Retirement Planning

RETIREMENT IS JUST THE BEGINNING

Preparing for the future means building momentum toward whatever you want to pursue. This next stage of life brings the promise of realizing the goals you worked so hard to reach, but it also comes with a host of questions. Start with a partner who knows how wealth planning works and who can guide your momentum so you can transition confidently into retirement.

THIS IS WHAT YOU GET WITH FOREVER LEGACY FINANCIAL

1.A core belief that everyone deserves to move their financial life forward

2.Partnership for life with a agency/agents who can revise your plan as your goals evolve

4.An integrated approach that considers far more than just what's needed for retirement

6.Wealth management that seeks to balance maximizing returns, structuring for tax-efficiency and mitigating risk

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AN INTEGRATED APPROACH TO WEALTH MANAGEMENT

To help maximize your wealth, your financial life — investments, taxes, insurance, retirement and estate planning — must be wired together. Your dedicated financial planner can coordinate with a team of experts to connect those different pieces into a cohesive view so you can unlock new ways to help build, grow, protect and preserve your wealth.

Your Finances After Loss or Divorce

If you recently lost a loved one or went through a divorce, dealing with new financial responsibilities like Social Security survivor benefits or changes to your will are probably the last things you want to deal with right now.

Unfortunately, some decisions do need to be made to best support you and your retirement plans. It’s important to understand how these changes in your life could affect your:

Social Security benefits
Taxes
Monthly finances and expenses
Retirement savings plans and beneficiaries
Estate plans and wills

In fact, you’ll need to consider many of the same questions and decisions you made when first setting up your retirement plans.

Divorce Affects Retirement and Your Savings

If you are over 50 and recently divorced, you’re not alone. According to Pew Research, the divorce rate among U.S. adults ages 50 and older has roughly doubled since the 1990s — and the divorce rate for those over 65 has nearly tripled.

Divorce affects people differently in later life. There are often more assets to be divided, more debts to be reconciled, and less income. There are also fewer years of employment in which to save for retirement.

It’s a challenging situation, and you’ll need to make important financial decisions that could have a lasting impact on your retirement. But you don’t have to do it alone. We understand how divorce affects retirement planning and your savings. We can help you figure out how to live out the retirement of your dreams.

Do You Understand Your Social Security Survivor Benefits?

It’s important to file for Social Security survivor benefits within six months of the event. It’s even suggested you file within the month since Social Security survivor benefits begin from the time you apply.

Depending on your circumstances (age, employment, and your own Social Security benefits), you might not need to file for Social Security survivor benefits at all. Or you may decide to apply for survivor’s benefits now and switch to your own benefits at a later date. You will still need to report your spouse’s death to the Social Security Administration.

Widows and widowers receive the majority of survivor benefits but other family members are sometimes eligible.

According to the Social Security Administration, these include minor or disabled children, surviving divorced spouses under certain circumstances, and parents age 62 or older who were dependent on the deceased family member.

It can be difficult to make such decisions when you’re grieving, especially if your loved one typically handled your finances. Forever Legacy Financial can help. We’ll walk you through the choices you have regarding your Social Security Survivor benefits, help you to navigate the financial challenges of losing a loved one, and help put you on the path to financial peace of mind.

What Are Annuities?

An annuity is essentially an insurance product. With deferred annuities, the contract holder can accumulate money over a period of years (the “accumulation phase”) by either making an initial deposit and watching it grow, or by making periodic deposits over time.

Funds invested in retirement annuities grow tax-deferred.

When you’re ready to start drawing on your annuity, you “annuitize” the contract and turn it into an income stream so you receive a series of regular payments each month, quarter, or year.

What is Indexed Universal Life Insurance?

An Indexed Universal Life (IUL) policy is permanent life insurance coverage with both an insurance component and a cash value savings component. The cash value can be indexed to a financial market index, offering policyholders the upside potential that comes with investing in the markets while still retaining the protection of life insurance coverage.

How Can You Use Annuities and IUL for Retirement Protection?

There are many reasons for choosing retirement protection annuities and IUL products. The most common reason many people use annuities is for channeling their savings into a regular income stream during retirement.

Funds from Social Security and pensions may not be enough to allow you to live the lifestyle you want when you retire. Choosing a retirement protection annuity can give you an additional paycheck every month to supplement those other income sources – giving you the funds necessary to travel, pay your expenses each month, buy gifts for loved ones and more.

Similarly, IUL policies offer you the option of accumulating cash inside your life insurance policy – cash that you can use for any purpose.

How Does Retirement Protection Work?

When you purchase a deferred annuity as part of your retirement plan, you enter into a contract with the issuing insurance company. During the accumulation phase, when you’re able to add funds, your funds will grow on a tax-deferred basis. When you’re ready to turn your annuity into a stream of cash, you’ll have various payout options to choose from. An Indexed Universal Life (IUL) policy includes both a death benefit amount and a cash value component. Your cash value account, to which you can make additional payments at any time, can be tied to a market index so you have the upside of investing in the stock market without the financial risk.

The first step toward ensuring you have the income you need during your retirement years is to contact Forever Legacy Financial. We can help you understand the various products available that will best meet your needs.

Frequently Asked Questions

Q: What are the advantages of Retirement Protection?

Many of the annuity and life insurance products available through Forever Legacy Financial come with guarantees that can be invaluable to those concerned about not having enough retirement income from other sources.

The best part is that choosing a product with guarantees does not mean you have to give up the potential for growth in your annuity or cash value life insurance policy.

Q: Can I afford Retirement Protection?

There are fees and expenses associated with any type of retirement planning vehicle, and retirement protection annuities and insurance products are no different.

When you work with Forever Legacy Financial to explore retirement protection options, we’ll explain the fee structure of various products and answer any questions you have to help you make an informed decision.

Q: Do I qualify for Retirement Protection?

Most annuities used for retirement protection are “guaranteed issue” products that require no underwriting, so nearly everyone qualifies.

Because of the life insurance component of IUL policies, you need to meet the insurance company’s underwriting criteria in order to qualify for the product. Additionally, many IUL policies don’t require a medical exam, which can save you some time overall.

Q: When should I buy Retirement Protection?

When you are saving for your retirement, the best time to buy retirement protection through annuities or life insurance is now.

Most people purchase an annuity before they reach retirement age. Annuity products often come with surrender charges for a period of time after making the initial purchase, so it’s important to understand how each policy you are considering treats withdrawals, especially in the early years of the contract.

Because an IUL policy has a life insurance component, the cost you pay will be based in part on your age at the time you purchase the policy. The younger you are, the more affordable the premiums are. This means you may be able to direct additional funds to the policy cash value to be used during your retirement.

FOREVER LEGACY FINANCIAL

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