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Weekly Commentary Presented By: Arif Halaby
I wanted to share with you an article that explained the differences between an annuity and life insurance. I liked not only the explanation, which I found simple and straightforward, but also the chart in the article that provided me with information relating to questions that are often asked by potential purchasers of one or the other product. “Both annuities and life insurance should be considered in your long-term financial plan. While both include death benefits, you buy life insurance in the event you die too soon and an annuity in case you live too long. In other words, life insurance provides economic protection to your loved ones if you die before your financial obligations to them are met, while annuities guard against outliving your assets.” Call us if you want to discuss either of these situations, we are here to help.
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This week’s article mentions that while “we all face risk with our retirement income, overall, women are subject to more financial risks than men, especially in their later years.” The author goes on to explain that “there are a number of ways for women to overcome the various financial challenges and achieve the optimal amount of income for their retirement. By identifying the risks, educating themselves about the risks, and learning how to work around or eliminate these risks, women will be able to clear those retirement hurdles with ease.” The article references five significant hurdles for women that a financial economist has highlighted, and suggests that indexed annuities may play a role in dealing with them. Call us when you get a moment so that we can tell you more about this important retirement product. We’re here to help.
In response to the frequently asked question “What is meant by the phrase 'Safe Money Place'” I thought to refer you to a definition I read and found easy to understand. The author of this week’s article wrote “Safe money places are vehicles that are used for the money that you cannot afford to lose; they’re products that provide peace of mind, knowing that your principal is protected from loss as a result of market fluctuations. Although some conjure up visions of fireproof safes and the space under their mattress when they think of safe money places, true examples of these products include: savings accounts, certificates of deposit (CDs), checking accounts, fixed annuities, indexed annuities and U.S. government savings bonds”. We believe in safer money places over risk. If you think the same way, give us a call so that we can tell you what options are available to you. We’re always here to help.
I thought you would like to read the seven retirement tips outlined in this week’s article. Written in conjunction with “National Save for Retirement Week” they provide simple yet important ideas that may help you plan better for your retirement future; especially when looking for ways to provide income that you won’t outlive. The tips also remind us to “incorporate low-risk options like Fixed Indexed Annuities” which “can provide much-needed balance” to your retirement portfolio. Call us to discuss what options may be available for you. We’re always here to help.
This week’s article tells us “When it comes to saving for retirement, starting early is key. And while putting money away can seem like a huge and daunting task, it doesn’t always require major lifestyle changes. If you implement changes slowly and in small ways, you may not even realize how much you’re saving.” We agree, and because it does take time to save, we believe in putting some of that money into a place where your principal is protected from market declines. Call us so we can tell you everything about this product. We’re here to help you navigate toward retirement.
This week’s article was interesting to me because it references a retirement survey and the data gathered; and suggests that all age groups are struggling to build a retirement. “Newly released retirement data reflects the changing landscape of retirement, and shows that majority of Americans want alternative retirement savings option.” What I found very interesting were the similarities in the desire to find options that will better enable each group, regardless of the age bracket, to meet their goals. We can help with that because we’re here to help you define your goals, and find some options for attaining them. Call us, we look forward to hearing from you.
This past week’s news contained articles about the difference in wages earned by men as opposed to women. Not surprisingly, this disparity also has an impact on how women should better prepare for a secure retirement. This planning can have an impact on the entire family. We consider ourselves part of your family. Please call us, we are here to help you feel better about your retirement strategies.
The article I want to share with you this week resonates with a topic that I discuss often with my senior clients; the impact of the US Economy on them. This week’s article writes that a new study confirms senior citizens have their “backs to the wall financially. With the threat of financial ruin so prevalent, seniors need to take concrete measures to protect their financial health. That’s not a luxury–it’s a necessity.” Call us if you would like to discuss this. We’re here to come up with options that may help you in the long term.
I wanted to share this week’s article with you because it discusses a topic we are always confronted with; a changing world that presents us with “many opportunities but also with uncertainties and obstacles which impact our financial planning and long-term financial security. Cast-iron government and employer retirement benefits are less prevalent than before, and have given way to a more individualistic approach based on personal responsibility.” Call us to discuss what options we think might best suit planning for your individual long-term financial security. We’re always here for you.
I enjoyed this week’s article and thought to share it with you because it included a long list of what the author called “pertinent facts about annuities”. One item in particular caught my attention because I could not think of a more simple way to describe the reasoning behind an annuity. The article said “Life insurance guards against the risk of dying too soon, while annuities guard against the risk of living too long.” Have you ever thought that purchasing life insurance is done almost routinely and without question, probably because we tend to think of others before we think of ourselves. Now think about an annuity. Isn’t it time we focus on funding our life as much as we focus on providing for those we may leave behind? Call us. We’re here to help.
This week’s article discusses in some detail the role of Annuities in retirement planning, and uses Teachers as an example. “Teachers are among the hardest working professionals and have the unique responsibility to prepare our younger generations for the future. And, as educators across the country go back to school for another year, it’s a good time to give some thought to what life should be like for teachers once they’re outside of the classroom and on to retirement.” Regardless if you are a teacher or not, it’s always a good idea to reflect on each of our individual retirement planning and the role Annuities can play. Call us if you have any questions. We’re here to help.
I always enjoy reading articles that provide reminders of some retirement pitfalls to avoid. This week’s article identifies four: “Not Saving Early Enough”, “Understanding How Long You Will Live”, “Not Taking Into Account Healthcare Costs” and “Lack of Balance in Your Portfolio”. For the last pitfall the author writes “It’s important to have a balanced and varied retirement portfolio in order to reduce risk. One common pitfall is relying too heavily on one savings vehicle – it will be difficult to obtain consistent growth if your portfolio lacks diversity. For example, one product that can nicely supplement a 401(k) is a Fixed Indexed Annuity (FIA), which protects your principal from the uncertainty of market volatility.” We have always believed in FIAs and welcome your call if you would like to learn more about them.
We are taking a break today from sending you an article to read this week because we know many of you are preoccupied by these difficult days. Market volatility undoubtedly doesn’t feel good to anyone, and neither does not knowing how many more difficult days are coming. It's times like these that we believe preservation of principal is most important. It is what we’ve always believed is prudent and beneficial, through strong days as well as difficult ones. We believe your savings are irreplaceable and we make every recommendation with this fact in mind.When times like these occur it provides a good reason to re-evaluate your specific situation - time horizon, risk tolerance and cash flow to name a few things. If you have questions or want to look at making some or more of your hard earned money safer from market risk, please call us. We are here to help, and look forward to fully explaining some options you may want to know about.
I saw a great presentation the other day and thought to share it with you. When answering the question “Why consider an FIA?” the author responded by saying “At a time when savings are still recovering from the financial turbulence of recent years and baby boomers are retiring in ever-increasing numbers, FIAs offer the opportunity for growth through a steady, guaranteed lifetime income stream, all while protecting the principle from the uncertainty of market volatility.” Let me know your thoughts on the article and if you have any questions about an FIA. We’re here to help you with your retirement plans.
This week I thought to send you an educational article that I found informative. It begins by telling us that “In today’s volatile economy, it can be hard to feel balanced while riding the roller coaster stock market. A diversified retirement plan is essential, and indexed annuities can add balance, giving you some peace of mind—no matter what happens on Wall Street. As with other financial products, it’s important to understand the product and its benefits.” After you’ve read it, give me a call. We’re always here to answer any questions you might have.
From time to time I am asked to provide resource calculator tools that can be used to plug in numbers such as age, income, social security benefits and years to retirement so that individuals can see if their resources are in line with what they believe their retirement needs will be, whenever that time comes. This week’s article provides a detailed “Retirement Calculator” which may help you determine if a fixed annuity that provides a guarantee of income for life is something that might help you in achieving your retirement goals. Call us if you would like to talk about this further, or if you have any questions. We’re always here to help.
Did you know that nearly one in three people between the ages of 18 and 34 – millennials - have no money saved for retirement, and one in four report owing more money than they have currently saved. That’s what this week’s article stated, along with writing that according to the same survey, 52% of millennials “showed interest in products like fixed indexed annuities that provide guaranteed lifetime income while ensuring the principal investment is never lost.” I wonder if that is because millennials realize that they need to preserve whatever they do end up saving. What are your thoughts? We look forward to hearing from you and are always here to talk about your savings strategies for feeling good about your retirement.
This week’s article reminds us that determining how much money one will need to save in order to have a secure retirement depends on “the ultimate unknowable: How long will you live?” The risk of running short is called a “longevity risk”, and this risk is of concern to many approaching retirement age. The Obama administration last year established rules to foster a new type of annuity that would provide a steady monthly payment until you die. If you are interested in this type of product as part of your retirement planning, call us. We’re always here to help.
I frequently discuss individuals’ concerns over their inability to count on enough monthly income from their employer’s pension plan to provide them with the retirement income they want to receive. This week’s article also addresses these concerns and states “Present day retiring Baby Boomers are in search of that guaranteed income. Fixed annuities, simply said, are designed to guarantee income, offer peace of mind and provide protection. Nearly 90 percent of annuity owners buy them for just that; because they provide retirement savings and protect contract holders from losing money.” If these are your objectives, please call us so that we can discuss some options that may be available to you. We’re here to help.
This week’s article begins with this well known saying, but continues with admitting that “another truth is that money is something in life. Without money, we cannot enjoy the basic necessities of life that is food, clothing and shelter. Therefore, wise use of money and saving it for future purposes becomes important. Whether you are working in a company as an employee or running your own business, there comes a time when you need to call it a day and that is when the need of a steady source of income arises. This need can be fulfilled in many ways like keeping a part of your income in fixed deposits, investing in stock market etc. There is another way to fulfill this requirement- by way of annuities.” Call us if you are interested in this option. We are here to help you navigate your way to retirement.
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