Archives for September 2017

Although economists say the country has recovered from the 2008 recession, many people nearing retirement age would disagree. In fact, according to a recent study by the Bankers Life Center for a Secure Retirement, only 2 percent of middle-income baby boomers believe the economy has fully recovered. More than half of those surveyed reported that their savings are lower than they were before the crisis, and 40 percent stated they are not earning as much as they used to earn.

Unfortunately, sometimes we have to go through hard times to learn important lessons. Today, more baby boomers have built up an emergency fund to help cushion the financial impact in the event of another economic decline in the future. Many also have started working with a financial advisor to help them become better prepared for retirement — including the potential for downturns that could happen once they’ve stopped working.

One of the lessons to come out of the “Great Recession” is the importance of being financially prepared for retirement. We can help evaluate your current financial situation and make appropriate insurance and investment recommendations to help you work toward your desired financial future. Please feel free to contact us for a no-obligation consultation.

 

The content provided here is designed to provide general information on the subjects covered. It is not, however, intended to provide specific legal or tax advice. Contact us at info@securedretirements.com or call us at (952) 460­-3260 to schedule a time to discuss your financial situation and the potential role of investments in your financial strategy.

While some people accept getting older as a natural part of life, many others are on a mission to fight the aging process and maintain a youthful attitude and appearance. Although we are often reminded to “age gracefully” – to accept our older selves just as they are – research shows those who stay young at heart may just be on to something.

If you’ve ever experienced the feeling that the image in the mirror doesn’t quite match up with how you feel on the inside, you’re not alone. In 2015, the Journal of the American Medical Association published the results of research conducted over an eight-year timespan.  The initial survey of about 6,500 people ages 52 and older revealed that almost 70 percent of respondents felt three or more years younger than their actual age.

Eight years later, researchers went back and resurveyed the participants. They found 86 percent of the people who reported feeling younger than their actual age were still alive, as compared to 82 percent of the people who felt their actual age and 75 percent who felt older.

What’s the lesson here? This study and a variety of others point to the idea that feeling young actually helps us live longer. It’s the idea to stay “psychologically young”: maintaining a positive outlook, staying active physically and mentally, and enjoying a life of quality even into our older years. But how can we feel younger? Here are four tips:

1. Eat right. Maintain a healthy diet, including plenty of veggies, fruits and protein. Also, make sure you’re getting plenty of omega-3 fatty acids, found in salmon, nuts and seeds. These help prevent inflammation in your body, which affects you both mentally and physically.

2. Get some exercise – physical and mental. Feeling younger means moving more. You need to challenge not only your body, but also your brain. The Alzheimer’s Association suggests things like taking a college course, finishing a daily crossword and enjoying an occasional play or performance as ways to stay mentally active.

3. Set goals for the future. Goals give us something to work toward and look forward to, no matter your age. Your goals can be related to health, family, career, travel or anything that sounds interesting to you!

4. Look on the bright side. A positive attitude can help you live longer. For example, a Harvard study of 70,000 female nurses found the most optimistic quarter of respondents had a 31 percent reduced risk of mortality. Sometimes keeping a positive outlook on life can keep you going, even when there may be negative external circumstances.

While it pays to think positive and keep a youthful mindset, lifespans of all people in general have gotten longer over the years. If you’re fortunate enough to live many years after retirement, you’re going to need a well-thought-out financial strategy. Using a variety of insurance and investment products, we can help you create a strategy that helps you to live the kind of retirement you’ve worked hard for. Contact us today to get started on your financial strategy for a long life.

 

The content provided here is designed to provide general information on the subjects covered. It is not, however, intended to provide specific legal or tax advice. Contact us at info@securedretirements.com or call us at (952) 460­-3260 to schedule a time to discuss your financial situation and the potential role of investments in your financial strategy.

While Social Security shouldn’t be relied upon to be the sole source of income during retirement, it can play an important role in your overall financial strategy for retirement. But making sense of the basic ins and outs of Social Security can be overwhelming. Here are three questions people commonly ask as they approach retirement age:

When can I start taking benefits?

While full retirement age is 66 for people born between 1943 and 1954 and gradually increases to age 67 for those born in 1960 or later, you can start receiving Social Security benefits at age 62. Keep in mind, however, that there is a cost to early distribution; your benefits are reduced by about 0.5 percent for each month you receive benefits before full retirement age. For example, those born in 1955 with a full retirement age of 66 and two months who start taking benefits at age 62 will receive about 75 percent of the full benefit.

On the flip side, delaying benefits past full retirement age, up to age 70, increases your distribution amount. If the same individual in the previous example waits until age 68 to take benefits, his or her benefit will increase 8 percent each year after full retirement age. This increase continues until you reach age 70 or you start taking benefits, whichever comes first.

What happens to my benefits when I die?

It depends. If you are married and your spouse is age 60 or older, he or she may be eligible to collect a survivor’s benefit. The benefit amount remains the same as the deceased’s amount, although that amount is reduced if benefits are started before the surviving spouse’s full retirement age. A spouse cannot collect both survivors benefits and retirement benefits based on their own work record. They will collect whichever benefit is higher.

If you have a minor child or children, your surviving spouse (regardless of age) may also be eligible for a survivors benefit until the minor child turns age 16. If you have no surviving spouse or minor children, your benefit remains in the Social Security trust fund and is not paid out to any other named beneficiaries, unless they qualify under the Social Security survivors benefits eligibility rules.

Can I work while receiving benefits?

Yes. However, if you haven’t reached full retirement age, your benefit amount will be reduced if your earnings exceed the limit. Starting with the month you’ve reached full retirement age, your benefits will not be reduced no matter how much you earn. The earnings limit and reduced amount vary according to your age. To find out how much your benefits might be reduced, use the Social Security earnings calculator at https://www.ssa.gov/OACT/COLA/RTeffect.html.

Understanding Social Security can be challenging, but you don’t have to go it alone. Contact us today to learn more about  how to incorporate your Social Security benefits  into your complete financial strategy. We may be able to identify potential retirement income gaps and may introduce investment and insurance products as a potential solution.

 

The content provided here is designed to provide general information on the subjects covered. It is not, however, intended to provide specific legal or tax advice. Contact us at info@securedretirements.com or call us at (952) 460­-3260 to schedule a time to discuss your financial situation and the potential role of investments in your financial strategy.