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Retirement Income Tips

A lot goes into retirement income planning. You have to estimate how much you’re going to spend years from now, when sometimes it’s difficult to know what you’re going to spend this year. Cars break down. The roof leaks. The furnace needs to be replaced. Life is a cornucopia of who-knows-what will happen next.

In addition to knowing what you’ll need once the paychecks stop coming in, you’ll need to consider what tax bracket you’ll be in. You’ll need to project how your assets will fare from now until and through retirement. Yet if there’s one thing we know, it’s that we can’t predict the markets and we can’t rely on historical performance to repeat itself.

[CLICK HERE to read the article, “Winging It in Retirement?” at The Center for Retirement Research at Boston College, Jan. 22, 2015.]

Then there’s the issue of health. Some people are fortunate and suffer only the minor aches and pains of getting older. Others develop more serious chronic conditions, both mental and physical. Taking screening tests and conducting a comprehensive family history can help spot genetic predispositions to certain conditions. But even then, some people who are predisposed go unscathed, while others with no genetic markers acquire some unsuspecting ailment that changes their retirement plans.

[CLICK HERE to read the article, “Careful planning can ease retirement’s health costs,” at CNBC, Jan. 20, 2015.]

This income planning process for retirement can seem bleak, but perhaps it’s only a matter of approach.

Remember when you saved for your first car, or your first home? Even just saving for a deposit, first and last month’s rent before you could move into your first apartment may have seemed insurmountable. But you did it, eventually, and it felt great. Like freedom. Life was yours for the taking, and you were in control.

[CLICK HERE to read the article, “‘Intergenerational’ retirement home sees students live alongside the elderly,” at CTV News (Canada), Dec. 7, 2014.]

[CLICK HERE to read the article, “What to Know about Money and Work by 50, 60, 70,” at NextAvenue.org, Jan. 6, 2015.]

You can approach retirement income planning in a similar way. It’s just another one of life’s great adventures, and the more you focus on the strategy, the more in control you may feel. Regardless of market volatility, job insecurity, emergency expenses and health concerns, the more you prepare for unexpected adverse events, the more contingency options may be available to you. Like so many other things in life, some variables you can control better than others.

[CLICK HERE to read the article, “Retirement planning isn’t just about the money,” at CNBC, Jan. 21, 2015.]

[CLICK HERE to read the article, “Plan for a Long Life When Saving for Retirement,” at Kiplinger, February 2015.]

It’s important to plan for the long term through healthy choices. In this way, retirement income planning is similar to lifestyle choices. Let us help you devise a strategy designed to support your unique situation.

Our firm assists retirees and pre-retirees in the creation of retirement strategies utilizing insurance products. Our firm is not permitted to offer, and no statement contained herein shall constitute, tax, legal or accounting advice. Be sure to speak with qualified professionals before making any decisions about your personal situation. Our firm is not affiliated with the U.S. government or any governmental agency.

This content is provided for informational purposes only. It is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.

If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.  www.resourcecenterinc.com

Bruce Porter

AE02155011

Alternatives to CD's and Money Market Accounts

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Alternatives to CD’s and Money Market Accounts

This is a great financial market if you are buying something.  Interest rates are at all time lows.  Cars can be bought with 0% financing and home loans can be had in the 2’s!  This is great news for people in the market for new stuff.  For people looking to get a good return on their investments, however, times are tough.  Lots of you have money in the bank.  Whether it be in CD’s, money market accounts or even checking and savings accounts, these low interest rates aren’t doing you any favors.  So the million dollar question is, what do you do with your money? 

When we start talking about investing or retirement planning, there are many options out there.  There are qualified and non-qualified accounts like 401(k)’s, IRA’s, annuities, stocks, bonds, mutual funds, etc.  The problem is choosing the right option for you.  This can be a daunting task, even for an experienced investor.

You probably hear brokers telling you to invest in stocks and bonds and your insurance guy trying to sell you annuities or cash value life insurance.  The real answer is, it depends.  It depends on your goals and objectives.  These things are just tools.  If you use the right tool for the right job then you will make headway.  If not, you will just be spinning your wheels.  Would you use a ratchet to drive a nail? 

Start by assessing your risk tolerance.  If you are in your 20’s 30’s or 40’s you can stand to take a little more risk with your money.  If you are retired or retiring soon, you need to protect your principle investment and focus on guaranteed growth and income. 

What you want to do is talk to a financial planning expert that has access to all of the tools out there.  Insurance guys can’t do stocks, bonds and mutual funds and brokers can show you the guarantees backed by the claims paying abilities of insurance companies.  Most investors would benefit the greatest by someone who can offer you both.  That’s where we come in.  We can offer you brokerage and insurance products in a combined attack to maximize your investments for retirement.

Don’t settle for 1% or 2% growth on your money you have in CD’s and money markets.  It doesn’t make sense.  There are higher guaranteed rates out there that can be had without sacrificing your money.

Jim Meyers

The Resource Center

417-882-1800

Get ready for Tornado Season!!

A few weeks ago we woke up to the Tornado sirens going off, do you need a reminder of how to be Tornado Ready???

BBB Review of The Resource Center in Springfield, MO

BBB Review of The Resource Center in Springfield, MO

New Cancer- Critical Illness Plan Offerings

I am writing this note to make you aware of a possible solution to your financial well being. It has always been my main interest to protect against auto accident lawsuits, different forms of liability as well as physical damage to property. One of my concerns has been the ability of my clients to remain financially solvent.

Most everyone carries health insurance in some form to pay hospital and doctors for their services. Most everyone has some form of life insurance that pays an amount to loved ones should we die early. We also purchase life insurance, normally term, to cover mortgages, car loans, and other debts that we incur as part of life.

When I began my career in insurance in 1975, life insurance rates were 25 to 30 percent higher than they are today. Advancement in detection, treatment and education has allowed many to survive situations that would have been terminal in 1975. That is the problem. Today, life insurance will not pay benefits when people really need it the most, even with what are known as accelerated death benefit riders.

If a person is fortunate to carry disability insurance, normally the waiting period before benefits actually begin can be financially devastating. When they do begin, it’s usually a fraction of their former income. Many of my clients can’t even qualify for disability insurance simply because of their occupations! Should a spouse or child be diagnosed with a critical illness, it can leave a big hole in the family’s finances. Government benefits are slow or nonexistent.

My brother went through a medical crisis and you probably know someone that has been too. There is a product that now that addresses this need. It didn’t exist in 1975. It’s called Critical Illness Insurance. Payable to you in a lump sum, it was developed by a surgeon not an insurance company. Should you be interested in learning more details, please write or call me for a confidential discussion.
Tom
417-882-1800
troemisch@resourcecenterinc.com

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This blog was created by members of The Resource Center, insurance and financial services company. We will be discussing national issues and current events in our sector.  

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