Growth for Beneficiaries

Life insurance can be complicated. There are several different types of life insurance, and finding the right type for your needs is important. Term life insurance, where coverage expires after a certain number of years, is one type. Permanent insurance, like whole and universal life insurance policies, keep coverage in place no matter how long you live, is yet another. We believe the best insurance policies allow the funds you’ve paid to grow, and you have the ability to pass that growth on to beneficiaries income-tax free. Call us, we can tell you more. We’re always here to help.

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Factor in Healthcare Costs 

In the past, we have noted that when planning your retirement finances you need to factor in healthcare costs. Not doing that may cause a depletion of your retirement savings that you did not anticipate. There has been some discussion about the Affordable Care Act and the indication that, for the first time, the U.S. Government will negotiate drug pricing for Medicare, hoping that the new law serves as a pilot program for potentially more widespread negotiated pricing. However, we still recommend that you be cautious and anticipate increases as, if the past is prologue, it could be years before

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life insurance policies

How Are You Looking at It?

Typically, you put a lot of thought towards paying off loans for insurance, on, for example, your house and car. However, life insurance is just as important as other types, and should be thought of in the same way.  Life insurance is often ignored, because we look at it simply as something costing us while alive, for benefits that will only matter when we’ve passed away. However, there are life insurance policies that work differently than you’d expect from them. You can use a life insurance policy to benefit yourself, while you’re still alive. Call us, so we can talk to

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Extend Savings While Balancing Risk

Retirement means more than a change in your employment status. It’s the point where the use of your savings changes. During retirement, a retiree’s focus turns from accumulating savings, to how they’re going to live off those savings, potentially for decades to come. That’s why it is important to focus on where and how your savings are stored and used to generate an income you will not outlive. Call us for some ideas on planning ahead to get a head start on the situation. We’re always here to help.

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We’ve written about several of the increases that are happening in 2023 and thereafter, and it is important to keep them all in mind as you plan for your retirement. Since hitting a 40-year high of 9.1% in June, inflation has cooled somewhat. If that trend continues, the Cost of Living Adjustment in Social Security payments will provide an especially strong buffer against higher prices, since the benefit increase is fixed at 8.7% through 2023. Call us if you’d like assistance in reviewing your income and expenses. We may have some ideas to help increase your income that you haven’t

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The Need Gap

“According to the 2022 Insurance Barometer Study, conducted by LIMRA and Life Happens, 106 million adults lack life insurance, or adequate coverage. The need gap, what people have versus what they said they need, is at an all-time high and more than double what it was 12 years ago. The percent of households that say they would be financially secure if the primary wage earner suddenly passed away is 68 percent among life insurance owners, versus 47 percent among those who do not own life insurance.” Call us if you are part of a need gap. We’re here to help.

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The 2022 Cost of Living Adjustment

With 2022 just beginning, we thought we’d share with you some of the changes to Social Security. The Social Security Administration has issued a 5.9% cost-of-living adjustment (known as a “COLA”) for 2022, the largest COLA in nearly 40 years. How much of a difference this will make in your life really depends on your overall financial needs and situation. The increase in Social Security benefits can help offset inflation. However, it will not reduce the amount of Required Minimum Distributions (RMDs) you will still be required to take from your retirement accounts (for example, your IRA.) It’s possible you

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Prepare to Live on $33,000 a Year If You Retire With a $1 Million Portfolio

Preparing For a Reduction

A recent article tells us “People retiring in the next few decades should only count on withdrawing 3.3% of their savings a year, down from the well-established number of 4%” according to a recent report by Morningstar. Inc.  The withdrawal rate refers to how much a retiree can “safely” withdraw from their savings each year without fear of running out of money. Usually it assumes that someone will live about 30 years past retirement. Will this anticipated reduction affect you? Call us, and we can help you determine if it might be time to consider other options. Did you know

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"Retired" definition

Are you Ready to Retire?

If you’re able to easily determine your own retirement date, be thankful that circumstances haven’t led to that date having to change. Also, be aware that determining when to retire isn’t a simple choice. Are you sure you’re emotionally ready? You don’t want to end up regretting retiring earlier, or later, than you should’ve. Running out of money during your retirement, or not living to see your retirement at all, is a real risk when deciding when to retire.  There are certain questions you should ask yourself in order to determine whether or not you should retire yet:  Do you

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I came across an article in the Harvard Business Review where the author discussed a concept we have touched on in the past – the idea that when you “ask someone what her pension is worth, she will reply with an income figure: “two-thirds of my final salary,” for example. Yet, if you ask someone what their 401K is worth, they will probably lament about the value lost in the financial crisis. The article goes on to state that “the safe, risk-free asset today that guarantees your objective is an inflation-protected annuity…” and “If you had enough money in your

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