Financial Planning Topics and FAQ

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is a bill that was passed to help Americans in many ways due to the downturn in the economy set off by the Coronavirus pandemic. This bill is over 1,000 pages of text and details funding, loans, and tax relief for individuals and businesses. The act also includes changes that will impact retirees’ retirement plan contributions, and distributions for 2020.

We are in the midst of one of the most challenging times in recent memory. The global effect is unprecedented. It is understandable to have concerns in several areas: a wild stock market, COVID-19, uncertainty with employment, and even the ability to get staples we need every day. It might be helpful to make a plan and follow some guidelines, so you can deal constructively with worries.

The Setting Every Community Up for Retirement Enhancement (SECURE) Act is a new retirement bill. Here are some key points to know about how the SECURE Act may impact your savings plans and business with Western Fraternal Life.

Most people who own annuities understand they are great savings tools. What they might not realize is the income or pay-out options annuities also offer. The power of these options is the potential to guarantee income for the rest of your life and even for the rest of your grandchild’s life. How about guaranteeing both?

It is my pleasure to recognize the following agents for their accomplishments in 2018.

It is often hard to tell a legitimate business from a scam. Here are a few tips to help you navigate common problems.

People are turning to annuities for the many benefits they offer.

College is expensive, but relief comes in many forms, including federal student aid. As the application process will open on October 1 for the next class year, we wanted to take this opportunity to provide some insight into federal student aid. Complete information and applications are available at fafsa.ed.gov and studentaid.gov.

While people are becoming savvier about their financial needs in retirement, most people are not aware of important information they will need to have a successful retirement. Here’s a review of some useful takeaways about retirement planning.

As you scramble to go through receipts, bills, and pay stubs from the year for tax time, you might be asking yourself: What do I really need? How long must I keep those items? What is clutter and what is worth keeping? Here's a helpful guide:

This year could be the year to get your finances on track to meet your goals. While that may seem daunting at first, there are some practical steps to take to get ahead of your debt, create a sizable savings, and plan for the future.

An annuity can provide a guaranteed income you will receive every month, regardless of how long you live, a change in market, or other unforeseen changes.

When is it a good time to start teaching children about the value of money? It may be younger than you think!

As parents, you are aware of the financial concerns your children should be considering. Have that discussion with them soon. Following are a few things to review with them.

Generally the named beneficiary of life insurance contracts, IRAs, pension plans, and tax-deferred annuities will receive the assets at the death of the insured. When the beneficiary has attained the age of majority and is a natural person, not an estate, the beneficiary will receive the assets without any probate action. Problems generally arise when there is no beneficiary designation or if the beneficiary designation is outdated or improper. Here are some general guidelines to designating beneficiaries:

A lot of people think an estate plan is only for the wealthy. But even if you're not worth millions, an estate plan is essential to help protect your heirs and ensure that your assets are distributed according to your wishes. You may also want to consider how you would like to express your “values” to your loved ones with an ethical will.

How to organize your financial records each year, using digital storage, as well as which items need to be kept original in a secure place.

There are two “debt payoff” strategies suggested by Dave Ramsey in his financial strategies course known as Financial Peace University. Dave calls these debt pay off strategies Debt Snowball and Debt Avalanche.

The skill of managing household finances is not a trait that we are born with. It’s an acquired skill that we have to work on continuously. Those with an aptitude for math may find it fun and exciting, while those with creative qualities may find frustration in numbers. To make sure that the financial road ahead is a smooth ride, couples should use their complementary skills together so that each is able to grasp the entirety of their financial future.

Paying for college is one of the biggest financial outlays a family can make. Reviewing the new FAFSA rules, early career planning, and getting an early start at saving for college with the right financial products are a must. Here are a few things you should know about funding a college education.

There are two fundamentally different philosophies for retirement income planning – one based on probabilities and the other based on safety. The critical issue that may determine which approach you choose to favor is based on the risk/reward tradeoffs of the stock market or on the contractual guarantees of insurance products, specifically income annuities.

If you have charitable intentions...designate a certain percentage of your IRA assets to charity and leave your life insurance and other assets to your family.

CEOs do it - athletes do it – corporations do it and professional sports teams do it – Maybe it’s time for you to perform a Gap analysis, too.

Have you promised yourself that you will save more money for the big things – like your kid’s college education or retirement? The problem is likely that by the time you’ve paid for everything else—the mortgage or rent, groceries, utilities, car payment, and maybe even a few dinners out—you often don’t have enough left to add to savings … at least not until your next paycheck.

Have you ever thought about the kind of legacy you want to leave? How you will affect positive change in the world after you have gone? Being part of an organization like Western Fraternal Life motivates us to be involved in our communities, to do good things for others, and find ways we can touch lives in meaningful ways. Being a member of Western allows us to care for our families by purchasing life insurance or annuities so they, in turn, can work on leaving their own legacies.

Are you getting a refund back from Uncle Sam this year? Rather than splurging on a whim, consider making some smart moves with that money. Here are some ideas that are a good use of your refund.

Longevity risk refers to the risk that actual survival rates and life expectancy will exceed expectations. To pension plan administrators, this means that the pricing assumptions and life expectancies of retirees results in a greater-than-anticipated retirement cash outflow. To individual retirees, it means that we will outlive our retirement savings.

As a parent, there are many things on your mind, and the last thing you want to worry about is what happens if you or your partner passes away. The best way to not worry is to address the concern, which is where life insurance can help.

Three major bills were signed into law in 2015 that affect your retirement accounts. Here are just a few tidbits of the bills details that you may need to know.

Life is full of surprises - from marriages, to having a baby, to planning for college expenses. Sometimes, life throws you curveballs, such as the death of a loved one or divorce. You can't always predict what will come your way, but that doesn't mean you can't be prepared. Today, more than ever, financial planning is critical to financial success.

Retirement income literacy needs drastic improvement according to the American College RICP® Retirement Income Literacy Survey.

Charitable giving is a pillar of every holiday season. No matter the reason you give, the impact of the donation will allow the non-profit to fulfill its mission, but not all charities are created equal. The information below is from Guidestar, a reputable charity rating website that can help you make the most of your dollars this season.

The holiday season is here, and with it comes worry about how to afford it. Here are a few tips that can keep your wallet off your worry list.

How does your perspective on time affect your spending habits? Find out in this blog by Julie Cole, our financial advisor.

You've come into money through an inheritance, sale of property or the lottery! Now what should you do?

Check out the tips in the blog for help on setting good financial goals.

Tax time is the best time to reevaluate where you stand financially,and to make a plan to reshape your finances. Here are seven things you should be doing while preparing to file your tax return.

Most “Baby Boomers” (those of us born between 1946 and 1964) learned about living a very long life from our parents. Most of our parents didn’t plan on a long retirement or running out of money. We’ve experienced their aging issues right along with them or listened to our friends talk about their parent’s aging issues. We’ve seen or heard about the ravaging effects of dementia. The “Boomers” parents spent their lives saving for their retirement and in their final years we watched as they spent a significant amount of their assets on medical and nursing home expenses. Some of us worked through the process of applying for Medicaid. What have “Boomers” learned from their experiences? And more importantly, what are “Boomers” going to do to prepare for their own aging issues? Here are several suggestions of things we should do before we call it quits to the earning years

Julie Cole wrote a fantastic article about spending habits last January, here's a re-cap!

Tips on financing adult children's loans, and lending money.

Want some tips to cool your wallet this summer?

A discussion of reasons to have a living trust, as well as times you may not need one.