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The link below is to an article from the U.S New & World Report - Money section by Emily Brandon, with a breakdown of what you can do at different important ages in your life to boost your retirement benefits.

http://money.usnews.com/money/retirement/articles/2012/02/21/10-important-ages-for-retirement-planning

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews 

Note: Annuities can be confusing to many people. As an "independent licensed agent" I try to explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose an annuity that you feel best fits your needs from a large choice of different insurance companies. Plus if you choose to work with me you will have personalized service by a local independent agent that can shop rates for you, rather than working with a captive agent working for just one insurance company. If you would like my assistance to discuss and/or start the process of getting an annuity please call me at 941-404-5334. 

When planning for your retirement along with other normal expenses, etc., don’t forget to include these 4 large expenses in your budget:

• Health Care
  According to a Nerdwallet / Associated Press article and Fidelity, the average 65 year old retired couple will need about $300,000 in after tax savings to handle health care costs in retirement.¹
  Note: Of course your specific costs will depend on where you live, how long you live, and your overall health.
  
  
• Long Term Care
  Note that 70% of people over the age of 65 will require Long Term Care during their lifetime!
  Long Term Care expenses can wipe out your entire life’s savings relatively quickly! Depending on where you live, how much you have in your savings, and how long you need to stay in a Long Term Care facility (or even just plain home health care). It is very expensive for even a short stay at a Long Term Care facility!
  Long Term Care Insurance is highly recommended while you are still healthy and relatively young, to keep premiums down.
  Examples of some AARP 2023 Annual “Estimated" examples for the local Sarasota, FL area are:
  Assisted Living Approx. $3,159 / Month and Up! ($4,500 / Month on average)
  Semi Private Nursing Home Approx. $7,756 / Month and Up!
  Private Nursing Home Approx. $8,668 / Month and Up!
  
  
• Dental Care
  The average senior on Medicare using dental services paid nearly $900 a year out of pocket, according to Kaiser Family Foundation. 1 in 5 Medicare beneficiaries spend more than $1,000.¹
  
  
• Prescription Drugs
  Since 2015, at least 1 million enrollees per year in Medicare Part D (Prescription Drug Plan) have had drug costs high enough to exceed the catastrophic coverage threshold. which was $7,050 in 2022.¹
  The good news is that new laws have been recently put in place. Starting in 2025, the maximum out of pocket for Part D drugs will be capped at $2,000 annually.

1. Source: Nerdwallet/Associated Press article by Kate Ashford.

Note: Medicare Insurance information can be overwhelming and confusing to many people. As an independent licensed agent I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose and enroll in a plan that you feel fits your needs.

By the way, it doesn’t cost you any more if you enroll in a Medicare Insurance plan through me as an independent agent versus directly with an insurance company either over the phone or via the Internet, since I get paid by the insurance companies for your enrollment. Plus you will have personalized service by a local agent. If you would like my assistance, please call me at 941-404-5334.

By calling this number, I understand I will be directed to a licensed insurance sales agent.

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

I read an article in the Washington Post by Thomas Heath and I thought I’d share.

The article discusses some of these basic topics: 

• There are many types of annuities that can be used for various goals. But ultimately, annuities are the only type of product that can be turned into lifetime income.
• Guaranteed Lifetime Income Annuities (Guaranteed checks come every month.)
• SPIA (Single Premium Immediate Annuities - You can start getting guaranteed monthly checks immediately.)
• Joint Life Annuity (Payments last until the death of the surviving spouse.)
• Some annuities are taxed and some are not, depending on the source of money.
• Annuities have pros and cons. So he neither endorses them or warns you to stay away from them either. (As they say, one size doesn’t fit all. You need to review your individual circumstances to decide if an annuity is the right fit for you.)
• There are many different types of annuities. (It is important to understand the particulars of the type of annuity, as well as the details of your specific annuity, before signing up for one.)
• Annuities can be relatively simple or they can be complicated, depending on the type you choose.

Excerpts from his article:

"The dumbed-down definition of an annuity — the one I am most comfortable with — is a fixed amount of money paid to someone each month. You typically purchase an annuity from a financial services company, and the firm guarantees income the rest of your life.

Buying an annuity is buying insurance. You pay a company to give you a guaranteed paycheck instead of paying yourself from assets that are exposed to the whims of the stock market. How well or poorly the annuity-issuer invests the money, or the condition of the stock market, is not your problem. You get your fixed payment whatever happens.”¹

Final Note: Annuities are long time contracts and they generally have large penalties, if you try to get out of them early before they mature. (Similar to a CD, where there is a penalty for early withdraws before the CD matures.) So you shouldn’t put “all" your money into an annuity, since it will be locked up for a long period of time.  You should diversify by having some liquid savings for emergencies, as well as for future planned expenses.

Please click on the web link below to read the entire article:

https://www.washingtonpost.com/business/economy/when-it-comes-to-annuities-there-are-pros-cons-and-certain-levels-of-risk/2019/07/05/c6caa588-9f3d-11e9-9ed4-c9089972ad5a_story.html

1. Source:  Thomas Heath / The Washington Post
https://www.washingtonpost.com/business/economy/when-it-comes-to-annuities-there-are-pros-cons-and-certain-levels-of-risk/2019/07/05/c6caa588-9f3d-11e9-9ed4-c9089972ad5a_story.html

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Annuities can be confusing to many people. As an "independent licensed agent" I try to explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose an annuity that you feel best fits your needs from a large choice of different insurance companies. Plus if you choose to work with me you will have personalized service by a local independent agent that can shop rates for you, rather than working with a captive agent working for just one insurance company. If you would like my assistance to discuss and/or start the process of getting an annuity please call me at 941-404-5334. 

An informative MarketWatch article by Bill Bischoff regarding how IRA accounts are tax smart and better then before.

This article mentions that making meaningful contributions to IRAs have gotten a lot easier over the past years and also goes over the ground rules for both traditional IRAs and Roth IRAs.

The bottom line is that you can contribute more to IRAs than in the past, so it is definitely worth the effort.

Click on link below to read the entire article:

IRA accounts are tax-smart and better than ever

Click below to read related article:

1. Everything You Need To Know About Your IRA

2. Understanding the IRA mandatory withdrawal rules

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

I found this MarketWatch article by Kerry Hannon (NextAvenue.org) to be very informative. It briefly guides you through your Social Security statement and tells of the importance of actually reading it.

The article mentions that if you receive your statement from the Social Security administration, don’t just toss it out or file it away unread. It is very important and probably one of the most crucial financial planning documents for every American to review and understand. 

For those of you that didn’t get a Social Security statement in the US Mail in a long while, you can set up an account at SocialSecurity.gov and log in online to find the same information.

The main reason to read your statement (whether a paper copy that came in the mail or electronic version by logging on and viewing online) is to give you an idea how much you can expect to receive from Social Security, which will depend on the age you apply for benefits. This information can help you decide when to start claiming your Social Security benefits.

It is also very important to verify that your earnings record information is correct. If your earnings record is incorrect, you may not receive all the Social Security benefits you are entitled to receive.

It read the full article, click on the web link below.

http://www.marketwatch.com/story/dont-ignore-your-social-security-statement-2015-01-13

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Link below to an article from Wall Street Journal's Marketwatch by Robert Powell, advising folks to reconsider on how to handle their planning for retirement and not to just depend on Social Security. Basically saying if you’re retired, don’t worry; if you’re under 40, worry!

http://www.marketwatch.com/story/if-social-security-is-plan-a-its-time-for-plan-b-2012-04-25

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

I found this InvestmentNews article by Darla Mercado to be interesting by pointing out how some things come full circle. The article mentions how indexed annuities became popular after the bond market massacre of 1994 and that indexed annuities were created for an environment like the one we're in today. Thus fixed indexed annuities have become popular once again in today’s low interest setting.

In general, annuities are retirement planning vehicles that can allow you to transfer significant risks, like market uncertainty and life longevity, over to the insurance companies that can shoulder these type risks, given their access to large pools of individuals and their access to institutional pricing. The main concept of most annuities is their ability to minimize the potential loss to their owners, often completely shielding their owners from any potential loss depending on the how the fixed indexed annuity is set up, as well as giving them the option to have income for life if they choose.

"Indexed annuities" are a type of fixed annuity that credits owners' accounts with a minimum guaranteed rate of interest and combines that with an interest rate tied to movement of an index. However, fixed index annuity owners don't fully capture all of the index's performance in most indexed annuities due to the fact that owners also get the benefit of being shielded against downside loss. So if the market index goes down, many Index annuities have a zero percent floor. Meaning owners can’t lose when the market goes down. Owners will either get zero percent when the market goes down or their will receive interest crediting for a portion of the market index when it goes up. A safe, but conservation way to grow your retirement savings without the worry of losses, that is if you leave your money in until the end of the prearranged agreement period.

To read more click on the link below:

http://www.investmentnews.com/article/20140223/REG/302239998/indexed-annuities-gain-popularity-while-rates-remain-low

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Annuities can be confusing to many people. As an "independent licensed agent" I try to explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose an annuity that you feel best fits your needs from a large choice of different insurance companies. Plus if you choose to work with me you will have personalized service by a local independent agent that can shop rates for you, rather than working with a captive agent working for just one insurance company. If you would like my assistance to discuss and/or start the process of getting an annuity please call me at 941-404-5334. 

A longevity annuity provides protection against outliving your money late in life. Also known as an advanced life delayed annuity, this type of annuity requires you to wait until you reach age 80 or so to begin receiving a payout. Once the payout begins, the annuity provides a guaranteed, regular amount of income for the rest of your life.¹

As with any deferred annuity, your money in a longevity annuity grows until you start receiving payouts. The later you choose to begin your payments, the larger your payments will be.¹

Buying a longevity annuity is like buying a homeowner’s or health insurance policy with a very large deductible. You’re insuring yourself against a catastrophic risk you can’t handle on your own – in this case, running out of money late in life – while holding your premium to a minimum. You typically would invest just a portion of your retirement nest egg in a longevity annuity – say, 10% to 25% – and leave the rest in your other retirement accounts. It’s only worth tying up a small portion of your savings in a longevity annuity, because should you die before you start receiving payouts, the entire balance of your account will be lost.²

Click the web links below to read more:

• http://time.com/money/collection-post/2791259/what-is-a-longevity-annuity/
  
  
• http://money.cnn.com/retirement/guide/annuities_longevity.moneymag/index.htm
  

1. Source: CNN Money http://money.cnn.com/retirement/guide/annuities_longevity.moneymag/index.htm

2. Source: Time Money http://time.com/money/collection-post/2791259/what-is-a-longevity-annuity/

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

Note: Annuities can be confusing to many people. As an "independent licensed agent" I try to explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose an annuity that you feel best fits your needs from a large choice of different insurance companies. Plus if you choose to work with me you will have personalized service by a local independent agent that can shop rates for you, rather than working with a captive agent working for just one insurance company. If you would like my assistance to discuss and/or start the process of getting an annuity please call me at 941-404-5334. 

I thought I would share some good news that I read in a recent USA Today Newspaper article by Paul Davidson. It is predicted that there will be a 8.3% increase in Social Security checks! (With all the inflation recently, every little bit helps!)

Excerpts:

"The roughly 70 million people – retirees, disabled people and others – who rely on Social Security could receive an 8.6% cost-of-living adjustment, or COLA, next year, according to an estimate from Mary Johnson, a policy analyst for the Senior Citizen League, an advocacy group.

For the average retiree who got a monthly check of $1,657 this year, the bump would mean an additional $142.50 a month in 2023, boosting the typical payment to $1,800.”¹

To read the entire article, click on the web link below:

https://www.usatoday.com/story/money/2022/05/13/cola-2023-social-security-cost-living-boost-inflation/9762924002/

1. Source: USA Today Article by Paul Davidson
https://www.usatoday.com/story/money/2022/05/13/cola-2023-social-security-cost-living-boost-inflation/9762924002/

Note: Medicare Insurance information can be overwhelming and confusing to many people. As an independent licensed agent I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose and enroll in a plan that you feel fits your needs.

By the way, it doesn’t cost you any more if you enroll in a Medicare Insurance plan through me as an independent agent versus directly with an insurance company either over the phone or via the Internet, since I get paid by the insurance companies for your enrollment. Plus you will have personalized service by a local agent. If you would like my assistance, please call me at 941-404-5334.

By calling this number, I understand I will be directed to a licensed insurance sales agent.

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

This web page has intentionally been deleted

I read this MarketWatch article by Michael Edesess and found the latter part very informative, so I thought I’d share.

Excerpts:

A simple annuity, also called a “Single Premium Immediate Annuity" (SPIA), is a financial instrument that guarantees you a consistent monthly income as long as you live. It should not be confused with the much more complicated, expensive, and much less useful annuities with other names, such as variable annuities or fixed-income annuities.¹

His calculations show that for an investor to be 95% certain of not running out of money with a safe withdrawal strategy from a 60%/40% stock-bond portfolio, the strategy would be to withdraw 3.5% of the initial investment in real (inflation-adjusted) dollars each year.¹

If the portfolio started with $500,000, for example, the average annual lifetime income would be $23,000. With the SPIA, the average annual lifetime income would be $33,500, and the certainty of achieving it is greater than 95%.¹

Thus, both the certainty of not running out of money, and the lifetime income, are much greater with the SPIA than with the “safe withdrawal” strategy. This, of course, assumes that the investor has essentially zero interest in leaving a bequest. But this is the case for many baby boomers. Their children are independent, or they want them to be, or they have no children.¹

In these times of relative hardship for most middle-class retirees, the majority of baby boomers in the United States are more concerned that they will not have enough money to live out their years with a degree of relative comfort than they are with leaving a legacy. Given this objective only, it’s almost impossible to beat a simple annuity.¹

Note: It is important to know that there are some payout options for SPIA’s that are not mentioned in the article. One important payout option is that you still can leave a legacy (via a beneficiary) however that will cost you a little bit more by lowing the amount of your monthly payout.

Below are some payout options that many insurance companies offer.

• Period certain: (Fixed Number of Years)
• Single life only
• Single life with period certain:
• Single life with cash refund
• Single life with installment refund
• Joint life with survivorship
• Joint life with survivorship and period certain

Definitions of each of the options listed above: (Each insurance company the options may vary)

• Period certain only: This option provides income 
for a fixed number of years set at the beginning of the annuity. If the annuitant passes away during that
 time, payments would continue.


• Single life only: Payments are only during the 
life of the annuitant. If the annuitant passes away, then 
no further payments are made to an estate or any 
other person.


• Single life and period certain: Selecting this 
option provides income for the life of the annuitant
 - with a guaranteed payment period for a fixed number of years set at the beginning of the annuity. If the annuitant passes away
 before the period ends, payments will continue 
for the remainder of that period.


• Single life with installment refund: This option 
guarantees that payments will continue during the 
life of the annuitant. After the annuitant passes 
away, payments continue until the total payments
 are equal to the single premium originally paid.


• Single life with cash refund: Payments are only 
during the life of the annuitant. If the annuitant
 passes away before the total payments received
 equal the premium, a lump-sum payment is made
 equaling the difference between the original single
 premium and any payments already received.


• Joint life with survivorship: Selecting this option
 creates an income stream paid for the life of the 
annuitant and the lifetime of his or her spouse.
 After the annuitant passes away (or his or her
spouse), payments continue for the remainder
 of the surviving spouse’s life.


• Joint life with survivorship and period certain: 
This option provides income for the annuitant and 
his or her spouse’s lifetime – with a guaranteed 
payment period for a fixed number of years).
Should the annuitant or his or her spouse pass
 away, payments continue for the remainder of
 the surviving spouse’s life. If both annuitants 
pass away before the period ends, payments 
will continue for the remainder of the period.

Click on the web link below to read the entire article OR just scroll about half way down the article to the heading section called "Simple Annuity."

https://www.marketwatch.com/story/this-one-investment-move-can-give-you-lifetime-yearly-income-in-retirement-2019-04-29

1. Source: MarketWatch article by Michael Edesess
https://www.marketwatch.com/story/this-one-investment-move-can-give-you-lifetime-yearly-income-in-retirement-2019-04-29

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews 

Note: Annuities can be confusing to many people. As an "independent licensed agent" I try to explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose an annuity that you feel best fits your needs from a large choice of different insurance companies. Plus if you choose to work with me you will have personalized service by a local independent agent that can shop rates for you, rather than working with a captive agent working for just one insurance company. If you would like my assistance to discuss and/or start the process of getting an annuity please call me at 941-404-5334. 

This web page has been intentionally deleted!

I read this informative Money (time.com) article by Jill Schlesinger regarding estate planning and thought I’d share.

One important take away is that you need to prepare these items now, so they will be available if and when needed. Many people mistakenly like to put off this task until another time down the road.

"Below is their checklist:

Estate Planning Documents

Note: Parents should complete the following legal paperwork.

• Will: A legal document that ensures that your assets are passed to your designated beneficiaries, in accordance with your wishes. In the drafting process, you'll name an executor, who is the person or institution that oversees the distribution of your assets. If you have minor children, you need to name a guardian for them.
  
• Power of attorney: Allows you to appoint someone to act as your agent in a variety of circumstances, like withdrawing money from a bank, responding to a tax inquiry or making a trade.
• Health care proxy: Allows you to appoint someone to make health care decisions on your behalf if you lose the ability to do so.
• Trusts (if applicable): Depending on your family needs and tax situations, you may have either revocable (changeable) or irrevocable (not-changeable) trusts. One factor is the size of your estate: For 2016, the first $5.45 million of an estate is exempt from federal estate taxes. If an estate is above the threshold (or twice that for married couples), a revocable trust may be suitable.
• "DNR" order (if applicable): You may need to complete a "do not resuscitate" order each time you enter a hospital or nursing home.

Account List

You should also complete, and share, a list of multiple accounts that heirs might need to access.

• Bank and brokerage accounts
• 401(k) accounts
• IRAs and Roth IRAs
• All auto-pay accounts, with name and contact information for each payee
• Safe-deposit boxes
• Pension documents
• Annuity contracts
• Savings bonds (with copies of the actual bonds)
• Life insurance policies
• Long Term Care insurance policies
  
  

If there are related online usernames and passwords that someone will need to access, print out a list, stash it in a safe or other secure location, and then (this is important)  make sure that your executor or heirs know how to find it.

Other Documents

Finally, there are several other pieces of paperwork that, if applicable, can be quite helpful to heirs.

• Previous three year's tax returns
• Housing, land and cemetery deeds
• Mortgage accounts
• Proof of loans made
• Vehicle title
• Partnership and corporate operating agreements
• Marriage license and/or divorce papers, if applicable
• Military discharge information
  
  

Important contacts: Names and current addresses for all people named in the legal documents, as well as the contact information for the estate attorney and CPA who will be handling the estate.”¹

Click on web link below to read their entire article and view video:

http://time.com/money/4300166/checklist-estate-planning-documents/

1. Source: Money web article “24 Essential Pieces of Estate Planning Paperwork You Need” by 
Jill Schlesinger located at: http://time.com/money/4300166/checklist-estate-planning-documents/

Click below web link to read one of my related blog posts:

Important Documents To Get In Order While You Are Still Healthy & Able To

Note: Annuities can be confusing to many people. As an "independent licensed agent" I try to explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose an annuity that you feel best fits your needs from a large choice of different insurance companies. Plus if you choose to work with me you will have personalized service by a local independent agent that can shop rates for you, rather than working with a captive agent working for just one insurance company. If you would like my assistance to discuss and/or start the process of getting an annuity please call me at 941-404-5334. 

This Wall Street Journal Article by Elizabeth O'Brien gives a wake up call as well as advice on evaluating whether you are on track to enjoy financial and physical well-being when you retire. At age 50, experts say, there is still time to play catch up and make adjustments if needed for the next phase of your life. She goes on to say that you should fight the impulse to put retirement on the back burner in your early 50's. Advisers say that the timing may not be opportune at that age, but it is actually the most critical time! She includes a checklist in the article to help 50-year olds stay on track for a healthy retirement. Click the link below to read more.

http://www.marketwatch.com/story/turning-50-time-for-a-retirement-tuneup-2013-06-11

Please take a few seconds to read what my actual clients have to say about my personalized service in their own words by clicking this link. Insurance Agents Reviews

I read an informative MarketWatch article regarding "what to do if you inherit your spouse’s IRA" by Bill Bischoff and thought I’d share it.

The article mentions that you could have huge tax implications by doing the wrong thing with your inherited IRA. You should NOT just sit on your hands. Because if you fail to withdraw at least the required minimum amount from your inherited IRA, you will be charged a penalty equal to 50% of the shortfall! It is very important to pay attention and read his article to learn how to calculate required minimum withdrawals from an IRA you inherited from your spouse.

Click on web link below to read the entire article:

http://www.marketwatch.com/story/what-to-do-if-you-inherit-your-spouses-ira-2015-03-18

I read an informative MarketWatch article by Mark Hulbert regarding what age you may want to start taking Social Security and I thought I’d share it.

Some excerpts:

Most financial planners recommend that if you can afford to do so, you should wait until age 70 to begin receiving your Social Security benefits. Your monthly payment in such an event will be 32% higher than if you begin receiving benefits at age 66. As long as you live to your early 80's, those higher monthly payments should make up for the foregone income over the four years from age 66 to 70.¹

A couple of reasons on why that conventional strategy could be wrong:

For the first reason, click this web link to read this related article:

When it’s best to claim Social Security before age 70

An additional reason traces to Social Security’s uncertain fate at the hands of our elected officials. If you take at face value some of the proposals being given serious consideration in Congress and in President Trump’s administration that reduce future Social Security benefits, then the financial planners could be giving the wrong advice to wait until age 70.¹

For more information, click on web link below to read the entire article:

https://www.marketwatch.com/story/why-it-might-be-better-to-take-social-security-at-age-66-instead-of-70-2018-02-02

1. Source: MarketWatch online article by Mark Hulbert
https://www.marketwatch.com/story/why-it-might-be-better-to-take-social-security-at-age-66-instead-of-70-2018-02-02

Disclaimer: I am not a financial advisor or social security advisor. I am insurance licensed only, thus regarding social security advice always be sure to check with your financial advisor or social security advisor first for your individual situation before making any decisions.

Note: Annuities can be confusing to many people. As an "independent licensed agent" I try to explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose an annuity that you feel best fits your needs from a large choice of different insurance companies. Plus if you choose to work with me you will have personalized service by a local independent agent that can shop rates for you, rather than working with a captive agent working for just one insurance company. If you would like my assistance to discuss and/or start the process of getting an annuity please call me at 941-404-5334.