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Looking back at my father, I see someone who was entitled to two pensions and Social Security. As he put it, he “just got money in the mail.” Fast forwarding to present day, I work with folks who are or will be solely dependent on the money they have saved and their Social Security to drive their retirement income. So the question is, “How do you not outlive your money?” We work on average 40 years. During that time we buy homes, perhaps raise and...
View ArticleThe question is not if annuities are good or bad. The question is what type of annuity works for your retirement. All tools exist for a purpose. Don`t use a hammer when you need a screwdriver. In this article, I will discuss the purpose of annuities, specifically fixed and fixed indexes annuities. By the end of this discussion, I will outline some of the questions surrounding annuities and why annuities are the right tool for your retirement. Question 1- How much money should I risk?...
View ArticleIf you are embarking into the annuity world for the first time, it might be like being lost adrift in the movie “Water World.” You are wandering in a sea of never-ending questions. Folks who have been in annuities for years may still not understand them. There are fixed annuities, immediate annuities, variable annuities, and index annuities with caps, all of which are quite complex, especially if you have received your first annual statement and you only made 3%. Annuities have changed immensely from the...
View ArticleWhen I was 23 years old, my employer decided to change their pension retirement system to a 401k. I received the letter from Human Resources instructing me to attend the meeting with the financial advisors who were going to help me set up my new 401k. I was excited that I was finally well on my way to financial independence and that after this meeting, I would have all the tools to become the first millionaire in my family. Being a naive young man fresh...
View ArticleOk, cute title… but what the heck is a “2-Step” when it comes to taxes and my money? Well, if you currently have savings in a qualified 401k, 403b or 457 Deferred Compensation Plan, then one of your concerns is probably how taxes will impact your retirement as well as the legacy you leave your family. You might want to consider implementing this simple 2-step financial planning strategy. First of all, you might wonder, “Is it possible to use existing financial tools to create a...
View ArticleIn the last three decades that I have been in the industry, I have never seen change occur as fast and furious as it does today. As a country, we have the highest debt ever with over 19 trillion owed. Our inflation is eating the dollar’s value each year. Unemployment is at its worst, and taxes are increasing at alarming rates. The mortgage industry has just gone through one of the largest bubbles ever, and it is reported that another is on the rise. Our...
View ArticleOne of the burning questions pre-retirees and retirees have on their minds is, “Is my retirement nest egg large enough to last?” This is due to fact that, with the advancements of modern medical technology and the concentration of health and fitness, retirees nowadays are simply living longer. Many have done a splendid job saving over the years in their IRAs and 401ks to ensure a pleasant and peaceful retirement. While this is great news on one hand, it also creates challenges on the other...
View ArticleIt’s the time of life that you have been waiting all your working years to experience. Retirement has finally come, and you can enjoy what you have been working so hard for. But suddenly, a flood of questions stream through your mind: What will happen if the market takes a sudden downturn? How safe are my investments from losing value? Did I save enough to receive income for life? If you are similar to many Americans, then these are questions you have already asked yourself...
View ArticleThe probability of achieving your life’s financial goals can be a direct result of how efficiently you manage your financial resources such as savings and investments including expenses, debt and cash flow along the way. There are many moving financial pieces to a comprehensive financial planning puzzle as it relates to savings, investments, taxes, capital purchases (auto, appliances, college funding, etc), personal debt, and mortgages— to name a few. How each asset or liability is handled could either have a negative or positive impact on...
View ArticleThis is a question I get asked a lot in my practice. However, this question is asked for many different reasons. There are several issues this question refers to, and each of them should be answered specifically in accordance with their real, underlying question. At what age should I purchase an annuity? This is a broad question, and will be answered in more detail as we work through some of the others. Generally speaking, most people under the age of 40 should not purchase an...
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