Gary Duell

ChFC
Personal Finance, Retirement, Investing
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“Gary Duell, Owner and Founder of Duell Wealth Preservation, wants his clients to receive the highest level of personal service and professional support that he can provide.”
Firm:

Duell Wealth Preservation

Job Title:

Owner and Founder

Biography:

Gary Duell is the Owner and Founder of Duell Wealth Preservation, an Oregon Registered Investment Adviser firm. Gary and his team know Health and Life Insurance is more than protection and risk reduction, it is a financial tool that helps secure the future of their clients retirement and gives them the freedom to experiment with new ideas and realize the passions that they put on hold while they are building a career and raising a family. That is why they specialize in insurance and financial products that help provide financial security such as Life Insurance, Annuities, and Long Term Care.

Gary provides comprehensive financial plans and the appropriate insurance and investments to implement them, continuing ethics education classes for insurance agents, as well as public seminars. He is currently on the faculty of Portland Community College’s Community Education department to provide retirement education to pre & current retirees.

Gary was born in Garden City Kansas, moving with his family to Salem, Oregon at the age of 5. He graduated from Willamette University in 1974 with a double major in psychology and philosophy. There being a scarcity of philosophy jobs, Gary took a harrowing nine-month stint at Oregon State Hospital as a psychiatric security aide on the women’s maximum security unit. “One Flew Over the Cuckoo’s Nest” was filmed there during that time, which only added to the chaos. The experience prompted Gary to change careers. He graduated from Willamette U. again, in 1977, with an MBA. After 18 years with Farmers Insurance, first as an underwriter, then supervisor, and then as an agent, Gary left in 1996 due to the purchase of Farmers by British American Tobacco. In 1997 he completed the last series of courses and exams to get the Chartered Financial Consultant (ChFC) designation from The American College at Bryn Mawr PA.

Gary served a three year term on the Clackamas County Economic Development Commission and was chair of the Surface Water Management advisory committee. He was Treasurer on the Clackamas Community Land Trust board of directors and helped merge the CCLT with Proud Ground, their Portland counterpart. He is also a charter member, past President and current Treasurer of the Happy Valley Business Alliance. Gary loves what he does mostly because of the people he gets to work with. Many clients and friends have been made over the years.

Education:

B.S. in Philosophy & Psychology 1974, Willamette University
MBA 1977, Willamette University
Chartered Financial Consultant (ChFC) 1997, The American College

CRD Number:

2510814

Videos
  • Gary Duell interviewed by Investopedia
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    Social Security, Peri-Retirement
Do your earnings at the point of retirement impact Social Security benefits?
100% of people found this answer helpful

Yes and yes!  But replacing lower earning years by continuing to work may not have the impact you would expect. This is especially important to understand if you hate your work or your work is physically and/or psychologically wearing you down. Here's how SS calculates your monthly benefit:

  1. First, they pick the highest 35 earning years. If you haven't worked 35 years, then they'll include zero earnings for enough years to total 35.
  2. Then, they bring each one of those years forward into today's wages. For example, suppose you earned $20,000 in 1990 and you make $40,000/yr now. Guess what the multiplier is for 1990 wages, about 200% or $40,000. So working another year would not eliminate 1990 from your top 35!
  3. Then they total all 35 years' earnings and divide by 35 years of months or 420 to get your AIME (average income monthly earnings).
  4. Finally, they subject your AIME to three calculations. The first $885 of your AIME is multiplied times 90%. $886 through $5,336 wages are multiplied by 32%. Everything above $5,337 is multiplied by 15%. The results are added together to get your PIA (primary insurance amount which is the same as your full retirement age benefit). If your PIA is higher than $2,639, then $2,639 is your maximum PIA in 2017.

Whew! As you can see, the idea is to skew benefits toward lower earning participants, which is appropriate since the program was designed to primarily benefit the elderly poor.

April 2017
    Debt, Financial Planning
How can I dig myself out of debt after losing my job?
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July 2017
    Annuities, Real Estate, Retirement Plans
Is it possible to spread out the taxes after closing out a guaranteed annuity?
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June 2017
    Asset Allocation, IRAs, Mutual Funds
How can I get on the right investment path after starting later in life?
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June 2017
    Investing, IRAs
Is a Traditional or Roth IRA a better option for someone who's never had a full-time job?
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June 2017