Is Your Social Security Check Going to be Enough For You?

Whether you’re recently retired, nearing retirement, or a few years in, an annuity can help build tax-deferred savings. Why is that important? Annuities can provide a guaranteed lifetime income to supplement your social security. According to a Gallup poll, 85% of investors “strongly agree that it’s important to have a guaranteed income stream in retirement to supplement Social Security” and 61% strongly or somewhat agree they are willing to give up access to some money in order to provide for a guaranteed retirement income stream.” If you’re nervous that your social security check won’t be enough for you during retirement,

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Benefits of Fixed Indexed Annuities

As a reminder when you are considering where you can place your hard-earned savings to generate a guaranteed income, remember that FIAs are insurance products that can guarantee income over a period of time — even over a lifetime. Unlike a 401(k), the insurance company absorbs the risk of market downturns, guaranteeing a minimum floor, and protecting contract holders from market losses. In other words, an FIA offers the potential for interest, based in part on the performance of an external index without the risk of market loss. Your principal amount is guaranteed, subject to any withdrawals you take or

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The New Retirement

As we are starting to emerge without masks, this week’s article discusses the ways that COVID-19 has impacted the economy and retirement. “COVID-19 has accelerated many of the trends that were already challenging the outdated study-work-retire model…” and has us rethinking retirement. If you’re feeling less secure about your finances due to the pandemic, you’re not alone. Call the team at Financial Resources Group. We’re always here to help. Click here to read the full article.

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Retirement Calculator

This week’s article includes a retirement calculator to assist you in determining whether you are successfully targeting what you need for a secure retirement. It even includes information about Social Security (which is calculated on a sliding scale based on your income) and how to allocate for a non-working spouse in your plan. Household income, the age you wish to retire at, and when you may and may not make contributions to your savings are factored in as well. We know every retirement plan is different and we’re here to help you personalize yours. Use this calculator to create your

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It’s Not Magic

Retirees sometimes get to the point where, as the saying goes “it is what it is” and there “is” only so much money in their retirement savings account, and it won’t or can’t get any bigger. So then the question becomes, what can be done with that savings to last through what is hopefully a very long retirement? We have told you in the past about different articles that discuss financial products that exist that can turn a retirement savings account into an income stream that you can’t outlive. But, did you know that there are new ways to increase

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The Peak 65 Generation

The Alliance for Lifetime Income recently published a new economic report about the “Peak 65 Generation” you might be interested in. “Peak 65 is a term used to describe the point in time when more Americans will turn age 65 than at any point in history.” This will occur in 2024. “This fast-approaching milestone requires the urgent attention and collective action of retirement security stakeholders, including policymakers, the financial services industry, employers, and consumers themselves. The report also focuses attention on a looming retirement income crisis in America, which has been dramatically accelerated by the huge increase in Americans retiring

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can a minor participate in a 401k

Can a minor participate in a 401k

Are you a small business owner? You may find this interesting. According to this week’s article, “the 401(k) has become the go-to retirement plan for many Americans.” In fact, the article goes on to say that the “flexibility, tax savings and scale of 401(k) plans” have made them “attractive to employers”, as well as employees. However, there is a common misconception about 401(k)s. Namely, people think that you have to be at least 21 years old to have one. However, nothing in the federal law precludes setting a plan’s minimum age to be under 21. These choices are ultimately up to

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social security check

Did you know?

Did you know that 40.2% of older Americans have Social Security as their only income?* We believe in supplementing your retirement with additional income you can’t outlive. Call us if you are interested in learning more about a product that provides this. Protect your principal from market losses, and generate a lifetime income. We’re always here to help.  *National Institute on Retirement Security, “Examining the Nest Egg: The Sources of Retirement Income for Older Americans,” January 2020

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tax deadline extended to May 17

What’s the Right Strategy for You?

This week’s article confirms an announcement recently made by the IRS. “You now have an extra month to lower your tax bill with contributions to your individual retirement account (IRA). Just like last year, the IRS has extended the 2020 tax filing deadline to May 17, allowing Americans an extra month to make IRA contributions that can potentially ease their IOU to Uncle Sam while also helping them save for retirement.” Do you need help deciding what is the right strategy for you with your retirement contribution? Call us. We’re always here to help. READ FULL ARTICLE

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retirement accounts

Retirement Accounts

With deadlines for filing tax returns approaching we are beginning to remind people that the deadline for making their permitted annual deposits into their retirement accounts is also approaching. Even if you have a Roth IRA you may want to consider the different options you have to both accumulate wealth for retirement, or if you are already retired and taking income from your savings, to obtain growth potential without being vulnerable to major long-term downturns in the market. Call us, we’re happy to explain some choices you have and discuss how they may fit into whatever stage of retirement planning

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