People often underestimate the financial responsibilities of parents. Outside of careers and taking care of the kids, acting as a financial officer within a family can seem like a full-time job. This job can include tracking budgets, paying bills, and making decisions about savings. Debating on when and how much to save for retirement can fall into this category. With an unpredictable economy, we are often unsure of how to make these decisions as we get closer and closer to retirement. When to start saving? How much to save? Is the money being saved in the right place? These are questions better left to the professionals.Read More
It’s Not as Easy as You Think...
Wealthy clients from high tax states will often consider moving to a lower taxed state to save taxes. These taxes may involve state income taxes and state estate taxes. You may have heard people say “If I live for more than 180 days in a particular state, then my residence has been changed for state taxes”. This statement has a small degree of truth to it, but it is far from accurate.
The first tax to talk about are state income taxes on retirement benefits. Then, we’ll talk about state estate taxes. Finally, we’ll enumerate the hurdles to jump over when thinking about changing legal residence from the current state of residence to a new state of residence.Read More
Six in ten financial advisors recognize that they cannot meet their clients' retirement goals without compiling a retirement income plan. With pensions becoming a thing of the past, annuities and life insurance policies play an increasingly important role in protecting the financial future of families and businesses. People are looking to their financial advisor for expertise in this arena.
In fact, nearly two-thirds of advisors agree that by not providing retirement income planning options their practice could be threatened, because clients would switch to firms or advisors specializing in that service, reports InsuranceNewsNet Magazine. The numbers don't lie, to stay competitive in this industry and look out for your clients' financial future you must take into account their retirement income needs.Read More
Have you, like other advisors, experienced the shift in job responsibilities and title from financial planner to retirement income planner? In today's society, a financial planner is synonymous with the retirement planning process. What has caused the shift in responsibilities? Many say it's not a surprising trend seeing as baby boomers are the largest generation to enter retirement years.
A recent study by the Urban Institute reported the baby boomer generation is changing the retirement game due to better health care, longer life expectancy and more financial responsibilities. The study said that men who are 65 years old are projected to live six years longer than those who turned 65 in 1970. This generation is also working longer than previous generations. Partly due to better health, but also to afford the increased costs of living. Some adults may even benefit from more Social Security by working longer. Overall they are working longer to be able to afford their future.Read More
Currently, the US Senate is considering legislation that would eliminate a life expectancy payout for inherited IRAs.
1 in 3 Americans are not saving for retirement. After you've picked your jaw up off the floor lets take a minute to think about that statistic. You may be asking yourself how that is even possible? Is it a lack of care? Lack of understanding? Or is it just plain recklessness?
Obviously we cannot answer those questions for every client, however what we can do is arm them with the tools and knowledge necessary to set them up for a successful future that is not riddled with financial concern.
We have come up with the top 4 topics to discuss with your clients to make sure they are prepared for retirement.Read More
5 Surprises Your Clients Should Be Prepared for in Retirement
We're sure you've heard your clients talking dreamily about the day they will finally retire. Whether it's sandy beaches, endless fishing trips or just peace and quiet, everyone seems to have a plan. But do they have a retirement planning strategy? It's one thing to plan out how to spend your retirement but another thing completely to plan the expense. Make sure your clients aren't overlooking these costly surprises when they finally hang up their work hats.Read More