REPLACING PRE-RETIREMENT INCOME

“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.

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WHICH GROUP ARE YOU PART OF?

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.

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MONEY AND HAPPINESS

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.

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CONFIDENCE

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.  

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SAVINGS AND RESOLUTIONS

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.

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POTENTIAL FOR WEALTH ACCUMULATION

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.

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RESOLUTIONS

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.

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PREPARING FOR THE 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.  

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Do you think in terms of a lump sum or an income stream?

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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Why Buy a Fixed Annuity Today?

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.

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