We often mention in passing that life expectancy shows that women typically live longer than men. What does that mean to you? Well, you should think about the impact it could have on your retirement savings. When one individual passes before another, but both are using the same retirement savings
We thought to share with you our thoughts about the growing number of people who are looking to purchase a financial product that incorporates a guarantee on some or all of their retirement income. In the current climate, against a backdrop of rising inflation and a cost-of-living crisis, the benefits
There still seems to be confusion among retirees about the changes in the law affecting required minimum distributions, or RMDs. Beginning a few weeks ago, on January 1, 2023, the starting age for RMDs rose from 72 to 73. The new version of the Secure Act will eventually increase the
This article reminds you to stick to your goals and keep saving. “If you are already saving, whether for retirement or another goal, keep going! You know that saving is a rewarding habit. If you’re not saving, it’s time to get started. Start small if you have to and try
The year 2023 brought with it a number of changes to the rules governing retirement deposits and withdrawals. This includes changes, in both this and future years, for RMDs from tax-advantaged retirement accounts. New legislation also provides a tax credit for small businesses, relating to retirement plans. It’s important you
This week’s article may help you to think about why you are purchasing life insurance. There are several different reasons why you would purchase life insurance: Once you understand why you’re purchasing life insurance, that helps you determine how much life insurance you need. Contact us if you need assistance
The National Council on Aging reports that financial scams targeting older adults are on the rise. According to the Federal Bureau of Investigation in 2021, there was a 74% increase in losses to older victims of fraud compared to 2020. Why is this? Con artists and fraudsters tend to go
Often when we ask ourselves ‘Have I saved enough for retirement?” we’re really just asking if we can afford to give financial gifts or assistance to our children or grandchildren. The difficult part in answering this question is due to the uncertainty of planning for long-term care. Not to mention,
We are often asked about “financial literacy.” The phrase refers to the ability to understand and use various financial skills, and is the foundation of your relationship with money. A strong foundation of financial literacy will generally make you less vulnerable to financial fraud, and can help support you in
We are always reading articles reminding us that social security is often not enough to support our needs in retirement. No one should be financially caught off-guard when they retire, which is why it may be of interest to you to think about a Fixed Index Annuity as an option.
We’ve received some inquiries this past month about a few topics. “What if” you end up having to go into a nursing home? “What if” you’re living in an independent living facility and need to move over to assisted living? Are your financial products going to pay you in a
This recent article (click here to read) is about what key features to consider when choosing a fixed index annuity during a time of market unease. It helps us to understand details like how FIAs can help act as a source of guaranteed income, even when the markets are declining.
Even if you’re able to add up what you spend today, trying to determine what you will need when you retire is difficult because your spending is sure to change. While perhaps you won’t have a mortgage payment anymore, you may be asked to contribute to your grandchildren’s education, or
“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
We all remember our school days of worrying about the grades we would receive. What does it mean when an insurance company gets graded? Insurance companies are rated with a letter grade to indicate their ability to meet their continuing obligations. An A+ rating means that they are considered superior.
Someone asked us this past week if we would explain what the “Four Percent” rule is and how it came about. The Four Percent rule is based on a study by a financial advisor named William Bengen. His study suggested that one could safely withdraw 4% of their starting portfolio
There was an interesting article the other day in the Wall Street Journal. The article discussed a recent survey of workers in their 60’s who were asked about their retirement preferences. The author found that the assumptions that are usually embedded in retirement income calculators–for example, good health, not wanting
“Money can’t buy happiness” is an adage that some people live by, and others ignore. According to a recent Purdue study: “income can correlate with emotional well-being and life satisfaction.” But, as a recent GoBankingRates article tells us, the price of happiness differs (apparently) depending on the State you live
A fixed indexed annuity is a type of annuity contract between you and an insurance company. It generally promises to provide returns that are based on a link to the performance of a market index. You usually make one initial lump sum payment to the insurance company. That payment is
We continue to read articles confirming that, while it certainly is an arduous task to work for decades and plan ahead to afford a comfortable retirement, what continues to unsettle many is the actual transition into a life post-workforce. For example, concerns about losing one’s routine, the fading away of