Richard Ngin
President and Founder
President and Founder Richard Ngin, RFC, established Foundation Asset Management in 2012. He is a registered financial consultant who is also licensed in life & health insurance. A lifelong entrepreneur, Richard has been in the financial services industry since 1997. “I started Foundation Asset Management, LLC in order to help people, particularly when it comes to their finances. My mission and passion in life is to help people learn how to use their money to achieve their life goals and dreams for themselves and for their family members,” he says.
Richard works with individuals, couples, families, airline employees and high-income business owners. He says, “Through decades spent in the financial services industry, I have seen the challenges people face. And in order to meet them, I have uncovered little-known strategies to help people achieve multiple financial objectives at the same time.”
For instance, families are often challenged to save for college while saving for retirement. In fact, these two goals can be interrelated—by saving for retirement in the correct fashion, your child may qualify for more grants and scholarships, so their college could cost less while you will have saved more for your long-term retirement objectives. Many people don’t even understand how this works and Richard wants to change that.
Business owners are also challenged with multiple financial goals. Richard helps high-income business owners use strategies that can help their organization while improving their own personal financial situation. For instance, a cash balance plan can help some business owners save on income taxes while freeing up a lot more money to save for their own retirement.
As his clients get closer to retiring—usually from five to 10 years away from retirement—Richard begins helping them plan for how they will file for Social Security, sign up for Medicare and convert retirement savings into lifetime income that won’t run out.
And although he doesn’t do taxes, Richard does help clients with retirement tax strategies. Many people have less retirement savings than they think simply because they hold the assets in traditional qualified plans like 401(k)s that will ultimately be taxed at income tax rates. A certain percentage of their pre-tax, qualified money has to be withdrawn annually starting at age 72 due to IRS rules regarding RMDs, or required minimum distributions, and this means income taxes must be paid on the amounts withdrawn. Depending on that amount, sometimes this even causes their Social Security benefit to be taxed!
Richard offers strategies that may help pre-retirees save on income taxes by using life insurance solutions and/or Roth IRA conversions which should be started several years before retirement. He also helps people plan for long-term nursing care should they need it while they are retired. There are new hybrid policies that can kick in if you need care but leave a death benefit to your heirs if you don’t.
Last, but certainly not least, Richard also helps people with estate planning strategies in conjunction with attorneys, which can include the formation of living trusts designed to bypass probate court. This is often overlooked or put off, and it shouldn’t be because not having an estate plan in place can cause your family to suffer unnecessarily, wait longer or pay more in probate fees during a difficult time while they are grieving your loss.
Married for 22 years, Richard and his wife have two kids, a son age 12 and daughter age 18 who just received a full scholarship to USC. The family lives in Long Beach.
Richard says, “Your finances deserve to be managed, not left to chance. Let’s talk about the many ways I have discovered to help you achieve your multiple financial goals. Please reach out to me at 626-825-8044. Consultations are complimentary.”
