Very few people could “save” enough for retirement with today’s long life expectancies and earlier retirements. If you just “save” – yet do not have growth that exceeds both income taxes and inflation, you are more likely to run out of money.
A report released in March 2016 by the National Institute on Retirement Security (NIRS) finds that across all age groups women have substantially less income in retirement than men. By age 65, 80% of women are more likely than men to live in poverty. Women age 75 to 79 were three times more likely to fall below the poverty level than men.
Inflation is something frequently overlooked in retirement planning. Inflation can be defined as an overall upward price movement of goods and services in our economy as measured by the Consumer Price Index (CPI), and it is what makes most things cost more today than they did in prior years.
What is Long Term Care (LTC) and who should have it? LTC is insurance that pays all or part of the care you may need should you become unable to care for yourself due to some form of disability. It is not income replacement, such as would be found under a disability policy.
Are you high school student wondering how you will one day pay for your college education? Or perhaps you are a parent who isn’t sure how to help their child get a college education? Many things can be done to make college more affordable. Here are a few:
In recent months we’ve been focusing on intergenerational planning and estate planning. Life insurance can be an important part of such planning and can play a critical role in a successful financial strategy. It protects from financial loss in the untimely death of an income earner, caretaker, or even a business owner or key employee.