Tax-Free Income from Cash-Value Life Insurance – On the Money News

Many retirees are seeking shelter from taxes on their Social Security, but it’s difficult to escape taxes on their benefits because other retirement income can trigger taxation on their Social Security income. Luckily, there are a few products or planning strategies that can help mitigate taxes.

Surprisingly, cash-value life insurance can also generate tax-free income with a variety of saving and investment crediting methods. With me today is Rob Hagg, popular platform speaker, assets management and life insurance specialist.

Rob has a unique perspective in the financial community with traditional investment modeling using modern portfolio theory and his groundbreaking work with mortality products in turnkey asset management programs.

Nationally syndicated financial columnist Steve Savant interviews with popular platform speaker, asset management expert and life insurance specialist Rob Hagg.

Right on the Money is a weekly one-hour online broadcast for TV and radio distribution. The show contains five ten-minute segments that are redistributed online as individual video press releases.

Risks That Can Derail Your Retirement – On the Money News

Many seniors are finding it difficult to stay on track with their standard of living during retirement, especially when there are so many risks that can derail your retirement dreams. Most retirees need a track to run on that can help them experience a successful retirement.

For many seniors, just identifying the risks in retirement can be overwhelming, much less deal with the sidetracks that often occur in retirement.

Resource Risks like Longevity, Inflation & Excess Withdrawal Risk

Health Risks like Frailty, Health & Long Term Care Costs

Investment Risks like Market Volatility, Interest Rates, Liquidity & the Sequence of Returns

Employment Risks like Forced Retirement, Reemployment, Employer Insolvency & Spouse’s Job Loss

Life Risks like Unexpected Responsibility, Public Policy Changes, Taxes & Just Plain Bad Timing

With me today to identify the risks that can derail retirement is popular platform speaker, best selling author and retirement expert Curtis Cloke. Curtis is an adjunct professor at the American College and has been one of the top five financial advisers in the country as ranked by Senior Market Adviser magazine. On the Money News is a weekly five-minute online broadcast distributed over the weekend to over 280 media outlets, financial web sites and social media.

Don’t Get Burned by the Sequence of Returns – On the Money News

The Sequence of Returns Risk is the Retirement Apocalypse. Retirees Exposed to Outliving Their Retirement Money Now A Reality.

Retirees may not survive the stealth impact of the sequence of returns until its too late. Only guaranteed lifetime annuity income with a COLA rider can remove the risk of the sequence of returns.

Curtis Cloke is a popular platform speaker, retirement software developer and adjunct professor of the American College. Curtis has been recognized as one of the top financial planners in America.

Steve Savant is a nationally syndicated financial columnist and talk show host of Right on the Money and weekend anchor for On the Money News. Both broadcasts are distributed to 280 media outlets, social media networks and industry web sites. Steve also is a contributing author to Advisys Advance, Insmark and Life Specs.

Guaranteed Lifetime Income – On the Money News

Retirees with Pensions & Guaranteed Income are Happier than those without. Mortality Credits are the New Retirement Alpha of Lifetime Annuities.

Guaranteed lifetime annuity income with a COLA rider has finally gone mainstream in retirement planning. With the advent of QLAC, many advisers are now aware of Deferred Income Annuities. Purchasing blocks of income is superseding the accumulation of assets.
Tom Hegna is one of the most popular platform speakers, retirement expert and best selling author with Paychecks and Paychecks as well as Don’t Worry Retire Happy, which was used as the script for the PBS Special Don’t Worry Retire Happy hosted by Tom.

Steve Savant is a nationally syndicated financial columnist and talk show host of Right on the Money and weekend anchor for On the Money News. Both broadcasts are distributed to 280 media outlets, social media networks and industry web sites. Steve also is a contributing author to Advisys Advance, Insmark and Life Specs.

Housing Wealth Strategies – On the Money News

Boomers Looking to HECM strategies after the Market Meltdown & Housing Crash. Home Equity Conversion Mortgage May Save Senior’s Retirement Dreams! After the market meltdown and housing crash, baby boomers are looking to restore their retirement dreams. The HECM strategies could be one of the greatest solutions in restoring a happy retirement.

Dan Graves is an adjunct professor at the American College, popular platform speaker and is one of the leading authorities on Home Equity Conversion Mortgage strategies for seniors age 62 or older.

Steve Savant is a nationally syndicated financial columnist and talk show host of Right on the Money and weekend anchor for On the Money News. Both broadcasts are distributed to 280 media outlets, social media networks and industry web sites. Steve also is a contributing author to Advisys Advance, Insmark and Life Specs.

The Retirement Red Zone – On the Money News

The Retirement Red Zone is defined as the Five Years before and the five years after Your Retirement Date. It’s also been called the most Dangerous Decade of your financial life.

In the NFL stats and the facts about the Red Zone are crunched and processed through a gauntlet of analytics in attempt to craft a game plan that will maximize the time in the Red Zone. But often the results are basically the same: just a field goal.

So one of the axioms of the NFL is that accumulate yardage doesn’t necessarily equate to points on the board. Accumulating money doesn’t mean much if adviser fees, fund expenses and plan administration costs erode your investment return. That’s why it’s in your interest as a retirement plan participant to know the score on these three critical items.

After the market meltdown of 2008, many baby boomers doubled down on high-risk investments in an attempt to make up for losses. Other baby boomers have been on the sidelines for the last five years, fearful of entering the market again. Both could be huge mistakes just before retirement. One of the biggest mistakes during the last five years before retirement is not working long enough because you haven’t anticipated your projected life expectancy.

After retirement, one of the biggest mistakes during the first five years is not participating in a hybrid retirement, working part time with full retirement income. Again, life expectancy is ever evolving and it’s the number one risk in retirement. Another mistake is not taking into consideration taxation on qualified retirement funds and their correlation to Social Security benefit taxation. Many financial advisors tout the benefits of tax correlation and tax diversity in retirement to generate more spendable income.

Delaying the Social Security benefits of the primary breadwinner until age 70 can generate a dramatic increase in Social Security income. Delaying qualified retirement plan income until age 70½ may also increase your overall payout of your qualified retirement plan. If you can defer qualified plan distributions, then consider using a Qualified Longevity Annuity Contract (QLAC) that lower your required minimum distributions by deferring them as far out as age 85. These are just a few ideas from the retirement planner playbook. So when you enter the retirement red zone, you make the most out of it.

For more information on how you make the right moves in the retirement red zone, just email me… [email protected]

Syndicated financial columnist and news anchor Steve Savant delivers high-value information in a news brief format for consumers in or near retirement.

Living Longer May Exacerbate Medical & Elder Care Costs in Retirement – On the Money News

World-renowned gerontologist Dr. Aubrey de Grey has said, “The first person to live 150 years has already been born.” Sound like science fiction? Like Star Trek’s Admiral Leonard McCoy, inspecting the U.S.S. Enterprise D at age 137. OK … that IS science fiction.

But, The Guinness Book of World Records documented French citizen Jeanne Calment living 122 years 164 days—that is a fact. Many have asked what did she eat? What did she drink? What was her lifestyle? But my curiosity asks, what were her medical and elder care bills? Five American women have lived at least to age 116. At the end of the twentieth century, Sarah Knause, died December 30, 1999, at age 119 years, 97 days—two days short of being a tri-centurion. Just this year, super centenarian teenager Susannah Jones died as a tri- centurion, born 1899 and dying just this last May in 2016.

Ida Mae Fuller was the first recipient of the Social Security program and she paid a total of $24.75 into the system, she lived to age 100 and received $22,888.92. Are these women just anomalies, the outliers of the Bell Curve or are they new trendsetters? Again, this all sounds utterly fantastic, but what did they pay for their medical and elder care costs?

Fidelity Investments estimates a couple retiring at age 65 will spend $220,000 on medical expenses during their retirement. One federal government study found the average length of time since admission for all current nursing home residents was 835 days. Depending upon what state you retire in, that price tag could reach $77,380 annually for a semi-private room to $87,600 for a private room. An assisted living facility is around $42,000. Even so; assisted living could rise to $100,000 ten years from now. But these costs may be conservative in light of the greatest mortality revolution in modern times. The average woman in America lives 88.8 years. That means that half of all women will live longer. Weatherman, Willard Scott, routinely celebrated Americans turning age 100. Could you be one of them? Over 70% of seniors today use some form of eldercare. Could you be one of them?

For more information on how you can protect yourself later in the retirement, just email me… [email protected]

Syndicated financial columnist and news anchor Steve Savant delivers high value information in a news brief format for consumers in or near retirement.

Retirees Face A Rude Awakening, Here are the Hard Facts in Retirement – On the Money News

This is a coming rude awakening for baby boomers and a wake-up call to all succeeding generations. Remember, the lump sum you saved is only as good as the maximum income it generates—everything else is secondary. The clock is ticking for most middle-class baby boomers and it’s minutes before midnight. The only real retirement salvation for most boomers may be a decent payout rate from a guaranteed lifetime income annuity.
What other investment or saving vehicles can generate predictable income one can’t outlive? Annuity income and perhaps a HECM home purchase with no mortgage payment and delaying Social Security benefits to age 70 may salvage many boomers from an impoverished lifestyle.
Remember, the rules for accumulating retirement resources are not the same as spending them. The real retirement apocalypse is coming during distributions where the dangers of the sequence of returns and market under performance collide. That coming train wreck may deplete many retirement plans at some point in a retiree’s 80s, while many of those same retirees will live on into their 90s.

For all other succeeding generations, this is a wake-up call out of your indifference to your own future. You just can’t live for today. That’s just a myth to blind you to your own future. Tomorrow, you’ll wake up and you’ll be age 70 with 30 years to go. The lethargy toward retirement planning is caused by a false sense that when you’re young, time is on your side. Einstein is often quoted, “Compounded interest is the eighth wonder of the world. He who understands it earns it … he who doesn’t … pays it.”
But even compounded interest needs time and lots of it, as you will later in life. Paying yourself first and often will determine your lifestyle in retirement and whether you enjoy golden years or experience years of regret. In the old agriculture of America, storing up for the winter was a matter of life and death. The harvest had to be adequate enough to supply six months of winter, that’s half the year, every year. Retirement funds need to be adequate enough to supply every year for a minimum of 30 years.
For more information on how you make the right moves now to secure your entire retirement, just email me… [email protected]

Syndicated financial columnist and news anchor Steve Savant delivers high value information in a news brief format for consumers in or near retirement.

The Retirement Red Zone – On the Money News

The Retirement Red Zone is defined as the Five Years before and the five years after Your Retirement Date. It’s also been called the most Dangerous Decade of your financial life.

In the NFL stats and the facts about the Red Zone are crunched and processed through a gauntlet of analytics in attempt to craft a game plan that will maximize the time in the Red Zone. But often the results are basically the same: just a field goal.

So one of the axioms of the NFL is that accumulate yardage doesn’t necessarily equate to points on the board. Accumulating money doesn’t mean much if adviser fees, fund expenses and plan administration costs erode your investment return. That’s why it’s in your interest as a retirement plan participant to know the score on these three critical items.

After the market meltdown of 2008, many baby boomers doubled down on high risk investments in an attempt to make up for losses. Other baby boomers have been on the sidelines for the last five years, fearful of entering the market again. Both could be huge mistakes just before retirement. One of the biggest mistakes during the last five years before retirement is not working long enough because you haven’t anticipated your projected life expectancy.

After retirement, one of the biggest mistakes during the first five years is not participating in a hybrid retirement, working part time with full retirement income. Again, life expectancy is ever evolving and it’s the number one risk in retirement. Another mistake is not taking into consideration taxation on qualified retirement funds and their correlation to Social Security benefit taxation. Many financial advisors tout the benefits of tax correlation and tax diversity in retirement to generate more spendable income.

Delaying the Social Security benefits of the primary breadwinner until age 70 can generate a dramatic increase in Social Security income. Delaying qualified retirement plan income until age 70½ may also increase your overall payout of your qualified retirement plan. If you can defer qualified plan distributions, then consider using a Qualified Longevity Annuity Contract (QLAC) that lower your required minimum distributions by deferring them as far out age 85. These are just a few ideas from the retirement planner playbook. So when you enter the retirement red zone, you make the most out of it.

For more information on how you make the right moves in the retirement red zone, just email me… [email protected]

Syndicated financial columnist and news anchor Steve Savant delivers high value information in a news brief format for consumers in or near retirement.

The Mortality Revolution – On the Money News

The Mortality Revolution is impacting senior living like never before. It’s now become the #1 risk in retirement; business succession and estate planning. But living longer is also a risk multiplier of other risks as well. For most small family business owners, their business is the largest asset of their estate and their primary retirement resource. Living longer can financially undermine a business owner’s retirement goals; their business succession strategies and their estate transfer tactics.

Famous Gerontologist Doctor Aubrey De Grey says that the person who will live to age 150 has already been born. Consider Jean Calment, the oldest documented human as certified by the Guinness Book World Records. She lived 122 years, 164 days. In 2016, Susannah Jones died at 116. Not only was she a super centenarian teenager, but she also was the last tri-centurion, being born in 1899, living throughout the twentieth century and on into the twenty-first century. For year’s popular TV weatherman Willard Scott celebrated Americans turning age 100. In 2020 it is estimated that over 220,000 centenarians will be alive. Consider this: If the average American female is living 88.8 years that means half of them will exceed that age.

Are you ready to live to age 100? Could you live long enough to be a tri-centurion if you were born in the 1990s? Could you become a super centenarian teenager and live to age 113? Could you be the person Doctor de Grey says will live to age 150? Are you ready to see your great grandchildren and witness four generations living at one time? And if we are living longer, what will be the quality of life for you and your family?

Living longer may cause many to work longer or live a hybrid retirement, a having part time job to supplement retirement benefits. Living longer could put many Americans at risk of running out of money. Living longer will more than likely increase your medical expenses and elder care costs. Just to name a few. And none of these risks incorporate any of future medical advances on the horizon.

But what’s important to know today is that future longevity will impact your business, your retirement and your family’s legacy. That being said, there are some surprising solutions to living longer that reduce longevity risk and strengthen your financial situation. For more information on the impact of longevity on your retirement, business succession and estate planning just write me [email protected]

Syndicated financial columnist and news anchor Steve Savant talks about money topics and tips for consumers in a weekly, 5-minute video broadcast entitled On the Money News. On the Money News is distributed to over 280 media outlets and social media networks.