According to the folks from Safe Harbor Financial, too many people are living on the edge financially. Planning for the future is so important and it needs to start now.
Below is a list of some of the questions and answers discussed on Studio10 (provided by Safe Harbor Financial).
How much will a retiree need to cover health care costs?
Every May, Fidelity updates a report that calculates how much a 65 year old couple will need to pay for health care costs. This number does not include nursing home costs. Fidelity has been doing this every year since 2002. That year, the calculation was that the couple would require $160,000. The updated calculation is now $220,000.
Here is the dilemma. Fidelity also issues a report every year stating the average balance of a 401(k). After a 4 year run up in the stock market, the average balance of a 401(k) has risen from $46,200 in 2009 to $80,900 in 2013. How will $80,000 in assets pay for $220,000 of health care costs increasing energy and food costs, shelter costs and taxes, etc? Remember, this is after an artificial stock market increase and just before a possible major stock market downturn.
As our economy continues to face slow or even flat growth, a strong strategy beginning with safety first is vital for your financial welfare.
How important is life insurance to an investment portfolio?
It has been said that life insurance is one dollar that does the work of many dollars. It takes care of your family or business if you die too soon. It takes care of you if you live too long and self completing if you become disabled. Many policies have catastrophic illness or long term care benefits attached. Many policies have terminal illness benefits to so you don't have to be dead to collect benefits.
Can life insurance be used as an income tool?
Yes, the cash-value life insurance— policies that provide a death benefit and a pot of cash that grows tax-deferred, such as whole and universal life — were marketed for their potential to provide income tax-free. Now, amid today's stringent income tax environment, cash-value policies have become very popular.
The policy provides a tax shelter which enables you to have substantial deferral in our high-income years. As the policy grows on a tax deferred basis withdrawals are tax free. Keep in mind that any withdrawals made reduce the death benefit.
Talk to an independent financial advisor and find out the differences between the cash-value life policy, whole life and universal life and how they can enhance your retirement portfolio.
For a free comprehensive personal review of your financial portfolio or to make an appointment with Jim, email Jim at email@example.com or call 1-251-625-1226 or toll free at 1-877-251-1984.
Find out how to get a free copy of his DVD or book, The Ultimate Success Secret, email Jim at firstname.lastname@example.org or call 1-877-251-1984.
Safe Harbor Financial Services
9056 Merritt Lane
Daphne, AL 36526
Call Toll Free: 866-251-1984 or local 251-625-1226
Sponsored by Safe Harbor Financial Services
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