Blue Collar

A significant part of our time is spent working with those in the trades. Whether you're working for a small family-owned company or a member of a well-respected Local Union. Careers in trades are extremely busy, and when you finally have time off, one of the last things you want to do is learn everything related to your finances. Our team realizes this and want to make sure we are conscious of your busy schedule but yet very intentional with our conversations. We frequently help our clients navigate the gaps in their benefits and make sure they are on track for their desired retirement. One question we are frequently asked: "How can I catch up for retirement but also be able to enjoy life today?” If you're asking yourself this same question, we should connect.  

Construction

Union Members

For the first time in decades, union membership is on the rise among young people. Unions typically offer a lot of attractive benefits including but not limited to an abundance of work, competitive pay, and a well-funded retirement account (Pension/Annuity). On top of all these great benefits you are taught the ins and outs of your respective trade, creating some of the most skilled workers in the industry. The early years are generally focused on the hands-on part of the job (which is typically why most individuals choose to join). What I have noticed is that the benefits are often preached but overlooked as members know they have things in place but are unsure of what it will produce for them in the long run. That is where my team comes in, as we have made this our expertise to educate and help our clients understand what they do and do not have through their specific union. Conversations are typically centered around understanding and maximizing the pension, protecting income in case of a loss of ability to work, and making sure we are on track to reach both short- and long-term goals.

Are You Protected?

Blue Collar jobs are typically more physical which puts you at higher risk of a Long-Term Disability claim. Make sure you understand the coverage you have in place and how a leave of absence could affect your plan moving forward.

Understanding Your Specific Plan

What I have learned in my time specializing in unions is that they do a great job building the conviction behind their benefits but not actually explaining HOW they work and WHAT they will produce in retirement.

Every union has different funding and payout options. Do you know and understand your options?

This is something to consider sooner than later as you can set yourself up to choose what makes most sense for you and your family.

Funding:

- Some unions offer you to contribute more than the set contribution

- Depending on the union they may have pre-tax and post-tax options

- You may be able to select your allocation allowing you to be more or less aggressive

Payout Options:

- Lump Sum

- Single Life

- Joint and Survivorship

Every union is unique on how you can distribute the funds. Make sure you have an understanding on how your account not only pays out to you but IF it pays out to your loved ones as well via a survivorship option.