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?
Ronald Stevenson
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?
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
Retirement Planning: The Big Picture
As a future retiree or retiree, it is important for you to take into consideration the big picture of your retirement planning. Once you have the full picture, it helps you make more detailed and necessary decisions to achieve the retirement for which you have worked your whole life. One of the first steps to take when planning your retirement is to find a financial professional who puts your needs and interests first. At American Financial Security, we take your whole financial and tax … [Read more...] about Retirement Planning: The Big Picture
Tax Planning for and in Retirement
Even though retirees are not working full-time, their tax situation can still be complicated because they may receive investment income, interest or dividend income or capital gains distributions in addition to collecting social security, a pension or drawing from an IRA. Whether they take those monies out or reinvest them, they may not be in as low of a tax bracket as they had hoped. In preparing for retirement, it is important to identify your future income sources and anticipated deductions … [Read more...] about Tax Planning for and in Retirement