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Weekly Commentary Presented By: Mike Volner
I was interested in the comments in this week’s article where it stated that “Higher-earning people tend to live longer” and “For those turning 65 in 2015 (born in 1950), one in five men is expected to live beyond his 90th birthday, while one in five women will still be alive at 93.” While it is always difficult to determine how many years should be taken into account for our life expectancy when we plan for retirement, it is ironic that the good news of living longer is sometimes also viewed as bad news because we will need more money in order to last the rest of our longer lives. We may be able to help you think of only the good news. Call us if you would like to discuss options that can help provide income that will last as long as you do. We’re here to help.
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“28 percent is the share of pre-retirement income that Social Security benefits will replace in 2030.” This opening line of an article caught my eye and I thought to share the article with you. It indicates that “An average earner who retired at 65 in 2002 received net benefits equal to 39 percent of pre-retirement income.” Yet, “By 2030, the replacement rate will have declined to 28 percent due to a scheduled increase in the Social Security Normal Retirement Age (NRA), higher Medicare deductions, and income taxes levied on Social Security benefits.” If you are looking for additional sources of income in planning your retirement, call us. We may be able to provide you with options you haven’t yet considered.
I found this week’s article interesting enough to share with you because it articulated a conclusion I’ve always drawn; that as “Baby Boomers, millennials, women and soon-to-be-retiree look at retirement planning, fixed indexed annuities (FIAs) have become an increasingly popular tool to ensuring their retirement plan is balanced.” Regardless of which group you fall into, if you’d like to discuss this option for your retirement plan, call us. We’re here to help.
While we have all heard the saying “Money doesn’t buy happiness”, you may not be surprised with Researchers who found “While more cash doesn’t increase joy, it does decrease sadness.” The examples discussed in this week’s article make sense. For example, “a leaking roof might be annoying for a few days if you’re rich, but a months-long ordeal that can cripple you physically, financially, and emotionally if you’re poor.” There is always anxiety in growing older. Let us provide you with some financial options that might lessen your concerns as you plan for your retirement. Call us, we’re here to help.
I read a great article that I thought to share with you about a role that confidence plays in our lives.According to a new survey, higher education professionals are better prepared for retirement than the general population. The article stated that “Confidence is key: Giving thought to retirement preparations contributes greatly to your financial confidence.” We’re here to help you feel more confident with your retirement plans, and look forward to speaking with you soon.
It’s mid-January and if you are anything like me you are trying to stick to those New Year’s resolutions you made a little over two weeks ago, and you are looking for ideas on how to do just that. That’s why I liked this week’s article. It lists seven things you can do to save more money in the upcoming year in order to help meet your retirement goals. We want to let you know that we have an additional idea that may help give you income that you can’t outlive. We look forward to talking with you soon to see if this option is right for you. Call us, we’re here to help.
This week’s article brings to light that whereas fixed annuities were once “simply viewed as a safe way to guarantee a lifetime stream of income, [they] have emerged as a balanced instrument that offers the potential for wealth accumulation.” As you make plans for the future, you may want to think about what this article refers to as the “overall accumulation potential”, meaning you may be able to save faster than you think with a fixed annuity. Call us if you would like to discuss this. We are always here to help.
As the year ends, and a new one begins I can’t help but be reminded that “because we’re living longer, we can’t think of retirement in a traditional way.” Experts believe that individuals retiring at the traditional ages of 55-65 should plan on living over 30 years in retirement. We understand the need to take personal responsibility for our financial security as we age, and your resolution in this new year to do so. Call us to talk about some options that may help you accomplish your goals. We send you our very best wishes for a good new year.
As this week’s article tells us, “with 2015 right around the corner, many people find December to be the ideal time to review their finances and retirement planning and make adjustments for the coming year.” In our review, we always think about “peace of mind with a guarantee” and “protection for your next egg”. If you are thinking those same thoughts, call us. We’re here to help.
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.
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.
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Tel: (901) 385-1200