Calculating for your retirement

We’re often asked what kind of information is needed to determine if you are successfully targeting what you need for a secure retirement. Use the retirement calculator in today’s article to create your retirement plan. “View your retirement savings balance and calculate your withdrawals for each year”. It even includes information about Social Security which is calculated on a sliding scale based on your income, and how to allocate for a non-working spouse in your plan. In addition, factors like household income, the age you wish to retire, and when you may and may not make contributions to your savings are factored in. Call us when you’ve crunched your numbers. We may have some ideas to provide you with better opportunities to have an income you won’t outlive in your retirement years. We’re always here to help.

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It’s That Time Again

This week’s article offers up a good recap to the changes in the tax laws that have come into play for the first time with 2020 returns whose filing deadline is now May 17, and also changes that acknowledge that COVID impacted the finances of many of us. You might want to take a glance at the list in this article just in case they bring to mind topics you will want to talk to your tax preparer about, or questions you have about money you’ve withdrawn. You can also call us if you have any questions about your income during retirement. We are always here to help.

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Did you hear? A major insurance carrier is offering a larger than ever BONUS on one of its products that they previously told you about. It’s too good, and only offered for a limited time, to risk not knowing about it. Call us so we can provide you with all of the updated information.

It’s Not Magic

Retirees sometimes get to the point where, as the saying goes “it is what it is” and there “is” only so much money in their retirement savings account, and it won’t or can’t get any bigger. So then the question becomes what can be done with that savings to last through what is hopefully a very long retirement? We have told you in the past about different articles that discuss financial products that exist that can turn a retirement savings account into an income stream that you can’t outlive. But, did you know that there are new ways to increase that lifetime income by up to 25% off of that same sum of money? It’s not magic, and it’s not too good to believe. It’s just something you may not be aware of. Call us, we’re always here to help, and that means trying to make sure you are aware of new and different lifetime income options that may be available to you.

Can a Minor Participate in a 401K?

If you are a small business owner, this week’s article might be of interest to you. It mentions that “the 401(k) has become the go-to retirement plan for many Americans and continues to gain traction. The flexibility, tax savings and scale of 401(k) plans have made it attractive to employers and employees alike.” But it goes on to tell us that “a common misunderstanding with 401(k)s is that there’s a minimum age of 21. The minimum-participation rules state that a plan must not impose a minimum age condition beyond 21, and nothing in federal law precludes setting a plan’s minimum age at a younger age. These choices are ultimately up to the plan’s sponsor.” It’s never too soon to start to save for retirement. Call us if you’d like more ideas on how to do just that. We’re always here to help.

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Did you know?

Did you know that the National Institute on Retirement Security, “Examining the Nest Egg: The Sources of Retirement Income for Older Americans,” January 2020 reports that 40.2% of older Americans only receive income from Social Security? We believe in supplementing that retirement income with additional income you can’t outlive. Call us if you are interested in hearing more about a product that provides this, and also protects your principle from market losses. We’re always here to help.

What’s the Right Strategy for You?

This week’s article confirms an announcement recently made by the IRS. “You now have an extra month to lower your tax bill with contributions to your individual retirement account (IRA). Just like last year, the IRS has extended the 2020 tax filing deadline to May 17, allowing Americans an extra month to make IRA contributions that can potentially ease their IOU to Uncle Sam while also helping them save for retirement.” Do you need help deciding what is the right strategy for you with your retirement contribution? Call us. We’re always here to help.

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Keeping it Simple

This week’s article provides an easy answer to the question ‘What is an Indexed Annuity’? “An indexed annuity is a type of annuity contract that pays an interest rate based on the performance of a specified market index, such as the S&P 500. It differs from fixed annuities, which pay a fixed rate of interest, and variable annuities, which base their interest rate on a portfolio of securities chosen by the annuity owner. Indexed annuities are sometimes referred to as equity-indexed or fixed-indexed annuities.” If you are interested in learning more, or have any questions, call us. We’re always here to help.

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Retirement Accounts

With deadlines for filing tax returns approaching we are beginning to remind people that the deadline for making their permitted annual deposits into their retirement accounts is also approaching. Even if you have a Roth IRA you may want to consider the different options you have to both accumulate wealth for retirement, or if you are already retired and taking income from you savings, to obtain growth potential without being vulnerable to major long-term downturns in the market. Call us, we’re happy to explain some choices you have and discuss how they may fit into whatever stage of retirement planning you are in. We’re always here to help.

Do Beneficiaries Pay Taxes on Life Insurance

Lately we’re being asked about taxes and life insurance, and whether or not beneficiaries of a life insurance policy have to pay income taxes on that money, or whether the estate has to pay taxes on it. The simple answer is, usually, no. But because there can be nuances involved depending on how the life policy is owned, or how the beneficiary is identified we thought to share with you this week’s article. Take a look, and then 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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