A) Your retirement Pension..Lump sum or monthly payments
B) Got retirement plans? Your spouse may disagree
C) This weeks’s must read..Avoid these common pre-retirement blunder
http://www.hechteffect.net/?page_id=31
Category Archives: investing
Labor Day
The first Labor Day was celebrated September 5, 1882. In the 130 years since, Labor Day brings to mind many different things. For many, Labor Day signals the end of summer. No more days at the beach, going to summer camp, the Jerry Lewis telethon, or staying outside playing ball until the street lights come on. The Monday after Labor Day for many is the beginning of school; be it the first day of kindergarten or the last semester in college, many tears are shed on that Monday.
Labor Day, more importantly, honors the vital force that labor has added materially to the highest standard of living and the greatest production the world has ever known. Recently, one way to observe this holiday is to volunteer. There are many organizations and charities that can use your help. So throw something on the grill, discuss where you might be able to lend a helping hand, and pay tribute the creator of so much of the nation’s strength, freedom, and leadership – the American worker.
Tune in to 96.5 FM WDBO this Saturday
Hear:
Aaron Bert and Joe Bert
co-host our program
“On The Money!”
They’ll be discussing . . .
• Breaking Down the Tax Paying Population: where do you fit in?
• One of the most useful tax benefits that is not going away
• How Wiping Out Debt Can Affect Your Taxes
Call in your
questions at
407-290-0058 OR
1-800-328-5858
You are responsible for YOUR retirement.
When I started in business almost 30 years ago, we always talked about the “three-legged stool”. It consisted of a pensions, social security, and personal savings. The pension leg, for most of us, has been chopped away. Personal savings has taken its place and that leg, now supporting two parts of the stool, is more important than ever; add to that the fact that we are all living longer. We must own our retirement and start saving with our very first paycheck. If we can get used to the idea of “paying ourselves first”, even if it is only $10/month with that first job, savings will become second nature.
Social Security being the third leg has been pushed to its limits. There are more people drawing and less people contributing. We know there will have to be changes; in what form is anyone’s guess. For those of you at or near retirement, there will be no changes. For those just entering the workforce, no one knows how Social Security will look when they reach retirement age. This is where personal responsibility comes in.
Savings for retirement today is available in many different forms such as 401k, traditional IRA, or Roth IRA accounts. Many retirement accounts will accept contributions as low as $100/month; which is equivalent to one premium coffee a day. So take responsibility and own your retirement. You will be happy that you did.
Listen to me this Saturday on 96.5 FM WDBO.
Be sure to catch “On The Money”
this Saturday morning!
This Saturday hear
Nancy Hecht and Joe Bert
co-host our program
“On The Money”!
They’ll be discussing . . .
• 4 Overlooked Retirement Tips
• A man is not a plan:
Money Talks – Love Listens.
– 3 tips to keeps in mind as you walk down the aisle.
• Email Q: How much do my spouse & I need to self-insure for long term care?
– Is $400k enough?
We hope you’ll call in
with your questions at
407-290-0058
What do you want?
Many couples have not taken the time to ask what each other would like their retirement to look like. The first step is to write your own wish list with questions such as:
How long do you want to work?
Where do you want to live in retirement?
Do you want to work part-time?
Do you want to travel and how often?
Once each has written their list, it now is time to compare to see where your desires overlap or conflict. Many of the conflicting items will naturally works themselves out; others will require time and money to work out. Next, you need to take a clear view of just where you each have savings and investments. 37% of husbands and 21% of wives do not know the value of each other’s retirement accounts or what the potential pension might be. Now is the time to review these items.
So, pour a cup of coffee, pull out the statements, and review your investments. You will be able to see where you are going.
How much do my spouse & I need to self-insure for Long Term Care? Is $400k enough?
A: You might need as much as $1,500,000 to self-insure for long term care. We are currently spending $1500/week for my Father-in- Law and his Wife. That is $390,000 over 5 years, $780,000 over 10 years in today’s dollars. Inflation for medical care is rising faster than for other goods and services. With a projected 37% of adults age 65 projected to need assistance, planning for this very real issue is important. There are many different ways to fund for Long Term Care. Feel free to contact me to discuss this issue. nancy@financialgroup.com or 407 869-9800.
Take advantage of me!
Many of you may think of me only as the girl that manages your investments, but I am so much more than that. I am licensed to provide all types of insurance such as Life, Health, Long Term Care, and Disability. I am trained to provide analysis regarding your taxes and estate planning, though I am not a CPA or Attorney. I have enough knowledge in those areas to perhaps save you some money when you do meet with those professionals. Beyond all of this, I am the one that can hold your hand and hopefully provide you with the answers you need to have a happy, long retirement.
A large part of what I do is hand holding. Deciding to actually retire is a big decision and there is a lot of mental discussion that goes along with the financial discussions. The biggest question becomes what to do when you finally retire. If you do not have a clear idea of how you will spend your time, you cannot pull this trigger. This is a big discussion I have with all of my clients. It can lead to many Life-Cycle event discussions. Where to live, what happens if you get sick, what happens when you pass? Through twenty nine years in business I have had all of these conversations. I can share what I have learned from other clients and the large network of services I have created to help with many of the Life-Cycle concerns.
Yes, I put together your retirement plan, I manage your accounts and I meet with you regularly to review and update. Beyond those very important issues, I have so much more to share. So go ahead, take advantage of all I have to offer.
This week’s radio topics & more! Tune in Saturday from 9 – 10 am to 96.5 FM.
Upcoming Workshops:
Countdown to Retirement — Saturday, August 4, 2012 – 11:00am – 1:30pm
Social Security: Maximize Your Benefits — Thursday, September 20, 2012 – 6:45pm – 8:30pm
Show topics:
– Is your Portfolio Really Diversified?
– Mistakes to Avoid When You Inherit and IRA
– Should the Big Banks Be Broken Up?
Why oh why do I have to take that RMD?
A very good questions was asked:
Would you talk about what happens to us at the 70.5 mark when we have to start withdrawing money from IRA accounts but really don’t need to do so?
A:
Many of my clients are in this position, what to do with funds you do not want to withdraw but have to. A tax free fund is a great investment for the RMD withdrawal, the principal is generally stable, the yield is nice and tax free. Another option is to fund a 529 savings account for the Grandkids. This can be a wonderful gift to them and their Parents. The third option is to use the RMD to fund a Long Term Care Policy or Life Insurance Policy that can be used to pay potential Estate Tax.