Work, Retirement and Financial Security in the 21st Century

This week’s article, written by the President of the Transamerica Institute and Executive Director of the Aegon Center for Longevity is called “Work, Retirement and Financial Security in the 21st Century”. The author ask the question “Should retirement be a fixed moment in time? A more flexible approach would enable us to extend our working lives, gradually transition and fully retire at an older age. It would afford the ability to stay active and continue earning income while saving for the day when we stop working altogether.” We might have some options that would help you reach your goal of additional income in retirement, and we would love to speak with you about them. Call us, we are always here to help.

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PREDICT THE FUTURE?

“Rather than attempting to predict the future, why not alleviate risk with a diversified retirement plan? FIAs are reliable products that can provide peace of mind and balance to anyone’s portfolio.” This week’s article caught my attention as it included several reasons why you might want to include FIAs as part of your retirement plan. After you have read it, give me a call. It might be time to review your plans and determine what can be done to help you accomplish your goals. We’re always here and look forward to hearing from you.

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TAKEAWAYS

Following up on a presentation in DC where industry professionals and policy makers addressed “major challenges Americans face today when it comes to planning for retirement and responsibly managing their money during stock market swings”, this week’s article remarked that “Retirement plans come in all different shapes and sizes, based on your own unique needs, current finances, and dreams for the future. No matter the direction you plan to take your journey, keeping a balanced portfolio with risk and conservative options, like FIAs, and referencing tips shared by the event’s panelists, can set you on a path to a successful and enjoyable retirement.” We’ve given you the link to the full panel event should you wish to hear more. Call us if you have any questions. We’re always here to help.

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AGING IS NOT A TREND, IT IS HERE TO STAY

I was caught by one of the statements made in an article I heard this week and thought to share it with you here. “The smart investor will look beyond the ”baby boomer bulge” headlines and recognize that aging is not a trend but a revolutionary transformation.” Did you know that there will soon be 1 billion of us over 60? This makes me reflect on what seems to be a greater need for more and more people to find options for income that will last a much longer life time. Call us if you’d like to discuss what options we think might work for you. We’re always here to help.

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WEATHERING THE STORM

This week’s article references a forum that was held this past week called “Weathering the Storm: Forum on Volatile Markets” which “discusses the challenges of today’s financial market, and more importantly, to explore ways Americans can plan for a secure retirement, despite market swings and ever-change workplace structures.” Call us if you would like to discuss some options for providing income in your retirement planning. We’re always here to help.

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ARE YOU FULL RETIREMENT AGE NOW OR IN THE NEXT SIX MONTHS?

We believe it is important for you to be informed, and wanted to provide you with this week’s article because it is time sensitive and discusses strategies phased out as part of the Bipartisan Budget Act of 2015. The article states that “Those who are full retirement age or those who will reach it in the next six months will still have the opportunity to file-and-suspend before the crackdown takes effect after April 29, 2016. Furthermore, anyone who was born in 1953 or earlier (or Jan. 1 of 1954) will still be able to do a restricted application for spousal (or divorced ex-spouse) benefits, even if the filing doesn’t occur until years from now.” We’re always here to help, so please call us if you want to talk about this strategy.

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BENEFITS GUIDE

If you’re anything like me, you may like to have hard copies of documents that discuss topics that are important to you so that you can refer back to them when you have questions. That’s why I thought to share this week’s article with you because it is an in depth resource guide to What You Need to Know When You Get Retirement Benefits. Take a look and call if you have any questions you think we can help you with. We always enjoy hearing from you.

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MANAGING RISK

This week’s article discusses managing risk with Fixed Indexed Annuities. The author writes that in “the past decade, the financial market has experienced extreme swings and with such volatility, Americans are rethinking traditional retirement income and investment sources.” Further, the author goes on to say that “many financial experts see this return to a high volatility market as being the new normal, with the expectation of another large market correction looming on the horizon, an inevitability driven by competing economic factors.” In response to this need for a way to protect savings from volatility over the long-term, the article identifies the Fixed Indexed Annuity as being a “product which allows clients to participate in gains generated within the market, while limiting exposure to losses.” Call us if you would like to learn more about this product. We’re always here to help.

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INCREASING INCOME WHEN THE ODDS ARE STACKED AGAINST YOU

This week’s article was interesting to me because it referenced recent articles that suggest “retirees refrain from withdrawing any more [from their retirement account] than they are allowed under required minimum distribution rules” and it went on to talk about at least two problems with this approach: One of them is that few retirees “have saved enough to limit their withdrawals without taking a severe hit in their standard of living,” and the other is that “the retiree may end up having been too frugal in the best years of her retirement while leaving an excessive estate.” Call us if you would like to talk about this, as we have some ideas we think may help in your retirement planning.

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HOW DO THEY WORK?

I read an article this week on “How do fixed index annuities work?” and thought to share it with you. The article explains that the money used to buy the annuity is invested by the insurance company and then the annuity goes into what is called the “accumulation phase”. This is where the annuity will “earn a fixed rate of interest that is guaranteed by the insurance company or an interest rate based on the growth of an external index.” With taxes being deferred on the interest until you receive the money, this means the money can grow faster. “After a period of time specified by your contract, you may then receive a lump sum, the money over a set period of time, or as income for the rest of your life.” Call us if any of these options work for your retirement planning. We look forward to speaking with you soon and are always here to help.

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