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Weekly Commentary Presented By: Mike Volner
This week’s article is worth reading as it discusses the tendency to focus on the “number” at the bottom of our personal balance sheets, rather than ensuring that a retirement portfolio can generate enough steady money for as long as we live. The article goes on to say that “getting people to start thinking about their retirement in an income stream instead of a lump sum is a big problem.” The reason may be what researchers call the “phenomenon of present bias” where, for example, half a million dollars today sounds a lot better than say $2,500 a month for the rest of your life, even though the $2,500 a month may be what you’ll need more. Call us if you’d like to discuss what options for a steady income stream may be available for you. We’re always here to help.
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It is natural that human curiosity makes us ask why we should do something today if we could wait until tomorrow. This question sometimes arises with Fixed Annuities. This week’s article tells us that part of the current “trend toward fixed annuity products may be explained by shifting demographics—baby boomer clients are aging, and the oldest members of this group are now entering (or just a few years away from) retirement. Logically, a client who is just a few years from retirement begins to look for products that will guarantee a certain fixed level of retirement income, thus explaining the shift toward fixed annuity products.” Call us if you find yourself in this situation. We’re here to help you navigate through options and find a solution that works best for you.
This week’s article made me think that if you are anything like me, from time to time, in certain situations, you wonder if others are doing the same thing you are. Beacon Research President says that “With declining rate advantages over other fixed rate investments, fixed annuities continue to be lifted by investor demand for retirement products” the article provides a separate complete Fixed Annuity sales data information document to back why he says that. We found the information interesting, and thought you might also. Call us if you have questions about what options are available for you in similar situations. We’re always here to help, and look forward to hearing from you.
When I read this week’s article on long-term care solutions for an aging world, I thought about other concerns that living longer creates. “The number of people aged 65 years and above will grow by around 80% to nearly 1 billion over the next 15 years”. Needs will include not just health care, but careful retirement planning in a time where there is great concern about outliving one’s income. Call us if you’d like to talk about some solutions we may have to help you with your retirement planning. We’re here to help.
We are always interested in reading about ways to cut taxes where legally possible and thought to share with you this week’s article on that same topic. The article tells us that “Cutting your taxes every way that’s legally possible is a smart way to keep more of your hard-earned money. Additionally, paying less tax on the growth of your retirement savings allows you to keep every dollar invested, so you can grow a larger nest egg that generates plenty of income when you need it.” Did you know that there are tax benefits you can enjoy when you add a fixed index annuity to your financial portfolio outside of a qualified account? Take a look at the benefits identified in this week’s article and then call us if you’d like to discuss what options are available to you. We’re always here to help.
I thought to share with you an interesting report on “The Changing Face of Retirement” where key challenges facing young adults as they seek to balance their immediate financial pressures with the goal of planning for retirement are discussed. If these types of financial pressures are concerning you or other members of your family, feel free to call us. We’re here to help find solutions in challenging times.
I liked this week’s article and thought to share it with you because it raises a common myth which is “If you have a retirement account you don’t need an annuity”. Instead, the article reminds us that “One of the major benefits you can get from a fixed indexed annuity is the guarantee that you’ll never run out of money during retirement.” It goes on to say “Having funds in a retirement account is a terrific asset, however those accounts don’t guarantee to give you an income stream that will last for your entire life.” If these are concerns you have, call us. We look forward to speaking.
I thought to share with you today the Securities and Exchange Commission’s website link on Annuities because it provides a good explanation of why people buy annuities. It tells us “People typically buy annuities to help manage their income in retirement. Annuities provide three things: Periodic payments for a specific amount of time. This may be for the rest of your life, or the life of your spouse or another person. Death benefits. If you die before you start receiving payments, the person you name as your beneficiary receives a specific payment. Tax-deferred growth. You pay no taxes on the income and investment gains from your annuity until you withdraw the money”. Call us if you’d like to discuss how these features may fit into your retirement planning. We’re here to help.
This week’s article begins by reminding us that “finances can make or break a relationship.” It’s important to have an open conversation with your partner when it comes to planning for retirement because “each of you might have your own idea of how to accumulate wealth for those later years.” And, while retirement savings preferences may vary, couples need to consider that they will most likely be retiring together and therefore should plan accordingly. This week’s article talks about the role that Fixed Indexed Annuities can play in those retirement plans. Let us know if you have any questions as you plan for the future. We’re always here to help.
I thought you might be interested in this week’s article because it discussed useful purposes that Annuities can serve, some of which might apply to your particular situation. If you are in a saving-money stage of life, the article tells us they may “help you meet your retirement income goals” and if you are in a ‘need-income stage of life” an annuity can help protect you against outliving your assets. Call us if you would like to discuss your particular situation and we can fill you in on other purposes that Annuities can serve. We look forward to speaking with you soon.
Sometimes it is good to learn what is meant when the topic of different types of annuities and different types of life insurance arises. This week’s article does a good job of explaining “there are two main types of annuities-deferred and immediate, and two main types of life insurance-term and whole life.” When you read the article, take a look at the chart explaining the differences and let us know if you have any questions. We’re here to help and look forward to speaking with you.
I found this week’s article interesting in its discussion of what they called “The Changing Face of Retirement.” The author stated “With over half of young people today expecting to be worse off in retirement compared to their parents’ generation, the current generation of people in their twenties find themselves faced with particular challenges in saving for later life.” We understand these difficulties and have some suggestions for options that may help. Call us if you have a young person you would like to refer to us. Any friend of yours is a friend of ours.
I thought to share this week’s article with you because it reminds us how important it is to take control of a retirement income plan. It states “One important way you can do that is by considering a Fixed Index Annuity (FIA). An FIA allows you to set aside a principal amount that will remain protected in the event of a market downturn, with capped interest growth if the market rises. An FIA will protect your nest egg and give income options providing a retirement income you can depend on for life.” Call us if you’d like more information on this option. We’re here to help.
This week’s article reminds us “Because we’re living longer, we can’t think of retirement in a traditional way.” Years ago we may have had more of an ability to rely just on social security, but nowadays, as the article explains, “individuals must take personal responsibility for their financial security as they age. We must plan to work longer and save more, and to ensure that our savings, combined with government pensions, provide us adequate income until the end of our life. Whether you’re 70 or 17, demographic trends show you have a long life ahead, and it’s never too soon to prepare for the future.” Call us; we’re here to help you plan for your retirement.
This week’s article spoke about a new study by Bankrate.com that shows one-third of Americans have zero retirement savings. “This includes 26 percent of adults between the ages of 50 and 64 – one of the most crucial age groups for retirement planning and saving. This generation acknowledges the importance of saving, with 32 percent of people feeling less comfortable with their overall savings than they were a year ago.” If you are looking to feel better about your retirement strategies, call us. We can help by telling you about alternatives you may not be aware of, that protect your principal and can also provide income.
Did you know that travel is an excellent way to maintain health and mental vigor throughout retirement? This week’s article tells us “people who travel during retirement show higher levels of satisfaction physically, emotionally and financially than non-travelers, but it needs to be planned for.” It’s wonderful to plan for things that give us pleasure, and to not always plan just for the necessities. Call us if you feel the same way. We’re here to help, and have some options you may not have considered that can help pave your way to achieving your retirement goals.
We believe in protecting your principal. As this week’s article explains, because of the features of a fixed indexed annuity “the value of your money will never decline for as long as it is in the annuity. But it can increase with a rising index, offering growth potential.” And, once interest is credited, it can never be lost due to negative market fluctuations. Over the past few weeks, have you been thinking this is the kind of protection you wish you had? Call us; it’s never too late to plan for your retirement needs.
Whether you are a baby boomer experiencing anxiety about how you will pay for your increased living expenses, or a Senior concerned with your high health care costs, this week’s article tells us that there may be a product that can “offer solutions to these problems by offering riders to policies that either are or may be added to an annuity to protect policyholders’ future long term and immediate health costs needs.” Call us if you would like more information about this kind of option. We’re here to help and always look forward to speaking with you.
This week I thought to share with you a report issued by financial experts to the U.S. Senate’s Special Committee on Aging. GAO conducted the study because they found that “as life expectancy increases, the risk that retirees will outlive their assets is a growing challenge”. The report stated “Financial experts GAO interviewed typically recommended that retirees systematically draw down their savings and convert a portion of their savings into an income annuity to cover necessary expenses …” Call us to discuss what an income annuity is, and how it works. We’re here to inform, and to help you feel good about your retirement future.
In an Investor Market Perceptions Study cited in this week’s article, “the majority of Americans ages 25+ with more than $200,000 in investable assets said they want some form of protection from losses as they accumulate assets for retirement.” 95% of those who responded to the survey said that they would like “a financial product with no potential loss or at least some level of protection from loss rather than one with both unlimited potential growth and loss.” We prefer products with no potential loss. If you’re like minded, give us a call. We’re here to discuss choices you may not have known you have.
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Volner Financial Group, Inc. 2854 Stage Center Drive, Suite 104 Bartlett, TN 38134
Tel: (901) 385-1200