Saving Vs. Spending

This week’s article asks the question, “When do you stop saving and start enjoying the fruits of your labor?” We could help you understand at what age you can start to transition from saver to spender. It could mean the difference between: A retirement of constant penny-pinching and being stuck in saving mode. A retirement that includes vacations, seeing your friends & family, and allowing yourself to ENJOY your retirement full of valuable experiences. The article explains, “You’ve done all the right things—financially speaking, at least—in saving for retirement. You started saving early to take advantage of the power of

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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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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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outliving your retirement

The Stanford Longevity Project Looks at Annuities

This week’s article references a topic we have been reflecting on over the past few months and that is the understanding that “retirees face a number of challenges to their financial security, including living longer and facing the danger of depleting their savings too soon. The pandemic has further threatened retirement nest eggs, as a growing number of people have needed to take Social Security benefits early, before full retirement age, thus reducing those payments in the long run.” You may be interested in a study by Principal Financial Group in conjunction with the Stanford Longevity Project that discusses these

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Claiming Social Security

Marshmallows and Social Security

I thought you would enjoy this week’s article as it explains the old “marshmallow test” in answering the question of “should US retirees delay claiming Social Security until age 70, even if they have to spend savings until then?” You may ask “What do Social Security benefits and marshmallows have in common? When placed squarely in front of most people, both are hard to resist.” “Almost everyone knows about the famous “marshmallow test.” In the late 1960s, Dr. Walter Mischel of Stanford put marshmallows under the noses of preschoolers and asked them to wait 15 minutes before popping them in

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Decide when to start

So many people are talking about retiring and hoping to do it soon that I thought to share with you an article that discusses those items in a check list form that you need to think about and pick the choices that work best for your situation. While medicare coverage begins at age 65 regardless of your Social Security full retirement age, when you start to collect on your Social Security benefits is much more within your control. So is purchasing a product that can provide you with additional income, in a form that you can’t outlive it. Take a

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More Fiscally Conservative Yet Simultaneously More Freeing

More Fiscally Conservative Yet Simultaneously More Freeing This week’s article tells a story we are all too familiar with: “Approaching retirement at age 65, John and Jill Smith realized their monthly income from Social Security and pensions total $700 less than their fixed expenses. They have savings to fill the gap, but worry that their nest egg may not be sufficient to cover both their fixed expenses and their annual travel plans — especially if they are fortunate enough to enjoy a long retirement. Prudent investors often tackle this problem by becoming ultra conservative with their money. They commit to

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Some Critical Moves

This week’s article points out that “Social Security payments are one of the biggest assets that most people have,” and “how you handle that income has an important impact on an overall plan.” A “critical move” that is highlighted is not only to know your full retirement age and to weigh the advantages of delaying your Social Security benefits, but to “coordinate the timing of benefit claims with your spouse.” A law “phases out a strategy known as restricting an application for spousal benefits, which could boost a couple’s total payout by tens of thousands of dollars.” Call us if

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