Tag Archives: Mutual Funds

Don’t Make Health Insurance Mistakes

Don’t Make Health Insurance Mistakes

If possible, you should try to keep your health insurance. Not understanding the requirements and rules of your plan leaves you at risk of inadvertently losing coverage upon retirement. Many mistakenly assume that Medicare will take care of all their health care needs when they turn 65-years-old, but it doesn’t. At that time, you’ll need a Medicare Advantage Plan or Medicap supplemental policy.

Smart Investing

Your financial advisor has most likely advised you to maintain a balanced portfolio of both bonds and mutual funds. This is because taxation and inflation can take large chunks out of your income and you need a portal for long-term growth.

Understand Your Retirement Funds

You should review your retirement fund options with your financial advisor, asking as many questions as you need to understand all the options and processes.

Work With A Fee-Only Financial Planner

It’s always best to work with a financial planner to understand all the complexities of financial planning, the various options available, and what might best accomplish your particular needs and goals. Make sure that your financial advisor is fee-only, meaning they are charging you a fee for their advice. The person advising you shouldn’t be someone that may have an alternative agenda, such as selling retirement products.

Postpone Social Security Benefits

It may be better for you to draw from your IRA or 401 (k) plan before applying for benefits through the Social Security Administration, as this could mean your Social Security benefits will be higher. Typically, someone that postpones drawing benefits from age sixty-two to age seventy will see an increase of around 76%.

Postpone Annuities

Annuitization should be postponed until you’re in your early eighties or late seventies. This means the fixed monthly payments won’t have to last as long and will be more apt to cover your financial needs.

Postpone Reverse Mortgages

A reverse mortgage is a viable option for those running out of money during their retirement years, but this should be something put off as long as possible.

Think Outside The Box

Some may fall short of their financial retirement goals before or during retirement. Desperate times call for desperate measures. It may be necessary to think about communal living. Depending on family dynamics, living with your children may be a viable option.

My Risk, Your Risk

My Risk, Your Risk

If you’re like most people where you don’t like risk (risk adverse) you may want to reconsider where your life insurance policy is, or where your money is.  I have found that as I have gotten older (I’m not yet too old), that I don’t like a whole lot of risk.  I would rather take lower gains and no risk of losing money than have the chance of losing money or getting higher returns.  My belief is if I have a steady rate (no matter what that rate is) I can make definitive plans on how I am going to accomplish my goals.  I also have saved money by canceling my subscription to the Wall Street Journal, and my blood pressure has gone down.  If you have some of these same feelings then maybe we need to look over your current situation.

I don’t sell mutual funds, stocks, bonds, derivatives or any other potential risky investments (in fact I don’t sell investments at all), what I do sell is insurance, either protecting your current money by using fixed or immediate annuities, protecting your estate with the use of life insurance and long term care or if you’re working age, disability insurance.  My services are free to you, as I charge no fees.  You may ask then, how do I make my money, the answer to that question is I make a commission on the products that you buy from me.  As I don’t charge for my services I only ask one thing from you, I would ask that if you like my ideas that you complete the transaction through me, and not someone else.  My thoughts on that are simple, if the person that you want to use instead is so good, and is looking out for your best interests than why didn’t they present these options to you already.  With that being said, I am not looking to steal business away from another reputable agent, but I am looking to take care of someone who is not being cared for in the manner that they deserve.

The companies I do business with may or may not have the cheapest insurance product, sometimes they do sometimes they don’t, but what they do have is the highest ratings in the industry.  I will not sell a policy from a company with a low rating, to me that is risky, as your policy depends soly on the claims paying ability of that insurance company.  Myself personally, I would rather pay a little higher rate and have the peace of mind knowing that that insurance company will be there to pay the claim when it comes time.  That is why you buy insurance right?  With that being said, if you don’t care about the stability of the company and care more about price, then I suggest you go to that website with all the flashy bells and whistles and buy a policy from them.  These are decisions that you shouldn’t take lightly and you shouldn’t let anyone, including me, make them for you.  Learn and know who you are doing business with, anybody can put up a insurance website, and anybody with a couple bucks and a quick self study course can get an insurance license, and anybody can sell insurance.