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Personal Financial Planning She also sees individuals who have done all their financial planning online, "and they had no idea there was this whole plan and strategy for their entire lifetime that they could be doing." Norbert West, a financial planner in Appleton who specializes in serving small business owners and their employees, thinks people are nervous about the economy and their jobs. He tells clients about the important age steps for making increased IRA investments (59), taking early, reduce retirement from Social Security (62), Medicare (65), full Social Security benefits (67) and a requirement to draw down retirement funds at 701/2. "A good financial planner is always looking at not only how you accumulate but also making sure when you pull it out you are not bumping yourself into a new tax bracket," West says. Hermsen notes that since most people will earn more while working "A good financial planner is always looking at not only how you accumulate but also making sure when you pull it out you are not bumping yourself into a new tax bracket." –Norber t West, financial planner than they will have in retirement, it makes sense to take a standard IRA deduction rather than pay into a Roth IRA, which offers no immediate tax break, but whose earnings are untaxed when withdrawn. Unexpected early retirement West has seen formerly paternal companies in the Fox Valley lay off employees around age 55. "What do you live on if you lose your job? You could eat up your company retirement fund before you are 60, and pay a lot of it in fees, taxes and penalties." Like Rossman, he believes every plan has to be customized to the individual. "There are similarities, but everybody is unique. If they are in a poor position with inappropriate investments, I tell them to take their time in correcting it so they can avoid fees and taxes." He finds small business owners often have risky portfolios, which he tries to correct. "Their business is already high risk." The right information in the right hands leads to exceptional results for your financial future. Intelligent investing begins with a solid platform upon which you can build your vision for the future. Legacy Private Trust Legacy clients benefit from the experience and intellectual capital of our highly regarded wealth management professionals, whose insights include compelling analysis of risk, the economy and financial markets. Wealth is back. Now let's get to business keeping it. To learn more about Legacy's suite of investment and wealth management services, contact Michael B. Mahlik, 920.967.5040, or mmahlik@lptrust.com. Two Neenah Center, Fifth Floor, Neenah, WI 54956 www.lptrust.com ASSET MANAGEMENT 13317_LPT_Insight_HalfAd_Jan2014_final.indd 1 32 | Insight • J a n u a r y 2 014 | WEALTH PLANNING | TRUST SERVICES 12/18/13 2:10 PM w w w. i n s i g h t o n b u s i n e s s . c o m