At the start of a new year, people often make resolutions about things they want to change going forward. Finance is one area in which resolutions are made – and often fail. It’s good to make a resolution to make positive financial changes, but without a sound plan, we set ourselves up for failure. Here are three tips to help you develop your plan – simple steps that can set you on a path to a better financial future.
Most people have heard of term and whole life insurance, but are unfamiliar with indexed universal life insurance (IUL). Here are some key points about an IUL and why I often recommend them to my clients.
Since I covered the basics of tax-free retirement accounts in this space, I have received several requests for additional information about TFRAs. I will answer a few of those questions here.
Seeing and personally experiencing the difference in the lives and families of those who make a financial plan and those who don’t compels me to continue working to help people make choices that bring peace instead of regret.
I speak to people daily about developing a plan for their retirement that has built-in flexibility. I share my experiences of caring for both my parents, and now my in-laws. I talk about how quickly life changes. My husband Lee suffered a stroke at age 51; our lives changed drastically that day. I know well the emotional and financial toll of health challenged and caring for aging parents.
Many people who tell me they have life insurance don’t know the basic facts about their policy, who their insurance company or agent are, how much coverage they have, what type of policy they have, under what circumstances death benefits would be paid, or whether the policy has any benefits besides basic coverage paid upon death. Here’s an example of why I am so passionate about life insurance policy reviews.
What if you could use the magic of compound interest for decades (i.e., a child policy), yet never pay taxes above basis because you take distributions as a loan?
It is not deemed as income, is not subject to required minimum distributions, and will not affect taxation on social security if in a life insurance policy. Death benefits are tax-free as well.
As a parent or grandparent, you can leave a legacy by using the magic of compound interest.
