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- Aug 21
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The Jester
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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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- Aug 03
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The Jester
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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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- Jul 27
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The Jester
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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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- Jul 22
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The Jester
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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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- Jul 06
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The Jester
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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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- Jun 19
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The Jester
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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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- Jun 18
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The Jester
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Planning for Social Security? Don’t forget about the Government guidelines
In every financial firm, no matter if the firm is a Securities only shop or the firm is one that caters to life insurance sales only the hot topic that every financial advisor/producer is talking about is Social Security and for good reason, the public is craving information.
The problem, though, is much more complicated than what meets the eye and because of that it will lead to significant issues in the future as many financial professionals will ultimately pay the price of not meeting the fiduciary standard.
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- Jun 18
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The Jester
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Your retirement savings may just already be nationalized by the government
With the unveiling of the President’s signature retirement savings account for individuals who do not have the access to an employer retirement savings plan, the myRA account, whispers of nationalizing Employer Retirement Plans are starting to appear.
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- Jun 18
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The Jester
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The rules of retirement have changed and what you don’t know will hurt you!
There are 4 distinct federal regulations that have altered how financial plans will impact a person’s health coverage and their Social Security benefit in retirement.
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- Jun 02
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The Jester
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February 2018: A possible wake-up call for financial planning.
One of the greatest concerns the general public has is how to fund for all of the costs associated with health care in retirement. The proverbial elephant in the room is the simple fact that this one expense is either not being addressed at all, or, at best, the probability of it being properly planned for is low.
Believe it or not, having to have health coverage in retirement has been mandatory for more than two decades now. In order for a retiree to collect and keep receiving their Social Security benefit, they must also accept Medicare when eligible. Again, this expense has never been factored into a financial plan.
The problem lies in the fact that not only is Medicare not free, as it does have specific costs which are deducted directly from any Social Security benefit a retiree may receive, but that it is also means tested.
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