Losing a spouse is a painful and overwhelming event, and it can be both emotionally and financially shattering. According to a recent study by the Journal of Financial Service Professionals, the average age of widowhood is only 59.4 years, and 80 percent of married men will die while married. Their wives are often unprepared for such an event. How can you plan for a loss of a spouse? First, it’s important to gather and organize all of your financial records so that they are easily … [Read more...] about Understanding the Financial Impact of Losing a Spouse
Barbara Clark Stevenson
Do You Feel Prepared for the Cost of Long-Term Care?
According to Genworth Financial, the average annual cost of a private nursing home room in the United States is $92,378, while a home health aide runs about $45,760. Many people assume that Medicare and other forms of health insurance will cover these costs, but in reality, long-term care is not considered a medical expense and Medicare will only cover certain aspects. Medicaid will help many seniors pay for long-term care, but in order to qualify you will have to spend most of your assets, … [Read more...] about Do You Feel Prepared for the Cost of Long-Term Care?
Planning for Women’s Retirement Needs
At American Financial Investments, LLC, we believe that retirement planning can be different for women than it is for men due to factors like longer life expectancies, the gender pay gap, less time in the workforce and higher health care expenses. Although both men and women face challenges on the journey to retirement, an Investment News article states that women’s average earnings are about 21 percent lower than their male counterparts. Having a lower lifetime income means that their … [Read more...] about Planning for Women’s Retirement Needs
IRA and Legacy Planning: Planning Today Can Prevent Costly Mistakes Tomorrow
When planning your retirement, you work with many moving pieces. A beneficial component to retirement planning is implementing strategies that can help you avoid potential mistakes when dealing with individual retirement accounts, known as IRAs, and your legacy. An IRA is an account set up at a financial institution that allows you to save for retirement with tax-free growth or on a tax-deferred basis. There are many types of IRAs: traditional IRAs, Roth IRAs and SIMPLE IRAs – some are more … [Read more...] about IRA and Legacy Planning: Planning Today Can Prevent Costly Mistakes Tomorrow
Is Your Retirement Prepared for the Costs of Long-Term Care?
Typically, when people think about the biggest risks to their financial security in retirement, health care costs come to mind. However, an often-overlooked risk is the costs associated with long-term care. For many Americans, the term “long-term care” has a new sense of urgency – particularly for the roughly 76 million of those in the baby boom generation. But what exactly is long-term care? Long-term care covers a host of varying services that one may need, ranging from in-home care and … [Read more...] about Is Your Retirement Prepared for the Costs of Long-Term Care?
Understanding the Importance of Working with a Fiduciary
If you have been paying attention to the news, you may have heard about the Department of Labor’s long-anticipated fiduciary rule that was passed in the spring of 2016. The new regulations that accompany the rule are expected to not only significantly alter how people plan for retirement, but also protect individuals from biased retirement advice. But, you may be wondering, what exactly is a fiduciary? A fiduciary is an individual or firm that is committed to putting their client’s … [Read more...] about Understanding the Importance of Working with a Fiduciary
Will You Have Enough Income in Retirement?
The number one concern for most retirees is the possibility of outliving their income in retirement. For example, Baby Boomers are retiring at astonishing rates and are looking for ways to replace their steady paycheck. They are worried about the potential of Social Security diminishing and what might happen to their retirement if it does. Baby Boomers are also concerned about the volatility in the market and the possibility of losing money in what may seem like the only place to earn money with … [Read more...] about Will You Have Enough Income in Retirement?
Empowering Women in Retirement
Despite being more educated and financially empowered than past generations, the majority of women are still uncertain when it comes to investments, retirement planning and their financial future. While more women are becoming responsible for handling their family finances, they feel overwhelmed with all of the options and decisions required when planning for retirement income and leaving a legacy. There are a handful of main drawbacks that affect women when they are preparing their financial … [Read more...] about Empowering Women in Retirement
Protecting the Surviving Spouse
A surviving spouse faces unique challenges in retirement, and not all of them are prepared for it. When the loss of a spouse occurs, there are a whirlwind of emotions and decisions that need to be made, and the last thing you want to do is worry about your finances. A simple way to start planning for the surviving spouse is by having your personal documents in order. We encourage you to make sure your important documents are organized and managed. But far too often, this can sometimes get … [Read more...] about Protecting the Surviving Spouse
Safeguarding Your Retirement
Baby Boomers are retiring at astonishing rates and looking for ways to replace their steady paycheck. They are worried about the potential of Social Security diminishing and what might happen to their retirement if it does. At American Financial Security, we believe that the number one concern for most pre-retirees and retirees is outliving their money. It is important to safeguard your retirement so you do not have to worry about outliving your retirement income. At American Financial … [Read more...] about Safeguarding Your Retirement