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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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Should I pay down my debt or invest?

Video Transcript

A common question we’re asked is, what should I do with extra money: pay down a debt or invest it?

Unfortunately, the answer is rarely crystal clear, but here are a few issues to consider.

The first is debt load – Consider the number and size of your outstanding loans. Also factor in the life of the loan and the interest rate.

Owing high interest rate debt is bad for your financial health, so generally the best medicine is to pay the debt with the higher interest rate first before investing.

Sometimes the rate is not too bad, so if you don’t need the extra money any time soon, you might want to invest it rather than pay down debt.

Also consider whether you’re getting a tax benefit for paying the interest, because if you are, then the not–so- friendly IRS is actually helping you pay the debt and using extra cash to pay the debt off is like giving money away.

Another issue is your emergency fund. If you don’t have liquid cash set aside for emergencies, then investing in the stock market or paying down debt may not good choices.

These and other factors need to be reviewed and sorted out, so contact us today and we can help chart a course.

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How Are Your Social Security Benefits Calculated?

Video Transcript

We all think we know the basics about Social Security, but do we really know how different the benefits can be? The standard retirement age is between 65 and 67, depending on your birthday. Your monthly income, also called your PIA, is determined by your highest 35 years of indexed earnings. You can start taking benefits as early as age 62, but your monthly income will be reduced by at least 25%. Say your full retirement age is exactly 66 years old, then you can delay until age 70 and your monthly income will be 32% higher.

Your strategy needs to be based upon a number of factors: how much retirement income you need, other sources of income, income taxes and your general health condition. Other factors also weigh in, like survivor needs, divorce, dependent children, and available liquid assets.

Proper planning requires attention to all these details. Give us a call today for help with planning your Social Security strategies.

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What to Do With an “Old” Retirement Plan?

Video Transcript

If you’re an investor with a defined contribution plan, such as a 401(k), and you change jobs often, you’ll have to decide what to do with old accounts.

There are four basic options:
One – You can cash out, which could be costly as taxes will eat up a large portion of the account.

Two – You could leave your savings in the old 401(k) account, but flexibility with investment options may be diminished.

Three, if you’re working for a new company with a plan that you like, you could roll your savings into a new 401(k) account.

Or four, you could roll it into an IRA, which would allow you more flexibility than leaving it in the old account, and avoids the tax hit of a cash out.

Let us run an analysis to help you make the right decision regarding your retirement plan.

Call us at (920) 202-3765 or visit us here at www.WealthAbundance.com

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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.

Do You Need a Durable Power of Attorney?

Video Script

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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How to Avoid an IRA Rollover Mistake?

Video Transcript

If you’re changing jobs or retiring, it’s important to know the rules regarding moving funds from your employer sponsored retirement plan.

The wrong move could cost you in income taxes and early withdrawal penalties.

There are two basic ways to move retirement plan assets from one retirement plan into another with no tax consequence.

With a direct rollover your financial institution or plan directly transfers the payment to another plan or IRA; no taxes are withheld and your account continues to grow tax-deferred.

With an indirect rollover, a check is made payable to you. You have 60 days to deposit it into a Rollover IRA – but indirect rollovers are subject to 20% withholding.

For example, if you had $10,000 eligible to rollover, your employer would withhold $2000 and you’d get a check for $8,000. You’ll get the $2000 that was withheld back when you file a tax return, either as a refund or a credit toward any tax owed.

However, in 60 days you still have to deposit the entire $10,000 in a rollover account – the $8,000 from your employer plus $2000 from your own resources. Any amount you don’t rollover is considered income, and subject to taxes when you file your return. You could also face a 10% early withdrawal penalty, depending on your age.

To learn more about how to avoid complications with a retirement plan rollover, give us a call 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 and69, 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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Why is it Important to Surround Your Family with Fiduciaries?

Video Transcript

Many people don’t understand exactly what a fiduciary is, and why it matters.

Fiduciaries are people who are required, by law, to place your interests ahead of their own. They provide independent and objective advice.

An attorney is an example of a fiduciary professional.

The vast majority of people who refer to themselves as financial advisors, however, are NOT fiduciaries.

Many so called financial advisors are just sales representatives for their insurance company or investment brokerage firm.

Conflicts of interest are rampant among advisors who are not fiduciaries and those conflicts may cause families to overpay for insurance and investments while receiving advice that may not be in their best interest.

By confirming you’re working with a fiduciary financial advisor, you can be assured that they’ll have your best interest in mind when making recommendations, and won’t be influenced by incentives or payments by firms pushing products.

To learn more about our Fidicuary Promise, call us today, or visit our website at www.oakwealth.com.

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Financial Advisors,

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JILL ADDISON
Founder, FA Client Machine
Author, 7 Steps to Video Marketing Success
Co-Creator, Turnkey Video System

Digital Marketing Expert.
Video Specialist.
Retired World Traveler (24 countries).
Philanthropist.
Future Real Estate Queen.
Devoted Wife.
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JAMES STEWART, CFP®
Co-Creator, Turnkey Video System

Certified Financial Planner ® (30+ years)
Internet Marketing Expert.
Social Security Workshop Presenter.
Dog-lover/Breeder.
Husband, Father, Grandfather.

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