Time to reflect

Commentary:

With one month to go until the new year, it might be a good time to reflect on the status of your retirement savings in order to better understand what your choices and needs will be in 2021. Take a look at this week’s article for a few retirement calculators. They help you to understand if you are saving enough to retire, and how tax options impact on your savings. After you’ve run a few different scenarios, call us if you’d like to discuss some options that may make a big difference in planning for your retirement. We’re always here to help.

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What matters is if you are concerned

Commentary:

This week’s article highlights a Harris Poll that showed “workers who have been laid off or had their hours reduced amid the pandemic are particularly concerned about their future.” “70% say they are worried about running out of money in retirement, 61% say they are much more afraid of life in retirement, and 61% say the pandemic took the joy out of looking forward to retirement.” What matters is if you are concerned, not the reason why. Call us to talk about some options that may help you to use what savings you do have to provide an income you can count on, and one that you can’t outlive. We’re always here to help.

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No, the Tax Laws have Not Changed

Commentary:

We’ve been receiving calls from people thinking that somehow, with the election having just occurred, there are tax law changes that have already been enacted, or that 401(k) and IRA money is slated to be taxed. No, the Tax Laws have not changed. From time to time it is difficult to separate the wheat from the shaft when friends tell us what they’ve ‘heard’ and so we thought to assure you as part of our continued efforts in helping people know about options available to keep their hard earned retirement money working for them, and about the choices that continue to provide an income you can’t outlive. Call us, we’re here to help.

Ideal Retirement

Commentary:

Simultaneously with thinking about where to put hard earned savings in order to obtain an income you can’t outlive in retirement, it may interest you to read a new U.S. News analysis compares the 150 largest metropolitan areas in the country as potential places to retire in 2021. The study discusses where you “might be able to save money and improve your quality of life by relocating to a retirement spot that better suits your interests and budget.” Let us know if you’d like to talk about the choices out there. We’re always here to help.

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Don’t give up and call yourself retired

Commentary:
Above all else, don’t give up. This week’s article tells us that when it comes to retirement planning “It’s “entirely understandable to be both intimidated and frustrated by all the challenges you might face, particularly with respect to finding work if you’ve been furloughed or laid off. It may sound easy to just give up and call yourself retired.” However, research shows that the longer you can delay collecting social security, the more money you will receive. Be relentless in learning how to navigate this virtual world, and try to find other sources of income. Call us, we’re always here to help and may have some ideas you have not considered.

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Identify the Risk in Dollars

Commentary:

This week’s article tells us that “managing your risk constitutes a major element of your financial plan”, and that risk includes items such as your life in addition to your home.
Life insurance can be viewed as insurance to replace lost earnings, to provide a source of savings or an inheritance for your loved ones in the event of premature death, or the eventuality we all face. “The trick here is to put the risk in dollars. In the case of life insurance, for instance, lay out the expected income that will be lost if the insured were to die. Rules of thumb are handy, but there is no substitute for laying out the cash flows.” Call us if you would like assistance in doing this, and explaining some options that may be available to you. We’re always here to help.

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Keeping it Simple

Commentary:

We have always tried to keep things simple, and so were thrilled to read this week’s article where a member of the faculty at the Stanford Institute for Economic Policy Research has shown the adage “the simpler, the better” when it comes to retirement planning. In a study to be published in the Journal of Public Economics they will show that when faced with complicated choices “people end up throwing their hands up in the air and don’t save anything at all.” Call us – we will tell you, in an easy to understand way, about some choices you may have to create an income off of your savings that you can’t outlive. We’re always here to help

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Are you at Risk for Living Too Long?

Commentary:
The title of this week’s article caught my eye because most news articles nowadays are telling us we are at risk of shortening our life because of COVID; but of course the article was talking about longevity risk. What exactly is that? “The old line in retirement goes something like: “My problem is not that I have too little money left at the end of the month, it’s that I have too much month left at the end of the money.” Does that hit home with you? If so, call us. We have some ideas that you may not know about, or that you have yet to consider. We’re always here to help.

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Positive Impact

Today’s article shows us a new survey finding “that 39% of men and 47% of women in the U.S. report they are spending less during the coronavirus pandemic than they did before the crises. And more than half of Americans ages 55 to 64 – those closest to retirement age – say their spending has gone down. Cutting back on spending could translate into a nice savings boost over the long term.” Come talk with us about options for you to keep that savings boost working for you with an income you can’t outlive. We’re always here to help.

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Decide when to start

So many people are talking about retiring and hoping to do it soon that I thought to share with you an article that discusses those items in a check list form that you need to think about and pick the choices that work best for your situation. While medicare coverage begins at age 65 regardless of your Social Security full retirement age, when you start to collect on your Social Security benefits is much more within your control. So is purchasing a product that can provide you with additional income, in a form that you can’t outlive it. Take a look at the article and let us know if you’d like to discuss what options are best for you in order to end up with a retirement you can better enjoy. We’re always here to help.

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