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What should my 2012 New Year’s financial checklist consist of?

January 24, 2012 By Leave a Comment

The New Year is a great time to look at your financial affairs.  With new additions to the family, more income, and more liabilities; trusts, wills, and life insurance should be the first items to update.  Revise company retirement plan contributions to coincide with increased pay.  Make room in your budget for affordable contributions to your IRA and HSA accounts.  Evaluate education accounts for your children to make sure you are making adequate contributions.  With low paying CD’s explore other options that may pay tax free income or substantially more income.  With all that can happen in life in a year, make sure your investments are properly allocated to meet your goals and objectives.  Contact me today to make sure financial matters are taken care of.       

Authored by: Scott Flowers, LPL Wealth Advisor

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Social Security at age 61 – a financial decision

March 29, 2011 By Leave a Comment

Ben Leyhew, MBA, Wealth Advisor

Many people ask if they should start taking social security as soon as they are eligible or wait.

Although many people claim social security as soon as they become eligible, at age 62, the benefits of waiting to apply for benefits cannot be underestimated. Consider it this way:  If you claim early, age 62, your benefit is reduced by 25% for your lifetime.  but if you wait until age 70, you’ll get a 32% increase in your benefit.  You should consider holding off claiming social security retirement benefits, regardless of whether or not you continue to work, until you actually need them.  The longer you wait, up until age 70, the greater your monthly benefit amount.  However, if you need the income, then you should take it when eleigible.

written by:  Ben Leyhew, MBA, Wealth Advisor, Financial Services & Solutions

Filed Under: Faq, Financial Services, Insurance Planning

Retirement Account Advice from Financial Services & Solutions

November 12, 2010 By Leave a Comment

If you are already age 50, is it too late to start a retirement account?

Jeff Brown, CPA, CFP

The answer is an emphatic, NO! Consider the old adage, better late than never.  People are living longer than ever before, which could mean more years in retirement.  Starting to save for retirement later will almost certainly have an effect on a person’s retirement.  If you are starting late, you should consider all the  retirement savings vehicles that are available to you.  Company retirement plans, Roth and Traditional IRAs, as well as retirement plans for self employed individuals can help.  Consult with a financial planner who can show you the options that could help make your retirement a more comfortable one.

Submitted by Jeff Brown, CPA, CFP

Filed Under: Faq, Financial Services, Insurance Planning

Life Insurance for Young Families – Murfreesboro Insurance Advisor comments

November 12, 2010 By Leave a Comment

How much life insurance do you need for young families?

Scott Flowers, Wealth Advisor

Applying for life insurance when young and healthy is a great way to help secure the financial future for your family.  Don’t wait until you have children to start looking for life insurance.  With health and age greatly affecting life insurance rates you want to take advantage of lower premiums.  Make sure you apply for an amount that adequately covers all of your debts, and allows your family several years to adjust to your lost income.  Also be mindful that your income will increase in the future.  Homemakers need coverage to help pay for the rising cost of child care.  Contact your financial professional today to learn how much life insurance your family needs.

Submitted by Scott Flowers, Wealth Advisor

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Education Savings Account is an option

July 13, 2010 By Leave a Comment

Scott Flowers, Wealth Advisor

People want to know — “Should I open an ESA or a 529 plan for my child?”

If the money is only for K-12 schools then an Education Savings Account (ESA) makes sense.  With a $2,000 annual contribution limit, distributions are tax-free if they are “qualified education expenses”.  These include:  tuition, books, room, board, etc.  However, certain income limits might restrict parents from contributing to ESA’s.

If the money is for college or post secondary education then a 529 plan may be a suitable option.  With lifetime contribution limits up to $250,000 per child, and distributions tax-free for qualified expenses there is a lot of flexibility.  Contact your financial professional today to explore the best options for your family.

To find out more about college planning, use our college planning calculator located on our Investment Tools page of our website.  This is an easy way to determine how much money you may need to be saving for the future.

Submitted by Scott Flowers, Wealth Advisor

Filed Under: Faq, Financial Services, Insurance Planning Tagged With: , , , , ,

Murfreesboro Insurance Advisor comments about disability insurance

July 13, 2010 By Leave a Comment

When folks ask me about what they should look for in disability insurance, my short answer is this:

Make sure you apply for adequate coverage, and that you get the best rate available for your occupation.  Some occupations allow for longer payout periods than others so it is important that you review your options.  Adding an “own occupation” rider is a great way to protect a loss of income from your specific job.  Another benefit is the cost of living adjustment (COLA) rider, which raises your benefit with inflation.  Make certain that the policy pays for partial disability as well.  The future option benefit allows for you to increase your coverage on the each anniversary date of the policy.  Contact your financial professional today and see if a disability policy makes sense for you.

submitted by Scott Flowers, Wealth Advisor, FSS

Filed Under: Faq, Financial Services, Insurance Planning Tagged With: , , ,

Buying Health Insurance with a Pre-existing condition

September 18, 2009 By Leave a Comment

Typically, there are standard 12 month waiting periods for most pre-existing conditions. This means that you may be able to get coverage, but the insurance company may not provide benefits for a specific ailment or condition during the waiting period. This exclusionary period can be for 12 months or in some cases the entire length of the policy for medically underwritten plans. One of the most critical things to do is to maintain credible coverage: do not have more than a 63 day break in coverage if you change jobs and lose your employer health insurance. HIPAA portability laws may allow you to avoid some of the standard waiting periods. In case you are denied coverage due to a pre-existing condition, there are additional options available to you.

Authored by Ben Leyhew bleyhew@fssplanning.com

http://www.fssplanning.com/about-3/bios/

Filed Under: Faq, Insurance Planning

Health exchanges

September 18, 2009 By Leave a Comment

One of the legislative proposals currently being discussed is a taxpayer funded health exchange set up by the government to compare different plans and options. Fortunately, qualified insurance brokers can do the exact same thing for you right now (and without raising your taxes). One of my jobs as a financial advisor is to compare all the available plans and options and help you determine the best plan for your budget and medical needs. As one of the fastest growing expenses in a household budget, medical insurance planning is a critical component of your overall financial plan. The Financial Planning Association states that medical insurance costs are second only to mortgage expenses in households 35-65 and for retirees it is often their biggest expense. Whether you are looking for a comprehensive medical plan, a health savings account, or long term care insurance, I can help you take the guess work out of choosing among the different plans. Authored by:  Ben Leyhew bleyhew@fssplanning.com

Filed Under: Faq, Insurance Planning Tagged With: , ,

Financial Services & Solutions on Beneficiaries

August 24, 2009 By Leave a Comment

I recently reviewed my company retirement plan and was surprised to find that my beneficiary was someone who my ex-spouse.  I’m not sure who to designate as beneficiary now?

This is a common issue; one that needs to be reviewed periodically.  Some company plans require that spouses be beneficiary of company retirement plans.  There are times that you might want to designate children, or your estate as beneficiary of retirement plans.  A financial planner can help you determine the beneficiary designation that most fits your individual situation.  The proper beneficiary designation will allow your assets to pass as you intended.

Author:  Jeff Brown, CPA, CFP

Filed Under: Faq, Financial Services, Insurance Planning