Can Your Kids Ruin Your Retirement?

This week’s article illustrates what the author calls “one of the biggest threats to your retirement – – your kids.” He tells us that the percentage of 25 to 35 year olds living at home is ”almost double the share of today’s older retirees who were in the same situation years ago.” Financial help and assistance provided by Seniors to their aging offspring can quickly diminish their ability to save enough for retirement. The article reviews the numbers gathered in a survey– including a finding that “nearly 80% of parents give some financial support to their adult children – to the tune of $500 billion a year.” Call us if you find yourself in this situation. We may have some ideas on where to put the savings you do have, off of which you can generate an income that you can’t outlive. We’re always here to help.

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Retirement Challenges for Those in Physically Demanding Jobs

I read about a study I thought might interest you. “This report examines the retirement readiness of people who are in physically demanding jobs. Due to the strenuous nature of their work, these workers are at risk of aging out of their occupation before they are financially or mentally ready for retirement. The report offers recommendations to help this unique segment of the workforce.” Call us if you fall in this category. We may know of some choices to help you become more financially ready for your retirement. We’re always here to help.

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The Role of Confidence

This week’s article discusses how owning a certain financial product can influence on an emotional level the confidence that retirees feel. Researchers interviewed “income annuity owners to provide insight into the emotional impact of guaranteed income. They found that annuity owners have a greater level of confidence, feel the freedom to spend and invest and feel more certain in leaving a legacy. Using an income annuity supports higher success rates in retirement. Retirement outcomes when the combination approach is used are very attractive when compared to investments-only, both in terms of supporting a spending goal and a greater legacy value of remaining assets.” “On an emotional level, retirees are more confident when there’s certainty to their monthly income. The certainty an income annuity provides increases confidence and reduces stress in retirement.” Call us if you would like to explore this option. We are always here to help.

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What is your RISE Score?

Did you know that there is a Retirement Income Security Evaluation Score (RISE Score™) much like a credit score on a zero to 850 scale, but for your retirement. “The purpose is to provide you with an estimated measure of income security to help you determine whether you’re on track with your current retirement income plans.” “The RISE Score is also designed to help answer this simple question: How can my retirement security potentially be improved through the addition of lifetime income solutions in my retirement planning strategy?” Call us if you are looking for additional lifetime income. We know of some options you may not know about, and we’re are always here to help.

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Sometimes hindsight can provide a valuable lesson. While retirement is highly personal, I thought you might find it interesting to read the result of a study that looked back on what the financial preparations for retirement looked like. The study showed that among retirees who saved for retirement, the median age they first started saving was at age 40, and forty-six percent of those that participated in the study did not have a retirement strategy. We know how hard it is to save for retirement. Call us, we can offer out some options of where you can put your hard earned savings to provide you an income in retirement that you can’t outlive. We’re always here to help.

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This week’s article tells us that “Annuities are one of the most efficient ways to generate guaranteed income. This is demonstrated through a series of three case studies which looked at combination strategies using both annuities and investments compared to traditional investments-only portfolios. The simulations found: Adding an income annuity to a retirement portfolio allows a retiree to get the same or higher income with lower risk of outliving savings than an investments-only approach; Income annuities allow a retiree to spend at a level that investments alone would be unable to match without significant risk of running out of money before age 95; Using both annuities and investments can enhance the value of assets for heirs over the long term. Ultimately, the research showed income annuities can help to better meet client goals in retirement than an investments-only approach in most situations.” Call us if you would like to become more efficient in your retirement planning. We’re always here to help.

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This week’s article poses a familiar scenario and then tells us our choices in a very simple way: “Let’s say you have built up a retirement fund of $250,000 by the time you are age 65. Few of us realize that we have to make that money last for perhaps 20 or 30 years after we stop working” The author tells us that there are two ways to make your fund last for the rest of your life: you can make withdrawals that you guess and hope will last for the rest of your life, or you can take some of your money and buy an annuity that will provide you with guaranteed income payments for the rest of your life. Which are you thinking of doing? Call us if you’d like to talk about some options you may not have considered. We’re always here to help.

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This week’s article discusses three retirement savings factors relating to why it is different for women in retirement. While many of us may already have reflected on a female being projected to live longer than a male, we may not have noted that “women often face bigger challenges in retirement because of leaving the workforce to raise children or care for elderly relatives.” This challenge is often compounded by the reported likeliness of women who “place general costs, paying off debts and housing costs as a higher priority” than saving for retirement. These are issues that may effect all of us. Call us if you would like to discuss coming up with some ideas to better integrate savings into your retirement planning. We’re always here to help.

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“An annuity can be a very smart retirement investment for many people. That’s not just because an annuity can provide a secure revenue stream — a monthly check — for the rest of your life, no matter how long you live.” The author of this week’s article tells us that “in general, most people should avoid “variable” annuities because they have high costs and their tax benefits are often overstated.” “But true lifetime ”fixed” annuities do make a lot of sense” and there are criteria to educate you on how to purchased them. If you’d like to learn more, let us know. We’re always here to help.

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I thought you would want to read this week’s article because it discusses that “while annuities and life insurance both have similarities, they are not the same. Before you can understand the differences and determine which plan may be right for you relating to a retirement income plan, you have to first understand the key elements of each.” We agree, and we like to make sure that explanations are clear and understandable. Call us if you have any questions. We’re always here to help.

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Educate Yourself

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Understand the Basics

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Who's who in a Fixed Index Annuity

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Understand the Benefits

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Tax Deferral

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Indexed Interest Potential

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Protection Benefits

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