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23
Mar

HENRYs (High Earners Not Rich Yet) with Limited Wealth-Building Potential- Are You One of Them?

The term HENRY (High Earners Not Rich Yet) refers to individuals who have the potential to become wealthy in the future because of their income. These individuals or families earn between $250,000 and $500,000 per year and are between 25 and 45 years of age (Gen Z, Millennials, and Gen X). Despite their income, after paying their living costs, taxes, and other expenditures, HENRYs have little left over to save and invest for their retirement. HENRYs are a demographic that politicians consider being ‘rich,’ referring to them as the wealthiest Americans during the 2008 elections. However, there’s more to the HENRY story.

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16
Mar

Is Retirement Really About Numbers?

For some people, retirement is all about the numbers, the age you plan to retire, how much money you need, and so forth.  We have built our planning processes in financial services based on numbers and algorithms in financial planning software to help us contrive a numeral or group of numbers that are uniquely yours.  But is retirement really about numbers?

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16
Mar

Financial Planning and Living Globally

The past 100 years have seen changes in how people plan for their financial futures and how they live. Borders no longer restrict people from living in one country; their profession often takes them to parts of the world they never anticipated. Today, it’s not uncommon for a family to live part-time in one country. Or become citizens of another country to work or have a business there. Living globally is a lifestyle that many high net worth families, and others, are choosing. Financial planning and living globally what are the risks?

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2
Mar

Is Your Life Insurance Valid if You Die While Traveling Abroad?

Traveling abroad or living abroad is a new normal for many people, but what happens if the traveler dies while off U.S. soil? Will the life insurance be valid and payout to beneficiaries? Not all life insurance companies view travel outside of the U.S. the same and may not pay out benefits.

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24
Feb

A Debt Reduction Plan for 2020

Being debt-free is possible for everyone, regardless of income. Learning to manage our debt and spending habits and then focus on saving can be life-changing and positively affect your net worth. Net worth calculates by subtracting your liabilities (debt owed) from your assets (not financed). Both individuals and companies can calculate net worth. It is an accurate determination of how much someone, or something, is worth. In this article, we discuss how you can create a debt reduction plan for 2020.

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17
Feb

Why Your Advisor Is Talking to You about Fixed-Indexed Annuities

Once thought of as a single retirement funding source, fixed-indexed annuities are becoming part of a retirement strategy. Not only for pre-retirees and those in retirement. Why? First, the reality of Social Security retirement is at risk. As well as the reduction of benefits is a concern as our population ages. Secondly, fixed-income annuities provide an income stream in retirement that you can’t outlive.

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10
Feb

Drawing Social Security Early and Still Working? The Social Security Earnings Test is Crucial.

Many people decide to ‘semi-retire’ early and start taking their Social Security Retirement benefit at the earliest age possible. It’s appealing to be able to work part-time or where you have an interest. You may start a small business while making an income and receive Social Security retirement benefits. While early retirement and a part-time job may be of interest to you, it can affect your Social Security Retirement benefits if you aren’t full retirement age. Take the social security earnings test to learn more about your social security benefits.

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3
Feb

The SECURE Act Is Law- Notable Changes to Retirement Savings

Effective January 1, 2020, the SECURE Act, a progressive change to retirement savings plans, is now law. The last legislation to retirement savings happened when Congress allowed for the automatic enrollment of employees. Also the addition of Target Date funds to retirement plans in 2006.

While the new law intends to provide additional opportunities for Americans to save for retirement, other changes will affect both estate and retirement planning in these critical areas:

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27
Jan

Why Fixed- Indexed Annuities? A Closer Look at Protecting Retirement Income

One of the most critical things in retirement is not having enough income to last one’s lifetime. An annuity can help you by protecting retirement income. Retirees need a reliable source of income that protects them from the complex issues of unpredictable market-creating havoc in their retirement portfolio. For this reason, fixed-indexed annuities are becoming a standard solution in financial planning, along with other client-appropriate investments.

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20
Jan

Aging in Place: Growing Older at Home

The U.S. population continues on growing older, with the baby boomer generation now the largest generation ever. By 2035, one in three heads of households will be someone age 65 and older. The American population will have one in five people age 65 or older, an increase of 30 million people over the next thirty years. Not all people in this group have recovered from The Great Recession, leaving them with lower incomes and homeownership rates than previous generations. As our population ages, the demand for affordable housing connected to accessible services will continue to increase, and many will find their own homes the only affordable option.

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