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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Resource of the Month: Sources of Disability Income

Image credit: graphicstock.comMay is Disability Insurance Awareness Month, and if you’re like most people, you probably haven’t planned for the possibility of becoming disabled, nor are you aware of the options available to you if you are unable to work due to a disability.

Our May Resource of the Month outlines sources of disability income available to you, as well as the pros and cons of each one. Read it today and get up to speed on the options available to you and your family!

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Podcast of the Month: No Necktie Needed

When you think of a financial advisor do you picture a man?

Meet Juli McNeely, Financial Professional and former President of the National Association of Insurance and Financial Advisors. In her new book and on this episode “No Necktie Needed” she tells the story of how she thrived in a male-dominated industry, and how she’s inspiring her fellow advisors to educate and engage women as more and more females become primary breadwinners and decision makers.

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Image credit: https://www.graphicstock.com/stock-image/two-women-taking-notes-at-a-business-presentation

Podcast of the Month: Big Changes Coming in 2017, The Pros & Cons

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Are you planning on retiring someday? The financial services industry is going through a massive overhaul via the Department of Labor! While this may not be front page news for the average citizen, this has huge implications for the way you will be able to seek out and pay for advice that helps you save for retirement. In our latest monthly podcast, Dale Brown, CEO of the Financial Services Institute helps you weigh the pros and cons of the changes, and fills you in on what to expect.

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Resource of the Month: Planning for the Sandwich Generation

Robin Weingast financial planning for couplesAre you raising children (or have your adult children come back home), saving for your own retirement, and also involved in decisions about your own parents’ healthcare and financial planning? If so, then you’re one of the increasing number of people who are part of “The Sandwich Generation,” which comes with practical and financial complications.

Hitting your financial goals as a member of The Sandwich Generation can be difficult, which is why we’re offering you a Resource of the Month with tips on how to keep your eye on your goals, even as your many needs compete for your attention.

Click here to Download Planning for the Sandwich Generation.

Need to Know: The High Cost of Employees Not Retiring on Time

Why does Retirement Age Matter?

In retirement planning, we often focus on the “end goal” — making plans related to the age we want to be when we retire, and what our spending level needs are after we don’t have a steady income coming in from our jobs.

Retirement Book On Laptop Showing Pension Plans And Elderly Advices

But do you know the effect of what happens when we aren’t ready to retire on time? And do you know what that means for your company if an employee can’t retire on schedule?

At a recent session of “Plan Sponsor University,” Tom Foster of MassMutual, outlined some key risks to a company (and its employees) when someone can’t retire on schedule and has to work well beyond the standard retirement age. They include:

Lower productivity: Workers who have to stay on longer than the typical retirement age may become less and less productive the older they get. This affects the bottom line of your company in significant ways.

Higher healthcare and workers compensation costs: On average, older workers have higher healthcare costs and premiums as well as higher worker’s compensation rates that must be paid by employers. These costs can also be passed on to other employees.

Higher salary costs: Seasoned employees are typically compensated at a higher rate than entry-level employees.

Unexpected turnover: Older employees often hold up the advancement of younger, entry-level employees, who cannot be promoted because their more experienced colleagues occupy senior-level positions. Without growth opportunities, younger employees will seek out new positions where they have more chance to advance their own careers.

Financial wellness: Studies show that employees who are financially stressed — and we can assume that someone working well beyond retirement age will be financially stressed —are prone to working more slowly and may take more sick days.

What’s the solution?

A company-sponsored defined contribution plan, such as a 401(k), is a key way to ensure the viability of your company. Not only can it help your employees reach their retirement goals, it will also set your company up to succeed, by ensuring that your employees are retiring on time and not holding up the growth of your company.

Want to evaluate your retirement plan or need assistance setting up a company sponsored retirement plan? Contact the Robin S. Weingast & Associates team today to help!

Monthly Podcast: Health Insurance: Get Ready for Open Enrollment

robinweingast-health-insuranceListening to the news these days, it’s hard not to be concerned and confused as we prepare for Open Enrollment. On this month’s podcast, Health Insurance Consultant, sheds a little light on what’s happening to all the big carriers, what could happen after the presidential election, and why consumers have the ball in their court to demand changes.

>>> Click here to listen to this month’s podcast on Open Enrollment! <<<

Resource of the Month: What You Need to Know About IRAs

weingast_iraLooking to help a recent graduate understand the nuts and bolts of saving for the future? Our May resource will tell you everything you need to know about individual retirement accounts (IRAs), which are a tax-savvy way to put aside money for retirement. While employer sponsored plans continue to be a widely used option, there are additional ways to help a recent graduate make sure he or she is on track to have an adequate nest egg. You may even learn a thing or two about saving for your own retirement!

 

Click here to download our May resource: What you Need to Know About IRAs

Need to Know: Women and Retirement

Weingast_startupSince March is Women’s History Month, we’re bringing you a special Need To Know post on women and retirement. The gender pay gap in the US and globally is well-documented and a frequent topic of conversation and advocacy. While there is work to be done to achieve compensation equality, women can —and should — take some key steps to ensure financial stable retirements for themselves.

The most important thing for women to do when it comes to retirement is to get informed. The Robin S. Weingast team believes when it comes to retirement planning, knowledge is more than just power — it’s peace of mind. The Women’s Institute for a Secure Retirement (WISER) has a helpful checklist that outlines what women need to know, what women should ask their employers, and what women should discuss with their spouses. Click here to look at their checklist.

Something important to note is that while retirement benefits are offered to more and more full-time employees, women are more likely than men to be working part-time, and so there may be fewer benefits available. The TransAmerican Center for Retirement Studies advises women to consider retirement benefits as part of overall compensation and to advocate for benefits if none are provided.

Once you’re informed about your benefits, it’s time to think big picture and come up with a long-term strategy. A 2015 survey by the TransAmerica Center for Retirement Studies found that almost 60% of all female respondents felt that they were “guessing” when they estimated their retirement needs. That same study found that women estimated their retirement financial needs to be much lower than men’s — even though women live longer than men. Guessing and incorrect estimations can have drastic consequences when it comes to retirement planning. This can mean the difference between being free to enjoy retirement or having to work longer than expected.

Women should make it a point to sit down and articulate their financial goals — including a realistic picture of how much money is needed for retirement — and then determine a savings plan to help achieve those goals. The plan should include your knowledge of your benefits, and should also take into consideration that women are more likely to take time away from the workforce to act as caregivers to children or elder relatives. This will have an impact on your retirement savings and may necessitate some catch-up retirement planning. Revisit our post on making up for lost time with retirement planning to see how you can offset any delays in planning.

Something else women should consider doing when it comes to retirement? Asking for help from a professional. Only 36% of all women polled in the TransAmerica study used a financial advisor, and of that 36%, 77% talked retirement planning with their advisors. A financial advisor is well-versed in the many avenues available when it comes to retirement planning and can help get you up-to-speed on how to maximize your benefits and other savings opportunities available to you.

If you’re ready to have a discussion about your retirement, it’s time to contact the Robin S. Weingast & Associates team. We’ve worked with clients for over 30 years to craft customized retirement and financial plans that will help you do more than just save money, they’ll help give you peace of mind. Contact us today to learn how we can help.