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03/22/2021

Long-Term Care

Millions of people in the U.S. are unable to care for themselves and need long-term care services. Some people may need assistance in performing one or more self-care activities such as dressing, bathing and sometimes, walking, while others may need more specialized assistance with money management, shopping and medication organization. Long-term care services can be provided in different locations. While some people may opt for care services which are provided in their homes, other alternatives such as nursing homes or a residential care community are also available.

The need for long-term care services has grown as the life expectancy of the U.S. population increases. There is a 70% chance a person who is 65 years of age or older will need long-term care and women are more likely to need this care because they live longer than men on average. It’s not just the elderly who are most likely to need long-term care services. People who have been in an accident, have a chronic illness or chronic condition due to poor eating habits, lack of exercise or family history are more prone to need long-term care services. Also, people who live alone are likely to need long-term service if they don’t have family or a partner nearby to help take care of them.

Long-term care services are expensive for most people and the longer a person needs servicing, the more expensive it gets. The average length of care for women 65 years of age or older is 3.7 years, and for men, it’s 2.2 years, but 20% of people 65 years or older will need five or more years of care. Costs vary by state, the provider being used and the type of services being provided. The average national annual cost of long-term care are as follows:

• Home health care: $45,760 - $46,332

• Adult day health care: $17,680

• Assisted living facility: $43,539

• Nursing home care: $82,125 - $92,378

Costs for some providers are all-inclusive. Other providers have a flat fee then add extra charges for services beyond room, food and housekeeping.

Health insurance only provides limited coverage for specific types of long-term care medical needs, and disability insurance doesn’t provide any long-term care coverage. Health insurance, including Medicare, generally covers skilled nursing facility stays after a recent hospitalization and medically necessary skilled home care. Disability insurance is only designed to provide an income to a person when they become disabled and are unable to work.

Long-term care insurance is specifically designed to cover the cost of long-term care services that are provided in a variety of settings. This insurance is comprehensive and it’s flexible enough to provide a person with individualized coverage. The monthly premiums for a long-term care insurance policy are based on a person’s age at the time they apply for a policy, the type of policy they apply for and the type of coverage they select.

Long-term care is a complicated process that involves family, nursing care representatives, and in some cases, social workers and legal counsel. It can be a delicate time for everyone involved. It’s important to take the time to make the right decision so that the person who needs these services can be satisfied with the decision.

IMPORTANT NOTE:

Learn How to Receive:

· A hefty 67% discount on the services if needed
· The money used for services is tax free
· If not needed, you keep your money with interest

For more information and a detailed brochure, you can contact us by phone, email, or text:

or click on this link to set up a telephone appointment on our calendar simply by clicking on this link. https://tinyurl.com/y3eywkvv
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03/15/2021

Ladies, Should You Leave Financial Decisions To Your Spouse?

Are your finances currently controlled by one person? It is rare for both parties in a marriage to handle the finances together. In an overwhelming number of cases, it is the wife that is leaving the husband to handle all financial issues. This may be common, but it is not exactly a sound approach to managing the money inside of the home.

Difference In Opinion

The trouble that tends to stem from this type of one-sided financial domination is that there are often differences in opinions on things, and the person that is ruling the checkbook is typically going to have the final say. In a number of instances where women may want to do different things with the money that they both make it can be hard to find an even compromise. Men that are in this position of managing the finances may feel that they know what is best for the household because they are the ones that are looking at the numbers. This can cause conflict. It becomes harder to resolve when both parties are not making a conscious effort to look at what is being spent. It essentially causes more trouble because there going to be times where a joint decision needs to be made. There are a few times where a single person can make a decision for two people without some type of conflict becoming the result of this decision.

Long Term Planning

When the man is the only one making the decisions it becomes harder for the woman to justify what is considered essential. A man may choose to cut some expenses that a woman may find necessary. There may be things for the children that couples disagree on. This can cause a lot of problems in a marriage. It builds walls where the husband and wife may be in constant conflict. This is not good for any marriage.

Divorce

When the man has been in charge of the finances things get very tricky during divorce proceedings. This is what many women have not given much thought to. They can assume that the vows that they have taken certify the spouse to be in a position of authority when it comes to financial matters. The trouble is this line of logic does not play out very well in court during the divorce proceedings.

A woman that has given her spouse complete financial authority during the marriage could easily find herself penniless if a divorce occurs. It is better to know what is going on at all times when money is the issue at hand. No one wants to walk away from the divorce without the ability to sustain themselves if the marriage comes to an end. Unfortunately, women that let their spouses handle all the money decisions could find themselves in this type of situation.

Death Of A Spouse

Most women would rather not think about it, but the death of a spouse can result in total chaos when it comes to financial issues. When the husband is the one that is tending to retirement plans, investing and household expenses the wife may be on autopilot. She may have the slightest idea of what her next step will be if she is put in a position where she has to handle any of these things.

The First Of Finances

A lot of women clearly prefer things this way, but it is not practical. It is a bad idea simply because it strips away the partnership that should be the foundation of the marriage. It puts the husband in a dominant role that leaves the wife scrambling for guidance when the happily ever after blueprint gets altered.
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03/06/2021

Preparing For Retirement is EASY Or Is It?

When it comes to financing your retirement, there are two parts:

1) Savings
Investors understand the first part quite well: It’s easy to understand that we all need to save for retirement, sock away money, invest in a portfolio of assets, etc. And while building a portfolio can be a complex undertaking, most people know they need to do it to retire.

2) Turning your savings into a Stream Of Income that will last throughout your Golden Years. The problem is most investors have no idea how much income their savings will generate or if they are even saving enough to provide a certain income’ level which usually is a guess.

Simple Right? Not so for most people. It's not their fault. No one taught them how to do it. There was no one to do it, not even their parents. Planning for retirement today is very different than it used to be. Never before in history has the stock market been so volatile and risky coupled with interest rates that are so low it is impossible to keep up with inflation. If you don't want risk, what do you do? Where do you put your money to safely provide for your future?

· Unfortunately, it takes an experienced, well-trained Retirement Planning Specialist, to put your asset pieces together to:
Create the protected Guaranteed Lifetime Income that you will need.

Provide for your increased health expenses that Medicare won't cover

Plan your legacy

Most wall street financial advisors and 401(k)s, 403(b)s and other retirement plans do a great job of accumulating (SAVING) for retirement. However, they are in a different world when it comes to converting it into a reliable, protected stream of income that can last you for your 20-30 years of retirement. That is because they are focused on growth (savings) only, preparing you for your future (retirement) not for your retirement years itself when you are spending your portfolio and are concerned about your nest-egg lasting for your entire life.

· Fortunately, there are experienced, well trained Retirement Planning Specialists who focus on converting your accumulated portfolio into a Reliable, Protected, Guaranteed stream of income that will last you for your 20-30 years of retirement, guaranteed, even if you spend down all of your portfolio and there is no money left in your account.

Doing it right will help you to sleep well at night and have a happier retirement when you don't have to worry about running out of money. Doesn't that sound great?

We can help you to achieve that, and it won't cost you a dime. (Not a misprint)

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02/06/2021

Home of the Retirement Roadmap

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01/26/2021

Lots Of Ways To Lose Money In The Stock Market

If you're like most American's, you want your money to grow so you can have reliable income for retirement. In order to turn a profit, many will attempt to earn a higher return by purchasing stocks. However, there are many risks associated with doing so, and some can hinder your financial situation as you approach retirement. Here are some of the concerns when it comes to investing in the stock market:

· Get-rich-quick schemes: While it is possible to increase your assets by building a portfolio of stocks, you should be wary of any book or person who tells you their stock will help you amass wealth quickly.

· Following a hot tip: It can be tempting to follow through on a stock market tip from a friend or relative about a particular stock, but the truth is that most individuals don't have enough information to make such recommendations. In some instances, you could have a friend who has real knowledge about a certain stock, but by recommending its purchase, they could be in danger of violating security laws regarding insider trading.

· Making a "sure bet": Unfortunately, there is no such thing as a "sure bet" in the stock market. If you have some expertise in one industry or subject, it's important not to overestimate your knowledge of how that could play out in the stock market. Even if you can understand balance sheets and income statements, it doesn't mean your stock market analysis will be profitable.

· Investing After A Loss: If you've ever experienced a loss in the stock market after purchasing a stock, you may be unwilling to put more of your hard-earned money back into stocks. However, there are other alternatives to purchasing stocks to help grow your retirement income without stock market risk. One such option is a fixed index annuity.
Annuities are contracts that are purchased from an insurance company, not Wall Street, in either a lump sum or a series of premium payments. You receive income or can withdraw funds immediately or at a designated point later(s) on, based on the terms of the annuity. The income can last for the rest of your life**, either as a benefit of the base contract or with the purchase of an income rider. You can watch your money grow at a steady rate that is guaranteed* to help bring you a reliable source of retirement income.

Call or contact us today and evaluate how well prepared you are for retirement ($250 value) F.r.e.e.

*Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurance company and are not guaranteed by any bank or the FDIC.

**Some annuities may have a lifetime income guarantee as part of the base policy; others may have riders available that provide this benefit. Riders may also be available for benefits like an annual increase to help combat inflation or for as much as doubling your income in case of a qualifying health event. These annuities are not long-term care and are not substitute for such coverage. Optional riders may be available with a charge.

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01/21/2021

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VIRTUAL MONEY SCHOOL - SOCIAL SECURITY 2021
CLICK HERE to register - Seats are limited
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01/20/2021

Higher taxes coming is a mathematical certainty. We are in a Retirement perfect storm. Here are the 3 ingredients:

1. The national debt is out of control and growing rapidly

2. The expanding stock market bubble. - Stocks are overvalued and continuously going up. Price/Earnings Ratios are out of sight.

3. Investor behavior. Investors are continuing to feed wall street without concern for the consequences.
Watch this video for Perfect Storm details (https://www.theretirementplanningadvisor.com/BulkEmailsWithVideos/The%20Retirement%20Perfect%20Storm/SWRetirementsqueeze-2a.html )

The only thing that is unknown is WHEN will taxes be raised significantly. President Biden has already announced that he is going to raise taxes. When it comes to your money, its' not how much you make, but rather how much you keep. There are very limited strategies available to combat this perfect storm. Roth IRAs and Indexed Universal Life (IUL) are 2 of the best ways.
A Roth individual retirement account (IRA) would seem to be off limits for many higher-income earners, thanks to strict income caps on contributions to these accounts.
But some advisors suggest another way into a Roth—if you’re willing to take the backdoor route. By this method, you open a traditional IRA, make your desired contribution and then, at a later date, convert the funds to a Roth IRA.

A Two-Step Roth Conversion Process
In 2010, Congress passed rules to provide more flexibility and allow retirement savers to convert savings held in a traditional IRA into a Roth IRA, paying taxes on the distributions when they make the conversion. Some use this approach, in a two-step process:

Step 1
a) Open a non-deductible traditional IRA and make after-tax contributions. You’re allowed to contribute up to $6,500 ($7,000 if you’re age 50 or older). and/or

b) Transfer the assets from a traditional IRA (can be a 401k rolled over to a traditional IRA) to a Roth IRA. You can make this transfer and conversion at any point in the future. There is no restriction on the amount of money that you can transfer.

Step 2 - Pay the tax due
The conversion triggers income tax on the appreciation of the after-tax contributions and all of the traditional IRA funds that are transferred. — But once in the Roth IRA, earnings compound tax-free. Distributions from the Roth IRA in the future are tax-free as well, as long as you are 59½ and have held the Roth for at least five years (note that each conversion amount is subject to its own five-year holding period as it relates to tax-free withdrawals).

The Backdoor Roth May Not Last Forever

Although this strategy has existed since 2010, the IRS has not officially commented or provided formal guidance on whether it violates the step-transaction rule. If restrictions do come into play at some point, they could require backdoor Roth converters to pay a penalty or they might include a grandfather clause. In the meantime, it’s an option to consider.
If you use this backdoor Roth strategy, you should consult with a tax professional.

Contact us for more specific information regarding your specific situation and find out if the Roth IRA makes sense for you. We will send you a FREE ($250 value) no obligation customized report with a detailed analysis of the advisability for you to utilize the Roth IRA strategy.

https://www.theretirementplanningadvisor.com/BulkEmailsWithVideos/The%20Retirement%20Perfect%20Storm/SWRetirementsqueeze-2a.html

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01/14/2021

Does Converting Your Current IRA To A Roth IRA Make Sense For You?
There is a lot of concern that taxes are going to go up and soon. Here's why:
1. President elect Biden has already announced that he is going to raise taxes
2. The annual deficits of the federal government has been rising at a staggering increasing rate.
3. The interest expense paid by the federal government is forecasted to increase from approx $500 Billion to over $800 Billion by 2030. That expense has to be paid every year just for interest expense. It will take approximately 50 million Tax payers' taxes just to pay the interest, let alone other services and programs to run the government.
4. We currently are at one of the lowest tax rates in history
It is a mathematical certainty that the government will have to raise taxes and by a lot.
It just so happens that currently, the US debt is approaching $28 Trillion which is the amount of money currently in our retirement plans (IRAs, 401Ks, 403Bs, 457s,TSAs etc). Where do you think that the government is going to look to find the massive amount of money that it needs? One strong possibility is your IRA, 401K or other tax deferred retirement plan since the these funds have not been taxed as yet.
So what do we do about it?
There are only 3 ways to accumulate money TAX-FREE under current laws:
1. Convert your current IRAs to Roth IRAs using the "backdoor" approach which would allow you to convert without the government restrictions of maximum income and maximum contribution. (Google backdoor Roth conversions)
2. Use Cash value life insurance for cash accumulation. (There are other benefits as well)
3. Municipal Bonds
Conversion to Roth IRA, or any or the other options, may or may not make sense based on your specific situation. There is no 1 size fits all. If you would like a FREE EVALUATION as to whether or not it makes sense for you, please contact us and request an evaluation. We will then gather some information from you and do a complementary evaluation and written recommendation. Should it make sense, and you decide to protect yourself and your family from a very significant tax increase, we will help you to implement your desires. THERE WILL BE NO CHARGE OR OBLIGATION. Why not work with a professional and find out what makes most sense for you.
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01/13/2021

"Do you pay taxes on an annuity?"
After speaking with hundreds of people just like you about
annuities, I get this question a lot!

The answer is: Yes – but there’s more to it.

To answer this in more detail, let’s cover some initial questions I have for you:
1. Where did you get the money to buy the annuity?

The way the IRS taxes your annuity is almost entirely dependent on how you got the money you used to buy it.

If you used post-tax dollars to buy an annuity, such as a Roth IRA, any qualified withdrawals you make from the annuity are tax free.

If you’re selling a property, for example, and are looking to move the proceeds into an annuity, the growth you receive on your annuity will be tax deferred. You’ll be taxed on any growth when you withdraw the interest. Your principal payments will not be taxable, only the tax deferred interest you have earned.
2. Qualified or Non-Qualified?

If an annuity is purchased with money you haven’t paid taxes on yet, then the annuity is considered ‘qualified’. Qualified annuities are often used to fund a retirement plan such as a traditional 401(k) or traditional IRA.

A non-qualified annuity is one you funded with money you’ve already paid taxes on. This means you won’t be taxed again on the money you used to buy the annuity, but you will be taxed on the interest your annuity earns when you withdraw it.
3. Lifetime or Period?

The type of annuity can also affect the tax liability in the future.

A lifetime annuity pays you a guaranteed amount of money for as long as you live. A period annuity provides payments to you for a set number of years.

It is fairly easy to figure out the tax liability based on your ‘expected return’ of a period annuity. Lifetime annuities, however, are slightly more complicated.

Do you have questions about the tax implications of your annuity? Let’s chat about it!
Call us at (954) 781-2220

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01/08/2021

Boy, Things are really great! Beware of what is lurking out of sight

The Stock market is rising out of sight and is at all time high levels. Interest Rates are really low, (except credit cards) making it easier to borrow money to buy houses, cars, etc. Inflation is low keeping the cost of goods low...... What could be better? probably nothing at the moment. What is hiding behind the bushes? Big potential trouble. Read the article about the "Worst Case Scenario" and why it is critically important to be aware of what it says and learn how to deal with it. It is an easy 4 page article that is a must read. Check it out here https://tinyurl.com/y2n5nn4k

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For your free Retirement Planning Guide
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12/29/2020

Myth Busters - Examining the Facts about Index Annuities

Don’t fall for the hype that screams that annuities are too expensive, too complicated and poor performers. Before you turn your nose up at them, take a moment to learn a little more about annuities. You may discover that an annuity may be a great option for you.
There is so much written about annuities by people who just don't know much about them and are just flat out wrong. Here 6 myths that are promoted by these erroneous articles that serve to advance their own biased agendas and hurt those people whose retirement can be made much happier and less stressful who will be able to make more educated decisions if they received more accurate information.
Please read the entire article written by a respected Certified Financial Planner and printed by Kiplinger by clicking on the following link.

https://www.kiplinger.com/retirement/annuities/601969/myth-busters-examining-the-facts-about-index-annuities

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12/28/2020

Why Many Corporations Are Moving Their Pension Assets Into Annuities - Safety - You should too

Some of the biggest companies in America are shifting their retirement plans into annuities for a number of reasons that are appropriate to individuals. Unfortunately, pension plans are disappearing because they are a huge liability to the companies that still offer them. Those companies are looking for better ways to invest their pensions so that they are safer and more reliable, allowing them to continue offering them to their employees. Read the entire article HERE.

https://www.thinkadvisor.com/2020/12/20/annuities-vs-pensions-what-retirement-plan-advisors-should-know-about-de-risking/

To learn how to set up your own reliable, safe personal pension, please contact us.
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