The Intersection of Investments and Insurance
Retirement planning often feels like sailing between two essential points—growth and security. While investments offer the promise of compounded growth over time, insurance provides the peace of mind that comes with asset protection. But where is the line between overexposure and overprotection? Every dollar that isn’t invested is a dollar missing out on compound growth, […]
When (And When Not) to Consolidate Retirement Accounts
According to the U.S. Census Bureau, about 35% of working-age individuals have a 401(K), 403(B) or 503(B) retirement account. These are significant numbers, showing many Americans are taking proactive steps to achieve a successful retirement. However, Americans also change jobs about every five years. What this means is that many Americans often face the decision […]
The Benefits of IUL Insurance
As CPAs, you understand better than most the fluctuating threats to financial security, particularly as we age. Variables such as inflation, market unpredictability, escalating healthcare expenses, and uncertain future tax scenarios are challenging to account for. That’s where an Indexed Universal Life (IUL) insurance policy comes into play. Specifically designed to reduce risks and offer […]
Will You Outlive Your Money?
Retirement is no longer a brief chapter at the end of life’s journey as it was in the first half of the 20th century. Instead, it has become an extended phase lasting longer and longer, requiring extensive planning and consideration. In fact, according to a recent study by Northwestern Mutual, Americans believe they will require […]
Roth Conversions: A Strategic Move for CPAs
The introduction of the Roth account revolutionized the retirement planning landscape. In response to challenges faced by Americans in saving adequately for retirement, the Roth account emerged as a solution, offering the promise of tax-free earnings and withdrawals. It also introduced the flexibility for savers to Roth conversions by converting all or part of their […]
Retirement Plans for CPAs
In the ever-evolving world of accounting, Certified Public Accountants (CPAs) often find themselves at the forefront, expertly navigating the financial landscapes of their clients. However, while pursuing serving others, CPAs and their firms must pay attention to their own financial well-being – specifically, their retirement planning. Retirement planning is a cornerstone of personal financial management, […]
What is an annuity?
An annuity is a type of insurance investment designed to offer a consistent and dependable flow of income during one’s retirement years. Essentially, it is an agreement between a person and an insurance firm. The insurance company pledges to repay the initial investment with interest through a series of payments starting at a predetermined future […]
Understanding Qualified and Non-Qualified Money for Retirement Planning
As you plan your retirement or review your finances, you’re sure to come across the terms “qualified” and “non-qualified.” In their most basic definitions, non-qualified funds are funds you’ve already paid taxes on, and qualified funds are funds you haven’t paid taxes on. Non-qualified Post-tax funds No taxes owed No tax advantages Non-qualified accounts include […]
Asset-Based Long-Term Care Insurance: A Comprehensive Guide
People are living longer and longer, which is, of course, great news! Unfortunately, lengthier lifespans often equate to expensive hospital or nursing home stints. In fact, baby boomers 65 years or older have an approximately 70% chance of requiring some type of long-term care during their lifetime, with 25% experiencing ‘severe needs.’ As healthcare costs […]
Navigating Retirement with the Three-Bucket Approach
Retirement is fraught with numerous risks. Living too long (or passing away early), market fluctuations, health issues and inflation represent the main threats to the nest egg you’ve diligently built up. They can cause irreparable harm to your or your loved ones’ quality of life during retirement. However, a carefully-planned and implemented 3-Bucket strategy can […]
