SENIORS: CAN ANNUITIES HELP COVER THE COSTS?

The good news is we are living longer, and while we have discussed in previous commentaries options that can provide an income you can’t outlive, I thought to share this week’s article with you because it discussed yet another use for annuities. The article tells us that “an annuity, properly used, can help seniors significantly mitigate the high costs associated with health care for the elderly.” Call us if you have concerns about your long term health care, or other financial questions. We’re here to help and can discuss options that might be available to you.

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THE BLIND FORECASTER

Did you know that one of the most important jobs of “chief market strategists” at Wall Street’s biggest banks and investment firms is forecasting what the stock market will do over the next year? This week’s article tells us that “Strategists do this every January by predicting where the S&P 500 will close on Dec. 31”. While the article is somewhat tongue-in-cheek in its comparison of the forecasts of professional strategists to what they describe as the “more frequently accurate Blind Forecaster”, what the article reinforces is the desire to plan ahead. That’s what we’re here to help you do. Call us if you would like to discuss options that can provide for an income in your retirement that you won’t outlive.

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SECURITY AND DEPENDABILITY

20 years ago, in 1995, Fixed Indexed Annuities were first announced to the public as a “key component for helping plan a secure, dependable source of income for retirement.” We thought you might want to read the quote in this week’s article which states that “regardless of the ebbs and flows of the market, the security and dependability of FIAs has been a constant for two decades and counting. While the economy over the last 20 years has been volatile, the popularity of FIAs has continued to grow because of the important role they play as part of a balanced retirement-focused portfolio.” We agree. If you would like to discuss how an Annuity may help you achieve your retirement goals, call us. We’re here to help.

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ARE YOU CURIOUS?

I’m always curious to learn what happens when new retirement initiatives are announced. It is now one year after the myRA was announced. Did you know that the only way to contribute to a myRA account is through payroll deductions? And that there is a maximum limit of $15,000 that can be held in those accounts until they are required to be rolled over into a traditional IRA? The article is also of interest because it reminds us of something that we can probably all relate to regardless of the type of retirement account that we have. The author says that “it is important to think about how to convert your portfolio into income that will last throughout retirement. Fixed indexed annuities can play an important role in strengthening your retirement plan by providing that vehicle of guaranteed income.” Call us if these issues are of concern to you. We’re here to help strengthen your retirement plan.

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INCOME PLAYS A ROLE IN HOW LONG YOU LIVE

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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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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