Important Considerations

Considering all that is going on today, “pre-retirees may be asking questions about the impact of a stock market sell-off on their retirement savings”, and if there are “any steps that can be taken to protect savings and investments against future volatility.” This week’s article tells us “it’s a sobering reminder that volatility can strike at any time” and “it’s still important to protect your retirement portfolio against those lows.” Pre-retirees can work “to diversify their portfolio in a way that distributes risk” and “it’s even possible to build in some principal protection with the inclusion of insurance products that guarantee income.” How can that be, you might ask, someone has to incur the loss of market downturns. Here, with FIA’s “the insurance company absorbs the risk of market downturns, guaranteeing a minimum floor, and protecting contract holders from market losses.” If this is of interest to you, or you think that you would benefit from principal protection and income for life, call us. We’re always here to help.

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Without retirement savings

This week’s article discusses a type of “retirement plan” that some Americans who have had their retirement savings wiped out by COVID are engaging in, and that plan simply involves moving in with their millennial children. Instead, if you are looking to shore up your retirement savings with products where your principal is protected from market declines, and that can provide you with a guaranteed income you can’t outlive, call us. We’re always here to help.

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Regain your footing

This week’s article helps explain why the “economic gut punch of the COVID-19 pandemic is being felt by retirees.” “With the U.S. economy staring at a recession and the stock market having plunged more than 25% from its peak in February, retirees have seen the value of their retirement funds badly eroded and are looking for ways to generate cash for their living expenses.” Call us if you are trying to regain your footing. We may have some ideas that can help in situations like this. We’re always here to help.

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Life

Insurance takes many forms, from covering our homes to our lives, and one form of insurance that we have received many questions on over the past few months relates to Life Insurance. This week’s article tells us that when a study was conducted in 2018 “Half of all consumers say they are more likely to purchase life insurance if priced without a physical examination.” There are pros and cons to different types of Life Insurance coverage. Call us if you have any questions about what you own, or would like to discuss what you believe your needs are. We are aware of options that will likely serve your purpose, and also help you during your retirement years.

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Are you a Builder or a Protector?

We speak a lot about annuities and are often asked to describe the type of person who benefits from owning one. In responding, we often say they benefit both “the Builder” and “the Protector”. A Builder can be described as the person nearing retirement, concerned about risk exposure, and someone wanting growth opportunities. A Protector can be described as the person entering retirement, wanting supplemental income, and looking for flexibility. So we ask you, are you a Builder or a Protector? Call us, we’re always here to help explain more about options that will help you fulfill your goals regardless of where you are in your retirement planning.

A Balancing Act

The approach to retirement is a balancing act between growing and protecting assets. In general, the closer we get to taking retirement income, the more the balance tends to shift toward protecting years of hard-earned dollars. That balance may be more relevant now than ever. Call us if you’d like to discuss what options you have where your principal is protected and your risk is lower. We’re always here to help.

The Flavor of Life

We’re being told the reopening process is being done with “tremendous gusto and vigor,” but have we forgotten how to join in and left our gusto by the wayside? The dictionary tells us that we can do many things with gusto, or hearty enthusiasm, whether it’s playing a game or cheering someone on. Since the 17th century gusto has been helping speakers describe things that are done with vigor and enthusiasm. The doors are opening, slowly but surely. Maybe it’s time to go out and eat a steak with ‘gusto’ and get the flavor of life back again.

Maneuver through

I, like most of you, become very discouraged when I look at the number of unemployed workers, especially because I know that the older we are, the less likely we will be rehired. As this week’s article reminds us, “if older workers cannot get rehired, they start to drain their savings sooner than expected and claim Social Security benefits a lot sooner than they wanted. And we know what that means.” “Collecting Social Security at age 62 instead of full retirement age reduces lifelong benefits by over 30%.” There are things you can do to maneuver through the crisis. Call us, we’re always here to help and we have some ideas you may not have thought about.

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Perception May be Reality

This week’s article about retiring is written by a psychologist who has researched perception and applied that knowledge to financial situations. The author tells us “By the time most of us reach retirement age, we feel as if we don’t have enough money to live the life we envisioned. Our feelings aren’t wrong.” Before COVID, the reasoning was that “so many of us start to prioritize retirement savings too late in life.” Now, another reason has been added with is that we may have lost enough of our retirement portfolio that even were we planned well, it still isn’t enough. We have some ideas to help, call us to learn about how to use some of your savings to get an income you can’t outlive.

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It’s Time to Come up with a Plan

We can’t control the impact Covid-19 has had on our savings, so maybe it’s time to come up with a plan and move forward. Yahoo finance shows us that the stock market is down 20% to 30% from the beginning of the year. The bond market is flat or down and not offsetting the stock market losses. The yield on the 10-year Treasuries has been below 1% for weeks. If we apply all of this to a typical IRA or other retirement account, most likely the losses are more than 15%. This means that whatever percentage you were planning on withdrawing in your retirement either has to decrease, or what you end up with is less. Either way we need to talk. It’s time to come up with a plan on plugging that hole. Call us, we have some ideas.

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