S.P.Larson Financial Planning, LLC
Owner, Financial Planner
Shane P. Larson, CFP® is the owner of S.P.Larson Financial Planning, LLC. Shane founded S.P.Larson Financial Planning, LLC with the belief that financial planning is not a cookie-cutter and generic process, but is extremely individualistic, with the most successful plans coming when one starts having their money working in line with their values.
During the months leading up to Shane taking his CFP® exam, he and his family experienced difficult times with the declining health of a loved one. Between work, studying and long visits at a hospital bedside, he also helped keep the finances together so care would not be interrupted. Shortly after he passed the test, he began to realize that others experience the same difficulties while trying to deal with money. Shane wanted to be an anchor for others like he was for his family. This experience also helped him develop the S.P.Larson Financial Planning philosophy of incorporating client's values into a financial plan; a step he feels is often overlooked.
Outside of work, Shane likes riding his bike, obsessing over baseball and his beloved Mariners, reading huge books, enjoying a slice of pizza and a pint of craft beer, and taking impromptu trips with this fiancée .
BA, Business Administration, Washington State University
Assets Under Management:
S.P.Larson Financial Planning, LLC (“SPLFP”) is a registered investment adviser offering advisory services in the State(s) of Washington and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. The presence of this website on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute.
One way to save may be an ABLE 529 plan. This is much like the state ran college 529 plan, however, individuals who have had a disability prior to age 26 and have been receiving benefits for 12 consecutive months are eligible to contribute. The max each year is $14,000 and if the account exceeds $100,000, it will disqualify the individual from SSI payments. The funds can grow tax deferred and any distributions used to pay for qualified disability expenses are tax-free. Not all the states have enacted their plans yet, however, much like the college 529 plan, depending on the state, you do not have to be a resident in the state who currently has a plan set up.
If your employer allows you to leave your assets in the plan after you retire, it would be less expensive than rolling into an IRA. However, by rolling the 401(k) into an IRA, it can give you more options. For example, rolling over can provide better funds to invest in as well as converting amounts to a Roth IRA to avoid large tax hits once you reach 70 1/2 and are required to distribute assets each year.
Yes, if there is no policy loans, the death benefit should be paid in full.
Typically, life insurance proceeds are tax-free to the beneficiaries who receive them.
Regarding which assets to withdrawal first, it would probably make sense to do the 401(k) first, so you can spend down those assets before you are required to distribute them at age 70 1/2.
Regarding the second part, that really depends on lot of factors. What will your monthly expense be in retirement? What is your pension payment going to be? How much do you have saved in your 401(k) or Roth IRA? This will help determine if you have enough to make it to age 70 for your Social Security.
Also, with Social Security, if you have a spouse and they have any working history, it may make sense to take their benefits while you reach age 70.