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.
Remember to think about yourself in future terms. Many of us feel little connection to the person we’ll become years from now, and that can lead to shortsighted behavior that can actually hurt us in the long run. It’s certainly food for thought. Are you holding back on retirement savings because you haven’t yet identified with who you will be in retirement? Get in contact with us. We can help you brainstorm about things that can be done to increase your retirement savings, and even provide you with an income you can’t outlive.
We often hear that the market is “up” or “down” and think that we’ve either made money (or lost out on making money) or that we’ve lost money. But “up” and “down” don’t have much tangible meaning to us, personally. When a stock broker tells you us “You’re doing great, the market is up” is he telling us we’ve made money, or that we’ve made up some of the losses we previously incurred? It’s important that you really understand what’s meant by phrases that imply positivity. Reach out to us. We can help you understand what your financial situation really
There has been an uptick in what regulators call “romance fraud.” This refers to a type of online deception where individuals create fake identities and develop fraudulent romantic or otherwise close relationships with unsuspecting people to exploit money out of them. Studies have been done to try to pinpoint when seniors are most vulnerable: Unsurprisingly, it’s between twelve and twenty-four months after losing a loved one, moving, or becoming less mobile, and therefore less able to get out and about to visit friends. We all need to pay attention to these situations, especially as society promotes a greater use of
“You can’t have your cake and eat it too.” Perhaps there’s more truth to this saying than we want to admit. This year has been tumultuous, with markets declining and interest rates increasing. Were we all soothsayers, we would be rich beyond our dreams. But we aren’t. And it’s disingenuous to think about the money we could have made when interest rates increase, forgetting what we could have potentially lost if we’d taken more risks. If we’re honest with ourselves, the idea of “risk vs. reward” necessitates an examination of both sides of that equation. As a senior, you must
We’ve spoken in the past about the benefits of saving money for retirement by having automatic transfers from your checking account into a savings account. But, what is often forgotten is that workplace retirement account when you leave one job and move on to another. If you leave a job, consider “rolling” the money from the former employer’s plan into a different retirement account or other product. There are some options out there that can enable your money to grow tax-deferred, coupled with the ability to acquire an income you can’t outlive. Call us, we can help walk you through
One potential way to save money consistently is to arrange automatic transfers from your checking to your savings account on paydays. This idea can be also applied to RMDs as we get older. While we may be forced to take required minimum distributions out of qualified accounts, there are no restrictions on how you choose to use that money. One idea we’ve discussed with clients is re-saving those funds by depositing them into non-qualified accounts. Call us. We’d be happy to explain how this play can increase your savings. We’re always here to help.
Sometimes it’s best to start with the basic steps when planning for retirement. Are you contributing enough to your 401(k) to get your company’s full employee match? Have you paid off any high-interest-rate debt you may be carrying? Eliminating a monthly credit card or auto loan with a high-interest payment may enable you to save more money than you think. Do you have an “emergency fund” of extra money? This is important, as with this money set aside, you won’t have to dip into your retirement savings if you need cash in a hurry. Once you’ve handled debts and created
The five years before you retire and the next five after retirement are among the most important and vulnerable for a retiree’s savings. The reasoning is that, as you approach retirement, there are far fewer years left to correct or recover from a mistake. The consequence of a misstep during this time can affect your quality of life in retirement, and the likelihood that you’ll have enough to last the rest of your lifetime. If retirement is fast approaching for you, or even already here, you want to make sure you have everything figured out. Reach out to us, we
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