"I can do all things through Him who gives me strength."
- Philippians 4:13
Tips for this Season of Preparation and Cultivation With the transformation of the leaves and a cool, refreshing breeze, fall offers more than just Pumpkin Spice everything. It's an annual opportunity to contemplate your financial...
Read MoreEstate planning is not just about managing your assets or distributing wealth; it’s about leaving a legacy that lasts for generations. It’s a way to ensure that your hard-earned assets – and values – are preserved and passed down to...
Read MoreUse This Annual Reminder as an Opportunity to Strengthen Your Financial Future. Saving money isn't just a smart financial habit; it's an important step toward securing a prosperous and secure future. Mark your calendars! National...
Read MoreWith the final quarter of the year on the horizon, it's time to gear up for Q4 financial planning. The end of the year provides a unique opportunity to assess your financial landscape, recalibrate your goals, and set a course for a...
Read MoreThe concept of wellness is used often, generally when referring to a balanced and fulfilling life overall. But what does it mean when someone refers to their financial wellness? Financial wellness encompasses all aspects of an...
Read MoreAs the seasons transition and we enter fall, it’s a great time to reflect on the importance of securing your loved ones’ future. September is primarily recognized as Life Insurance Awareness Month, a season dedicated to highlighting...
Read MoreIndividual Retirement Accounts (IRAs) and 401(k) plans are powerful tools for securing a financially stable retirement. However, misconceptions and myths can hinder individuals from making informed decisions about these essential...
Read MoreYour age significantly affects how much money you'll have during your retirement years, and different retirement benefits have different eligibility ages. Over the course of 23 years, from age 49 to 72, you'll need a financial...
Read MoreRetirement planning is essential to financial security in the latter half of life. An area that usually gets overlooked is healthcare expenses. While healthcare is necessary for retirees, it can often be the most significant unknown....
Read MoreOn August 16, 1977, the “King of Rock ‘n’ Roll,” Elvis Presley, died of cardiac arrest. While many famous icons fail to plan for their estate properly, Elvis thankfully did so just five months before his sudden passing. However,...
Read MoreAs the anniversary of the Social Security bill being signed into law (August 14, 1935)[i] approaches, we’re reminded of the intricate workings of the U.S. tax system. Social Security, a vital program designed to provide financial...
Read MoreOn August 4, 1862, the U.S. collected income tax for the first time[i]. You may be ready to bid farewell to income tax obligations once you retire, but unfortunately, it’s not that simple. While the dynamics may shift, understanding...
Read MoreRetirement is a time when most people expect to enjoy the fruits of their labor, with financial security and a steady income from investments or savings. However, for some individuals, this period can present a unique financial...
Read MoreLong-term care planning is an important aspect of retirement planning that is often overlooked. As people are living longer and healthcare costs are increasing, it is crucial to consider the cost of long-term care in retirement...
Read MoreA recent study by Investopedia found that Generation X’s biggest worry is retirement. The survey found that although many members of Gen X feel like they understand their finances, they are still concerned about transitioning into...
Read MoreWhether you’ve learned about annuities before or it’s your first time hearing about them, it’s important to first understand the basic concept and one of its simplest forms. In general, an annuity is a financial product that provides...
Read MoreAnnuities can be an excellent addition to your financial and retirement portfolio, but it's essential to determine whether they're the right fit for you and your financial goals. Here are some ways to know if annuities are right for...
Read MoreAn annuity is an investment product that is designed to provide a guaranteed income stream for a predetermined period, often for the rest of one’s life. An annuity is typically purchased from an insurance company, and the purchaser...
Read MoreJune is Annuity Awareness Month, a time to educate individuals on the benefits and importance of annuities. If you’re new to annuities or need a refresher, keep reading to understand the basics of annuities.Basically, an annuity is a...
Read MoreRetirement is a major milestone in the life of every individual, and it is no different for high-net-worth individuals. If you’re one of these individuals, you may think that being comfortable means you can worry less about retirement...
Read MoreYou may have noticed that the economy after the pandemic has been volatile. And while there has been talk of a possible recession for a few years, we have yet to enter a traditional recession. A recession is defined as a consistent,...
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Read MoreCome springtime, you might be thinking about doing some spring cleaning, whether it’s cleaning out your garage, throwing out old items, or rearranging your furniture. However, it’s important not to forget to do some spring cleaning on...
Read MoreThe concept of financial literacy refers to knowing the basics of financial concepts to make smart decisions. Specifically, financial literacy can help prevent costly mistakes that could derail your life plans, prepare you for...
Read MoreIn the world of retirement strategizing, the focus tends to be on 401(k)s, IRAs, pensions, or other retirement investment accounts. But that doesn’t mean you should forget about the traditional savings account.Savings accounts can have...
Read MoreAs an adult, you may have had tough learning moments when it comes to financial management. It could have been when you failed to pay your rent on time or got too deep in credit card debt. To keep your children or grandchildren from...
Read MoreFinancial Literacy Month is not only a celebration, it’s a challenge to take care of your finances as best you can. This month can be your opportunity to review your finances and take a concerted approach to improve them. But what’s...
Read MoreIf you’ve ever asked yourself, “what if there’s a way to reduce the taxes I owe when I sell stocks or rebalance my portfolio?” then you should know about the tax-minimization strategy called tax-loss harvesting. It’s important to know...
Read MoreYou may not know it, but Social Security income is taxed! However, your tax burden isn’t simply a gross income tax, and there are unique factors that dictate your tax rate and overall tax liability. First, not all Social Security...
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Read MoreThinking about investment strategy may conjure thoughts of stock trading, ticker symbols, brokerage accounts, and investment theses. But one of the most important factors in developing an investment strategy is the tax aspect.There are...
Read MoreDon’t wait until April to prepare your taxes! Tax filing preparation is an important process for individuals and businesses. It is the process of gathering, organizing, and submitting tax documents to the relevant tax authorities. The...
Read MoreAs the cost of higher education rises and the competition for spots at top colleges and universities steepens, you might wonder if it’s even worth it to make such a large investment in a college degree. The value of a college degree...
Read MoreBudgeting is one of, if not the most important life skill one can learn. As they grow up, you may have been able to teach them valuable budgeting and saving skills, but when they leave home for the first time, often to go to college,...
Read MoreFinancial aid is a key piece of the college puzzle for many families. The sticker price of college in the US has gone up in the past decades, virtually across the board. What that means is financial aid is an increasingly important...
Read MoreThis month, the education community celebrates Financial Aid Awareness Month often by sharing information with students and families about access to federal, state, and institutional student aid. College and higher education costs can...
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Read MoreYou may assume that there are no more tax minimization strategies to engage in after December 31. While most of your tax-lowering strategies do come before the new year, there are still steps you can take now, and all the way up until...
Read MoreFor some, especially during these tough market conditions, their retirement investments and savings may have declined. Due to this setback, your retirement timeline may have been pushed back, tightening your budget, making you work...
Read MoreSaving for large expenses, whether in retirement or during your working years, is a tall task. It often requires you to cut back on spending and find ways to maximize your income. However, in retirement, there are some key differences...
Read MoreIf you search the Internet for tips on financial strategies, you’ll see many general rules and broad advice that may apply to an “average” retirement saver or retiree. But the truth is, those general pieces of advice rarely apply to...
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Read MoreThis month marks Long-Term Care Awareness Month. We have the knowledge and tools these days to live healthily and happily throughout our lives. But as we age, we need to invest more in our health. That’s why it’s crucial to understand...
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Read MoreThis Halloween season, you may be thinking about spending time with friends and family and planning fun Halloween events with them. You may not be thinking about all the nuances of your retirement strategy, but when you think about the...
Read MoreHealthcare is one of the largest expenses for people in retirement, but it’s not easy to budget for them. Sometimes, accidents happen, or certain health-related concerns can come out of nowhere. Because of how difficult it can be to...
Read MoreWith all this market volatility and inflation, talk about investment strategies and portfolio longevity seems to dominate the discussion on retirement. But one of the most important aspects of retirement is often overlooked: Medicare...
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You’re probably familiar with the classic retirement accounts such as 401(k)s, IRAs, and pensions. But did you know there is a financial product out there that is customizable and can be tailored to your specific risks and financial goals?
An annuity is an insurance-based financial product that takes in payments from individuals and pays them back usually over a long period of time in a flow of payments or a lump sum when a certain event occurs, such as a specific time, age, or if an illness occurs. The insurance company can accept payments over time or in one lump sum as well. The money in it is invested by the financial institution and grows until the date that the payments are to be distributed to the beneficiary or account owner.
An annuity can provide regular payments from a fixed-rate, variable, or indexed annuity.
Fixed-rate annuities often take the form of a singular lump sum that is structured to provide you a set amount of income periodically. It’s not exposed to any market risk, its payout rates are fixed, and its principal value does not grow or decline.
Variable annuities are market-exposed annuities. These annuities have more risk involved and their payout amounts usually factor in the portfolio performance. The amount invested in a variable annuity can grow or decline.
Index annuities are market-exposed annuities but track a diversified index of stocks or equities. These types of annuities are a middle ground between some of the riskier assets that go into a variable annuity and the risk-averse, non-market-exposed fixed annuity.
Though annuities may seem complicated, the basic idea is simple. An insurance company receives a fixed or variable income stream for a predetermined period, or for life, in exchange for money in return.
With your retirement accounts, such as your 401(k)s, IRAs, or Roth IRAs, there are annual contribution limits and age restrictions that are meant to have your money used in a specific way regardless of your unique circumstance. With an annuity, the main benefit is that it is structured to be tailored to your unique needs.
It’s important to know that any guarantees, like interest or market protection, are backed by the financial strength and claims-paying ability of the issuing insurance company.
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Taxes are one of the most important things to consider when it comes to your retirement. You’ll likely have several sources of income in retirement that can be taxed, such as IRA distributions and Social Security benefits. But is your...
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