Guaranty Association Benefits Company

Are You (really) Ready to retire? -

The Wall Street Journal recently published article, ÄúSo You Think You Aore Ready for Retirement., He was actually at a 20 quiz questions to help you determine if you are ready to retire. Some of the questions were very thought cause

Allow me to share five :.

1. What multiple of your annual salary ending at the age of 67 should aim to save to meet basic income needs in retirement? The answer is eight times earnings, which is a conservative estimate, which assumes life expectancy at age 92 If you earn $ 100,000, you will need to accumulate at least $ 800,000.
2. What is the average age at which current retirees actually say retired, Äîand what is expected age of retirement for current workers? Responses are 61 years for retirees and 66 years for those who still work in progress.
3. What percentage of workers plan to continue working later life, what percentage Äîand worked after retirement? 69% say they plan to work while 25% actually worked after retirement.
4. What percentage of American households are at risk of not having enough savings to maintain their retirement standard of living? 53%
5. 94% of respondents said they think it, AOS important to talk about their end of life care, but only 30% actually did. Who will make those decisions when they are no longer able to do so?

The point of all this is that it, AOS important to plan now while you still have time and your health to make these important decisions. Reach out to your agent or financial advisor to guide you through these important decisions.

14 weeks in New Financial You -

I would venture to say that most people struggle with finances-striking that balance between spending and saving. When taking into account the credit cards, or in fact the misuse of credit cards, it's easy to see how this balance can get out of whack. Among households with credit cards, the average debt on them was $ 15,352- average , according to an analysis of federal statistics by NerdWallet.com.

I would add to this the fact that most people who would attack the debt or find the financial balance right are discouraged because they do not know where to start or where to find the right information.

Enter the book "Soldier of Finance," written by Certified Financial Planner Jeff Rose, founder of goodfinancialcents.com, and a frequent contributor to US News & World Report, MarketWatch and this blog, among others. He gives a 14-week "boot camp" easy to understand to help you overcome your fear, break bad habits and get back on track.

He weaves in his personal experience of being in the military-it is a combat veteran in Iraq, but it is really about life lessons, and not weapons and combat. as he says, "in dealing with my own finances the mentality that I learned in the army, I find the resources and the attitude that I had to get out of debt and begin a successful investment program. "

Yes, to get out of debt and to a point that you have money to invest in your future takes discipline of military discipline, but this book makes it manageable by breaking it into weekly tasks, discover where you are, to repay debt, to get started investing. In the chapter "Your Body Armor", it also gives good advice on the importance of insurance, including life insurance. In addition, each chapter has a checklist of "Go / No Go" (love!) And a summary for those who are "play or disputed attention."

It's a new year then why not take a 14 weeks stab at a new financial life with "Soldier of Finance"? As the book says, "Ask yourself a simple question:" Am I serious about taking control of my financial life If the answer is yes, then the time commitment is now?. "... and the book gives you the know-how.

Life Insurance: A Love Letter -

When you love someone, it's the little things that make the difference like opening a car door, pulling a chair , wiping away tears and spending time listening to the talk of the day. It is also to protect and care for your partner and family, even when you're not there. Ensuring that children have coats in the morning, even if they say they are not cold; put a nutritious dinner on the table, even when he ate so fast you do not know what it is; and ensure financial security, even if they have never watched a checkbook.

Loving someone is keeping their best interests in mind, even if they are too young to know what it means.

Life insurance provides financial security for your loves ones at a time when they need it most. They are fragile and shaken by the void of departure has caused in their lives. The last thing they need is to worry about creditors.

Your letter of ultimate love

Hopefully you spend your life story and show your family that you love them in a million little ways. This should not stop when you pass. Life insurance is your ultimate love letter to them.

Remember the fireworks and butterflies when you met your significant other? Remember how you made a point to know his interests, sometimes placing them above your own? You move mountains for that person.

If only we had an angel, as George Bailey did in It's a Wonderful Life, which showed what things we would like for our family and friends, so we were not There. We can not know the pain they would endure when we left and, frankly, we do not want to think about it. But we try, for their sake, to imagine from a financial point of view. We try to imagine their needs and anticipate how we can help without being present. We define our roles in the family like this:

• My family relies on my income for spending on a daily
• I take care of the needs of each .. I not draw a salary, per se, but someone would have to do if I was not there. My husband could not do everything.
• My children go to university. These expenses must be addressed.
• My spouse will be devastated. There is no way he will be able to work right away.
• My family has no money to cover my final expenses or to cover taxes on my estate.

provide for financial needs of your family is one of the few things that you can control when it comes to premature death. It's peace of mind and a way for your family to know that you liked enough to protect their future.

Buy life insurance is like sending a love note from the beyond, as a last gift to our loved ones saying, "I would give the world to be with you but since I can not, I will do what I can and that is making sure you are covered financially. "

We don 't know how the love story ends, but taking care of the needs of our family will be a reminder of our love for them long after we left. in this scenario, life insurance becomes love insurance.

Life insurance after retirement: oxymoron -

Unlike health insurance and car, many retirees choose to file their life insurance policies when they leave their jobs. The logic being that if someone is able to retire, they are generally financially stable enough that their death will not leave a spouse or other loved struggling to make ends meet. While you do not need life insurance in these circumstances, there are some reasons why you might want to keep on your policy.

Posterity

Whether or not your children are grown-hey, some of us get a start later than others, it is in the human nature to want the best for your children. In today's world, often resulting monetary support. Your life insurance policy can provide your children with additional financial security for years to come. And if you have young children at home, a life insurance policy can ensure that they are able to go to college or pursue other professional opportunities.

The Greater Good

If your family is already protected in the event of your death, you may want your life insurance policy to pay a organization or charity whose mission you support. Naming a charity as the primary beneficiary is a way to feel good to leave a lasting legacy.

real purpose

Individuals and families with large estates should develop a financial plan that allows them to pay inheritance tax in the future. A permanent or universal life insurance policy promises payment, no matter how long you live. The money from this type of policy can provide your heirs with the funds needed to keep the family property without having to dip into their personal property.

Business Security

business owners and partners may want to consider keeping their life insurance policies after retirement that the interests of private companies are illiquid assets subject to both tax and flow of the market. As the value of such high risk securities grows, so does the tax liability. This is especially true in times of economic instability. In these cases, a life insurance policy can ensure that your business will not have to liquidate business assets after spending.

There is no one-size-fits-all approach retirement. The same is true of life insurance. Whatever your financial situation, it is a good idea to talk with insurance or financial professional to determine the life insurance options make the most sense for you, your family and your property.

3 reasons why you think you do not need disability insurance (but actually do) -

Most people, if asked, have trouble explain what disability really is. It is actually quite simple to define: Disability insurance protects your salary

If you become injured or ill and can not work, disability insurance pays you a portion of your salary until you can return to work .. a Life Happens survey revealed that most people could not do a month without their paycheck before financial difficulties would set. So it's easy to see how the disability is.

"It's fine," you say, "but here's why I do not need"

Reason 1: "I'm young and. healthy. A disability will never happen to me "

The truth :. You actually have three in 10 chance of suffering a disability that prevents you from working for 0 days or more at some point your career, according to a survey Happens life. You do not know which side of that statistic, you'll be on

Reason # 2 :.

Truth "I could count on government benefits." most long-term disabilities are the result of an injury or illness that is not work-related, and thus would not be eligible for workers' compensation. And if you plan on disability social security benefits, who pay an average of $ 1,100 per month, which let you live around the poverty level

Reason 3 :. "I have a disability coverage through work"

truth :. you can, but it is more than likely you do not. Most (70%) of private employers do not offer long-term disability insurance, according to the US Department of Labor

The bottom line is this :. If you work and rely on your paycheck, you need disability insurance.

Next steps

What you need to do is:

1. Find out what disability insurance coverage you have at work ( short term, long term, both or none). Your HR department can help you with that.

2. Make sure you know the coverage you really need by using this easy online Disability Insurance Calculator needs. (Keep in mind: Your employer can give you coverage as a benefit, but it does not mean that it is enough)

3. Get individual disability insurance to fill gaps you might have to make sure that you are covered if something were to happen to you. An insurance agent sit down with you for free and help you find a policy that fits your needs and budget.

Help Struggling student -

The transition from high school and college and your adolescence to adulthood is a challenge for everyone. But when the parent of a young person dies, it becomes much more difficult, especially if their mom or dad had little or no life insurance coverage. The financial difficulties that result often feel insurmountable. These difficult times are then coupled with pain and, often, children thrust into adult roles to financially support the family or parenting younger siblings.

Such situations are ripe for the kids to just give up on their dreams of obtaining a college education.

This is why every year, the life lessons Scholarship Program grants scholarships only these deserving students. This year, life happens awarded 46 Life Lessons scholarships totaling $ 175,000.

Moving forward after the loss

Mikaela and Sonia are two recipients of scholarships. Their lives were shattered when their parent, and in the case of Sonia, parents and guardians are dead. They remain firm in their dream of getting a college education, however.

Both have been awarded $ 7,500 scholarships, through the Scholarship Program Life Lessons. As part of the scholarship application process, they presented a video about how their lives were changed when their parents died with little or no life insurance.

We ask that you click and view their stories, "like" posts on Facebook, then share them with others. We hope their stories, we can raise awareness of this growing problem. We know that most parents, if they could see their own children through the eyes of Sonia and Mikaela, would get life insurance they need.

Click here to see the story of Sonia.

Click here to see the history of Mikaela.

By sharing these videos will help you to raise awareness and spread the word. You will also help these young women receive an additional $ 4,000 in scholarship money. For every "like" on these messages and videos viewed from now until June 30, life happens will donate an additional $ 1 to the scholarship fund up to $ 4,000. Look like and share

This is the URL that you can share as follows:

The history of Mikaela: https://www.facebook.com/lifehappens.org/posts/10152080786782617

the story of Sonia: https://www.facebook.com/lifehappens.org/posts/10152080654897617

You can also make an individual tax deductible donation to the fund scholarships to www.lifehappens .org / donation.

What happens when the money is yours to take? -

I was interested to see an animated conversation on a blog about retirement. Talk turned to the subject of the right way to invest for retirement. Should it be systematic investment with the average purchase or market timing (buy low / sell high)

But here's the other side of the coin on the average purchase and market timing on retirement savings :? What will you do when it's time to start making money?

most of us are used to manage our household "wages" we get once or twice per month from our employer. What happens when these controls stop and now you must choose between your retirement investments and decide which ones to keep and which ones to liquidate or draw from? The thought that goes through his head probably is, "I better not make a mistake or I could run on income."

I think the management of investments for retirement income in the phase of "distribution" is much more frightening than to determine how to invest during the "accumulation." At least in the accumulation phase, you have a little time on your side. In distribution, there is no time to make investment mistakes or market downturn.

We should all seek guarantees, at least for recurrent costs such as housing, food, taxes, etc., which must be available no matter what. If you do not feel equipped you to do it on your own, I suggest looking for objective advice of an agent or adviser.

In addition, if you are still rebuilding your retirement nest egg after the Great Recession, it is logical to consider life insurance to ensure that your spouse or partner would be OK if some thing happened to you before reaching this goal.