Podcast of the Month: Life Insurance as an Asset

Life Insurance IconWhen you think of your most valuable assets you probably consider big ticket items such as your home or vehicles, but have you considered that Life Insurance could be on the list? Life Insurance is so much more than a death benefit, and 40-year Insurance Industry Veteran John Wheeler is here to show you just how valuable it is in our latest monthly podcast!

 

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Resource of the Month: Planning for Kids Going to College

August marks the start of college for many young people across the country —and as we talked about in this month’s blog post, having a child start college is a milestone that may affect your own retirement planning.

Paying for college involves more than just tuition, which is why our resource this month is geared towards helping families and college students understand the many factors that go into paying for an education. From transportation to credit cards, this resource will help you understand what college means for you and your family’s financial future.

Need to Know: When Should You Adjust Your Retirement Plan?

Planning for retirement isn’t a one-time event. Like going to the gym, eating right, or anything else we do to take care of ourselves, retirement planning is a process. At every step of the way, it’s vital to evaluate your goals, track your progress, and make the adjustments you need to secure your financial future. Making a plan once and then assuming everything will work out once it’s time to retire may bring you some unpleasant surprises. In fact, recent research from Legg Mason indicates that “baby boomers between the ages of 53 and 71…are falling short on their retirement savings goals due to an overly conservative investment approach.” Regular reviews of your retirement plan

At the same time, you don’t want to adjust your retirement planning tactics just for the sake of change. It’s important to find a balance between being nimble enough to adapt to change and stable enough to allow time for your strategies to show results.

Want some guidances on when to adjust your retirement plan? Here’s are some tips on good times to make adjustments:

Write down your retirement plan and set a reminder to review it on a regular basis. As per a 2015 study of Harvard MBA students, writing down goals increases your chance of achieving them. Write down your retirement plan and revisit it at least annually. Set a reminder for yourself on your phone, write it down in your planner — whatever you have to do to make it a regular habit.

Use major life events as a signal to shift strategies. While an annual review is likely sufficient, there are events that serve as natural times to evaluate where you are and where you’re going. Have you moved recently? Gotten a new job or lost your current job? Had a baby? Gotten married or divorced? Inherited money or assets from a relative? All of these milestones have definitive financial implications, which means they may affect your retirement planning progress. For life events that you have planned, make sure to incorporate a final step to evaluate your retirement picture. For unexpected events, be sure to take time to review your plan after you’ve gotten through the immediate items you need to address.

Remember that retirement tactics involve more than your employer sponsored plan. A 401(k) is just one piece of the retirement picture. Reviewing your retirement plan also includes reviewing your insurance coverage and regularly updating your will to ensure that everything in your portfolio is supporting your financial goals.

Need a partner in making sure you stay on top of your retirement plan? The Robin S. Weingast & Associate Team is here to make sure you don’t lose track of your goals and that you’re on track for the retirement you want. Contact us today to find out how we can help!

 

Podcast of the Month: The Longest Vacation of Your Life

Robin Weingast Retirement

How much time and effort did you spend on planning your last big vacation – days, weeks, months? What about your 30+ year vacation (retirement), how much time have you spent planning that? Tune in to our Podcast of the Month as Financial Professional Eszylfie Taylor shares some great tips on how to pinpoint your retirement goals, and what and who you might need to get there.

Resource of the Month: Individual Disability Income Insurance

The one thing that can have a big impact on our future is our health. While most of us may be prepared to take care of our families in the event of our death, many are not prepared for a future if they become injured or unexpectedly disabled. A disability can affect your ability to work, which will then affect your income. What plans do you have in place?

This month, we’re focusing on preparing for the unexpected, and our resource of the month gives a detailed overview of insurance options if you become disabled.

Want help exploring your options? Contact the Robin S. Weingast & Associates team. We’re here to help make sure you’re ready for the unexpected.

What Robin’s Reading: Planning for the Unexpected

Robin Weingast Reading RecsThis month’s podcast got us thinking about how we can best advise our clients to prepare for what they don’t know might be coming down the road. While we don’t have a crystal ball, the Robin S. Weingast & Associates team has the next best thing: knowledge and know-how. This month we’ve been catching up with the latest news on some typical events that may throw even the most careful planners for a loop.

This piece from Kiplingers outlines some of the more common issues that may pop up unexpectedly, including the often unconsidered aspects of longer life spans, tax concerns, gaps in healthcare coverage, social security uncertainty, and the best ways to draw from our retirement income sources.

The Motley Fool brings up topics most of us likely aren’t thinking about when we consider the future. While most of us imagine a retirement filled with travel, new hobbies, and relaxation, we are likely not considering how to make sure we know what kind of financial situation those pursuits require.

But beyond budgeting for the “fun” side of retirement, what catches many people off guard is their failure to plan for the logistical costs associated with retirement. Healthcare is a big one, and one that everyone must consider carefully. Another often undiscussed area is how where you will live affects the retirement savings you need. Will you move to be close to your children or family? If so, how does cost of living differ from where you are now, and where will you live? Do you plan to move to an assisted living facility? Costs are high, so it’s vital to have your options discussed well in advance. If you would rather stay in your home, what adjustments might you need to make so that your home is more suitable to your lifestyle when you are older?

While no one can predict every single thing that will happen to them in life, the best way to prepare for the unexpected is to simply prepare. Taking the time to think about every angle of your retirement will save you time and money in the future.

We know it can be daunting to consider the future by yourself. That’s why the Robin S. Weingast & Associates team is here to help. Our job is to make sure your financial plans are in place so that the unexpected events don’t throw you off track. Contact us today to find out how we can help.

Podcast of the Month: Planning for the Unexpected

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You may be healthy today, but what about tomorrow? When Mark’s mother was 84 she seemed perfectly healthy, but that all changed in the blink of an eye. Tune in as Financial Professional Mark Wutt shares the obstacles he faced when handling his mother’s long-term care arrangements, what he wishes he had done differently, and how you can plan for the unexpected.

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Need to Know: Emergency Savings Plans

Robin Weingast Retirement SavingsWhile we tend to focus our tips and tools on retirement and long-term financial planning, the truth is that every day life can sometimes interrupt your long-term financial plans.

If you don’t have an emergency savings set up or a plan in place to fund one, you’re not alone. About 57 million Americans have no emergency savings. While this is an improvement from last year’s estimate of 66 million Americans without emergency savings, the truth is that most of us would likely see our financial path derailed if a sudden, emergency expense popped up.

The first step is to acknowledge that emergency saving is part of your overall financial plan. While it’s vital to think about retirement and insurance planning, don’t forget that short-term financial needs are real and can come up at any time.

An ideal is to have three to six months’ savings available to you, though it may not be possible to accumulate that much savings immediately. The trick is to start small, and always make sure you have at least one months’ savings on hand at any given time.

Here are a few ways you can start building your emergency savings:

1) Figure out how much money you need. This is the first step for any financial goal, but it’s especially important for emergency savings. Take a look at your expenses and figure out how much you would need to cover them for one, three, and six months. You can start with a smaller goal, and work your way up to having a three to six month emergency savings fund.

2) Set up a separate bank account for your emergency fund and deposit a portion of your paycheck directly into that fund. Companies that allow for direct deposit of your paycheck may also allow you to deposit into multiple accounts. Look at your budget and determine what amount you can put into an account that’s specifically dedicated to emergency savings. If you don’t have direct deposit for your paycheck, then schedule an appointment each week for you to transfer money out of your primary account into your dedicated emergency savings account

3) Use technology to help you. There are many digital tools that are specifically designed to help you reach short-term savings goals. Check out this rundown of the best options available to you for building your savings with the help of your phone.

There’s no reason to sacrifice retirement peace of mind while preparing for the unexpected.

Need help taking the first step? CONTACT THE ROBIN S. WEINGAST & ASSOCIATES TEAM and we’ll discuss your entire financial future — emergency savings plan and beyond!

Podcast of the Month: Don’t Worry, Retire Happy!

Are you worried about running out of money in retirement? What tools and strategies are available to help protect your retirement income despite all the risks?

Who better to talk about those options than Tom Hegna, best-selling Author of “Paychecks and Playchecks” and “Don’t Worry, Retire Happy!” Tune in for some great tips you can discuss with your own financial professional!

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What Robin’s Reading: Disability Insurance

Robin Weingast Reading RecsMay is Disability Insurance Awareness Month, so the Robin S. Weingast & Associates Team has been reading up on the latest trends and news on this important topic. We’ve discovered some interesting insights we want to pass along to you!

1) Only 1/3 of Americans have disability insurance, and many are doing without it because their employer doesn’t offer it, according to a new survey by OneAmerica and the Harris Poll. The survey of 2,100 U.S. adults, revealed that among employed Americans who do not have short- or long-term disability insurance provided by their employer, 43 percent say the reason is because their employer does not offer it. Click here to learn more about what the survey found and what the forecast looks like for disability insurance in the United States.

2) According to the Social Security Administration, just over one in four 20-year-olds will become disabled by age 67, yet disability insurance is often last on the list of priorities for this generation. This interesting piece breaks down why millennials should seriously consider disability insurance, and how to evaluate employment opportunities based upon available disability options. Click here to read “Why Some Millennials Need Disability Insurance”

Are you prepared if you become unable to work due to a disability? Are you a business owner who wants to explore what it would take to offer your employees this valuable coverage? The Robin S. Weingast & Associates team is here to help. Click here to contact us today and learn how we can help you and your employees prepare for anything that comes up in their lives.