Financial Planning Articles
Financial Preparedness Includes Disaster Preparedness
Could your finances weather a storm? A disaster – whether it’s a hurricane, earthquake, fire or other catastrophe – can be financially devastating. Good preparation can help keep both your family and your bank account safe. September is National Preparedness Month,...
What is Indexing and Why Is It Important in Annuities and Life Insurance?
You’ve heard that indexing is a great way to invest your money, but there’s one problem – you’re not quite sure what it means. Don’t worry. You’re not alone. The financial industry is filled with jargon that can be confusing to anyone on the outside. Keep reading to...
Do You Have Enough Life Insurance?
Are you sure you have ENOUGH life insurance? Coverage amounts vary widely. A policy designed to cover burial expenses might provide around $10,000. Other life insurance policies can provide several millions of dollars in coverage. Your personal needs might be...
The Four Types of Life Insurance
Not all life insurance policies are the same. Some expire after a set period of time, while others last as long as the insured needs it. Some have modest payouts intended to cover funeral costs, but others have larger payouts that can be used to pay off mortgages,...
How to Stay on Budget This Holiday Season
Don’t let the holiday season undo a year of financial progress. Although too much merry-making can do a number on your bank account, it is possible to stick to a budget this time of year. Follow these tips to stay on budget when shopping for gifts, planning holiday...
Is Debt Crippling Your Financial Progress?
Americans are being crushed under an ever-growing mound of debt. According to a report from NerdWallet, American households have a total debt of $13.21 trillion. The debt can come in many forms, from credit cards to mortgages, but the result is the same: many...
Living Life Insurance – What Does It Mean?
Living life insurance might sound like an oxymoron to anyone who’s unfamiliar with the product. After all, life insurance pays out when the insured dies. It can’t help while the insured is still living – or can it? With living life insurance, the answer is yes. It...
How Taxes Impact Your Retirement Savings and How Life Insurance Can Help
Does your retirement budget account for taxes? If not, your money might not go as far as you think it will. Taxes can be owed at multiple points – when you earn money, when it grows interest or even when you withdraw it. If you use a regular 401(k) for your retirement...
How to Plan for the High Cost of Medical Insurance in Retirement
Health care isn’t cheap, even if you have insurance. According to The Street, many Americans grossly underestimate the amount of money they’ll need to spend on health care during retirement. The Employee Benefit Research Institute estimates that a 65-year-old man will...
How to Read Your Health Insurance Statement and Why It’s Important
Every month, you receive a letter from your insurer. It’s not a bill, and it doesn’t require a response, so you might be tempted to toss it aside and forget about it. That would be a bad idea. The monthly explanation of benefits contains important information. Once...
Buyers Beware of Prescription Drug Clawbacks
When you fill a prescription covered by your insurance, you probably assume that the retail price is higher than the copay that comes out of your pocket. That’s the point of insurance, isn’t it? You pay a monthly premium, and in exchange, the insurer helps pay for...
What Are the Key Differences Between an Annuity and a Life Insurance Policy?
Perhaps you’ve heard that a life insurance policy can be used as a retirement planning tool. You’ve also heard that annuities are commonly used in retirement planning. This may have you wondering – what’s the difference? The Basics Annuities are financial products...
How to Create Tax-Free Retirement Income
For many people, the only thing worse than talking about taxes is paying taxes. Sometimes, though, to avoid doing too much of the latter, you have to do the former. Taxes take a big bite out of your working income and they also take a big bite out of your retirement...
Sneaky Ways to Save Money and What to Do with Your Savings
If you’re like most Americans, you probably have a savings account – but it might be empty or nearly so. A 2017 GOBankingRates survey found that majority of respondents (57 percent) have less than $1,000 in a savings account, while 39 percent have nothing at all....
How Preneed Funeral Insurance Can Help Your Family
A typical funeral can easily cost several thousand dollars. In addition to paying this expense, loved ones are required to make numerous decisions, covering everything from the preparation of the body to the type of casket. All this comes during a very emotional time....
Your December Financial Checklist
Your finances don’t have to take a hit just because it’s December. With a little planning, you can handle all the gifts and celebrations while staying in budget. It’s also a great time to give to charity. While you’re at it, you can take a few simple steps to improve...
Do You Believe the Top 10 Retirement Planning Myths?
How much do you know about retirement? If you’ve fallen for any of the common misconceptions floating around, it might be less than you think. Get the skinny on these retirement myths now, or they could come back to haunt you in your golden years. Myth #1: Medicare...
Living Life Insurance Riders
Life insurance is one of those issues many people don’t like to discuss, and it’s not hard to figure out why. Although we call it “life” insurance, most people associate it with the opposite – with death. This is a mistake. Life insurance is a product worth...
How to Make Sure Inflation Doesn’t Hijack Your Retirement Plans
In 1998, you could buy a gallon of gas for about a buck. In August 2017, one gallon costs around $2.30. And it’s not just gas. From eggs to shoes, inflation means that the cost of living keeps rising. To keep up, your income needs to increase, too. Inflation and a...
The Six Pillars of Financial Planning: How Many Have You Tackled?
Financial planning is more like a house than a single, solid brick. There are different aspects, and they all come together to create something that provides safety, stability and comfort. Each element is as important as the next. One of these elements is your...