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  • Why was the Affordable Care Act created?

    As the year known as 2014 comes to a close and the new year of 2015 creeps closer the subject of the Affordable Care Act (ACA) may start to overtake the conversation of Americans as the Individual Mandate may finally be enforced throughout the country.

    The question, at times, that has been raised at many conferences and seminars I have spoken at has been “why was the Affordable Care Act even been created” especially as it would seem that it may not be all that affordable and that many people seem to be diametrically opposed to it.

    The answer, believe or not, can actually be found in the law itself as it clearly states, with in HR 3590, on pages 124 through 134 of the “Individual Responsibility” section the reason why.

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  • Health Care Costs in Retirement, how much are they going to be really?

    On the hearts and minds of many people in and heading towards retirement is the concern about what health care will really cost them in the future and if it will be as high as it is being predicted.

    This concern is merited since up until very recently the thought of planning for any health care costs in any fashion was non-existent. According to a recent survey by Sun Life less than 8% of the US population has ever planned for their own health costs in any financial plan, let alone their retirement.

    But, with the recent enactment of the Affordable Care Act coupled with the largest segment of the US population, the Baby Boomers, starting to retire the subject is now receiving some attention and rightly so as health insurance is something everyone must have.

    So how much are health costs in retirement really?

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  • Where health costs may be headed

    With the Affordable Care Act (ACA) set to take hold in 2015 there is still a lot of discussion on where health costs will be in the near future as many ponder if the costs will be contained by the actions of the ACA or if they will continue their march skyward.

    If one was to take a deeper look at what are the root causes as to why health costs are inflating they may just conclude that there really is no simple quick answer, but at the core of the problem there just may be 4 very basic reasons why costs have nowhere else to go but up.

    They are: (more…)

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  • Social Security Planning may be hazardous to your health

    Social Security, the million dollar seminar that is running through the financial industry like three day old sushi, is arguably the biggest thing to happen since Pets.com or the average Baby Boomer learning about call options.

    It would seem every single financial firm in the country has some sort of presentation, booklet, sales concept and/or strategy to help people plan accordingly for something that is really not that difficult to plan for.

    Do the math, if a person gets it right, if they restrict the application then suspend and file and then receive total consciousness the average person will make an extra $340,000 at maximum over the course of 30 years in retirement.

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  • Life Insurance firms selling at Wal-Mart????

    The Wall Street Journal is reporting that apparently Life Insurance companies are, now, so severely, struggling with sales they have turned to the “middle class” in order to reverse this trend of downward sales as firms like MetLife are setting up shop in Wal-Marts across the country.

    The campaign in one such Wal-Mart, in Roswell, GA, goes so far as to beg the “middle class” Wal-Mart walker-byers to “get life insurance today for only $5” and this is the exact reason why Life Insurance Companies are struggling with sales and will continue to do so as their thought leaders come up with ridiculous marketing campaigns like this one.

    The very basic questions that should be asked before something so inane is even put into motion are: Why would a “middle class” Wal-Mart walker-byer need “$5” life insurance? What is the benefit of life insurance for this “middle-class” Wal-Mart walker-byer? Where is the sizzle that these “middle-class” Wal-Mart walker-byers are accustomed to seeing on the boob tube from firms pitching investing in the stock market?

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  • 401(k): Which should you pick Traditional or Roth? You will be surprised

    The debate rages on when it comes to saving for retirement within a Employer Retirement Savings Plan, should an investor choose a Traditional 401(k), which allows pre-taxed dollars from wages to be invested before being taxed or should a Roth 401(k), which uses after tax dollars from wages, be used.

    In order to fully understand the ramifications of each investment type along with how your tax obligation and your health costs will be affected here is a simple case study: (more…)

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  • Medicare verse Medicare Advantage Plans

    Original Medicare or Medicare Advantage …that is the question.

    In retirement, for those that are 65 or older and who are no longer covered by health insurance from an employer of spouse’s employer we are faced with the decision of having to choose between either enrolling into Original Medicare or opting for a Medicare Advantage Plan (MA Plan).

    Now, this is not an easy decision as each type of coverage has its pros and cons and, currently, there is, actually, way too much of information to sift through so it is urged that you seek advice from a trained health care professional before making any decision.

    **Note: you cannot own both types of coverage at the same time**

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  • From the Fiduciary Rule to the myRA to the Government regulating Employer Retirement Plans

    In the past 6 months the federal government has already expanded the fiduciary rule, which states that a person controlling another person’s assets must place that person’s needs before them, along with designing the myRA, a retirement account for individuals that do not have access to an Employer Retirement Plan, i.e. a 401(k). (more…)

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