Category Archives : All

Pension Fund lost more than $3 million Last week

Most of us are asking what impact Russia’s invasion on Ukraine has on us personally, and NBC News helped answer that question– at least for those who are retired teachers in Kentucky. The Kentucky Teachers’ Retirement System lost more than $3 million last week in selling off its direct investments in a Russian bank the day before Russia invaded Ukraine, the pension fund said in a statement. Many pension funds across the United States are similarly divesting themselves of any Russian investments, and doing so at any cost. This means recipients of those pension checks may need assistance in determining how this impacts their personal bottom line. Call us, we can help you navigate the impact and may have some ideas that can help.

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Think of it like a “Windfall”

We are well into tax season which means more and more individuals are beginning to think about their tax refunds, and what to do with them. The answer always relates to how healthy the individual’s cash flow is. If you like the feeling of getting a “windfall” in the form of a tax refund, you should take the time to shop around for good options for where to put that money. There may be options that didn’t exist this time last year and so you may not be aware of them. Call us, we’re always here to help and will certainly let you know of the new options we are aware of. If you know that check is coming, plan ahead on where to put it. Timing sometimes means you end up with more money in the end when you want it most.

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Are you still on track?

Plenty of factors go into understanding whether you are on track to meet your financial goals for retirement, including not just what you have set aside in savings and investments, but your rate of return, and inflation. With the ever-changing market conditions, and higher than usual inflation it is important to check to see if you are still on track. Walk through the investment goal calculator in this week’s article and see what you think. If factors you can’t control like the market or inflation has undermined where you thought you were, we may have a new option to help you get back on track. Call us, we’re always here to help.

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How is Social Security Taxed?

With tax time approaching, some of you have asked if the social security payments you receive are taxed. The answer is yes if your annual income is above a certain amount when you’re receiving those payments, and because the income threshold is relatively low, it’s likely that some of your benefits will be taxed. The percentage of tax is calculated off of your combined income if married and filing jointly, or as a single filer. The question then becomes what is “Combined” income? “Combined” income includes your adjusted gross income, nontaxable interest and one-half of your annual Social Security benefits. We always suggest you speak with your accountant to determine how much to withhold over the year so that you are not caught off guard with a large tax bill, understanding that you can change it year to year. As with every decision that affects your retirement income, you’ll want to make the right choice. We’re here to help you do that when it comes to finding products that provide an income stream you can’t outlive. We look forward to hearing from you.

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Not enough time

We often think of retirement in terms of years, and we muse that there isn’t enough time left in our lives to do all the things we planned on doing when we no longer had to work. That same thought of ‘not enough time left’ also comes to mind when we lose some of our savings that we absolutely rely on for income and those who were handling it respond by saying ‘over time things will change and you will most likely get it back’. I’ve always wondered how long is ‘over time’, when does that time line begin so that I know where the ending is such that I will “probably” have made back my losses, and how much can I depend on that word ‘probably’. I’ve never gotten a straight answer to these questions which is why I prefer to talk about products where you can’t lose your principle in a market drop, the time line is absolutely defined from day one, and there are definite assurances that are clearly identified. Call me if you would like to know more about this type of product. They may be options you have not considered, and they may be options you should.

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Social Security Survivor Benefits

We often get asked questions about the best time a widow or widower should collect the survivor social security benefits they become entitled to. This week’s article may help you understand the process of applying for those benefits, and to know what information you will need to gather in order to determine the best timing for you to begin to collect. We appreciate that it is likely already a stressful time for you and want you to know that we are here to help you navigate through the information needed to make the best decision regarding timing. Call us, come in and see us, we are always here to help.

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Feel good about entering the New Year

Over the past few weeks we’ve reviewed some things to think about regarding providing for your family’s future and protecting what you’ve worked for. As we enter the New Year, there are also strategies you can think about putting in place that will pass on your legacy. Just as your life changes over time, so can tax laws and regulations. It’s important to review your beneficiary designations and life insurance policies to ensure everything is up-to-date and aligned with your goals. You needn’t have purchased these products with us – we’re more than happy to discuss them with you and give you our thoughts on if they are still aligned with your goals. Call us, we’re always here for you. Happy New Year.

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Taking the first step to protect yourself

The pandemic and its impact has created a lot of unexpected events, changed the markets and caused each of us to adapt. Now is a good time to review how your needs may have already changed, or how you now understand they may change in the future. To get started, ask yourself if your goals remain the same and then outline where you are today. Depending on your life stage and goals, you may need to account for additional risks you hadn’t factored in before. Call us if you’d like help in deciding what you need to do to prepare for the future. We’re always here to help.

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Everyone shares these risks

There are some risks in life that everyone should be prepared for. The question that needs to be answered is how do you protect yourself from these risks since the impact each has on you can change throughout your life? Those risks include the following: unexpected expense risks, medical risks, liability risks and investment risks. Over the next two weeks we’ll be discussing these topics and what you can do to protect what you’ve worked hard for. Call us if you have any questions. We’re always here to help.

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Medicare won’t cover it, but something else might

I read an article that I thought to share with you as it indicates Government data shows “nearly 70% of individuals who reach age 65 will need long-term care at some point.” Further, “while the median cost of an assisted living facility was $4,300 a month as of 2020, what most Seniors don’t realize is that Medicare doesn’t pay for most long-term care costs”. “It only covers 100 days of care at a skilled nursing facility, and only if it was preceded by a hospital stay of three days or more”. This was stunning to read as even where individuals have surgery, it seems rare that a hospital will keep you long enough to trigger any Medicare assistance for the nursing facility that you may then need to move into. Did you know that there are financial products that can not only provide you an income you can’t outlive, even if you are in a nursing facility, and that some even provide enhanced benefits if you do end up there? Call us, we’re looking forward to discussing these options with you as it may give you the peace of mind you are looking for.

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