Is a permanent life insurance policy an investment? One financial professional might answer that question with a “no,” while another might say “in a sense, yes.” Just as some people see a home as an investment, while others do not. Opinions differ. Everybody can agree on the core purpose of a permanent life insurance […]
Directly & indirectly, you might be able to save more per month than you think. Hidden paths to greater savings can be found at home and at work, and their potential might surprise you. Little everyday things may be costing you dollars you could keep. Simply paying cash instead of using a credit card […]
Contrary to popular belief, classic pension plans have not disappeared. Corporations have mostly jettisoned them, but highly profitable small businesses are giving them a second look. Why are small business owners deciding to adopt old-school, employer-funded retirement plans? The tax breaks attached to a defined benefit plan may be substantial. In fact, if these […]
September is National Life Insurance Awareness Month—a good time to think about the value and importance of insuring yourself. According to a recent Bankrate survey, 42% of Americans have no life insurance at all. They may not know that life insurance coverage has become much more affordable than it once was.1 Many […]
What is the Biggest Retirement Concern? People in retirement aren’t afraid of dying. They are afraid of running out of money. At Retirement Income Solutions, we structure retirement strategies and create plans—for pre-retirees and retired individuals—to create a worry-free retirement. For years, we have known that the most significant retirement concern individuals have in their […]
Have you ever wondered: “Am I really saving enough for retirement?” Do you wonder how your retirement savings compare with others your age? The average person in their twenties has around $16,000 in retirement savings. The average person in their thirties has saved about $45,000. Americans in their forties have median retirement savings of around $63,000. Americans in their fifties have median retirement savings of about $117,000. Americans in […]
How long do you think you will work? Are you one of those baby boomers (or Gen Xers) who believes he or she can work into retirement years—well past 65? Some pre-retirees are planning to, and that could be financially perilous. In a new survey on retirement age, the gap between perception and reality stands […]
Besides the death benefit, it may also help you financially during your life. As Bankrate.com noted, 43% of Americans have no life insurance. Some view it as optional; some have simply procrastinated when it comes to buying a policy. Others believe that they can’t afford it.1 7 Reasons You Should Have Life Insurance: Reason #1 […]
Do you have the option of receiving your retirement money as a lump-sum retirement payout? Consider all your options and speak with a retirement professional first because you may want to turn that choice down.
A new MetLife study, Paycheck or Pot of Gold, warns of the “lottery effect” that can occur when all that money makes its way into a household at once. Surveying more than 1,050 retirement plan participants who had taken lump-sum payouts, the survey found that 21% had already used up 100% of that money; on average, it had disappeared in less than six years. In less than six years! Read more about Why You Might Not Want a Lump-Sum Retirement Payout …
Why do some households tread water financially while others make progress? Does it come down to habits?
Sometimes the difference starts there. A household that prioritizes paying itself first may end up in much better financial shape in the long run than other households.
Some families see themselves as savers, others as spenders. The spenders may enjoy affluence now, but they also may be setting themselves up for financial struggles down the road. The savers better position themselves for financial emergencies and the creation of wealth.
How does a family build up its savings? Well, money not spent can be money saved. That should be obvious, but some households take a long time to grasp this truth. In the psychology of spenders, money unspent is money unappreciated. Less spending means less fun. Read more about Money Habits That May Help You Become Wealthier …