Since 2013, Michael Shafer has worked as a financial advisor for Edward Jones, specializing in retirement planning. As a retirement planner, Michael works with his clients to reach their retirement goals through advising and developing specific investment strategies. 

Michael Shafer was born and raised in Long Beach with his mom and brother. He attended college at CSULB. Michael has been married for 13 years with three kids and currently lives in Seal Beach. Before becoming a financial advisor, he was handled investments for 10 years and was an elementary school teacher for eight years where he learned the teaching skills that he uses as a financial advisor.

Michael’s talk provided insight into his life as an Edward Jones financial advisor. Even though he is an Edward Jones financial advisor, he works independently and is able to be selective about his clients. This selectivity allows him to choose clients that meet his criteria, but that criterion is not about how much his client’s make or how much they need to invest, but rather it is about helping clients find the right plan that will help them reach their retirement goal. He consistently lets clients know that he is a private trader and is not attached to specific companies, which allows him the freedom to find the appropriate investment.

Michael gave us insight into different options for retirement and what California is now mandating for business owners. Michael explains that his strategy of an overfunded life insurance plan could give business owners a tax-free income retirement. After overfunding the life insurance plan when you turn 70 there should be a large sum to take out of the life insurance plan tax free. It is considered to be a different type of VUL (Variable universal life) plan. ROTH IRA is another type of retirement plan that when you withdrawal it will be tax free. Michael explains that when you retire you still have two main things you have to pay for, taxes and health insurance. Using one of these strategies could be helpful to off set one of those things.

This year California has mandated to make retirement savings manadory for all business to have a retirement plan for its employees. If you have 100 or more employees you will need to a plan set up by 2020, 50 or more by 2021, 5 or more by 2022. If you have 401k, IRAs, set up, those will be accepted. Please make sure your 401ks have been benchmarked so your company doesn’t get penalized.   An employee can also opt out of the retirement plan as well. If a company decided to put into the retirement plan, it could be tax advantages for the company. Please check calsavers.com for more information.

Michael is not afraid to talk about fees because he does not charge a fee for advice and his commission is low for IRA’s and 401K’s. Michael wants his clients not to think about their money and instead let him worry about their investments. He wants them to live their lives while he helps them reach their retirement goals..