Working Saver
Ages 21 – 50
Whether you’ve just entering the work environment or are several years away from retirement, building a financial blueprint for the rest of your life means having:
1
An adequate amount of liquid savings that can cover emergencies and the purchase large ticket items, like a car, furniture, or a family vacation.
2
The proper type of insurance that can provide accumulate cash value to protect the integrity of the death benefit from lapsing in retirement as well as providing a tax-free retirement income stream you can’t outlive.
3
A consideration for a safe and secure indexed strategy, which after retirement, will provide a guaranteed lifetime income stream you can’t outlive.
Learn how to manage debt, make prudent decisions for the future, and form a sound blueprint for success.
THIS SOUNDS LIKE MERetiring Saver
Ages 50 – 70
If you’re considering retiring in the next 5 to 15 years, or you’ve just retired… you want to get the most out life savings. If you’re like most individuals at this stage in life, your primary goal is to start converting a percentage or all of your life savings into a guaranteed income stream to replace your working salary. You want to continue making smart financial decisions and lower risk expectations by carefully choosing where you invest. In terms of savings, investment and insurance, you should continue to have:
1
An adequate amount of ‘liquid’ funds in a savings account or in similar risk-free market strategies to meet your living expenses.
2
The proper type of insurance that includes asset-based provisions for critical illness, chronic illness and terminal illness and other long-term care needs that may arise.
3
A lesser percentage of your assets in market risk investments to protect and preserve your life savings.
4
As asset protection strategy that includes a revocable living trust to avoid probate for the benefit of your beneficiaries. These documents would also include durable power of attorney as well as healthcare directives based on our personal wishes.
Learn how to make the call on when to retire, determine if you’re taking the right amount of risk with your finances, and get the most out of your 401(k), 403(b), and 457 plan, by minimizing the tax burden. If you have a pension plan, the decision will need to be made whether you want to take it as a lump sum or monthly payment – there may be better options for increased monthly payments if you take it as a lump sum.
THIS SOUNDS LIKE MERetired Saver
Over age 70
Retired Savers have truly enjoyed the fruits of their labor and are now at a point in life that the “frills” of travel and other major lifestyle expenditures aren’t necessarily a priority. At this stage, Savers may be considering downsizing from present homes, wish to start giving more money to kids and grandkids, and begin serious planning for the prospects of asset protection and other financial considerations that go-along with aging.
1
Larger percentage of assets in money markets, CD’s, savings, checking
2
Larger percentage of asset in safe secure annuities with lifetime income provisions
3
A small percentage of your assets at risk
4
Proper legal documents with emphasis on “elder care” issues provided by a qualified Elder Law attorney in this stage of life
Learn how to make sure your risk levels match your life situation, prepare for tax advantage wealth transfer strategies for the benefit of your loved ones after you’re gone, and make sure your finances will last for the rest of your life.
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