FLORIDA DROP CONSULTANTS LLC
OCALA, FLORIDA

We offer full service financial planning. We review your personal situation and get an understanding of your goals. We have a full suite of investment choices and options to help your financial future and maximize your income in later years. free of charge help Insurance can be the protection all of us need in times of difficulty and hardship. The thousands of types of insurance policies on the market today can often be used to provide income, pass on wealth or give us the safety net any of us need no matter what our age or situation. With our partner attorneys we can help with all your estate needs from the planning stage right through to creating a trust, making sure your Will is current to avoid probate and helping with Long Term Care (LTC) issues and Medicaid Trusts to avoid losing valuable assets Our dedicated team at Florida DROP Consultants have decades of experience in the financial services and insurance industry. We have helped thousands of clients over the years with wealth management, financial and retirement planning as well as strategies to minimize tax liabilities. In recent years it became apparent due to the options and complexities of the financial market that it would benefit many people to form a specialized unit that was dedicated to helping members and retirees of the Florida Retirement System, which was when Florida DROP Consultants was created. We are dedicated to helping you know the options available to you as you face retirement or have retired and helping you maximize the amount of retirement income available to you. Of course as financial consultants we are able to help EVERYONE, not just DROP participants. We can help with things like Life Insurance, Long Term Care (LTC), Medicaid planning, Medicare and Advantage plans? How about understanding the pro's and con's of annuities - The list goes on. We are happy to help. Although I'm still reasonably young they have helped me plan for retirement and reduce my tax bill that I was having to pay each year. I'm finally feeling a lot more secure about my financial future. I couldn't recommend them enough. I was overwhelmed with the various options available to me when thinking about retirement but the people at Florida DROP Consultants made is so easy for me to understand all the options I could take and I never felt they were pushing me in any direction. They simply explained the options and showed me how much Income I could expect based on what option I decided to take. I'm truly thankful for their advice. Here are some common questions we are asked. If you have other questions feel free to call us and we'll be happy to help. One of the most important retirement decisions you will make is whether you should participate in DROP. To help you in this decision, we can provide you along with the FRS comparative estimates of the benefits you would receive under DROP versus the benefits you would receive if you continued working and earning service credit for the same period of time and then retired without participating in DROP. After you receive these estimates, we will review your total financial situation, including your FRS and/or DROP benefits, personal investments and other assets, Social Security benefits, significant debts, and other liabilities. If your accumulated annual leave is paid to you at the time you enter DROP and your employer confirms and reports the amount to the division on the monthly payroll report, then the lump sum annual leave payment will be eligible to be included in your retirement benefit calculation. If you receive a lump-sum annual leave payment after your DROP participation begins, it will not be included in your retirement benefit calculation. At the end of your DROP participation, if you elect to have your DROP accumulation rolled over to another eligible retirement plan as defined in section 402(c)(8)(b) of the Internal Revenue Code, you owe no taxes on your DROP accumulation until you begin to withdraw these funds from the eligible retirement plan. When you begin to withdraw these funds, the income taxes you owe are based on your income tax rate in the year you receive the funds. If you hold an elected office at the end of your DROP participation, you must fulfill the termination requirement as provided in section 121.021(39), Florida Statutes. Your termination may occur at the end of your 60-month DROP eligibility period or be postponed to the end of the term of office in which your DROP participation ended or any successively held office. If your termination requirement is extended under this provision, you are not eligible for renewed membership in the FRS and will not receive pension payments or your DROP account distribution until you terminate from elected office. After the end of your DROP participation and prior to termination from office, your DROP account will no longer earn interest after your DROP participation ends. If you are an elected official and need more information, contact the Division of Retirement.