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Prepare for a Stress-Free Retirement

Prepare for Retirement the Right Way


Prepare for a Stress-Free Retirement

  • You are successful, but as a result you need to provide 70% of the funds for your retirement over and above what you already have in Social Security and qualified plans.  
  • Every study indicates that a large percentage of people do not have sufficient money to maintain their lifestyle for the course of their approximately 22-year retirement.
  •  Premium Financing is one of the very few strategies that bring additional money over and above what you can save by yourself.

 

Americans’ Greatest Financial Fears

  • Financial Emergency
  • Not Enough Savings to Retire
  • Medical Expenses Due to Illness
  • Outliving Retirement Savings
  • Identity Theft
  • Inability to Afford Healthcare
  • Financial Burden to Family
  • Losing my Job
  • Extended Unemployment
  • Death of Primary Breadwinner

Out of the top five fears, four are about emergencies and retirement

 

Prepare for an above average retirement

 

Financial Emergency

 

  • A lot of Americans are afraid that they will not have enough money in case something unexpected happens or they need to pay a large sum of money.  Because of this, people prepare by avoiding putting away money or investing too much at one time.  Our strategies are designed to make the most of your money while still providing you with the coverage you need and access to cash in case a financial emergency occurs.

 

Insufficient Savings

  • Consider this:  If you retire today, could you live off of the money you’ve saved for 22 years?  Could you maintain your current lifestyle? If you fully fund your 401K with 6% matching funds you will have a 70% lifestyle drop in retirement if you earn over $250,000 unless you supplement your planning.   Research also indicates that 85% of all medical expenses occur in retirement. Contrary to popular belief, spending does not drop but is merely spent on different things like medical expenses. It is very possible for some people to outlive savings and become reliant upon a family member for financial care. The Premium Financing strategy can add substantially more funds to your retirement plans while helping you cover potential future medical expenses.

 

Medical Expenses

  • 1 in 3 Americans between ages 35-65 will become disabled for 90+ days
  • 1 in 7 Americans 65+ years in age will become disabled for 5+ years
  • A 65-year-old couple retiring in 2012 is estimated to need $240,000 to cover medical expenses throughout retirement
  • (American Council of Life Insurance, Fidelity Investments)
  • The reality shown above is that it is quite common to lose of an individual’s ability to earn and a have a large loss in retirement savings. If you are dependent upon your income, this would be a devastating event.  Most benefits don’t cover or only partially cover this events.  In addition to potential disability, long term care is an essential for 41% of Americans BEFORE age 65 with the average cost at $75,000 a year (US Department of Health and Human Services).
  •  These are both very real issues that call for action before it is too late, and Premium Financing is your answer.

 

Death of Primary Breadwinner

A major concern we all have is the death of the primary breadwinner. Approximately 70% of U.S. households would have trouble meeting everyday living expenses within just a few months if the primary wage earner were to pass away today, and this actually occurs to 20% of households. It’s important for a lot of people to have a backup plan in this event in order to pay for expenses. Premium Financing includes permanent life insurance to address this need.

 Contact us to learn more about the Premium Financing Plan.

 

 

 

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Proper Retirement Planning

Proper Retirement Planning

When planning for retirement you should fully fund the tax-deductible and tax-deferred savings plans that are available to you as an individual and through your employer.

First on the list should be plans where the employer makes contributions and/or matches your contributions.

Next should be any IRA’s that you qualify for. As you climb the investment pyramid, it becomes increasingly important to seek help from an expert.

Read more

The Basics Of Retirement Planning

When planning your retirement, it is important to remember that money, more than any other factor, will dictate most of your retirement decisions. Your level of financial preparedness for your retirement years will determine when you retire, what type of lifestyle you and your family will enjoy during retirement, and what might be left as a legacy to your heirs.

He Who Fails to Plan, Plans to Fail

It has been said that no one plans to fail, they simply fail to plan. Nowhere is this idea more applicable than when it comes to meeting our retirement objectives. A sound financial plan can be the difference between meeting one's retirement objectives and facing the discouraging surprise of one caught unprepared and with too little time remaining to change their financial course.

At the very least, ongoing retirement planning will help you understand the financial demands of retirement, and make those decisions that are best suited to applying limited resources to potentially unlimited demands.


<strong><span style="font-size: 12.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman';">Retirement Income Needs</span></strong>

Retirement Income Needs

Recent studies have found that during retirement the average American needs between 60 and 80 percent of their pre-retirement income in order to maintain their pre-retirement standard of living. Almost everyone needs less money during retirement than before. How much you need during retirement will be a function of your personal spending habits. Consider the following factors in estimating your retirement income needs:

  • You may be supporting children now who will be self-sufficient by the time you retire.
  • Your work related expenses would be dramatically reduced, if not eliminated, once you retire (commuting costs, daily meal expenses, licensing fees, etc.).
  • For many, their mortgage will be paid off either by the time they retire, or within a matter of a few years after retirement, reducing housing expenses.
  • Hopefully you are saving money on a monthly basis for retirement. During retirement you can plan your needed monthly income without factoring in a “retirement saving” amount.
  • Many retirees find themselves in a lower income tax bracket. This is due, in part, to having their main sources of income change from fully taxable earned income to tax advantaged income sources.
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<strong><span style="font-size: 12.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman';">Sources of Retirement Income</span></strong>

Sources of Retirement Income

Once you have estimated your target retirement income, you are ready to begin to evaluate what sources of income will be available to you to meet your monthly needs. Generally speaking, your sources of retirement income fall into three categories, which we will discuss below.

Government Sources. The federal government has created something of a “safety net” for retirees called Social Security. Social Security is available to everyone, but the amount you receive will be based on how much you earned during your working years.

Company Sponsored Plans. Many employers offer company sponsored retirement plans. These plans come in many forms but generally can be broken into two categories.

Defined Benefit Plans are normally funded entirely by the employer and guarantee a retirement benefit based on a combination of years of employment and employment earnings.

A Defined Contribution Plan may be funded by the employer, employee or a combination of the two. The employee owns an account balance (subject to vesting) made up of contributions and earnings. At retirement, the employee decides how they will withdraw the balance they have accumulated.

Personal Savings. The most important, and often most overlooked, source of retirement income is one's own personal savings. Savings directed to IRA accounts, directly held assets, home equity, etc. will largely determine how financially secure your retirement years will be.

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<p class="MsoNormal" style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; line-height: normal;"><strong><strong><span style="font-size: 12.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman';">Changing Your Current Course<br /></span></strong></strong>

Changing Your Current Course

There are many ways that proper planning can improve your current retirement outlook.

The more time you have to prepare, the more change you can effect in your retirement income.

A sound financial plan and ongoing professional advice can help you obtain your retirement objectives

Material discussed is meant for general illustration and/or informational purposes only and it is not to be construed as tax, legal, or investment advice.

Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary therefore, the information should be relied upon when coordinated with individual professional advice.

 

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Summary of Retirment Plans

Summary of Retirment Plans

The following is a summary of retirement plans:

  • 401(k) - A section 401(k) plan is a type of tax-qualified deferred compensation plan for businesses in which an employee can elect to have the employer contribute a portion of his or her cash wages to the plan on a pre-tax basis. These deferred wages (commonly referred to as elective deferrals) are not subject to income tax withholding at the time of deferral, and they are not reflected on your Form 1040 since they were not included in the taxable wages on your Form W2. However, they are included as wages subject to social security, Medicare, and federal unemployment taxes. See 401(k)
    • The maximum employee contribution is $18,000 in 2015 and 2016.
    • The annual additions paid to a participant's account cannot exceed the lesser of:
      • 100% of the participant's compensation, or
      • $53,000 ($59,000 including catch-up contributions) for 2015 and 2016.
    • Catch-up - if the employee is aged 50 and older, an additional "catch-up" contribution is allowed. The additional contribution amount is $6,000 in 2015 and 2016.
    • Withdrawals of contributions and earnings are subject to federal and most state income taxes.
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Definitions

Definitions

  • Roth Accounts: Designated Roth contributions are elective contributions that, unlike pre-tax elective contributions, are currently includible in gross income. However, the investments grow tax free and earnings may be withdrawn tax free after age 59 1/2 as long as the account has been open 5 years, or if you are disabled or after death.
  • SIMPLE Plans (SIMPLE IRA, SIMPLE 401k): Are plans for the small business owners with 100 or fewer employees with no other retirement plans in place. See SIMPLE IRA or SIMPLE 401(k)
  • SEP-IRA - Under a SEP, the employer makes contributions to traditional IRAs (SEP-IRAs) set up for each eligible employee. A SEP is funded solely by employer contributions. Each employee is always 100% vested in (or, has ownership of) all money in his or her SEP-IRA. See IRS Publication.

 

    • To establish a SEP
      • The business can be any size
      • Adopt Form 5305-SEP, a SEP prototype or an individually designed plan document.
      • Cannot have any other retirement plan (except another SEP) if the model Form 5305-SEP is used to establish the SEP.
    • Total contributions to each employee's SEP-IRA cannot exceed the lesser of 25% of pay or $53,000 in 2015 and 2016. See SEP Contribution Limits
  • SIMPLE-IRA - is a tax-deferred retirement plan provided by sole proprietors or small businesses (fewer than 100 employees) who do not maintain or contribute to any other retirement plan. See SIMPLE IRA Plan . If a SIMPLE IRA plan is adopted, employees can elect to defer part of their salary. Each employee is immediately 100% vested in (or "owns") all contributions to his or her SIMPLE IRA. Contribution limits are: See SIMPLE IRA Contribution Limits
    • Employee - $12,500 in 2015 and 2016. If the employee is age 50 or over, a "catch-up" contribution is also allowed. This additional catch-up contribution amount $3,000 in 2015 and 2016.
    • Employer - Generally, a dollar-for-dollar match up to 3% of pay or a 2% non-elective contribution for each eligible employee.
  • Keogh - A Keogh plan is a tax-deferred retirement plan designed to help self-employed workers or individuals who earn self-employed income establish a retirement savings program. There are two different types of Keogh plans, the Profit Sharing (see Profit-Sharing) and the Money Purchase plan (see Money Purchase ). Under Keogh regulations, the Money Purchase contribution is mandatory; you must make the same percentage contribution each year, whether you have profits or not. The Profit Sharing contribution can change each year. Individuals can contribute to both types of plans in the same year.

 

    • The contribution limits are the lesser of 25% of compensation or $53,000 in 2015 and 2016.

 

 

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Traditional and Roth IRA's

Traditional and Roth IRA's

  • Traditional IRA - Individual Retirement Account, is a tax-deferred investment and savings account that acts as a personal retirement fund for people with employment income. The maximum contribution is $5,500 annually in 2015 and 2016 with an additional $1000 if over 50 years old. There are two primary types of IRAs: Regular and Spousal. Regular IRAs are designed for individuals with earned income, while Spousal IRAs are designed for married couples in which only one of the spouses has earned income. You have the option of investing in a wide variety of investments. (See IRS Publication 590).

 

For Regular and Spousal IRAs: (See Traditional IRAs)

Your contribution is fully tax-deductible if:

    • Neither you nor your spouse participated in a company-sponsored retirement plan.
    • You contributed to a company-sponsored retirement plan: are single and earned less than $61,000 in 2015 or less than $61,000 in 2016 or married and filing jointly and had a joint income of less than $98,000 in 2015 or less than $98,000 in 2016.

Your contribution is partially tax-deductible if:

Your contribution is not tax-deductible if:

      • You contributed to a company-sponsored retirement plan: either single and earned more than $71,000 in 2015 or more than $71,000 in 2016 or married and filing jointly and had a joint income of more than $118,000 in 2015 or more than $118,000 in 2016.

 

  • Roth IRA - is an individual retirement account with a maximum contribution of:

 

 

    • The maximum contribution for 2015 and 2016 is $5,500 with additional $1,000 contribution if over age 50.
    • Contributions to a Roth IRA are not tax-deductible. However, the investments grow tax free and earnings may be withdrawn tax free after 59½ as long as the account has been open 5 years.
    • Eligibility for contributions to a Roth IRA is phased out for married couples filing jointly with an AGI between $183,000 and $193,000 in 2015 and between $184,000 and $194,000 in 2016.
    • See IRS Publication 590

To obtain a more detailed explanation of the various retirement plans, you can visit the IRS website at www.irs.gov.

 

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Simple 401 (k)

Simple 401 (k)

  • SIMPLE 401(k) - A section SIMPLE 401(k) plan is a type of tax-qualified deferred compensation plan for small businesses with less than 100 employees in which an employee can elect to have the employer contribute a portion of his or her cash wages to the plan on a pre-tax basis. These deferred wages (commonly referred to as elective deferrals) are not subject to income tax withholding at the time of deferral, and they are not reflected on your Form 1040 since they were not included in the taxable wages on your Form W2. However, they are included as wages subject to social security, Medicare, and federal unemployment taxes. Under a SIMPLE 401(k) Plan, an employee can elect to defer some compensation, but unlike a regular 401 (k) plan, the employer must make either a matching contribution up to 3% of each employee's pay, or a non-elective contribution of 2% of each eligible employee's pay. See SIMPLE 401K
    • The maximum employee contribution is $12,500 in 2015 and 2016.
    • The maximum Employee plus Employer contribution is the lesser of 100% of the employee's compensation, or $53,000 in 2015 and 2016.
    • Catch-up - if the employee is aged 50 and older, an additional "catch-up" contribution is allowed. The additional contribution amount is $3,000 in 2015 and 2016.
    • Withdrawals of contributions and earnings are subject to federal and most state income taxes.
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Roth 401(k)

Roth 401(k)

  • Roth 401(k) - Business retirement account made with after tax dollars. See Designated Roth Accounts
    • Only employee elective deferrals may be contributed to a designated Roth account. Matching contributions and profit-sharing contributions may not be made directly to the designated Roth account.
    • The maximum employee contribution is $18,000 in 2015 and 2016. For later years, the limits are subject to cost-of-living adjustments.
    • Catch-up - if the employee is aged 50 and older, an additional "catch-up" contribution is allowed. The additional contribution amount is $6,000 in 2015 and 2016. For later years, the limits are subject to cost-of-living adjustments.
    • The investments grow tax free and earnings may be withdrawn tax free after 59 ½ as long as the account has been open 5 years, or if you are disabled or after death.

 

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403 (b)

403 (b)

  • 403(b) - is sponsored by tax-exempt institutions such as Public Schools, Colleges or Universities or Charitable entities tax-exempt under section 501(c)(3) of the Code. Basically, 403(b) plans are similar to 401(k) plans. Just as with a 401(k) plan, a 403(b) plan lets employees defer some of their salary. In this case, their deferred money goes to a 403(b) plan sponsored by the employer. This deferred money generally does not get taxed by the federal government or by most state governments until distributed.

 

See 403(b) Plan Basics

    • The maximum employee contribution is $18,000 in 2015 and 2016.
    • The maximum Employee plus Employer contribution is the lesser of 100% of compensation or $53,000 in 2015 and 2016.
    • There is also a "lifetime catch-up provision" available only to employees with 15 or more years of service with a qualified organization. This provision may allow you to increase your salary deferral contributions above your basic salary deferral limit by up to $3,000 per year, up to a lifetime limit of $15,000. To qualify, you must be a long-term employee who has contributed on average less than $5,000 a year to your 403(b) plan. The 403(b) Lifetime Catch-up is called the "15-year rule" in IRS Publication 571. See IRS Publication 571

 

 

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Benefits That Provide More for Your Retirement

Benefits That Provide More for Your Retirement


If you are concerned about your retirement and don’t think you are saving enough, you will realize how the Premium Financing strategy is a better and smarter way to fund the retirement you dreamed of.

  Premium Financing utilizes financing as a way to supplement the funding you have available to buy more of the benefits you need.  

The ultimate result is more financial comfort than savings and traditional life insurance alone.

Death Benefit Protection

A permanent life insurance policy with living benefit riders* that can provide benefits in the case of:

Critical Illness (Cancer, Heart Attack, Stroke, etc.)

Critical Injury (Coma, Brain Injury, Paralysis, Burns)

Chronic illness (assistance with daily living, bathing, eating, dressing, transferring, etc.)

Terminal illness (illness where death is expected within 12-24 months. Term varies by state.)

*Net of loan repayment, riders are supplemental benefits that can be added to a life insurance policy and are not suitable unless there is a need for life insurance.

Cash Accumulation**

Upside Crediting Potential (Interest Credited Based On Market Index)

No Loss of Cash Value, 0% Floor (Due To Declines In An Index)

Potential Growth Tax-deferred

Potential Tax-free Withdrawal (Access to cash value using Tax-Free policy loans and withdrawals)

*Policy loans and withdrawals reduce the cash value and death benefit and may result in a taxable event if the policy is surrendered or lapses.

The Use of Leverage

Using leverage is a very common practice for most people. We use leverage to finance a home, buy investment property, or buy a business. So, it would make sense to use leverage to enhance your benefits.

Think of leverage in the following ways. You purchase items today with the hope that they will appreciate in value. Leverage allows you to enjoy more, sooner, and for a longer period of time. Some examples of this would be:

You use leverage to buy a bigger house today.

You use leverage to purchase an investment property to rent or flip.

You use a loan to expand a business without tying up your cash flow.

The decision to use leverage is driven by the idea that the money you contribute will grow at a higher rate of return than the cost of borrowing.  And, at the very least, you get to enjoy the benefits of these purchases today.

With Premium Financing, you can use leverage to obtain more benefits today and potential cash accumulation for your retirement future

 

 

 

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