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What Can Indexed Annuities Do For You?

Video Transcript

A fixed index annuity is a contract between you and an insurance company that may help you reach your long-term financial goals. In exchange for your premium payment, the insurance company provides you with income, either starting immediately or at some time in the future. Most fixed index annuities have two phases.

First, there’s an accumulation phase, during which you let your money earn interest. This is followed by a distribution or payout phase, during which you receive money from your annuity.

Your annuity can 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 a fixed index annuity, you defer paying taxes on your contract’s interest until you receive money from the contract. This tax deferred growth in your asset can really add up.

These annuities provide for additional growth in value by sharing in stock market growth, often without market risk. Fixed index annuities vary in their benefits depending on the company offering them. To understand which fixed index annuity may be right for you, give us a call today.

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How Do I Choose Medicare Coverage When I Retire?

Video Transcript

Many pre-retirees are uncertain about their choices when it comes to enrolling in Medicare. There are two main ways to get your coverage. You can choose the traditional Fee for Service Medicare known as Original Medicare or a Medicare Advantage Plan.
Medicare Advantage Plans are similar to an HMO which stands for Health Maintenance Organization or a PPO which stands for Preferred Provider Organization.

Original Medicare consists of Part A, hospital insurance for In-hospital care and Part B, Medical Insurance for Outpatient services like doctor visits and lab tests. Medical Advantage known as Part C is a managed care option that rolls all the different parts of Medicare into one. There maybe extra coverage like dental and vision. And everyone on Medicare is eligible for prescription drug coverage, either from a Part D plan or a Medicare Advantage Plan offering drug coverage.

There are many considerations that can factor into the Medicare planning process. Let us help you with your important Medicare decisions. Visit our website or give us a call today.

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Is A Tax Free Retirement possible?

Video Transcript

A question were commonly asked is: Is it possible to drastically reduce taxes in retirement or even eliminate them.

It is possible but you must start planning before you retire. Many people don’t realize that traditional IRAs and 401ks are fully taxed upon withdrawal, so the key is to diversify your retirement income.

You can do that by saving and investing in tax advantaged and non-taxable accounts such as a roth IRA while you’re still working. Once you retired, its all about monitoring your adjusted gross income to control your tax bracket.

You can limit the amount of taxable income you need to withdraw by pulling income from your tax-free accounts.

Also, by withdrawing from non-taxable accounts instead of selling investments that trigger taxable income, you reduce the amount of your social security benefits subject to income tax.

To find out how you can reduce your taxes in your retirement years, call us or visit our website today.

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How Can You Plan for Long Term Care?

Video Transcript

Statistics say there is a seventy percent chance that you or your spouse will experience a need for long-term care! Long-term care includes a range of services and supports you may need to meet your personal care needs.

Most long-term care is not medical care, but rather assistance with the basic personal tasks of everyday life, sometimes called Activities of Daily Living (or ADLs). These include Bathing, Dressing, Using the toilet, Transferring to or from bed or chairs, Caring for incontinence, and Eating.

Other common long-term care services and supports are assistance with everyday tasks, sometimes called Instrumental Activities of Daily Living (or IADLs) These include Housework, Managing money, Taking medication, Preparing and cleaning up after meals, Shopping for groceries or clothes, Using the telephone or other communication devices, Caring for pets and Responding to emergency alerts such as fire alarms.

The cost of Long-Term care varies with the amount of coverage, length of care, and deductibles. The initial premium level will increase based upon the age at which you apply. Like all insurance, most people wait too long before applying. 1 in 4 who apply between the ages of 60 and 69, don’t qualify. You owe it to yourself and family to know the options and prepare well today. Call us to find out more.

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How Do You Create a Simple Retirement Income Plan?

Video Transcript

A retirement income plan is needed because life changes in retirement. Your retirement plan should account for every year in retirement, even past your life expectancy. For each year, make a list for you and your spouse that include social security income, pensions and annuity income. Also list earnings from investments and working part-time.

List any other fixed and regular income sources. For each year, list your desired gross retirement income need. Be sure to include taxes, the effects of inflation and potential medical expenses. Then for each year, determine the gap or surplus by subtracting expenses from income.

If you see that you have gaps in your retirement plan, give us a call today. We can make sure you have a strategy to help you reach your retirement goals.

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How Dollar Cost Averaging Can Help You Make Smart Investments?

Video Transcript

Dollar cost averaging is a stock market investing technique where you buy a fixed dollar amount of a particular investment on a regular schedule, regardless of the share price. More shares are purchased when prices are low and fewer shares are bought when prices are high. This can help reduce the impact of volatility or price swings on purchases of financial assets. For instance, say you plan to invest $500 over a five-month period. So that would be $100 per month.

Let’s say your stock’s price varies month to month as follows: $5, $8, $5, $3, $5. You would have bought this many shares each month: 20, 12.5, 20, 33.33, 20. Mathematically, the average share price would have been $5.20. With dollar cost averaging, the average per share cost would be $4.72. So you save $0.48 per share despite taking advantage of market variations.

This method does not account for the value of time or for long protected trends. Always seek a professional to develop an investment plan that fits you and your circumstances. Periodic investment plans, such as dollar cost averaging, do not assure a profit or protect against a loss in declining markets. This strategy involves continuous investment so the investors should consider his or her ability to continue purchases through periods of low price levels. We can help so give us a call today.

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Do You Need a Durable Power of Attorney

Video Transcript

The durable power of attorney is a legal document that allows a trusted person to act in your place if you’re incapacitated. If you are unable to act on your own due to accident or illness, they can step in to take action for you. They can pay bills, or control investments, or even make decisions about health care issues.

Many people prefer to keep their medical and financial directives separate. The durable power of attorney is different from the power of attorney. The durable power remains in effect after you become incapacitated. The person acting for you is then called your agent. Your agent does not have to be a financial expert. They’re just someone you trust completely. They could even take care of daily things for you, like opening mail and making bank deposits.

We believe everyone needs an estate plan and a durable power of attorney is one of the instruments you may want to consider as part of your plan. And be aware, if you do not make preparations for your future, the courts may have to make important decisions for you. Let us help you prepare for the future. Give us a call today.

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The 3 Stages of Your Financial Life

Video Transcript

What are the three stages in your financial life? The first stage is preparing for life’s uncertainties. The second stage is managing your net worth and the third stage is managing retirement and your estate. The base of the pyramid is preparing for life’s uncertainties. Insurance is the most cost-effective way to deal with this.

Insurance can include life and health insurance, disability insurance, long-term care insurance, home and auto insurance and insurance against other perils. Adequate liquidity in your investments or in cash to cover emergencies along with a will is important.

The next level involves managing your money. Investment strategies should include diversification and risk management. The best option is to review you goals with a professional.

The top tier addresses retirement and estate planning. The ultimate goal is to ensure that you have income and assets for as long as you live. Your investments should be in line with your specific situation, goals and risk tolerance. An estate planning professional can provide you with documents necessary to ensure a planned distribution to beneficiaries. The three stages sound simple yet few people adequately prepare for any of them.

We can work with your tax and legal professionals to develop a plan to help you reach your financial goals. So please give us a call today.

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How To Strategize For Your Social Security Benefits

Video Transcript

As life expectancy has grown, your retirement now can last between 20 and 30 years. So Social Security planning is critical, no matter how much money you have. It can make a difference of hundreds of thousands of dollars. For example, if you retire at age 62 and pass away at age 86, you’ll receive at least 25% less for 24 years. But, if you wait to retire at age 70, you’ll receive 32% more for 16 years.

If your retirement income at age 66 was $2,000 per month, this could be a difference of over $200,000 during your lifetime. Arriving at a decision on when to retire is not easy. If you retire early, it could affect your spouse’s benefits. And wages and other taxable income could cause Social Security benefits to be taxed at up to 85%. Proper planning takes all of these factors into account to determine a Social Security strategy. For instance, a repositioning of assets could reduce taxable income and provide for more reliable monthly income.

With over 500 different combinations of factors affecting benefits, it makes sense to talk to a financial advisor and get it right.

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How To Strategize For Your Social Security Benefits

Video Transcript

As life expectancy has grown, your retirement now can last between 20 and 30 years. So Social Security planning is critical, no matter how much money you have. It can make a difference of hundreds of thousands of dollars. For example, if you retire at age 62 and pass away at age 86, you’ll receive at least 25% less for 24 years. But, if you wait to retire at age 70, you’ll receive 32% more for 16 years.

If your retirement income at age 66 was $2,000 per month, this could be a difference of over $200,000 during your lifetime. Arriving at a decision on when to retire is not easy. If you retire early, it could affect your spouse’s benefits. And wages and other taxable income could cause Social Security benefits to be taxed at up to 85%. Proper planning takes all of these factors into account to determine a Social Security strategy. For instance, a repositioning of assets could reduce taxable income and provide for more reliable monthly income.

With over 500 different combinations of factors affecting benefits, it makes sense to talk to a financial advisor and get it right.

To find out more about how to use videos like this to attract your ideal client through digital marketing on the internet, click here.

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JAMES STEWART, CFP®
Co-Creator, Turnkey Video System

Certified Financial Planner ® (30+ years)
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