Annuities and Market Risk: What You Need to Know

Annuities and market risk are something all investors worry about, but those close to retirement have limited time to recover from the loss. If you’re within ten years of retirement, your investments are at a critical stage to continue to gain value and avoid loss. Without thinking through the dynamics of gains and losses, investors leave themselves open to market risk that could prematurely deplete their retirement assets.

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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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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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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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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.

Contact your life insurance policy carrier with questions regarding life insurance coverage. Here’s where you should start:

  • Contact your life insurance carrier. Let them know you plan to travel out of the U.S or live outside of the U.S. for extended periods. They will let you know if your policy is valid if you should die while being an ex-pat.
  • If the policy isn’t valid upon death, ask if they provide life policies for travelers or if they can refer you to a reputable life insurance carrier.
  • You may be able to purchase term travel life insurance through your airline carrier if flying international that covers a limited time, usually a few weeks if you’re planning an international vacation.
  • Be aware that some travel insurance doesn’t include death and is more of a property replacement insurance.

International Life Insurance

If you’re not covered, consider purchasing international life insurance which provides insurance coverage while traveling. Like domestic term life insurance, international life insurance provides a lump sum if you die outside of the U.S. People that travel outside of the United States commonly use international life insurance.  Whether it be for work or leisure and is a term policy from covering one week to ten years. Lastly, if you plan to live outside of the U.S. seasonally. Or for extended months in the same country. You may want to consider buying a term life plan from an insurance carrier in that country. The policy should pay benefits like a domestic life insurance policy but cover you while you are on that country’s soil.

Disclosure: The newsletter and links are being provided as a service to you. Please note that the information and opinions included are provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.

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Our philosophy is not to simply provide financial services, but to provide partnership and council every step of the way. This plan allows you to focus on the things you care about most. One of our greatest strengths is the collaborative team of specialists we have assembled to serve each client. We truly enjoy helping people make smart financial decisions. We look forward to learning more about you, your priorities, and your goals. Contact us today to begin your wealth management journey.


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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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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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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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 auThomasatic enrollment of employees. Also the addition of Target Date funds to retirement plans in 2006.

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Your Retirement Nest Egg- A Carton Full of Options

Many people refer to their retirement savings as a “retirement nest egg,” but in theory, it should be made up of many sources of retirement income-many eggs. Even if Social Security and a company retirement plan were their only retirement savings sources, likely they haven’t thought about their withdrawal strategy. It’s not as simple as just drawing down retirement income from one or two sources without a plan. Have the following been considered?

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