Recent News

1
Nov

4 Must Know Financial Terms

The holidays are upon us! And with the holidays comes the fun tradition of holiday shopping! Just as you should plan when shopping, you should also plan when dealing with finances. Although the Financial Literacy month isn’t until next year, we wanted to get a head start by celebrating Canada’s Financial Literacy month, November! Before meeting with your financial planner, check out these 4 must-know financial terms:

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25
Oct

Protect Your Financial Plan by Avoiding These Retirement Pitfalls

With just a few months left in the year, National Financial Planning Month is a great time to take charge of your retirement savings strategy. Some of the most important things you can do are to make sure you’re creating a diverse portfolio that will protect your principal from market swings and will provide for you for life. There are also common obstacles faced along the way, so make sure to avoid these retirement pitfalls:

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14
Oct

5 Things To Consider When Building Your Retirement Financial Plan

5 Things To Consider When Building Your Retirement Financial Plan

October marks National Financial Planning Month, a time when Americans can look at how they are saving, their retirement goals, and how they can create a tailored approach that works for them. October is the perfect time of the year to plan, with summer winding down and the holidays fast approaching, you can look back on how you’ve done in 2018 and what you could do differently before the year wraps up.

We have compiled a list of quick tips and steps you can take to help ensure you are on the best track to establish a sound financial future and accomplish your retirement goals.

  1. The retirement landscape is changing.
    With Americans living longer and spending more time in retirement, many retirees are concerned about outliving their savings. In fact, 56% of Americans admit they are unsure if their retirement savings will last their lifetime.Moreover, the retirement landscape is changing, shifting from employer-provided pensions and 401(k)s to a more do-it-yourself, individual approach.
    -Just 38% of people say they could rely on Social Security alone
    -Only 13% of people say they could rely on pension alone
    -Three in five are very likely to work longer than they’d like to meet their personal retirement goals, and the average worker expects to push back retirement by two years
  2. A diversified portfolio is a strong one.
    Diversifying your portfolio means balancing risk and growth!

    Designed for the long term, fixed indexed annuities (FIAs) are a great retirement vehicle to help ensure you are not putting all your eggs in one basket. FIAs offer a guaranteed minimum rate of return and tax-deferred growth over time. And because they are insurance products, indexed annuities can offer a guaranteed income for life.With these significant benefits of FIAs, you may be wondering if it is the only type of retirement savings you need. The best long-term savings plan ensures balance by bucketing money in a variety of vehicles like 401(k)s and other qualified retirement plans as well, as each has unique benefits.
  3. Consider lifetime income savings options.
    Half of Americans say the number one thing they will miss in retirement is a steady paycheck. They are searching for a product that can help ensure a steady income stream. FIAs are designed to provide guaranteed lifetime income so you can never outlive your savings.These plans moderate risk in your financial plan. Different FIAs have different methods for helping manage this risk, so no matter what happens in the market, you can count on payments throughout your golden years.

  4.  Think of retirement plan risk.
    401(k), 403(b), 457, and other qualified retirement plans are tax-advantaged plans established by the IRS to help Americans save for their retirement years. Many organizations that offer these plans provide their employees with self-service options to access the savings and investment components within these plans. A part of that, Social Security, as well as FIAs can provide a steady lifetime income stream. FIAs guarantee a fixed rate of return, regardless of market swings; whereas the rate of return for variable annuities depend on the stock, bond, or money market investment. This helps ensure your nest egg is secured and provides for you throughout retirement.
  5. Make use of all the resources at your disposal.
    The landscape of retirement is changing and the different paths you can take in financial planning can seem overwhelming. Work with a financial professional to help outline your options and consider the impact of different strategies on your savings and retirement income potential.This National Financial Planning Month make use of retirement calculators and other savings tools that help you understand where you are financially and where you need to go to retire. Additionally, think about talking to a financial professional to see if an FIA may be a retirement savings vehicle to help you meet your retirement goals.

The post 5 Things To Consider When Building Your Retirement Financial Plan appeared first on IALC.

Provided by: Indexed Annuity Insights

1
Oct

Five Things to Add to Your Financial To-do List

The weather is getting cooler, the colors are changing, and the scent of pumpkin spice fills the air signaling the beginning of fall and holiday season. But October isn’t just known for pumpkin carving and corn mazes, October is also the month for financial planning. It’s a great time to review the fiscal year thus far and begin planning for holiday spending and traveling. Before you break out the long sleeves and pumpkin spice lattes, here are five things to add to your October to-do list:

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1
Sep

5 Signs You’re Ready to Retire

5 Signs You’re Ready to Retire

You are nearing the average retirement age and each day it becomes closer and closer. The question is, are you ready to retire? Check out these 5 signs you’re ready to retire.

  1. Your Savings Exceeds Your Retirement Goals: At one time or another, you sat down and made an investment plan so you could retire happily. Now the time has come to see if all your savings has paid off. When calculating the savings you have and if it will be enough for retirement, consider using ‘Rule 25.’ This rule states you should have 25 times the value of your annual expenses.
  2. All Debts Are Paid Off: When entering retirement, make sure you don’t have any large payments you will have to make. Big expenses such as mortgage, loans, and large credit balances are things you want paid off before you consider retiring. Paying off large bills before retirement will allow your money to go farther so you can enjoy your life after work without worrying about saving for your next large payment.
  3. You Can Currently Live on Your Retirement Budget: More often than not, when you enter retirement you live off of fixed monthly income that is typically less than when you were working. Before retiring, consider living on your ‘Retirement Budget’ so you can determine if you can live comfortably on your new budget.
  4. Healthcare Is Covered: Regardless if you are on the verge of retirement of not, healthcare can be very costly. Simple things like blood tests and non-generic prescriptions can make your expenses skyrocket and cause you to not live the retirement you dreamed of. When exploring options, see if you can stay on your employer’s plan, if not your spouses. Does your company offer a Health Savings Account (HSA)? You can use this for tax-free distributions to pay for out-of-pocket medical expenses. If all else fails, sign up for private healthcare, just make sure the monthly cost is included in your ‘Retirement Budget.’
  5. Have a New Plan or Project for Retirement: Although it may seem like a distant dream now, retirement will be upon you before you know it; and while you might be looking forward spending long days doing nothing, research shows this can lead to an unhappy retirement. Before you retire, brainstorm some of the hobbies you enjoy and/or consider looking for a part-time position to pass the time. Do you like golfing? Replace your weekly meetings with weekly golf outings. Just like you should test-drive your ‘Retirement Budget’, take a week or two off from work and spend your days just as you would in retirement.

Deciding when to retire comes with a lot of considerations, from being healthy and debt-free to living on a budget; make sure you are more than well off before considering the move into retirement. After reviewing these signs and feeling confident about your decision to retire, it is always best to consult a financial professional to make sure you didn’t miss any areas and aren’t in for any surprises when you open the retirements doors.

*Content derived from Investopedia.com

Disclosure: This information is provided as general information and is not intended to be specific financial guidance. Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives.

The post 5 Signs You’re Ready to Retire appeared first on Adult Financial Education Services.

Provided by: Adult Financial Education

1
Aug

Tips for Back to School Season

Although it’s not even August yet, storefronts and businesses are beginning to advertise what some kids dread, and others cherish, back to school time. In a report from Huntington Bank Backpack Index, school supplies have increased a whopping 88% since 2007. With this statistic, here are 3 tips to consider for this back to school season.

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2
Jul

Tips for Summer Travel

Are you planning to get away from the normal this summer? According to AAA, so is about 35% of Americans. With vacation season in its prime, businesses everywhere are hiking prices and fees in anticipation of a busy season. With this, here are 5 quick tips to save money on your summer travel.

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1
Jun

Mid-Year Financial Check-Up

Happy Half Year! Time flies and the first 6 months of 2018 are already here and gone! With the second half of the year fast approaching, it’s important to know how your finances are stacking up compared to your goals when the year began. What better way to that then to check out these quick tips for a mid-year financial check-up:

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28
Apr

Off-Ramp to Retirement

Retirement on your mind? Whether you are on the brink of retiring or already there, you want to make sure you saved and protected your assets to ensure you’ll have the income to exceed your retirement dreams. 65 years of hard work should not go to waste which is why it is crucial you make sure you are planning for retirement that maybe 30 years or longer!

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9
Apr

Social Security & You

Are you on the verge of retirement? Then you are probably asking yourself when you should stop working and how long after that do you take Social Security benefits? While your first thought may be to take both as soon as you are able, the reality is a little more complicated.

Here are the top Social Security questions answered when you should take Social Security Benefits.

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