What to do With Your Money Now
Millions of Americans each year are entering into a dramatically different phase of their financial lives. As they transition from full-time work into retirement, they are moving from "accumulation" - building wealth through savings in their working years - to "distribution," drawing on savings for income they can rely on for the rest of their lives. Those life savings will also be a source for … [Read more...]
The Truth About Your Social Security Retirement Benefits Part 2
Social Security Retirement Benefits are critical to retirement income planning, in fact, when to elect Social Security may be the most important decision of your retirement. This one decision can impact your retirement by tens of thousands of dollars! Read Part 1 of The Truth About Your Social Security Retirement Benefits Social Security Retirement Benefits were NOT designed to replace … [Read more...]
The Truth About Your Social Security Retirement Benefits Part 1
Social Security Retirement Benefits are critical to retirement income planning, in fact, when to elect Social Security may be the most important decision of your retirement. This one decision can impact your retirement by tens of thousands of dollars! By Dano W. LoPresti, CFP®, ChFC®, AIF® Social Security is always a hot button topic during the political campaigns, and for good reason. A … [Read more...]
Is Not Retiring a Viable Retirement Strategy?
The current economic climate has forced many people to face the fact they are not prepared for retirement. In a recent Harris poll sponsored by Transamerica, 39% of respondents said they planned to work until they were 70 or planned to not retire at all. Lack of finances was the number one reason people stated they wouldn’t retire. Producers of the study wandered if not retiring is a viable … [Read more...]
Apply for Social Security Benefits Online
As the first of seventy plus million baby boomers reach retirement age, the Social Security Administration is gearing up for an onslaught of new social security applications. Not only can you apply for Social Security benefits online, but the agency has a brand new ad campaign featuring Patty Duke and George Takei from Star Trek to promote their ‘retire online’ campaign. With an estimated … [Read more...]
Entrepreneurship as a Guide to Retirement Income
As I’ve watched clients, family and friends face a new retirement landscape, I think starting a business is a viable option for many. It can provide extra retirement income, and who doesn’t need that in today’s world. It also can take a pastime to a new level, provide challenge, meaning and a way to stay connected. I do have a fear about advocating for entrepreneurship. My husband and I … [Read more...]
The Truth About Social Security Benefits
There has been much written in the blogosphere about AARP and Social Security recently. We won’t rehash what was and was not written. Social Security evokes a lot of emotion. There is also misunderstanding about what Social Security is and what it is not. While you paid into the system, you may not know the truth about Social Security Benefits. Many people mistakenly believe they contributed … [Read more...]
Baby Boomers Increase Entrepreneurial Activity
We were very interested to learn that in the US today, baby-boomers prove to be more entrepreneurial than younger generations. Generally we believe that the risky economic behavior associated with starting your own business is the province of the young. Yet, over the past decade, the highest rate of entrepreneurial activity belongs to those from 55-64 years old. Factors that seem to encourage … [Read more...]
Term Life Versus Whole Life Insurance
By Colleen KingWhat’s the Difference between Term Life Insurance and Whole Life Insurance?One of the best things about getting my insurance license was learning the difference between the two basic types of insurance, which had eluded me for years. Basically there are two types of life insurance and they break down to temporary and permanent.An easy way to remember the difference, is ‘term is … [Read more...]
The Difference between Fixed and Variable Annuities
Annuities are generally retirement income based assets that allow capital appreciation to grow tax free until distributions are made. They usually provide retirement income security after you quit working. In this aspect, they are great tax shelters (like an IRA) but also add wealth protection for those who wish to leave a financial gift to their heirs. In an annuity, the … [Read more...]