Western Fraternal Life :: Financial Planning Topics and FAQ

Financial Planning Topics and FAQ

Sep
28
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.
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Sep
21
When is it a good time to start teaching children about the value of money? It may be younger than you think!
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May
02
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.
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Apr
18
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 Problems generally arise when there is no beneficiary designation or if the beneficiary designation is outdated or improper.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:
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Mar
07
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.
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Feb
21
The challenge is to buy what you can actually afford, not what you want or dream about.
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Jan
27
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.
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Dec
09
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.
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Nov
25
Eight financial lessons from the Richest Man in Babylon by George Samuel Clason.
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Nov
04
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.
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Sep
09
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.
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Aug
12
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.
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Jul
01
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.
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Jun
10
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.
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May
20
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.
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Apr
15
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.
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Mar
25
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.
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Mar
11
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.
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Feb
26
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.
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Feb
05
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.
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Jan
08
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.
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Dec
18
Retirement income literacy needs drastic improvement according to the American College RICP® Retirement Income Literacy Survey.
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Dec
10
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.
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Dec
04
More young adults (ages 20 to 34) are back home, living with their parents than ever before. Parents can help their children, but should be clear on what they expect from their children. She has several recommendations for parents of children who return to the nest.
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Nov
13
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.
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Jul
17
How does your perspective on time affect your spending habits? Find out in this blog by Julie Cole, our financial advisor.
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May
18
You've come into money through an inheritance, sale of property or the lottery! Now what should you do?
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Mar
27
Check out the tips in the blog for help on setting good financial goals.
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Feb
09
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.
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Jan
15
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
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Dec
23
Julie Cole wrote a fantastic article about spending habits last January, here's a re-cap!
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Aug
15
Tips on financing adult children's loans, and lending money.
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Jun
27
Want some tips to cool your wallet this summer?
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May
23
Whether you are joining the working world or getting ready for college, starting out right can save you a lot of headaches down the road. Successful money management begins with setting goals, making a budget, researching financial matters, finding good financial partners and working your financial plan. Here is a road map for success:
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Mar
14
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Jan
24
How long should I keep a receipt? What about tax filings? Find out how long to keep your financial records with this handy blog.
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Jan
03
Take control of your finances with a positive attitude and positive changes in your money habits with these 7 steps.
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Aug
02
There are all sorts of reasons why people get into trouble with debt. Getting started on the right track is essential for young adults. Having some basic knowledge about money management, the economy, and debt guidelines will help you avoid debt problems.
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Jun
07
During the 2013 summer months, our focus will be on youth and young adults. The three topics we will discuss are Financial Goal Planning, Budgeting, and Managing Debt.
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Apr
05
Things change. We get married, have children, get divorced, and retire. Our parents and spouses die. We die. We endure tornados, floods, car accidents, and loss of jobs. Things happen that are all just part of life. These milestones of life have occurred for centuries and will continue to happen after we are gone. Those who plan for changes adjust to them quickly and more successfully. Making a plan can help you move forward with confidence and control. Whether you have recently married, are planning for a divorce, or have lost a spouse, these same planning steps are necessary for your peace of mind and financial security.
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Mar
21
A discussion of reasons to have a living trust, as well as times you may not need one.
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Jan
04
In our complicated world, there are a lot of things we have to do on a regular basis. Filling out your tax returns, renewing your auto licenses, and paying property taxes are just a few things you must do. So, it makes sense to try to simplify your life. Here are 12 goals (one each month) that you can work on in 2013.
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