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Your Term Life Insurance Is Expiring. Now What?
Your term life insurance is about to expire, you’re retiring, and the kids are gone. This is a good time to determine your insurance needs and weigh your options. Here’s how to choose the best course of action for your ending-soon term life policy. Start with these 3 questions: 1. Do loved ones need your financial support? People often buy a term life policy when they get married, buy a house or have their first child. This type of cost-effective policy provides financial security for your family in the event of your passing. Now that your children are grown and [...]
How Does a Fixed Annuity Work and What Are the Benefits?
Like general annuities, a fixed annuity provides guaranteed income for people heading into retirement. The annuity is also a contract—with variables. And that can make choosing the right one challenging. Take Jackson, for example. He’s in his early fifties. His mother passed away several months ago, leaving him an inheritance. He wants to invest the money as soon as possible. Jackson hears about fixed annuities for building retirement income. He sifts through online articles but finds it difficult to sort out the details. Jackson talks to his retirement specialist who explains how a fixed annuity works and the benefits of [...]
What You Need to Know about Working after Retirement
These days, many seniors are working after retirement. They continue to work and collect social security benefits, often as a means of earning extra income or staying active and engaged in a working community. While continuing to work has benefits, there are earning limitations that may affect your social security benefits. Before getting that new job, it’s important to understand the nuances of working while collecting early retirement benefits. Here are some important things to consider as you plan for working after retirement. Analyze your early retirement needs Once you’re in your sixties, you may decide to retire early and [...]
Income Annuities: A Good Retirement Income Choice?
Income annuities can get complicated. There are different types of annuities with many variables. Additionally, getting one started often requires handing over a large sum of money. If you are close to retirement (or in it), an annuity may be a good fit for reinvesting money tucked away in savings and CDs, mutual funds, 401(k)s and IRAs. But how do you know which is the right annuity to guarantee a predictable income stream for retirement? Meet Stan. Stan is concerned about outliving his income. He wants to enjoy his retirement without worrying about money. The thing is, he’s read about [...]
3 Quick Personal Finance Tips to Kick off 2019
When it comes to personal finances, it’s easy to put them in the too-hard basket and forget about them. The thing is, like living a healthier lifestyle by moving more, taking care of your personal finances leads to a healthier financial way of life (like having greater peace of mind and the freedom to do what you love). And the beginning of the year is the perfect time to get a fresh start on your financial health... Vicki and James will retire from their jobs in the next 5-7 years. They want to fix their finances and understand how they [...]
Should You Roll over Your 401(k) When You Retire?
Do you wonder if you should rollover your 401(k)? After all, your last day at work is coming up. You’re dreaming about your new freedoms — like meeting friends for coffee on a Monday ... in your running gear. Over the years, you’ve invested in your 401(k) with the added benefit of your company’s matching contributions. Now, with that final check just around the corner, it’s time to make some decisions about your 401(k) plan... Roll over your 401(k) and make a clean break from work Along with clearing out your desk and grabbing the plant, this might be a [...]
How to Talk to Your Adult Children About a Life Insurance Policy Transfer
A life insurance policy transfer to your adult children can help sustain your investment should your financial situation change... Twenty years ago, Donna bought a life insurance policy. When she chose the plan, she predicted as best she could the premium she’d be able to afford. But in recent years, financial challenges have made it difficult for her to pay her life insurance premium. And it’s due again soon. She is close to her son, Joshua. He’s married with two young children. Donna is comfortable transferring policy ownership to him, but she worries about burdening him with the premium [...]
Long-term Care Insurance: Do You Need IT?
William and his son, Jack, listen as the doctor explains the long-term care William will now need. Jack can cook for his dad, but William will need help with everyday tasks, such as dressing and bathing. And that means hiring care providers to come to William's home. Thankfully, his long-term care insurance will help with this new expense. When it comes to long-term care insurance (LTCI), many people delay buying it or figure they can get by without it. Plus, from premium costs to benefits, there are a lot of variables of consider. So, here are some important points to help you decide if [...]
5 Advantages to Annuities: Optimizing your Retirement Finances
Annuities offer some considerable benefits over other kinds of retirement investments, especially for those not able or willing to risk losing a portion of their retirement savings. Here’s the big advantages to going the annuity route: Lifetime Income – With an immediate lifetime annuity contract, you are guaranteed periodic payments for as long as you live. The “risk” of you living a long and happy life is borne by the insurance company providing the annuity. Social Security and pensions offer a similar form of retirement income protection – but only up to a certain amount. The only limit to the [...]
What Should Seniors Know About Medicare Reform?
Medicare and Medicaid reform makes headlines on a daily basis. The past decade has seen major changes to Medicare and Medicaid, and if the proposed GOP healthcare bill is passed, more changes are yet to come. What should seniors know about Medicare reform? What’s Getting Cut? First of all, understand that Medicaid is the primary target of all funding cuts, not Medicare. The current proposed healthcare bill, the American Health Care Act, is designed to reverse the Medicaid expansion ratified under the Affordable Care Act, reducing Medicaid spending by about $800 billion over the next decade. How Will It Affect [...]
