Financial Planning from the College for Financial Planning. He also attained his MBA through Rensselaer Polytechnic Institute and holds a BS in Finance from the University of New Haven. He holds the Certified Investment Management Analyst (CIMA®) designation which was earned through coursework at the Wharton School of Business. Tom is also a Chartered Retirement Planning Counselor (CRPC®), a designation earned through coursework at the College for Financial Planning.

Additional information, including management fees and expenses, is provided on our Form ADV Part 2, available upon request or at the SEC’s Investment Advisor Public Disclosure site, www.iapd.com, searching with our company name or unique identifier, CRD # 160192. Past performance is not a guarantee of future results.

Securities offered through Private Client Services, Member FINRA, SIPC in the following states: AZ, CA, CT, FL, KY, MA, ME, MI, MN, NH, NJ, NY, RI, TX. (Securities-related services may not be provided to individuals residing in any state not previously listed) Advisory services offered through Benchmark Wealth Management, LLC a Registered Investment Advisor. Private Client Services is an unaffiliated entity.

As a result of the pandemic and the volatile market, many people are asking the same question:

Are you prepared to fund a 20+ year retirement and does that plan account for less than ideal circumstances?

There’s no question that the Coronavirus has changed the way that we feel about money. With careers and nest eggs seemingly more fragile, many financial planning issues have taken on a new urgency.

More Americans are considering the need for a financial plan. The good thing about having a solid financial plan in place is that when things feel like they are falling apart in the world around you, you’re still starting from a position of strength.

That’s where Benchmark Wealth Management comes in. A financial planner is trained to help you understand your goals and create a plan to achieve them while protecting you from things that might get in your way. This plan is crafted and customized for you.

You deserve a financial future crafted by experts, personalized to your needs and built to ride out any storm.

At Benchmark, we know that our greatest investment is our relationship with you.

If recent events have you thinking about putting a plan in place or if you just want to understand how we work, we’d love to meet you. Call us at 1-860-434-6890 or connect with us online.

Additional information, including management fees and expenses, is provided on our Form ADV Part 2, available upon request or at the SEC’s Investment Advisor Public Disclosure site, www.iapd.com, searching with our company name or unique identifier, CRD # 160192. Past performance is not a guarantee of future results.

Securities offered through Private Client Services, Member FINRA, SIPC in the following states: AZ, CA, CT, FL, KY, MA, ME, MI, MN, NH, NJ, NY, RI, TX. (Securities-related services may not be provided to individuals residing in any state not previously listed) Advisory services offered through Benchmark Wealth Management, LLC a Registered Investment Advisor. Private Client Services is an unaffiliated entity.

By Richard W. Stout III

Have you ever made a large purchase that you instantly regretted? Most people have, yet we continue to make this mistake over and over again. Financial mistakes can prevent you from reaching your goals or doing what you love. They can postpone dreams such as owning your own home or reaching your desired retirement date. Or they can cost you money you can’t afford to lose. The worst part is, you may not even realize when you’re making one!

Financial mistakes come in all shapes and sizes, and they don’t just happen during accidental spending sprees. To avoid them, you have to know what they look like. With 25 years of experience in the finance industry, I want to share with you the 5 most common financial mistakes I see people make.

1. Neglecting Employer-Sponsored Retirement Plans

Employer-sponsored retirement plans offer excellent benefits that you can’t afford not to take advantage of. Experts recommend that you save 15% of your pre-tax income to go toward retirement. But for those just starting out, saving 15% can be a tough goal when paying off debts like student and vehicle loans. Capitalizing on your employer-sponsored retirement plan can ensure you don’t leave money on the table.

A good middle ground is to save at least the maximum that your employer match-contributes. For example, if your employer will match up to 6% of your pre-tax income, you should plan to contribute at least 6% toward your retirement account each pay period. This means that, with your employer’s contribution, you’re actually saving 12% of your pre-tax income for retirement. You’re already close to that 15% goal!

2. Not Keeping a Monthly Budget

Many people also make a big financial mistake by not keeping a monthly budget. A monthly budget reveals poor spending habits, tracks your progress toward savings goals, and gives you more control over what you spend your money on. Many people are afraid of budgeting, worrying that it will require them to make unpleasant sacrifices.

But budgeting isn’t about sacrificing at all. Budgeting clarifies where your dollars are actually going. This clarity gives you the freedom to choose where you want your money to go, rather than wondering at the end of the month what happened to your whole paycheck. Keeping a budget allows you to spend money on extras such as dining out or playing golf without wondering if you can afford it. You get to do the things you love, guilt-free!

3. Trying to “Beat” the Market

Each year billions of dollars are wasted trying to “beat” the market despite the empirical evidence that very few investors, yes-including “professionals”, have demonstrated the ability to consistently achieve better returns than broad, un-managed indexes. Quite often, attempting to achieve higher returns results in taking greater risk, greater trading costs and sub-par results. Broadly diversified indexes not only typically offer extremely low costs and diversification, but they are inherently tax efficient.

Investors have historically been much better served by focusing attention, time and energy on things they can manage, such as how much risk to take in the first place, rebalancing periodically, having realistic growth rate assumptions, and deriving their investment strategy as part of their financial planning process.

4. Fearing Market Corrections

It’s important to take a holistic, historical approach when investing in the stock market. Markets always experience periods of correction, and we don’t believe this is a reason to sell your investments when the markets are low. Panicking during a market downturn can lead to significant losses, so it’s better to ride out market corrections, as they are guaranteed to occur. Market corrections are followed by market recoveries.

5. Underestimating the Cost of Owning Real Estate

Finally, I see people purchasing real estate without knowing the true costs. Real estate owners should be prepared to pay for more than the home or property itself. Owning real estate comes with additional costs such as property taxes, insurance premiums, and interest rates. Real estate owners should also plan to replace worn-out appliances or roofing and, in the case of rental properties, to deal with renter destruction or vacancy periods. Depending on the locations of the property, these costs can be quite high and can easily overstretch an eager real estate owner’s initial budget.

We Can Help You Avoid These Mistakes and More

At Benchmark Wealth Management, LLC, we help you avoid these common mistakes and plan your financial future with intentionality. Your financial well-being makes up the core of our values, and we want to help set you up for success. Schedule a meeting with us today by calling 860.434.6890 or emailing me at richard.stout@bwmllc.net.

About Rick

Richard W. Stout III is managing director of Benchmark Wealth Management, LLC, with 25 years of experience in the financial industry. He specializes in financial planning and asset management for individuals, families, and institutions seeking to build and monitor durable and sustainable plans for their financial futures. Rick is a Certified Financial Planner™ professional and holds the Accredited Investment Fiduciary (AIF®) designation. He has earned a Master of Science degree in Personal Financial Planning from the College for Financial Planning and holds the Master Planner Advanced Studies^SM (MPAS^®). He obtained his MBA from Rensselaer Polytechnic Institute and his BA in Economics and Anthropology from the University of Connecticut. He also completed the Accredited Wealth Management Advisor (AWM®) program through the Estate and Wealth Strategies Institute at Michigan State University. He has extensive background experience in lending, credit review and analysis, and real estate and partnership management. Learn more about Rick by connecting with him on LinkedIn.

Additional information, including management fees and expenses, is provided on our Form ADV Part 2, available upon request or at the SEC’s Investment Advisor Public Disclosure site, www.iapd.com, searching with our company name or unique identifier, CRD # 160192. Past performance is not a guarantee of future results.

Securities offered through Private Client Services, Member FINRA, SIPC in the following states: AZ, CA, CT, FL, KY, MA, ME, MI, MN, NH, NJ, NY, RI, TX. (Securities-related services may not be provided to individuals residing in any state not previously listed) Advisory services offered through Benchmark Wealth Management, LLC a Registered Investment Advisor. Private Client Services is an unaffiliated entity.

By Thomas Britt

Women have come a long way in the past few decades when it comes to career opportunities and playing a significant role in every aspect of our communities. But even though women make up 50% of the workforce these days, (1) they face financial challenges not often faced by men. Women typically earn 81 cents of every dollar earned by men, (2) and they usually spend fewer years in the workplace because they may take time off work to raise children or take care of elderly parents. Because women generally live about 6-8 years longer than men, (3) this means women have fewer years to save a higher percentage of their income, so they can fund their longer retirement.

Doesn’t seem fair, right?

That’s why women need to be even more informed about their financial opportunities and how to maximize what they have. Gone are the days when husbands were the only ones in control of the family’s finances. Here are a few key principles all women should know about personal finance in order to succeed.

Stay on Top of Your Spending

To reach your financial goals, you need to track your spending. Even if you have a high net worth, you may be surprised at how much more you could save if you cut unnecessary purchases. It could potentially equate to thousands more by the time you retire.

A recent study shows that only 23% of women make the primary decisions about their family’s day-to-day finances. That number drops down to 18% when it comes to making decisions about longer-term retirement and investment planning. (4)

If you’ve left budgeting up to your spouse or partner until now, set aside one night a week to go over the details and get on the same page. It could save you a lot of heartache and frustration down the road should something ever happen to your spouse or your relationship.

Find More Ways to Save

Once your budget is solid, start finding ways to save more money. There are typically two ways to do this: decrease spending or increase income. The most effective way is a combination of both.

Small everyday purchases add up to a large amount of money over time. Think about ways you can decrease spending without depriving yourself. Could you make your own coffee throughout the week instead of grabbing a cup on your way into the office? If you want to increase income, could you ask for a raise at your current job, rent out your spare bedroom, or start a side job?

Whatever you do, make sure you take advantage of your retirement plan. Whether it’s an employer-sponsored plan or a personal plan, contribute as much as you can—especially if you’re near retirement. You’ll thank yourself later.

Invest with Confidence

Investing is a great way for women to close the gender pay gap and save extra money for retirement. Did you know women typically have a 0.4% higher return on investments than men? (5) It’s true. But women are also more likely to keep their money in a low-risk savings account than in investments because their earned dollars are more precious to them. Breaking this cycle and having a strong investment portfolio gets you one step closer to reaching your financial goals—and living your dream life in retirement.

Find a Trusted Partner

Given the right tools and education, women can succeed in reaching every financial goal they set for themselves. It may be overwhelming at first, but the more you know about investing and the more you do it, the easier it becomes. The best way to gain momentum in reaching your financial goals is to seek help from a professional.

At Benchmark Wealth Management, we can help you build a financial plan and investment portfolio that works for you. Want to learn more? Easily schedule an introductory consultation by contacting us at 860.434.6890 or emailing me at thomas.britt@bwmllc.net to arrange a consultation.

About Thomas

Thomas J. Britt is managing director of Benchmark Wealth Management, LLC, with 20 years of experience in the financial industry. He specializes in executive financial planning, retirement planning, investing, as well as the management of trusts and endowments. Thomas is a CERTIFIED FINANCIAL PLANNER™ (CFP®) professional and holds the Master Planner Advanced Studies^SM (MPAS^®), Certified Investment Management Analyst (CIMA®), and Chartered Retirement Planning Counselor (CRPC®) designations. He earned a Bachelor of Science in Finance from the University of New Haven, an MBA in financial technology from Rensselaer Polytechnic Institute, and a Master of Science in Personal Financial Planning from the College for Financial Planning. He is also a proud veteran of the United States Navy Submarine Force. Learn more about Tom by connecting with him on LinkedIn.

Additional information, including management fees and expenses, is provided on our Form ADV Part 2, available upon request or at the SEC’s Investment Advisor Public Disclosure site, www.adviserinfo.sec.gov/firm/160192

Securities offered through Private Client Services, Member FINRA, SIPC in the following states: AZ, CA, CT, FL, KY, MA, ME, MI, MN, NH, NJ, NY, RI, TX. (Securities-related services may not be provided to individuals residing in any state not previously listed) Advisory services offered through Benchmark Wealth Management, LLC a Registered Investment Advisor. Private Client Services is an unaffiliated entity.

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(1) https://www.washingtonpost.com/business/2020/01/10/january-2020-jobs-report/

(2) https://www.payscale.com/data/gender-pay-gap

(3) https://www.who.int/gho/women_and_health/mortality/situation_trends_life_expectancy/en/

(4) https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/pr/couples-fact-sheet.pdf

(5) https://www.reuters.com/article/us-money-investing-women/why-women-are-better-investors-study-idUSKBN18Y2D7

By Richard W. Stout III

Regret is not always a bad thing. While it’s not good to sit in the regret of past mistakes, when we learn from those mistakes, it can help us make better choices in the future. Unfortunately, that’s not true in every situation, namely retirement. There are no retirement do-overs, and any mistakes you’ve made in your preparations are a lot harder to remedy once you’ve packed up your office for good.

Here’s the good news: if you aren’t retired yet, there’s still plenty of time to learn from others so your retirement can be as fulfilling and comfortable as possible. Take a look at these four tips that will help you work toward a regret-free retirement.

1. Save Early and Often

Many people, 55% according to a Global Atlantic Financial Group study, (1) enter retirement and discover several things they wish they’d done differently. And the number-one regret? Not saving enough. One of the ways to make sure you have the nest egg of your dreams is to save early and often. While it may be tempting to hold off on saving until the kids are out of the house or until you’re more established in your career, don’t. The longer you hold off saving for retirement, the harder it will be later on.

For every year you delay in saving, you’ll have to contribute exponentially more to reach your savings goals because of compound interest. If you start saving $400 per month at age 25, you will have $1 million saved by age 65 (assuming a 7% annual investment return). If you don’t start until age 35, you’ll have to save around twice as much to reach $1 million by age 65. Make it a priority to save, even if it seems like a small amount, and you’ll be on your way to avoiding this regret.

2. Set a Realistic Retirement Budget

A common retirement misconception is that you won’t need as much money in retirement as you do now. You may think that you won’t have a mortgage in retirement or that you won’t be supporting your kids anymore. And while your expenses will change, that doesn’t mean you’ll have fewer expenses. For example, healthcare costs can put a serious dent in your retirement savings. It is estimated that the average couple will need an average of $285,000 to cover medical expenses in retirement, and that’s often more than people have saved for retirement overall! (2)

To make sure you don’t underestimate your retirement needs, develop a clear picture of what you want in retirement and track your spending now so that you know how much retirement will cost. The key takeaway here is to create a retirement saving and spending plan specific to your lifestyle and your needs. While the general rule of thumb is that you’ll need 70-80% of your pre-retirement income to live on in retirement, that number may be more or less for you. Work with a professional to create a customized strategy so you aren’t scraping pennies together later in life.

3. Create Multiple Income Streams

Social Security is an important piece of your retirement income plan and you should create a claiming strategy to maximize your benefits, but did you know that the Social Security program was designed to replace just 40% of an average worker’s wages? (3) In other words, you’re going to need more than just Social Security to get through retirement.

Take stock of the tools available to get you to your retirement goal. What income sources do you have? This could be anything from IRAs to 401(k)s to pensions to annuities, even rental income or taxable brokerage accounts. It is important to analyze your alternative income sources and incorporate them into your overall retirement strategy.

4. Set Retirement Expectations

When it comes to retirement planning, a common mistake is to only focus on the financial side of things. Sure, it’s great if you have enough money saved, but you can’t enjoy your retirement if you are not fulfilled. Most people find their identity in their careers, and when their career ends, they don’t know what to do; they lose their feeling of purpose. Make a plan for your time in retirement so when you leave your job, you have something to look forward to. It could be travel, hobbies, volunteering, time with grandchildren, or even volunteer work. The important thing is to determine what your next step is going to be.

Experience a Fulfilling Retirement

We understand that deciding when and how to retire is a difficult decision, but you don’t have to make the hard choices on your own. At Benchmark Wealth Management, our top priority is to find out what your ideal retirement looks like and work with you towards making it a reality. No matter what your situation, it’s possible to enjoy your retirement and feel confident in your future. If you want to experience a regret-free retirement, please call 860.434.6890 or email me at richard.stout@bwmllc.net to schedule a consultation.

About Rick

Richard W. Stout III is managing director of Benchmark Wealth Management, LLC, with 25 years of experience in the financial industry. He specializes in financial planning and asset management for individuals, families, and institutions seeking to build and monitor durable and sustainable plans for their financial futures. Rick is a Certified Financial Planner™ professional and holds the Accredited Investment Fiduciary (AIF®) designation. He has earned a Master of Science degree in Personal Financial Planning from the College for Financial Planning and holds the Master Planner Advanced Studies^SM (MPAS^®). He obtained his MBA from Rensselaer Polytechnic Institute and his BA in Economics and Anthropology from the University of Connecticut. He also completed the Accredited Wealth Management Advisor (AWM®) program through the Estate and Wealth Strategies Institute at Michigan State University. He has extensive background experience in lending, credit review and analysis, and real estate and partnership management. Learn more about Rick by connecting with him on LinkedIn.

Additional information, including management fees and expenses, is provided on our Form ADV Part 2, available upon request or at the SEC’s Investment Advisor Public Disclosure site, www.iapd.com, searching with our company name or unique identifier, CRD # 160192. Past performance is not a guarantee of future results.

Securities offered through Private Client Services, Member FINRA, SIPC in the following states: AZ, CA, CT, FL, KY, MA, ME, MI, MN, NH, NJ, NY, RI, TX. (Securities-related services may not be provided to individuals residing in any state not previously listed) Advisory services offered through Benchmark Wealth Management, LLC a Registered Investment Advisor. Private Client Services is an unaffiliated entity.

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(1) https://www.globalatlantic.com/retirement-survey

(2) https://www.fidelity.com/viewpoints/personal-finance/plan-for-rising-health-care-costs

(3) https://www.ssa.gov/pubs/EN-05-10024.pdf