
4 surprising ways Goodwin Investment Advisory can add value to your financial life
When you think of a financial advisor, you probably think of investments, retirement savings, and portfolio management. But at Goodwin Investment Advisory, we do far more than that.
Here are four things you might not realize a financial advisor can help you with—and why they matter for your financial future:
Pay less in taxes later: How we use Roth conversions to protect more of your retirement money.
Many people have heard of Roth IRAs but don’t realize how powerful Roth conversions can be, especially when done with a long-term tax strategy in mind.
At GIA, we help clients assess the right time to convert a traditional IRA or 401(k) funds to Roth. This isn’t a one-size-fits-all decision. We look at your tax bracket, future income projections, retirement goals, and legacy plans to determine the most efficient approach. A well-timed Roth conversion can reduce future tax burdens, create tax-free income in retirement, and even limit RMDs (Required Minimum Distributions) later in life. RMDs are considered taxable income, which can increase your tax burden in retirement. By converting a portion of your traditional IRA to a Roth IRA, you pay taxes on the converted amount now, at today’s rates—but once the money is in the Roth, it grows tax-free. Even better, Roth IRAs aren’t subject to RMDs during your lifetime, which means you can limit future taxable withdrawals and enjoy tax-free income in retirement.
Why this matters: Strategic Roth conversions can save you tens of thousands in taxes throughout your retirement—and most people never even realize they’re an option.
Maximize spousal Social Security benefits.
Did you know that even if one spouse never worked outside the home, they could still be eligible for up to 50% of their spouse’s Social Security benefit?
Social Security is one of the most misunderstood parts of retirement planning and deciding when and how to start receiving benefits can significantly impact long-term income. We help our clients understand how and when to claim SS, coordinate spousal benefits, and avoid common mistakes—like claiming too early or missing out on available options.
Why this matters: Making informed Social Security decisions can significantly increase your retirement income and provide greater financial stability throughout your lifetime.
Help you navigate RMDs on inherited retirement accounts
RMDs (Required Minimum Distributions) aren’t just something to plan for after age 73—they also apply when you inherit retirement accounts.
If you’ve inherited an IRA or other retirement account, knowing the new IRS rules is critical. Depending on your relationship to the deceased and the age at which they passed, you may be required to withdraw all funds within 10 years, take annual RMDs, or face stiff penalties. We guide you through every step, helping you avoid tax surprises and integrate your inheritance into your broader financial plan.
Why this matters: RMD mistakes on inherited accounts can lead to significant tax penalties and missed planning opportunities.
Help you qualify for health insurance subsidies even if you’re a millionaire.
Yes, you read that right.
If you’re retiring early (before Medicare eligibility at age 65), you may be surprised to learn that we can help you qualify for Affordable Care Act (ACA) subsidies, even with a high net worth. The key is that subsidies are based on income, not assets.
At GIA, we create income strategies—like tax-efficient withdrawals, Roth conversions, and capital gains planning—that may help lower your Modified Adjusted Gross Income (MAGI), allowing you to qualify for healthcare subsidies and save thousands per year on insurance premiums.
Why this matters: With the proper planning, high-net-worth early retirees can access quality healthcare while preserving wealth.
Your financial plan should do more than you think.
These are just a few of the lesser-known—but incredibly impactful—ways our advisors at Goodwin Investment Advisory help clients create clarity, confidence, and freedom in their financial lives.
Whether you’re nearing retirement, managing an inheritance, or navigating complex tax decisions, we’re here to walk with you every step of the way, with strategies you may not even know exist.
Wondering what other financial opportunities you might be missing?
Let’s connect—schedule your free introductory call with us today.
Disclosure – All investment carries risk, and we cannot guarantee performance or results. Past performance does not guarantee future results. GIA does not earn any compensation from any of the non-GIA links provided in these resources. The market insights, podcast, blogs, book recommendations, self improvement thoughts, food recipes and activities are based on our perspectives and experience, and may not apply to your unique situation or be appropriate for your health and wellness. We are not aware of any conflicts of interest relating to any testimonials or endorsements. Please contact us for any questions relating to the content above, or to discuss how we can support you in your specific situation, and help you to reach your financial and personal goals.
For 2.0 guide version
Comprehensive Financial Planning:
- Goal Setting: A good advisor helps clients define their short-term and long-term financial objectives, whether it’s buying a home, funding education, or achieving financial independence.
- Retirement Planning: Advisors help clients plan for their retirement years by assessing their needs, determining retirement income sources, and developing a plan to ensure financial security in retirement.
- Education Planning: They help clients plan for future education expenses for themselves or their children, exploring various savings vehicles and strategies to meet these costs.
- Insurance Planning: Advisors analyze clients’ insurance needs and recommend suitable coverage, including life, health, disability, and long-term care insurance.
- Tax Efficiency Strategies: Advisors look for opportunities to minimize clients’ tax liabilities through strategies like tax-loss harvesting, Roth conversions, and charitable giving planning.
- Estate Planning: They guide clients through the process of creating or reviewing their estate plans, including wills, trusts, and other legal documents, to ensure their assets are distributed according to their wishes.
Other Important Roles:
- Financial Education: Advisors educate clients about financial concepts, investment options, and market trends to help them make informed decisions.
- Ongoing Support and Monitoring: Good advisors regularly review and adjust clients’ financial plans as their life circumstances and goals evolve.
- Provide Objective Advice: A good advisor acts as a sounding board and offers unbiased advice, helping clients avoid common financial pitfalls.
- Help Navigate Life Transitions: Advisors can provide guidance during major life events, such as marriage, divorce, career changes, or the loss of a loved one, helping clients manage the financial implications of these events.
Disclosure:
All investment carries risk, and we cannot guarantee performance or results. Past performance does not guarantee future results. GIA does not earn any compensation from any of the non-GIA links provided in these resources. The market insights, podcast, blogs, book recommendations, self improvement thoughts, food recipes and activities are based on our perspectives and experience, and may not apply to your unique situation or be appropriate for your health and wellness. We are not aware of any conflicts of interest relating to any testimonials or endorsements. Please contact us for any questions relating to the content above, or to discuss how we can support you in your specific situation, and help you to reach your financial and personal goals.