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Weekly Commentary Presented By: Mike Volner
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.
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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.
This week’s article was interesting because it discussed a new type of health care program called a ‘concierge service’. It is an interesting concept, that’s for sure, and I noted that along with it comes a cost. The article went on to talk about fixed income annuities and stated “With FIAs, your money has the ability to grow tax free, only taxed at time of distribution; your principal is protected; and will never decline in value. The guaranteed income from a fixed indexed annuity could be used to supplement the membership costs of concierge medicine.” Call us to discuss your income needs. We’re here to help, and are available to discuss options you may not be aware of.
This week’s article reports “the U.S. Treasury Department has just given a tax break and its blessings to retirement savers who want to buy long-term deferred annuities in their 401(k) and individual retirement accounts.” The new rule focuses on a particular kind of annuity often referred to as a “deferred longevity plan.” This type of annuity can lock in annual benefits at a specified age, taking advantage of the pooling of many lives, and understanding that not everyone will live beyond, say, 80 or 85 years old, and so those who do so can collect more income than they would have been able to produce on their own. Call us if you are interested in learning more about this type of annuity. We’re here to help you plan for your retirement.
As the Fourth of July approaches, I reflect more on giving thanks for living in this great country. I thought to share this week’s article with you because it reinforces that notwithstanding human nature has a tendency to focus on the challenges we face in politics and with the economy; in fact, we live in an incredible country with opportunities to change the game for the better. As you think about your retirement, call us to discuss your options. We’re here to help you change your life for the better. Happy Fourth of July!
We tend to think about retirement as someone else’s issue, but this week’s article tells us that in America 10,000 people are turning 65 every day, and the number of workers paying for the younger generations’ Social Security retirement benefits is getting fewer. Have you thought about what you can do to serve your retirement needs, but also help those younger generation members of your family you leave behind? Call us; we have some options we’d like to discuss with you. We’re always here to help.
As this week’s short article tells us, “retirement can be the saddest or happiest day of your life. It is important that you re-evaluate your preparedness on an ongoing basis. Changes in economic climate, inflation, achievable returns, and in your personal situation will impact your plan.” It is not always easy to determine how well you have prepared and what you can do to improve your retirement outlook. Use the calculator in this article and then call us. We’re here to help you determine if there are options available that may help you with your plan in order to make retirement a ‘happy day’ for you and your family.
I read a study this week conducted by LIMRA, a research organization servicing the financial services community that referenced a feature in Fixed Annuities I have always found to be positive. Mark Paracer, a senior research analyst at LIMRA said that as it relates to guaranteed lifetime withdrawal benefits “there are people who didn’t look at indexed annuities before, but can now look at them as an income story.” If you are interested in lifetime income benefits call us. We’re here to help explain some options that are available to help you attain your retirement goals.
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