Sunday, February 22, 2015

Ten Facts About Retirement Savings

Most retirees are ready for free time and less stress in retirement, but some aspects of their retirement can become unexpected. They also have high financial and health concerns, and the extra free time is only fun if you're able to use it well. Below are Ten ways retirement might surprise you.

1- It can be easy to spend all of your savings.
After many years accumulating enough money for you to retire, it can be psychologically and emotionally devastating to spend that money and see how your nest-egg shrink each year due to illness like Long-Term Care.
Investments growing

2- You need to keep investments growing.
Being able of Saving for retirement is not your end goal at all. You also need to develop a plan to make your money last for the rest of your living years. You also need to understand how you can minimize the risk of your investments, you need a strategy that gives you an opportunity to growth without taking any risk staying ahead of inflation and taxes (e.g. Annuities).

3- Most retirees rely on their Social Security only.
Social Security (SS) is mainly the source of income for the vast majority of retirees. About 86% of retired seniors receive income from SS, and their Social Security payments make up at least half of their retirement income of 65% of retirees. The majority of seniors don't have any other source of income than Social Security, and in December 2014 the  monthly average of their paycheck from SS was about $1,282.

4- Medicare just cover part of it.
Medical bills do not go away once you enroll in Medicare. Even though Medicare covers a large amount (80%) of  your medical treatments as a senior, there are other services that are not covered (e.g. routine eye exams, eyeglass, dental care, long term care or hearing aids) just to mention a few. Medicare only covers up to 20 days in a nursing home without you paying anything (for each benefit period), Days 21–100: $157.50 coinsurance per day of each benefit period and Days 101 and beyond all costs are on you.
Medicare coverage
Retirees who require additional long-term care will need to find another way to pay for it, like buying a Long-Term Care Insurance policy from a private Insurance Co.; I really suggest you find a local Insurance Representative before you join Medicare because you really need to comprehend what benefits you will receive from Medicare when it comes to your Health and understand how it will cover any ongoing or post health issues. If you lives in New Jersey you can contact me and can review with you how Medicare works in the state.

5- Chances are you might spend some time by yourself.
With no schedule or job to commute daily, you can find yourself spending a lot of time alone. According to U.S. Census Bureau data about 44% of seniors 65+ live alone. I suggest you join a volunteer organization in your local area that doesn't require you to travel so far from your residence, in other words stay active within your community.

6- Dating is another choice seniors encounter.
Senior retirementEven though 55% of seniors 65+ still married, there are some that are not (28% widowed-12% divorced-1% separated-5% never married) according to census, as a result these seniors start meeting new friends and also dating in some cases. There are several sites online that focus on seniors 50+ that help them meet new people, friends and even dating.

7- Moving can become a nightmare.
It may sound attractive, but the reality is that the majority of seniors do not relocate, between 2009-2013 only 5.7% of seniors 65+ moved to a new house, but the grand majority did within the same state or county, only 1% moved out of the state their live and just 0.3% decided to move outside US (overseas) the census said. Moving to a new community in your retirement means leaving behind friends, family members and a system in place that can be difficult to rebuild elsewhere.

8- Usually help from others is needed.
We all know aging is part of our retirement years in which we might lose some independence and usually is not fun or welcome for every senior. There may come a time when you are not allow to drive your car anymore, shovel your house driveway or a simple task as climbing on a chair to do some DIY around the house and eventually need help with meals and bathing. Although the beginning of retirement is often full of fun and adventures, it’s also a good time to make
contingency plans for later down the road when you might not be able to care for yourself.

9- TV is the main entertainment for seniors.
Seniors spend more than ½ of their in-front of their TV, ages 65-74 watch around 3.92 hrs during the day and the ones 75+ average about 4.15 hrs daily according to the American Time Use Survey conducted by The Bureau of Labor Statistics.

10- There's no need to hurry.
In comparison to the general population, seniors 65-74 take longer eating, working at a DIY project around the house or in the backyard or even shopping. But contrary to young people retirees spend more time reading, relaxing and volunteering.

Happy Retirement


If you live in New Jersey and have any question feel free to contact me....









Friday, February 20, 2015

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Wednesday, February 11, 2015

Do you know these Social Security facts

People are curious about which claiming strategy is better for them, or for how long their SS benefits will last, and how their particular situation (work history, marital status, annual income) will impacts their income stream when it comes to use the SS benefits. Knowing your Social Security stuff is a great way to be ahead of the crow.

Social Security is part of the retirement plan of almost every American worker. If you’re among the 96 percent of workers covered under Social Security, you should know how the system works, and what you should receive from Social Security when you retire.

If you stop working before you have enough credits to qualify for benefits, the credits will remain on your Social Security record. If you return to work later, you can add more credits to qualify. They can’t pay any retirement benefits until you have the required number of credits.

The number of credits you need to get retirement benefits depends on when you were born. If you were born in 1929 or later, you need 40 credits (10 years of work).

Take the quiz to find out how much you know.



Create your free online surveys with SurveyMonkey , the world's leading questionnaire tool.


Correct Answers

  1. C
  2. A
  3. B
  4. D
  5. C
  6. B
  7. B
  8. D
  9. C
  10. C

We're living longer get ready to pay for it


Tuesday, February 10, 2015

Life Insurance Woes

Life Insurance Woes?... This Article Can Help!

You may receive peace of mind by buying life insurance. On the other hand, it may be troublesome. The advice in this article will tell you what you need to know to find coverage that is right for you.

Buying the correct amount of life insurance for you It can be quite costly if you over buy any insurance, while having too little insurance may leave your family members with needless financial problems. You will feel calmer and more in control if you make good choices when it comes to life insurance.

When choosing a policy for life insurance, don't forget to estimate coverage for not only ongoing expenses, but fixed expenses as well. Be sure to plan for high bills such as taxes, medical bills, and funeral costs.

Make sure that you disclose a job or hobby that might be high risk. While this will mean a higher insurance premiums, it will also ensure that any claims resulting from such risks are not deemed ineligible, it might be considered fraud if you withhold the information.

Inform your family and loved ones about the life insurance policy you choose and what it entails. Let the beneficiary know how much the policy is worth, where to find the documentation for the policy, and the details of who to contact if something happens to you.

Life insurance policies are a wise investment for anyone who has dependents. Life insurance can provide money to your spouse for bills or the house mortgage, or even give your children money for college if you pass away.

If you're healthy, life insurance will cost you less than other people that are not as blessed as you are. Since healthier people tend to live longer, they often get better choices to meet their solutions from insurance companies nationwide.

You can use the Internet to compare life insurance policies or maybe to get some quotes. If you want a detailed list of multiple options, you can utilize websites that compile this data from various insurance firms, and they then provide you with ratings and price comparisons, but I recommend you search for a local Agent / Producer (like myself) and arrange a meeting at his office or if he offers to visit you at the comfort of your residence like I do daily that's the way to go. 

The investment you're planing to do it's very important for you and your Family, so you should build a relationship with your Agent / Producer, get to know him and let him get to know you better.

It is in your best interest to pay premiums once yearly instead of once per month. People who opt for yearly payment of premiums are often able to save some more money, also if you consider an automatic withdraw from your bank account even better.

You should protect yourself by understanding the cancellation procedure for your life insurance before signing on the dotted line. Remember that you might have to cancel your insurance if you cannot afford it anymore. Knowing about possible penalties or fees ahead of time will help you assess whether to cancel or not.

Compare life insurance policies from many different companies before settling on one it's probably helpful for some folks but very confusing for others since every Insurance Company is different even though they may look similar. 

While many policies include an option to stay inforce as long as premiums are paid, others are valid for only a limited amount of time (e.g. 5, 10, 15, 20 or 30 like Term). While two policies can appear very similar in terms of benefits, one provider may offer a considerably lower price. To get the best insurance policy, you need to conduct proper research.

How much life insurance should I purchase? 

First, you need to determine the purpose of the life insurance you're planing to buy. If you don't have any children and are single, then you should think of buying a solution that will help you when you reach retirement age (e.g. Universal Life) which build cash value through the years of the Policy and also will provide you with a death benefit (DF) in case something happen to you.

A general guideline is that your policy should be worth five to ten times as much as you earn each year. Life insurance policies that are classed as "whole" or "universal" are quite expensive, and not always an option to all consumers. 

These policies do offer a savings component or cash value build-up within the policy, and do not have a date of expiration as long as you pay the premiums. 

Most families choose to buy a term life insurance policy, because it's not as costly and gives good protection in case of death, but remember it will be for just a certain period of time.

Insist on buying life insurance only from an established company with good consumer reviews like the one I represent which has been in business for over 130 years. Not every insurer is held in good standing, so choose wisely. Research insurance companies, especially the established ones, they generally are financially sound and offer quality investments.

Life insurance is more complicated than it may seem. There is research that is involved and a lot of questions that need to be asked if you want to get the right policy to protect you and your Family. 

If you follow my tips above you will have a better knowledge and will be more educated to choose the right Life Insurance Policy you need.

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