Archive for the ‘Financial Planning’ Category

One of the most exciting and scary moments in most families lives is about to happen or has recently happened, the purchase of the family home!  This is NOT just a house, but the one you have chosen to call HOME! 

With this in mind, lenders have protected themselves against catastrophic loss from natural events or acceleration with Home Owners Insurance and mortgage insurance. 

What protects your family if you become disabled and can't work or die prematurely during the years required to payoff the loan?  Statistically, this is more of a threat.  This is where Defensive Strategies become invaluable. 

As a Friends of Heroes affiliate in the triad and a fellow military veteran, it is my desire that you have the opportunity to inquire with no cost or obligation from an Independent Insurance professional what it will take to ensure your family continues to live in the Family Home for years to come, despite what may come ( Hell or High Water).

To make this a reality, I will take the time to counsel with you and / or your family, one on one, Face to Face, over coffee, to determine the most cost efficient way to achieve the protection goals you desire.

To access this benefit, please reply to jay@jaythurlow.com and in the subject line put "HERO".  I will contact you from that point.

Your Financial Defensive Coordinator,

Jay A. Thurlow

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We are coming up on that “time of the year”, when people will gather, turkeys will be stuffed, and family planning decisions will be made.  Many are concerned with,

“What will happen when Mom and Dad……?”, and

 

“How do we take care of them while managing our already hectic Life?” 

 

Also,

 

“How do we deal with the continued rising cost of care?” and

 

“Will there be enough money to pay for it all?”

 

These are common, and very Real concerns that we all face at some time.  As a fellow member of the Sandwich Generation with similar concerns, I have been able to put together some answers.  They are available at www.jaythurlow.com or we can schedule a time to meet for coffee to discuss.  Thank you and don’t wait too late to begin.

Retirement in Winston Salem is the greatest time of your life.  The Boss has no more say in your daily life, opportunities abound with the diversity and natural beauty in the Triad area of North Carolina, children are grown and raising their own families.  LIFE IS GOOD, let’s keep it that way.

By looking at retirement assets in a different way, income can often be guaranteed for life.  It’s like being able to purchase just the pension you need to supplement Social Security, Employer pensions and rental income.  By using this method, you are able to establish the Minimum dollars necessary to “guarantee” your life style.  The intangible that always occurs by taking this approach is the Security in Knowing that you will NOT outlive your dollars.  This is NOT available using a Market sensitive approach mainly comprised of Mutual funds, stocks and bonds.

In closing, Secure your future by putting some guarantees on your resources. 

Think……………..outside the box!

Wow, you have made it.  Kids are grown, probably have families of their own, done with the Daily grind and living the good life, investing your vast wealth of knowledge into others around you.  Retirement planning is just simply, Expense management.  You are done accumulating wealth, unless Lowes or Home Depot are hiring, so managing expenses is somewhat critical.

• Guarantees your paycheck for life:  How do I do this?  What does it cost?
• Legacy giving: Using life insurance to hold and transfer assets outside of the estate
• Estate planning:  Voluntary or Involuntary social philanthropy?  Which one are your loved ones in for?
• Stretching an IRA:  how to push the taxation out another generation
• Asset distribution and tax management:  In what order are accounts liquidated and what are the tax consequences
• RMD: 

 With all of the of the current decisions necessary and the ones to come, a true group of advisors should be “on your side” and loyal to you.

The kids are gone and college is over, probably at the ½ century mark + on the age band.  I call this the “money years”.  Roughly 40% of your income is earned in this small window of time.  Expenses are down, income is higher than when younger and hopefully debt has been reduced, increasing Disposable income.  GOOD, you will need it all!

• ROTH IRA:  Max it out if you still qualify financially

• Old 401k plans (stagnant dollars): Roll them to a “safe zone” with guarantees

• Life Insurance:  Build your “own bank” and max it out.  Also looking at “legacy planning”

• Estate planning:  Yep, now is the time.  Build your team and have a system in place to move assets and Stuff to those left behind.  Use a team approach for best possible results

• Accumulation and Protection:  FINISH the accumulation years WELL!  They determine the quality of retirement

Wow!  Things are not what they were in college.  You have found the love of your life, married and began a family.  You now have this “dirty word”, Responsibilities.  The question is this, what do I do about this and who will guide me with my financial planning?  A competent “truly comprehensive” financial advisor and, Can it be done on the budget I have?  YES.

• Income Protection (Disability Insurance):  to continue to care for your family if you physically cannot work.  This is PRIORITY.
• Life insurance:  there are three things that life insurance does and you need to know them before purchasing a policy to ensure what you buy does what you want it to do.  Finally, Review Bi annually as things change.
• Retirement planning:  You are getting older.  Still take the give away money referenced before and start other options
• ROTH IRA:  Max it out for both you and spouse
• Home ownership:  Probably a mortgage. 

This is a great time in life, full of experimentation, exuberance, and potential peril.   Typically, this is the beginning of the accumulation stage for most as their working careers are beginning, college loans are coming due, thoughts of home ownership are happening and overall, just trying to create your own Identity.  In my experience, the things most critical here are:

• Income Protection (disability insurance):  If the ability to earn an income stops, so do you.  This often results in moving back to Mom and Dads.  NOT cool
• Short Term Savings:  Yeah, Get this set up and quick.  It will carry you through the rough patches that WILL come
• Life Insurance:  It is CHEAP now.  Begin your “own bank” using this program. 
• Retirement savings:  If your employer is giving money away, i.e. 401k match, take it. 
• Begin a ROTH IRA: 

 

 

Have you ever Broken Down the Basic financial planning stages of life and the importance of addressing the specific circumstances in each?  Part of a Good defensive life stage review involves looking at where you are and providing a protection then and there while still maintaining a forward looking (goal driven) aspect.