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    To develop a strategy for your future, it’s important for your retirement professional to see a complete, 360-degree view of your priorities in life.  This includes your goals, both today and later in life; your resources to meet your goals; and what your fears or life challenges may be; and  how your retirement assets are integrated and work with one another. . When appropriate we  work  with tax professionals or attorneys in either your or our network to assist you on specific aspects of your retirement strategy.


    In addition, we can refer you to professionals who provide the following services:

    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.

    We can help you design a guaranteed* retirement income strategy that incorporates insurance and annuity vehicles to create opportunities for long-term growth as well as guaranteed* income throughout your retirement; Income that you CANNOT outlive and/or Tax Advantaged or Tax Free strategies.

    1 RD Marketing Group. 2013. “AG Secure Lifetime GUL with Lifestyle Income Solution.” Prepared by Ernst & Young Insurance and Actuarial Advisory Services practice (analysis uses the Annuity 2000 mortality table with Scale G2 mortality improvements).

    2 Insured Retirement Institute. December 2015. “State of the Insured Retirement Industry: 2015 Review and 2016 Outlook.

    Guarantees are backed by the financial strength and claims-paying ability of the issuing company and may be subject to restrictions, limitations or early withdrawal fees. Annuities are not FDIC insured.

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    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 to make up for lost ground and get back on track to accumulating wealth.

    However, with fluctuations in the economy, it is important to remember that more conservative retirement strategies typically have only a portion of the assets invested in growth assets. Allocations can be set aside for more conservative investments and/or secured* income contracts such as annuities. Some annuities are long-term vehicles designed to generate supplemental income during retirement. They have minimum guarantees backed by the strength and claims-paying ability of the issuing insurance company. After all, the last thing you want to do is lose more ground during the next economic correction.

    * Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing carrier and are regulated by the state in which they are issued.

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    Asset Protection

    Because not all assets provide security, you may want your retirement strategies to include some guaranteed* income products. For example, annuities, which are insurance products with guarantees,* can provide a source of supplemental income throughout your retirement.

    Twenty-first century asset protection calls for more than just strategic asset allocation. Including products like annuities in your retirement income strategy can help protect* your money from declines due to economic downturns.

    Diversifying your retirement assets among a variety of vehicles — both through insurance products and investments, depending on what is appropriate for your situation — may offer you the best chance of meeting your retirement income goals throughout your lifespan.

    * Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company and are regulated by the state in which they are issued.

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    Tax Minimization Strategies

    Rising taxes may be a concern for many individuals approaching retirement. Both Dave and Heather believe that the potential for higher taxes in the future is imminent and the time to do the proper decision making is now. 

    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 and allowing you to defer paying taxes until some point in the future. Few financial vehicles avoid taxes altogether, although there are potential tax-free advantages to certain strategies that we develop for our clients when it is appropriate.

    Please note that withdrawals will reduce the contract value and the value of any protection benefits. Additional withdrawals taken within the contract withdrawal charge schedule will be subject to a withdrawal charge. All withdrawals are subject to ordinary income tax and, if taken prior to age 59½, may be subject to a 10 percent additional federal tax.

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    Long-Term Care Strategies

    As the oldest baby boomers begin to wind through their 60s, one of the biggest concerns may not be outliving income, but outliving good health.

    For retirees, home health care can cost $50,000 or more per year1, and nursing home care can run as high as $80,0002 per year. Does your retirement income strategy account for this kind of possibility? Would you be prepared for twice that amount as a married couple?

    Considering that you could have to reduce your financial means before Medicaid will pay for long-term care and neither your employer group health insurance nor major medical insurance will cover long-term care, you may want to consider planning ahead for these potential expenses.

    We can help evaluate your situation and determine if purchasing a long-term care insurance policy may be the right move to help you feel confident in your financial future.

    1 GenworthFinancial. March 2015. “Genworth 2015 Cost of Care Survey: Home Care Providers, Adult Day Health Care Facilities, Assisted Living Facilities and Nursing Homes.

    2 Gencare 2015. “Cost of Care Surey

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    Estate Planning

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

    We work with and 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.

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    IRA Asset Planning

    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.

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    Trusts

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

    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.

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    Annuities

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

    In our opinion today’s world is more volatile and complex than anytime in the last 50 years and the need to make informed decision BEFORE the fact is critical.

    Today, the majority of the burden for retirement income seems to have shifted to the individual. In addition the absolute necessity of finding ways to achieve net-returns (after fees, commissions, loss of gains because of losses, etc.) has also become overwhelming to most folks who are not professional investors.

    Over the last decade the fixed annuity world has changed more dramatically than probably any non-professional could ever know.  And we at It’s Your Money have made it our mission to be at the forefront of understanding these changes and how our clients can take advantage of what we feel can be a critical component of a retirement strategy.

    When we determine that a type of fixed annuity is appropriate for a client we spend however much time necessary to answer all questions and to clearly help educate you to the pros and cons of the particular strategy. 

    For instance when we first meet clients they are usually not aware that there is a fixed index annuity that can allow them to participate in the upside of the S&P 500 Index while insulating them for ANY of the downside and does this with NO FEES!

    Or that there are multi-year guaranteed annuities that compete directly with CDs and offer much higher rates, again with NO FEES and more liquidity that most CDs.

    No strategy or product is right for everyone. BUT, the only way to know is to visit with us at It’s Your Money and lets find out.

    *Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods which vary by carrier. Annuities are not FDIC insured.

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    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.

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    Why Life Insurance?

    Life insurance, almost without exception, is the only solution that offers the purchaser a guaranteed tax-free dollar amount of return. What other vehicle offers you comparable stability and predictability?

    The benefits of life insurance are almost as limitless as the number of situations and goals life insurance is employed to address. Following is a list of frequently cited benefits of properly planned and executed life insurance solutions.

    When it comes to accumulating funds for retirement, one factor to consider is your tax liability on those funds.

    Retirement assets can grow in vehicles that are taxable, tax deferred or potentially even tax free. Over the past few decades, many common strategies have led to a taxable income stream in retirement, including traditional 401(k)s and IRAs.

    Please note that withdrawals will reduce the contract value and the value of any protection benefits. Additional withdrawals taken within the contract withdrawal charge schedule will be subject to a withdrawal charge.

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    Probate

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

    Probate is the potentially lengthy and costly legal process that oversees the transfer of your assets upon your death. If you do not create a will or set up a trust to transfer your property when you die, state law will determine what happens to your estate. This is called intestate. Without a will or some other form of legal estate planning, there is the chance that more of your property may not go where you want it to. We can refer you to a qualified estate planning attorney who can assist you in these matters.

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    IRA & 401(k) 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.

    If you decide to cash out of an IRA, we can help you find suitable vehicles to help you reach your retirement income goals.

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    Charitable Giving

    Creating a charitable gift-giving plan may provide you with multiple tax breaks: an income tax deduction, the avoidance of capital gains on highly appreciated assets and the reduction or elimination of estate taxes on the charitable contribution upon your death.

    With changes in the tax environment, there may be compelling reasons to integrate philanthropy into your financial and estate planning.

    We work with and can refer you to a qualified professional to help you decide if this is a good option for you.

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    Tax Planning

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

    Making sure your retirement income isn’t consumed by taxes is something that should be considered when developing your financial strategy. Taking action early is a smart way to get ahead of the situation, and incorporating tax planning into all of your financial decisions is a great start.

    We partner with qualified attorneys and tax professionals who can help ensure that your legal documents are in order and that you have a tax-efficient strategy for the preservation and distribution of your retirement assets.

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    Strategies for Financial Independence

    To schedule a time to discuss your financial future, contact us at dave@itsyourmoney.net, or heather@itsyourmoney.net or call us at 816.259.5096 today!

    We are an independent retirement services firm helping individuals create retirement strategies using a variety of income and insurance products to custom suit their needs and objectives.

    Your retirement advisor is not permitted to offer, and no statement contained herein shall constitute, tax or legal advice. You should consult a legal or tax professional on any such matters.

    Retirement Kit and Life As An Asset Booklet

    Enter your information below to request this kit including three separate guides that address several retirement topics.

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

    The retirement kit 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.

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