Social Security Benefits: 5 Crucial Considerations for Women

    posted in Retirement Planning Dec 8, 2020


    Social Security benefits are a perennially popular topic of discussion — will they continue to be available? What percentage is available when, and for whom?

    What deserves even greater attention, especially among women, are the decisions about working, retirement and Social Security benefits that could negatively impact their long-term financial security. This subject is particularly pressing because women represent over 55% of all adult Social Security beneficiaries, and at age 85 and over, they represent nearly two-thirds of all beneficiaries.1

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    Retirement Savings Tips for Clients Who Live Paycheck-to-Paycheck

    posted in Retirement Planning Nov 3, 2020


    Most Americans are acutely aware of their financial situations. A recent report reflects that 40% of U.S. consumers have had difficulty paying bills in the last year. Others who were unemployed, had reduced work hours, or couldn't work because of an illness were nearly twice as likely to experience a shortfall and live paycheck-to-paycheck.1 In light of recent global events and millions claiming unemployment in the U.S., those numbers could be staggering.

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    Social Security Shortfall? Annuities May Be an Answer

    posted in Retirement Planning Sep 29, 2020


    When you conduct a portfolio review, it’s common practice to factor in investments held outside your firm to help determine your client’s projected income in retirement. In addition to disbursements from an employer 401(k), a pension or other income-generating ventures like rental property, Social Security stands out as a reliable source of future income.

    A major concern you’ve likely heard from clients is whether they’ll run out of money in retirement. While Social Security can provide a base income to cover fixed costs like insurance, utilities, food and housing, it may fall short, especially for those who’ve come to expect a certain standard of living. If those individuals also missed out on opportunities to build savings and invest during their working years, the chasm widens. 

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    Questions to Ask When a Client Receives an Early Retirement Offer

    posted in Retirement Planning Aug 18, 2020

    As a result of the global pandemic and its economic fallout, many companies are looking for ways to remain financially solvent by reducing their workforce. On top of millions of employees across the U.S. filing for unemployment, some are weighing decisions over whether to accept a voluntary buyout or early retirement package.

    In addition to talking with clients about the market impact of the Coronavirus, they may come to you for advice on whether to take their employer up on such an offer. Getting answers to some of the following questions may help them determine next steps.

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    When Clients Choose Not to Leave Children an Inheritance

    posted in Advanced Planning, Retirement Planning Jul 21, 2020

    We’ve heard about the Great Wealth Transfer and how all those years of saving and investing by Baby Boomers will benefit the next generation. It’s generally assumed that parents who have a nice nest egg will leave the majority of that wealth to their children as an inheritance. But that’s not always the case.

    Some wealthy retirees may choose to buck tradition and leave a different kind of legacy, one that supports their community or other charitable causes they care deeply about. Or, some might simply plan on enjoying the money they’ve made by spending it on travel, entertainment or other hobbies. It is their money, after all.

    No matter how your clients choose to distribute their estates, it’s best for them to manage their children’s expectations sooner than later. The following approaches can help.

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    Sensitive Straight Talk With Clients About Supporting Grown Kids

    posted in Retirement Planning Jun 2, 2020

    It’s not uncommon for parents to help their children pay for college or a wedding. Giving a grown son or daughter a financial boost as they begin “adulting” may even bring a sense of satisfaction.

    But what happens when grown children continue to rely on their parents to meet basic expenses once they’ve left home? While assisting adult children financially is certainly a parent’s prerogative, the added economic strain may negatively impact their own financial wellbeing and threaten their retirement savings.

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    Equities May Be Right For Some Retirees

    posted in Retirement Planning May 19, 2020

    As older Americans approach retirement, it’s only natural for them to expect a reduction in equity investments. Less risk to stock exposure is a conservative (and wise, many would say) move.

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    3 Ways to Help Clients Cover Healthcare Costs in Retirement

    posted in Retirement Planning May 5, 2020

    Retirees may experience some sticker shock when it comes to healthcare costs. That’s because a 65-year-old retired couple can expect to spend $285,000 to cover their medical and healthcare costs throughout retirement. That figure is slightly higher than previous findings. The outlook for singles is comparable, with single men expected to pay $135,000, and $150,000 for a single woman.1 These numbers don’t include expenses that Medicare doesn’t cover, such as dental, vision, over-the-counter medications and long-term care.

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    SECURE Act: 8 Must-Know Facts for Advisors and Clients

    posted in Advanced Planning, Retirement Planning Mar 24, 2020

    On December 20, 2019 a new Act was signed in law that advisors should understand.  

    The Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act) includes provisions aimed at helping people save for retirement. It includes increasing access to tax-advantaged accounts, as well as opportunities to help prevent older Americans from outliving their assets in retirement.

    This is the second legislative tax or retirement reform in the past 2 years, and it will likely have significant impact on how financial advisors help clients plan for their retirement for years.

    First, we’ll tackle the top 8 facts advisors should know about the SECURE Act. After each, we’ll share a practical, actionable step advisors can take.

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    When It's Right to Recommend an Annuity, Consider These Four

    posted in Client Relationships, Retirement Planning Mar 3, 2020

    You know annuities can be powerful tools, yet aren’t the right strategy for everyone or every situation. And annuities vary so widely in what they can do, it really requires some searching to determine an annuity’s effectiveness for each client’s situation.

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