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"Nice to know
that I'll be well taken care of.
Thank you
Tom, for your
interest in my
physical welfare.
It is refreshing to know some
one cares about
something besides
making money.
God Bless you
and yours."
Leo Bors-
Phoenix, AZ
Call
800.547.1567
if you would like an agent to assist you
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When should you start planning for your
retirement? If you wait will you be better off? The longer you think about it
the sillier questions like that should seem to you, but many people don't save
money or wait until late in life to start saving for the time that they will no
longer be able to earn an income.
Part of planning is making sure that you have
the insurance you need so income and lifestyle won't be destroyed by an
disability or accident. The greatest risk any of us face to our health and
income is needing to provide long term care. If you need long term care you will
be taken care of but the affect on your family could be devastating. Please view that section to learn
more about this risk.
If you have invested and saved all your life,
converting that into income and
spending down your accounts requires a different type of planning in order to
ensure that you can maintain your lifestyle and keep other commitments you may
have made to your family or community. Current models mix insurance and investments to maximize
your income and reduce the risk of unplanned intrusions of your capital.
Annuities are a contract with an insurer and the most common
vehicle used to convert savings into a predictable income stream while
protecting your principal and growing your savings in a tax free environment.
There are many types of annuities. Just as you might have many lengths and sizes
of screwdriver in a toolbox, these are a valuable tool if used in the right way
and the right time. It is good to understand this tool and what it can and
cannot do. Not sure what annuities are or how they might be used to
convert your savings into income?
Watch the presentation.
Top Five Retirement Concerns:
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Inflation
You know what inflation is but do you know how to defend against it? Let us
help you by developing a time segmented strategy that mixes a blend of
vehicles to work for you as you move through your retirement years.
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Long Term Care
It is a fact that people are living much longer now than they did just a
couple of decades ago. While the cost might seem prohibitive, long term care
planning may be an important piece of your retirement. Whether you buy
insurance or make some other plan to deal with this problem, while the
chances might seem slim the results of needing just a couple of years of
long term care could have a devastating impact on your family.
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Outliving Assets
Living longer has another unintended consequence. Your estate is probably
fixed at the time you stop earning an income so it is really important to
have a budget that includes slowing down some of your spending. We can help
you develop an inventory of your assets so you can have some reasonable
expectations about lifestyle choices that are sustainable.
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Health Care/Medical Expenses
Medical expenses are rising far faster than the rate of inflation. Although
there is some hope that health care reform will start putting the brakes on
costs, you need to consider now whether this segment of your lifestyle is
something that requires a great deal of investment and whether that is
sustainable over the long run. You might live in an area where health care
is difficult to find or very expensive. Medicare plans may have limitations
or an ongoing cost that is not sustainable. Prescription drug plan
limitations might mean that it is more cost effective to remain in a
relatively expensive retirement plan. We can help you with this piece of the
puzzle.
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Loss of Spouse
Losing a spouse isn't something that we like to think about and the
remaining spouse is usually left with fewer assets or lower income as a
result of this loss. It is important to gather all of your information and
perhaps get help from an attorney that can help with estate and inheritance
issues. One concern that is coming up with increasing frequency because of
our current longevity is making sure that any planning done takes into
account new Medicaid rules and tax law changes that give much more favorable
consideration to certain insurance products.
Most people think of retirement planning as accumulating wealth but this
is just one
aspect of planning for retirement. Other aspects include protecting wealth
accumulation during your entire life time, and after you stop earning an income
deciding how you will take distributions in such a way that you continue to protect and grow
portions of your savings to make sure you don't outlive your income or your
ability to continue to appreciate a lifestyle you have become accustomed to.
Some avoidable risks you and your retirement account face are:
- Becoming disabled and not being able to realize your financial
objectives.
-Fact: You are three times more likely to become disabled than to die
during your working years.
- Living a long life and needing long term care for a number of years.
-Fact: Long term care is the biggest risk
you face at any age.
If you become disabled during your working years there is a good chance you will also need long term
care.
- Most working age people that become disabled return to the work force
after recovery.
- Being over invested in long term assets such as real estate or the stock
market that need to be liquidated at a time not of your choosing that
causes you to lose equity in your holding.
- Your death might have devastating financial and personal consequences
on your family unless you plan for this event.
Our focus is on communication and education so you can be a
more active participant in creating a comprehensive retirement plan, properly
allocated to accomplish your goals.
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