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class="search-field" placeholder="Search..." value="" name="s" title="Search for:" /> </label> </form></div> </div> <div class="top-bar-right float-right show-for-small-only breakpoint-1-hide"> <ul class="menu">  <li><a data-toggle="off-canvas">Menu</a></li> </ul> </div> </div> </header>  <div id="content"> <div id="inner-content" class="row"> <main id="main" class="large-8 medium-8 columns" role="main"> <header> <h1 class="page-title">Category: <span>Financial Planning</span></h1> </header>  <article id="post-155491" class="post-155491 post type-post status-publish format-standard has-post-thumbnail hentry category-annuities category-financial-planning category-retirement-planning-2" role="article"> <header class="article-header"> <h2><a href="https://seniormark.com/know-your-investment-lingo-5-more-terms-every-soon-to-be-retiree-should-know/" rel="bookmark" title="Know Your Investment Lingo! 5 More Terms Every Soon-to-be Retiree Should Know">Know Your Investment Lingo! 5 More Terms Every Soon-to-be Retiree Should Know</a></h2> <p class="byline"> Posted on July 23, 2020 by <a href="https://seniormark.com/author/pamkaiser/" title="Posts by Pam Kaiser" rel="author">Pam Kaiser</a> - <a href="https://seniormark.com/category/financial-planning/annuities/" rel="category tag">Annuities</a>, <a href="https://seniormark.com/category/financial-planning/" rel="category tag">Financial Planning</a>, <a href="https://seniormark.com/category/retirement-planning-2/" rel="category tag">Retirement Planning</a></p> </header>  <section class="entry-content" itemprop="articleBody"> <a href="https://seniormark.com/know-your-investment-lingo-5-more-terms-every-soon-to-be-retiree-should-know/"><img width="940" height="788" src="https://seniormark.com/wp-content/uploads/2020/07/Know-Your-Investment-Lingo.png" class="attachment-full size-full wp-post-image" alt="" decoding="async" fetchpriority="high" srcset="https://seniormark.com/wp-content/uploads/2020/07/Know-Your-Investment-Lingo.png 940w, https://seniormark.com/wp-content/uploads/2020/07/Know-Your-Investment-Lingo-300x251.png 300w, https://seniormark.com/wp-content/uploads/2020/07/Know-Your-Investment-Lingo-768x644.png 768w" sizes="(max-width: 940px) 100vw, 940px" /></a> <div class="addtoany_share_save_container addtoany_content addtoany_content_top"><div class="a2a_kit a2a_kit_size_16 addtoany_list" data-a2a-url="https://seniormark.com/know-your-investment-lingo-5-more-terms-every-soon-to-be-retiree-should-know/" data-a2a-title="Know Your Investment Lingo! 5 More Terms Every Soon-to-be Retiree Should Know"><a class="a2a_button_facebook_like addtoany_special_service" data-layout="button" data-href="https://seniormark.com/know-your-investment-lingo-5-more-terms-every-soon-to-be-retiree-should-know/"></a><a class="a2a_button_twitter_tweet addtoany_special_service" data-url="https://seniormark.com/know-your-investment-lingo-5-more-terms-every-soon-to-be-retiree-should-know/" data-text="Know Your Investment Lingo! 5 More Terms Every Soon-to-be Retiree Should Know"></a><a class="a2a_button_pinterest_pin addtoany_special_service" data-pin-config="none" data-url="https://seniormark.com/know-your-investment-lingo-5-more-terms-every-soon-to-be-retiree-should-know/"></a><a class="a2a_button_email" href="https://www.addtoany.com/add_to/email?linkurl=https%3A%2F%2Fseniormark.com%2Fknow-your-investment-lingo-5-more-terms-every-soon-to-be-retiree-should-know%2F&linkname=Know%20Your%20Investment%20Lingo%21%205%20More%20Terms%20Every%20Soon-to-be%20Retiree%20Should%20Know" title="Email" rel="nofollow noopener" target="_blank"></a><a class="a2a_button_print" href="https://www.addtoany.com/add_to/print?linkurl=https%3A%2F%2Fseniormark.com%2Fknow-your-investment-lingo-5-more-terms-every-soon-to-be-retiree-should-know%2F&linkname=Know%20Your%20Investment%20Lingo%21%205%20More%20Terms%20Every%20Soon-to-be%20Retiree%20Should%20Know" title="Print" rel="nofollow noopener" target="_blank"></a></div></div><h1>Know Your Investment Lingo! 5 More Terms Every Soon-to-be Retiree Should Know</h1> <p> </p> <p>It’s easy to get confused when someone is talking over your head. And when it comes to the world of investing, it is easy for the jargon to fly a mile high. In fact, even after years of investing experience, I still find myself baffled by some of it! That is why I am determined to translate some of the most commonly misunderstood (but often most important) concepts into terms soon-to-be retirees like you can understand.</p> <p> </p> <p>Here are 5 important terms to get you started:</p> <p> </p> <p><strong style="color: #354668; font-size: 30px;">1. Fee-only vs. Fee-based Managers</strong></p> <p>Fee-only money managers are paid by you only. You give them a flat fee or a percentage of your portfolio every year, and that is it.</p> <p> </p> <p>On the other hand, fee-based managers may charge fees as well, but they also receive commissions on the products they sell. In other words, the companies they represent also pay them via higher fees—not just you.</p> <p> </p> <p>Here’s why this term is important to understand: although there are conflict of interests with any transaction, a fee-only manager is more likely to act in your best interest.</p> <p> </p> <h3><strong>2. Average Annual Return</strong></h3> <p>Market fluctuations cause returns to vary. You’ll have some good years, and others in which your investments fail to stay in the black. But the Average Annual Return examines how an investment performs over a block of time—usually over three, five, or ten years—rather than the fluctuations from year to year, giving you a well-rounded evaluation of the investment’s performance.</p> <p> </p> <p>This number is calculated by taking the beginning value and determining how much it had to increase consistently (or, God forbid, decrease) each year to reach the ending value. Pretty simple, right?</p> <p> </p> <h3><strong>3. </strong><strong style="font-size: inherit;">Fiduciary</strong></h3> <p>Fiduciary has to do with trust, coming from the Latin word “Fidere,” which actually means, “trust.” More specifically, in the investing world, a fiduciary is a person who has the ethical and legal obligation to act in your best interest when managing your assets.</p> <p> </p> <p>Of course, not every fiduciary lives up to this definition. But, when you choose a fiduciary, there’s a better chance he’s making decisions that are the best for you, not for his bank account.</p> <p> </p> <h3><strong>4. Mutual Funds and ETFs (Exchange-Traded Funds)</strong></h3> <p>Mutual funds and ETFs are very similar in a lot of ways. They are both investment options in which others choose the stocks or bonds for you. However, they differ in a couple ways that are important to note:</p> <ol> <li>When investing in a Mutual fund, the transaction occurs between you and the Mutual Fund Company. With an ETF, you trade directly with other investors.</li> <li>Mutual funds are sometimes actively managed, while ETFs always track an index (such as the S&P 500).</li> </ol> <p>These differences cause many ETFs to be more cost-effective and easy to use. However, they are the new kids on the block so many people still stick with the old, trusty Mutual Fund.</p> <p> </p> <h3><strong>5. </strong><strong style="font-size: inherit;">Required Minimum Distribution (RMD)</strong></h3> <p>Because the government wants you to save, they allow you to invest tax-free in any one of many qualified retirement accounts: IRAs, 401(k)s, 403(b)s just to name a few.</p> <p> </p> <p>However, because the government still wants to collect tax, they also require you to take out a certain amount each year after you turn 70 and ½. The amount you must take out is also known as your required minimum distribution.</p> <p> </p> <p>Well, there you have it. Making retirement investment decisions is often overwhelming and scary, but taking this step to understanding your options will help you immensely. If you have come across a term that was not on this list, check out our other blog <span style="color: #ff0000;"><a style="color: #ff0000;" href="https://seniormark.com/know-your-investment-lingo-5-terms-every-soon-to-be-retiree-should-know/">(See our blog on Five Investment Terms You Should Know)</a></span> that complements this list or leave a comment. We love to hear from you!</p> <p> </p> <p><strong>Want a Certified Financial Planner to analyze your portfolio at no cost to you? Looking for someone to walk you through your retirement transition? Call Seniormark at 937-492-8800 for a free consultation.</strong></p> <p> </p> <p> </p> </section>  <footer class="article-footer"> <p class="tags"></p> </footer>  </article>   <article id="post-155489" class="post-155489 post type-post status-publish format-standard has-post-thumbnail hentry category-annuities category-financial-planning category-retirement-planning-2" role="article"> <header class="article-header"> <h2><a href="https://seniormark.com/know-your-investment-lingo-5-terms-every-soon-to-be-retiree-should-know/" rel="bookmark" title="Know Your Investment Lingo! 5 Terms Every Soon-to-be Retiree Should Know">Know Your Investment Lingo! 5 Terms Every Soon-to-be Retiree Should Know</a></h2> <p class="byline"> Posted on July 16, 2020 by <a href="https://seniormark.com/author/danhoelscher/" title="Posts by Dan Hoelscher" rel="author">Dan Hoelscher</a> - <a href="https://seniormark.com/category/financial-planning/annuities/" rel="category tag">Annuities</a>, <a href="https://seniormark.com/category/financial-planning/" rel="category tag">Financial Planning</a>, <a href="https://seniormark.com/category/retirement-planning-2/" rel="category tag">Retirement Planning</a></p> </header>  <section class="entry-content" itemprop="articleBody"> <a href="https://seniormark.com/know-your-investment-lingo-5-terms-every-soon-to-be-retiree-should-know/"><img width="940" height="788" src="https://seniormark.com/wp-content/uploads/2020/07/confetti.png" class="attachment-full size-full wp-post-image" alt="" decoding="async" srcset="https://seniormark.com/wp-content/uploads/2020/07/confetti.png 940w, https://seniormark.com/wp-content/uploads/2020/07/confetti-300x251.png 300w, https://seniormark.com/wp-content/uploads/2020/07/confetti-768x644.png 768w" sizes="(max-width: 940px) 100vw, 940px" /></a> <div class="addtoany_share_save_container addtoany_content addtoany_content_top"><div class="a2a_kit a2a_kit_size_16 addtoany_list" data-a2a-url="https://seniormark.com/know-your-investment-lingo-5-terms-every-soon-to-be-retiree-should-know/" data-a2a-title="Know Your Investment Lingo! 5 Terms Every Soon-to-be Retiree Should Know"><a class="a2a_button_facebook_like addtoany_special_service" data-layout="button" data-href="https://seniormark.com/know-your-investment-lingo-5-terms-every-soon-to-be-retiree-should-know/"></a><a class="a2a_button_twitter_tweet addtoany_special_service" data-url="https://seniormark.com/know-your-investment-lingo-5-terms-every-soon-to-be-retiree-should-know/" data-text="Know Your Investment Lingo! 5 Terms Every Soon-to-be Retiree Should Know"></a><a class="a2a_button_pinterest_pin addtoany_special_service" data-pin-config="none" data-url="https://seniormark.com/know-your-investment-lingo-5-terms-every-soon-to-be-retiree-should-know/"></a><a class="a2a_button_email" href="https://www.addtoany.com/add_to/email?linkurl=https%3A%2F%2Fseniormark.com%2Fknow-your-investment-lingo-5-terms-every-soon-to-be-retiree-should-know%2F&linkname=Know%20Your%20Investment%20Lingo%21%205%20Terms%20Every%20Soon-to-be%20Retiree%20Should%20Know" title="Email" rel="nofollow noopener" target="_blank"></a><a class="a2a_button_print" href="https://www.addtoany.com/add_to/print?linkurl=https%3A%2F%2Fseniormark.com%2Fknow-your-investment-lingo-5-terms-every-soon-to-be-retiree-should-know%2F&linkname=Know%20Your%20Investment%20Lingo%21%205%20Terms%20Every%20Soon-to-be%20Retiree%20Should%20Know" title="Print" rel="nofollow noopener" target="_blank"></a></div></div><h1>Know Your Investment Lingo! 5 Terms Every Soon-to-be Retiree Should Know</h1> <p><em>Smile and nod…smile and nod</em>, you think as some financial advisor spews jargon about diversification or risk tolerance or ETFs. You begin to realize he’s saying more words that you don’t know than words that you do, and pretty soon his voice starts to sound like <a href="https://www.youtube.com/watch?v=ss2hULhXfo4">Charlie Brown’s teacher</a>. You know he’s offering priceless advice about your portfolio as you transition into retirement, but those little nuggets of gold are buried beneath layers of acronyms and complicated concepts.</p> <p> </p> <p>There are many soon-to-be retirees just like you. This is why I am here, to translate the foreign language of finance and investments into something a lot easier to understand. Here’s a compiled list of the top 5 terms you are likely to come across on your journey to a secure retirement investment strategy.</p> <p> </p> <h3><strong>1. Annuity</strong></h3> <p>An annuity is an investment option that puts an insurance company between you and the ups and downs of the market. This insurance company guarantees you an income throughout your lifetime. Or it may guarantee that you will always be able to cash out the amount you place in their care.</p> <p> </p> <p><strong>However, here’s the catch: you often have to pay higher fees and can rarely take out your money in a lump sum without paying a stiff penalty.</strong> That is the trade off. <span style="color: #ff0000;"><a style="color: #ff0000;" href="https://seniormark.com/why-the-guaranteed-income-of-an-annuity-isnt-always-worth-it-for-retirees/">It is not always the best choice (see our blog “Why Annuities aren’t worth it”)</a></span>, but an annuity is an increasingly popular choice for retirees desiring a guarantee.</p> <p> </p> <h3><strong>2. Diversification</strong></h3> <p>This is best explained by the adage “don’t put all your eggs in one basket.” When investing, it is rule number one. Or maybe rule number two, if you include “buy low and sell high.” <strong>The idea is to decrease risk by putting your money in a variety of investments and asset classes, so—if one investment tanks—you won’t be in financial ruin.</strong></p> <p> </p> <h3><strong>3. Asset Allocation</strong></h3> <p>Have you ever heard these words thrown around at a cocktail party as investors brag about their business ventures: short term bond, large cap growth, small cap value, etc? These terms are categorizations of investments called asset classes, grouped together because they tend to behave similarly in the market.</p> <p> </p> <p><strong>Asset allocation, then, is just spreading your money among these various asset classes according to your unique financial situation and risk tolerance</strong>…which leads me to my next term.</p> <p> </p> <h3><strong>4. Risk Tolerance</strong></h3> <p>In the game of investments, you have to be willing to risk losing money in order to make money. Some people are conservative—they want to avoid tragic losses even if it means less than impressive returns. Some are more aggressive—they are exactly the opposite. Yet others are in-between. Your risk tolerance (often expressed as a number) shows where you fall on that continuum.</p> <p> </p> <p><strong>The driving question to determine your risk tolerance is this: how much are you comfortable to lose in order to gain the possibility of higher returns?</strong> Analyzing your risk tolerance helps ensure that you won’t make any poor, fear-based decisions to sell when the market isn’t doing well.</p> <p> </p> <h3><strong>5. Active vs. Passive Management</strong></h3> <p>Some investors try to outperform the market by forecasting which investments will go up or down in value. They spend a lot of time moving money around, aiming to make big money in a short amount of time. This approach is called active management. Although it can lead to some lucrative gains, it is often dangerous because no one can predict the future consistently (<span style="color: #ff0000;"><a style="color: #ff0000;" href="https://seniormark.com/investing-fact-check-no-one-can-predict-the-future/">See our blog: “Investing Fact Check: No One Can Predict the Future”</a></span>).</p> <p> </p> <p>Passive management, then, is the exact opposite. It involves diversifying your portfolio, matching it to your risk tolerance, and then letting the money sit, allowing the steady growth of the market to do its work. Sure, slight changes can be made as needed, but this approach is for people who are in the market for the long haul.</p> <p> </p> <p>Well, if you have just finished this blog post, your financial literacy just increased! You are one step closer to understanding the jargon-strewn world of investing, and therefore, one step closer to a retirement investment strategy that will help ensure your financial security!</p> <p> </p> <p><strong>Want a Certified Financial Planner to analyze your portfolio at no cost to you? Call Seniormark at 937-492-8800 for a free consultation.</strong></p> <p> </p> </section>  <footer class="article-footer"> <p class="tags"></p> </footer>  </article>   <article id="post-155485" class="post-155485 post type-post status-publish format-standard has-post-thumbnail hentry category-annuities category-financial-planning category-retirement-planning-2 category-social-security" role="article"> <header class="article-header"> <h2><a href="https://seniormark.com/is-your-financial-advisor-giving-you-what-you-want-or-what-you-need/" rel="bookmark" title="Is Your Financial Advisor Giving You What You Want or What You Need?">Is Your Financial Advisor Giving You What You Want or What You Need?</a></h2> <p class="byline"> Posted on July 9, 2020 by <a href="https://seniormark.com/author/danhoelscher/" title="Posts by Dan Hoelscher" rel="author">Dan Hoelscher</a> - <a href="https://seniormark.com/category/financial-planning/annuities/" rel="category tag">Annuities</a>, <a href="https://seniormark.com/category/financial-planning/" rel="category tag">Financial Planning</a>, <a href="https://seniormark.com/category/retirement-planning-2/" rel="category tag">Retirement Planning</a>, <a href="https://seniormark.com/category/social-security/" rel="category tag">Social Security</a></p> </header>  <section class="entry-content" itemprop="articleBody"> <a href="https://seniormark.com/is-your-financial-advisor-giving-you-what-you-want-or-what-you-need/"><img width="940" height="788" src="https://seniormark.com/wp-content/uploads/2020/07/Red-and-Blue-Stars-Food-Fourth-of-July-Facebook-Post.png" class="attachment-full size-full wp-post-image" alt="" decoding="async" srcset="https://seniormark.com/wp-content/uploads/2020/07/Red-and-Blue-Stars-Food-Fourth-of-July-Facebook-Post.png 940w, https://seniormark.com/wp-content/uploads/2020/07/Red-and-Blue-Stars-Food-Fourth-of-July-Facebook-Post-300x251.png 300w, https://seniormark.com/wp-content/uploads/2020/07/Red-and-Blue-Stars-Food-Fourth-of-July-Facebook-Post-768x644.png 768w" sizes="(max-width: 940px) 100vw, 940px" /></a> <div class="addtoany_share_save_container addtoany_content addtoany_content_top"><div class="a2a_kit a2a_kit_size_16 addtoany_list" data-a2a-url="https://seniormark.com/is-your-financial-advisor-giving-you-what-you-want-or-what-you-need/" data-a2a-title="Is Your Financial Advisor Giving You What You Want or What You Need?"><a class="a2a_button_facebook_like addtoany_special_service" data-layout="button" data-href="https://seniormark.com/is-your-financial-advisor-giving-you-what-you-want-or-what-you-need/"></a><a class="a2a_button_twitter_tweet addtoany_special_service" data-url="https://seniormark.com/is-your-financial-advisor-giving-you-what-you-want-or-what-you-need/" data-text="Is Your Financial Advisor Giving You What You Want or What You Need?"></a><a class="a2a_button_pinterest_pin addtoany_special_service" data-pin-config="none" data-url="https://seniormark.com/is-your-financial-advisor-giving-you-what-you-want-or-what-you-need/"></a><a class="a2a_button_email" href="https://www.addtoany.com/add_to/email?linkurl=https%3A%2F%2Fseniormark.com%2Fis-your-financial-advisor-giving-you-what-you-want-or-what-you-need%2F&linkname=Is%20Your%20Financial%20Advisor%20Giving%20You%20What%20You%20Want%20or%20What%20You%20Need%3F" title="Email" rel="nofollow noopener" target="_blank"></a><a class="a2a_button_print" href="https://www.addtoany.com/add_to/print?linkurl=https%3A%2F%2Fseniormark.com%2Fis-your-financial-advisor-giving-you-what-you-want-or-what-you-need%2F&linkname=Is%20Your%20Financial%20Advisor%20Giving%20You%20What%20You%20Want%20or%20What%20You%20Need%3F" title="Print" rel="nofollow noopener" target="_blank"></a></div></div><h1>Is Your Financial Advisor Giving You What You <em>Want</em> or What You <em>Need</em>?</h1> <p>From my 20+ years in the financial planning industry, I’ve found that the best advisors will challenge you. They aren’t just yes men who tell you want you want to hear. Rather, they coach you into making the most strategic decisions that may or may not <em>feel</em> best to you in the moment. The relationship of a financial advisor to his advisees should be similar to that of a doctor to his patients. He or she should identify your financial ills and prescribe you a plan that you will both carry out together, hand in hand.</p> <p> </p> <p>The reason I’m bringing this up today is because it came up in a conversation I had with another financial advisor recently. In said conversation, I was very impressed by the man’s expertise and concern for his clients; in fact, I was so impressed that I was thinking about working with him in some capacity. But when we got into talking about annuities, our opinions diverged.</p> <p> </p> <p>He wanted to provide most of his retired (or nearly retired) clients with a guaranteed income stream by placing a significant portion of their nest egg into an annuity. I thought that the guaranteed income wasn’t nearly worth the price they would have to pay.</p> <p> </p> <p>Now, I am not against the right annuity for the right person, although I do think there are some things everyone should be fully aware of before buying one <a href="https://seniormark.com/4-things-every-retiree-must-know-before-buying-an-annuity/"><span style="color: #ff0000;">(click here for our blog about things everyone should know about annuities)</span></a>. And I certainly wasn’t against him or his business. But I did have a problem with his rationale.</p> <p> </p> <p>You see, when I pressed him about the illiquidity of annuities and the high fees that often drain returns, I could tell he understood quite well that he knew these products weren’t always the best fit for his clients. We went back and forth for a little while with arguments for and against annuities, and—at the end of it all—he eventually settled into a very telling statement:</p> <p> </p> <p><em>“Well, Dan, are you giving your clients what they want or what you want?”</em></p> <p><em> </em></p> <p>When it came down to it, his advice was about the client’s wants. An annuity provides the warm fuzzy of a guaranteed income for life. It soothes fears of outliving one’s nest egg. In most cases, it just gives clients what they want (absolute assurance of income) rather than what they need (slow steady portfolio growth over time). It’s an easy sell that is often hard on the long-term returns.</p> <p> </p> <h3><strong>Going back to the “doctor to patient” relationship I mentioned earlier…</strong></h3> <p>Imagine your doctor says to you, “You have anemia, and you need an injection once a month if you are going to live.” Yanking on your collar a little bit, you reply, “But doctor, I don’t really want to. I’m scared of needles.”</p> <p> </p> <p>What is he going to say? Is he going to offer you a daily pill and say, “I know this isn’t nearly as effective as the needle, but at least you won’t get the jitters”?</p> <p>No, he is going to give you what you need, what is best for you.</p> <p> </p> <p>It’s the same thing with an advisor. And this goes far beyond annuities. What if you want to cash out of the stock market during a downturn in a whirl of negative emotions? What if you want to invest in individual stocks rather than a balanced, diversified portfolio? What if you want to stay in an aggressively invested, risky portfolio much later in life?</p> <p> </p> <p>I’m not saying your advisor should twist your arm to make you do something you aren’t willing to do, but—as I said before—he or she should challenge you to treat your financial ills, even if it doesn’t pad his pockets, even if it’s not what you want to hear.</p> <p> </p> <h6 style="text-align: center;"><strong>Want a Certified Financial Planner to analyze your portfolio at no cost to you? Call Seniormark at 937-492-8800.</strong></h6> <p> </p> <p> </p> </section>  <footer class="article-footer"> <p class="tags"></p> </footer>  </article>   <article id="post-155479" class="post-155479 post type-post status-publish format-standard has-post-thumbnail hentry category-401k-planning category-financial-planning category-retirement-planning-2" role="article"> <header class="article-header"> <h2><a href="https://seniormark.com/how-to-find-trustworthy-help-for-retirement-planning/" rel="bookmark" title="How to Find Trustworthy Help For Retirement Planning">How to Find Trustworthy Help For Retirement Planning</a></h2> <p class="byline"> Posted on June 25, 2020 by <a href="https://seniormark.com/author/danhoelscher/" title="Posts by Dan Hoelscher" rel="author">Dan Hoelscher</a> - <a href="https://seniormark.com/category/financial-planning/401k-planning/" rel="category tag">401(k) planning</a>, <a href="https://seniormark.com/category/financial-planning/" rel="category tag">Financial Planning</a>, <a href="https://seniormark.com/category/retirement-planning-2/" rel="category tag">Retirement Planning</a></p> </header>  <section class="entry-content" itemprop="articleBody"> <a href="https://seniormark.com/how-to-find-trustworthy-help-for-retirement-planning/"><img width="940" height="788" src="https://seniormark.com/wp-content/uploads/2020/06/How-to-Find-Trustworthy-Help-For-Retirement-Planning.png" class="attachment-full size-full wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://seniormark.com/wp-content/uploads/2020/06/How-to-Find-Trustworthy-Help-For-Retirement-Planning.png 940w, https://seniormark.com/wp-content/uploads/2020/06/How-to-Find-Trustworthy-Help-For-Retirement-Planning-300x251.png 300w, https://seniormark.com/wp-content/uploads/2020/06/How-to-Find-Trustworthy-Help-For-Retirement-Planning-768x644.png 768w" sizes="(max-width: 940px) 100vw, 940px" /></a> <div class="addtoany_share_save_container addtoany_content addtoany_content_top"><div class="a2a_kit a2a_kit_size_16 addtoany_list" data-a2a-url="https://seniormark.com/how-to-find-trustworthy-help-for-retirement-planning/" data-a2a-title="How to Find Trustworthy Help For Retirement Planning"><a class="a2a_button_facebook_like addtoany_special_service" data-layout="button" data-href="https://seniormark.com/how-to-find-trustworthy-help-for-retirement-planning/"></a><a class="a2a_button_twitter_tweet addtoany_special_service" data-url="https://seniormark.com/how-to-find-trustworthy-help-for-retirement-planning/" data-text="How to Find Trustworthy Help For Retirement Planning"></a><a class="a2a_button_pinterest_pin addtoany_special_service" data-pin-config="none" data-url="https://seniormark.com/how-to-find-trustworthy-help-for-retirement-planning/"></a><a class="a2a_button_email" href="https://www.addtoany.com/add_to/email?linkurl=https%3A%2F%2Fseniormark.com%2Fhow-to-find-trustworthy-help-for-retirement-planning%2F&linkname=How%20to%20Find%20Trustworthy%20Help%20For%20Retirement%20Planning" title="Email" rel="nofollow noopener" target="_blank"></a><a class="a2a_button_print" href="https://www.addtoany.com/add_to/print?linkurl=https%3A%2F%2Fseniormark.com%2Fhow-to-find-trustworthy-help-for-retirement-planning%2F&linkname=How%20to%20Find%20Trustworthy%20Help%20For%20Retirement%20Planning" title="Print" rel="nofollow noopener" target="_blank"></a></div></div><h1>How to Find Trustworthy Help For Retirement Planning</h1> <p>Good help is difficult to come by these days. And when it comes to choosing an expert to help you make critical decisions for retirement, rollover your 401(k), or manage your investments, those willing to act in your best interest seem few and far between. There are just too many ways advisors can take advantage of their clients for financial gain.</p> <p> </p> <p>Some people are just crooks. I’ve definitely seen enough of that! And others, though they aren’t bad people, are led astray by high commissions that line their pockets at the client’s expense.</p> <p> </p> <p>That’s why you need some guidelines for finding a retirement planner who truly has your best interests in mind. They all say they do, but it takes some discernment to know which ones are the most trustworthy.</p> <p> </p> <p>Without further ado, let’s put first things first…</p> <p> </p> <h3><strong>Don’t Get Stuck With A Sales Person—Choose a Fiduciary!</strong></h3> <p>This is by far the most important way to find good help.</p> <p> </p> <p>Why?</p> <p> </p> <p>Well… fiduciaries are ethically and legally required to act in your best interest. That doesn’t mean they always will. After all, legislation cannot make a dishonest person honest. However, you are significantly better off choosing a fiduciary who is held to a legal standard than someone who isn’t.</p> <p> </p> <p>There are other governmental standards for advisors and financial planners who aren’t fiduciaries, but they are significantly more lax. And, unfortunately, some people take advantage of the extra slack on the leash.</p> <p> </p> <p>In deciding whether someone is a fiduciary or not, don’t be misled by titles such as “financial advisor” or “wealth manager.” There’s nothing wrong with these titles, but anyone can slap them on a business card. So, when it comes down to assessing quality—the titles don’t mean much of anything. Just because someone says they are an advisor, doesn’t mean it’s in their heart to give you the best advice.</p> <p> </p> <p>Instead of relying on titles, you should simply ask (point blank) if he or she is legally mandated to pursue your best interest. In other words, it is best to just ask, “Are you legally required to act as a fiduciary on my behalf?” It is even better if you can get the statement in writing.</p> <p> </p> <h3><strong>Consider a Fee-Only Advisor</strong></h3> <p>Fee-only advisors don’t receive commissions based on their sales. They are paid either a flat fee or a percentage of your assets that they manage, and that is it. A fee-based manager, on the other hand, is also paid commissions on the products they sell. Most of the time, this isn’t a big deal.</p> <p> </p> <p>But what if one of these said products awards them a fat commission with every sale? And what if, despite the fact that the product isn’t at all right for you, they decide to sell it to you anyway? Do you see the conflict of interest and the potential devastation to your portfolio?</p> <p> </p> <p>This is why it is best to choose a fee-only manager, or at least maintain a healthy level of skepticism with those who have significant conflicts of interest.</p> <p> </p> <p>Beyond this, I would just ask that you remain sensitive to any red flags. Before you choose to work with anyone during this crucial time of financial transition, ask yourself the following questions:</p> <ul> <li>Do they take the time to educate you about your options?</li> <li>Can they back up their advice with sound, understandable reasoning?</li> <li>Do they begin and end with an analysis with your unique situation?</li> <li>Do they give you time to process without rushing your decisions?</li> </ul> <p><strong> </strong></p> <h3><strong>Sound retirement planning advice is always educational.</strong> <strong>It is always transparent. It is always you-centered. It is never rushed.</strong></h3> <p><strong> </strong></p> <p>This doesn’t necessarily mean they will lecture you about the ins and outs of the stock for hours on end, and it doesn’t mean they won’t ever miss a relevant aspect of your financial situation when giving you advice. I’m not trying to hold retirement planners to impossible standards.</p> <p> </p> <p>But I’m also trying to keep you safe from those who only seek to take advantage of you. According to ARRP’s article, <span style="color: #ff0000;">“<a style="color: #ff0000;" href="http://www.aarp.org/money/investing/info-2017/how-to-find-a-fiduciary-jbq.html">Managing Your Money Manager</a>,”</span> “the government estimates that Individual Retirement Accounts alone lose $17 billion a year to ‘me first’ investment advice from salespeople who wring commissions and fees from their trusting clients.”</p> <p> </p> <p>We don’t want your money to become a part of that statistic.</p> <p> </p> <h3>Want a Certified Financial Planner to analyze your investment portfolio at no cost to you? Call Seniormark at 937-492-8800 for a free no-obligation consultation.</h3> <p> </p> </section>  <footer class="article-footer"> <p class="tags"></p> </footer>  </article>   <article id="post-155443" class="post-155443 post type-post status-publish format-standard has-post-thumbnail hentry category-annuities category-financial-planning category-retirement-planning-2" role="article"> <header class="article-header"> <h2><a href="https://seniormark.com/get-a-second-look-before-buying-an-annuity-or-your-money-may-be-held-for-ransom/" rel="bookmark" title="Get a Second Look Before Buying an Annuity or Your Money May Be Held For Ransom">Get a Second Look Before Buying an Annuity or Your Money May Be Held For Ransom</a></h2> <p class="byline"> Posted on April 30, 2020 by <a href="https://seniormark.com/author/danhoelscher/" title="Posts by Dan Hoelscher" rel="author">Dan Hoelscher</a> - <a href="https://seniormark.com/category/financial-planning/annuities/" rel="category tag">Annuities</a>, <a href="https://seniormark.com/category/financial-planning/" rel="category tag">Financial Planning</a>, <a href="https://seniormark.com/category/retirement-planning-2/" rel="category tag">Retirement Planning</a></p> </header>  <section class="entry-content" itemprop="articleBody"> <a href="https://seniormark.com/get-a-second-look-before-buying-an-annuity-or-your-money-may-be-held-for-ransom/"><img width="940" height="788" src="https://seniormark.com/wp-content/uploads/2020/04/Get-a-Second-Look-Before-Buying-an-Annuity-or-Your-Money-May-Be-Held-For-Ransom.png" class="attachment-full size-full wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://seniormark.com/wp-content/uploads/2020/04/Get-a-Second-Look-Before-Buying-an-Annuity-or-Your-Money-May-Be-Held-For-Ransom.png 940w, https://seniormark.com/wp-content/uploads/2020/04/Get-a-Second-Look-Before-Buying-an-Annuity-or-Your-Money-May-Be-Held-For-Ransom-300x251.png 300w, https://seniormark.com/wp-content/uploads/2020/04/Get-a-Second-Look-Before-Buying-an-Annuity-or-Your-Money-May-Be-Held-For-Ransom-768x644.png 768w" sizes="(max-width: 940px) 100vw, 940px" /></a> <div class="addtoany_share_save_container addtoany_content addtoany_content_top"><div class="a2a_kit a2a_kit_size_16 addtoany_list" data-a2a-url="https://seniormark.com/get-a-second-look-before-buying-an-annuity-or-your-money-may-be-held-for-ransom/" data-a2a-title="Get a Second Look Before Buying an Annuity or Your Money May Be Held For Ransom"><a class="a2a_button_facebook_like addtoany_special_service" data-layout="button" data-href="https://seniormark.com/get-a-second-look-before-buying-an-annuity-or-your-money-may-be-held-for-ransom/"></a><a class="a2a_button_twitter_tweet addtoany_special_service" data-url="https://seniormark.com/get-a-second-look-before-buying-an-annuity-or-your-money-may-be-held-for-ransom/" data-text="Get a Second Look Before Buying an Annuity or Your Money May Be Held For Ransom"></a><a class="a2a_button_pinterest_pin addtoany_special_service" data-pin-config="none" data-url="https://seniormark.com/get-a-second-look-before-buying-an-annuity-or-your-money-may-be-held-for-ransom/"></a><a class="a2a_button_email" href="https://www.addtoany.com/add_to/email?linkurl=https%3A%2F%2Fseniormark.com%2Fget-a-second-look-before-buying-an-annuity-or-your-money-may-be-held-for-ransom%2F&linkname=Get%20a%20Second%20Look%20Before%20Buying%20an%20Annuity%20or%20Your%20Money%20May%20Be%20Held%20For%20Ransom" title="Email" rel="nofollow noopener" target="_blank"></a><a class="a2a_button_print" href="https://www.addtoany.com/add_to/print?linkurl=https%3A%2F%2Fseniormark.com%2Fget-a-second-look-before-buying-an-annuity-or-your-money-may-be-held-for-ransom%2F&linkname=Get%20a%20Second%20Look%20Before%20Buying%20an%20Annuity%20or%20Your%20Money%20May%20Be%20Held%20For%20Ransom" title="Print" rel="nofollow noopener" target="_blank"></a></div></div><h1>Get a Second Look Before Buying an Annuity or Your Money May Be Held For Ransom</h1> <p>Two clients of mine, a couple, came into my office one morning, and they mentioned they were heading over to meet with a financial advisor about their Equity Indexed Annuity after their appointment with me. Just as a fair warning, I shared with them what I have learned about the dangers of some annuities, making it a point to mention that some have steep surrender penalties that can extend anywhere from 7-17 years. <em>What I didn’t know then is that they can be even worse than that.</em></p> <p> </p> <p>They seemed surprised. Why hadn’t their advisor mentioned those downsides? They would ask him, they concluded, and then come back to finish up some business with me.</p> <p> </p> <p>They did come back, and with some very concerning news. “He made it sound like we could <em>never</em> take all our money out without penalties,” they said.</p> <p> </p> <p>And now they surprised me. I asked for their disclosure document, researched the product, and—to my frustrated astonishment—found it to be true: <strong>this annuity was basically holding their money for ransom.</strong></p> <p> </p> <p>You see, according to the rules of this particular EIA, they can<em> never</em> take out their money as a lump sum. Even after they have passed away, their kids will not be able take out their money as a lump sum either. The only way the couple can is by taking it out 10% each year for ten years after a five-year deferral period.</p> <p><strong>If they refuse to play by those rules and take out their money as lump sum anyhow, the penalties would eat up all their returns, bonuses, and more.</strong> They would only get $164,555, which is $61,859 less than their account value of $226,414 and about 10,000 less than what they originally paid into the annuity five years ago! In other words, they would have lost 27% of their money after having been invested for five years.</p> <p> </p> <p>This illiquidity might be tolerable if the returns were decent, but that is not the case with their annuity. It has a cap of 3%. This means that no matter how good the markets are, the most return they can get is 3%. Period. All in all, this is a terrible deal.</p> <p> </p> <p>Now, this is not to say that all annuities are bad or that all of them will tie up your money like this one will. But this example does serve as a warning that you can hardly be too cautious around these complicated products. Why? Because annuity salesmen (even those who call themselves “financial advisors”) may not tell you about these downsides.</p> <p> </p> <p>My clients were not told about these penalties. Instead, they were sold on the guarantees, the promises of market returns without market risk and an upfront 10% bonus. Then, with a skewed perception of what they were getting themselves into, they signed away full rights to their money forever.</p> <p> </p> <p>So, before you sign anything, I always recommend getting a second opinion, just to make sure the annuity is being portrayed as it really is. I am convinced that if all the pros and cons were laid bare, significantly fewer people would purchase them.</p> <p> </p> <p>Thinking about getting into an annuity? <strong>Call Seniormark at 937-492-8800 and a Certified Financial Planner will give you a second opinion on whether or not it is right for you!</strong></p> <p> </p> </section>  <footer class="article-footer"> <p class="tags"></p> </footer>  </article>   <article id="post-155408" class="post-155408 post type-post status-publish format-standard has-post-thumbnail hentry category-annuities category-financial-planning category-retirement-planning-2" role="article"> <header class="article-header"> <h2><a href="https://seniormark.com/why-the-guaranteed-income-of-an-annuity-isnt-always-worth-it-for-retirees/" rel="bookmark" title="Why the Guaranteed Income of an Annuity Isn’t Always Worth It For Retirees">Why the Guaranteed Income of an Annuity Isn’t Always Worth It For Retirees</a></h2> <p class="byline"> Posted on February 20, 2020 by <a href="https://seniormark.com/author/danhoelscher/" title="Posts by Dan Hoelscher" rel="author">Dan Hoelscher</a> - <a href="https://seniormark.com/category/financial-planning/annuities/" rel="category tag">Annuities</a>, <a href="https://seniormark.com/category/financial-planning/" rel="category tag">Financial Planning</a>, <a href="https://seniormark.com/category/retirement-planning-2/" rel="category tag">Retirement Planning</a></p> </header>  <section class="entry-content" itemprop="articleBody"> <a href="https://seniormark.com/why-the-guaranteed-income-of-an-annuity-isnt-always-worth-it-for-retirees/"><img width="940" height="788" src="https://seniormark.com/wp-content/uploads/2020/02/Why-the-Guaranteed-Income-of-an-Annuity-Isn’t-Always-Worth-It-For-Retirees.png" class="attachment-full size-full wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://seniormark.com/wp-content/uploads/2020/02/Why-the-Guaranteed-Income-of-an-Annuity-Isn’t-Always-Worth-It-For-Retirees.png 940w, https://seniormark.com/wp-content/uploads/2020/02/Why-the-Guaranteed-Income-of-an-Annuity-Isn’t-Always-Worth-It-For-Retirees-300x251.png 300w, https://seniormark.com/wp-content/uploads/2020/02/Why-the-Guaranteed-Income-of-an-Annuity-Isn’t-Always-Worth-It-For-Retirees-768x644.png 768w" sizes="(max-width: 940px) 100vw, 940px" /></a> <div class="addtoany_share_save_container addtoany_content addtoany_content_top"><div class="a2a_kit a2a_kit_size_16 addtoany_list" data-a2a-url="https://seniormark.com/why-the-guaranteed-income-of-an-annuity-isnt-always-worth-it-for-retirees/" data-a2a-title="Why the Guaranteed Income of an Annuity Isn’t Always Worth It For Retirees"><a class="a2a_button_facebook_like addtoany_special_service" data-layout="button" data-href="https://seniormark.com/why-the-guaranteed-income-of-an-annuity-isnt-always-worth-it-for-retirees/"></a><a class="a2a_button_twitter_tweet addtoany_special_service" data-url="https://seniormark.com/why-the-guaranteed-income-of-an-annuity-isnt-always-worth-it-for-retirees/" data-text="Why the Guaranteed Income of an Annuity Isn’t Always Worth It For Retirees"></a><a class="a2a_button_pinterest_pin addtoany_special_service" data-pin-config="none" data-url="https://seniormark.com/why-the-guaranteed-income-of-an-annuity-isnt-always-worth-it-for-retirees/"></a><a class="a2a_button_email" href="https://www.addtoany.com/add_to/email?linkurl=https%3A%2F%2Fseniormark.com%2Fwhy-the-guaranteed-income-of-an-annuity-isnt-always-worth-it-for-retirees%2F&linkname=Why%20the%20Guaranteed%20Income%20of%20an%20Annuity%20Isn%E2%80%99t%20Always%20Worth%20It%20For%20Retirees" title="Email" rel="nofollow noopener" target="_blank"></a><a class="a2a_button_print" href="https://www.addtoany.com/add_to/print?linkurl=https%3A%2F%2Fseniormark.com%2Fwhy-the-guaranteed-income-of-an-annuity-isnt-always-worth-it-for-retirees%2F&linkname=Why%20the%20Guaranteed%20Income%20of%20an%20Annuity%20Isn%E2%80%99t%20Always%20Worth%20It%20For%20Retirees" title="Print" rel="nofollow noopener" target="_blank"></a></div></div><h1>Why the Guaranteed Income of an Annuity Isn’t Always Worth It For Retirees</h1> <p>Everyone likes a guarantee. It’s like a warm house that shelters us from the cold, unknown outside of diminishing returns and tragic losses. So, for the retiree, someone like you who has a lot to lose, the idea of your income being unaffected by market fluctuations sounds inviting. The assurance that you won’t ever outlive your assets wraps itself around you like your favorite blanket.</p> <p> </p> <p>But sometimes a guarantee isn’t worth what it is costing you. And sometimes the world outside the guarantee is a little bit sunnier than you might think.</p> <p> </p> <p>I have found this to be the case with retirement investments. Annuities in general—indexed, variable, and others— often do not live up the glory of their sales pitches, and the world of a conservative investment portfolio with a financial advisor is not nearly as cold and harsh as some might assume.</p> <p> </p> <p>Let’s start by looking at some of what you are giving up by going with an annuity. Because I’ve found that my clients are less enamored by these products once they see beyond the warm and fuzzy sales tactics.</p> <p> </p> <h3><strong>Access to Your Funds</strong></h3> <p>No matter how you parse it, you are giving up liquidity by choosing an annuity. When you invest your money in an annuity, you are giving up your rights to access your money as a lump sum as the annuity gives you your set dollar amount of income every month. They are kind of like a parent, giving you an allowance for monthly expenses, but scolding you with penalties for taking out too much too fast. <strong>Although they will allow you to take out up to 10% per year, more often than not, you will incur a 10-15% penalty for taking out any more than that.</strong></p> <p> </p> <p>This might not seem like a big deal if you aren’t planning on any big purchases anytime soon. However, this can change on a dime. What if you come across a real estate steal for a snowbird home in Florida? Or what if you find a promising investment and cannot take advantage of it because your “parent” company will slap you on the wrists for accessing <em>your own</em> money? Then you might start to feel a bit smothered.</p> <p> </p> <p>But if the lack of freedom doesn’t drive you crazy, I think what I am going to explain next will.</p> <p> </p> <h3><strong>Fees and Returns</strong></h3> <p>This is where the rubber meets the road when it comes to investments. If you aren’t making money with your money, then it is hardly worth it to invest. And, unfortunately, the truth about annuities is that the return is not all that great. Sure, agents make it sound nice with the guaranteed 5% income or maybe a 10% bonus in some cases, but the return (how much money you are really making) is a lot less flashy. Why?</p> <p> </p> <p>There are a lot of really complicated reasons, but the most drastic one is the draining fees. From the typical annuity options I have come across, the total comes to about 3-4% when you add up all the insurance, rider, and mutual fund fees. Now…that percentage does not sound like a lot when you see it printed on the contract. But the effect it can have on your nest egg over your life expectancy is shocking, especially when compared to the fees of other financial advisors, which are typically 1-2%.</p> <p> </p> <p>For an example, Let’s say you are investing a $100,000 portfolio, and let’s say this portfolio averages a hypothetical 5% return over twenty years (a typical life expectancy for those heading into retirement). The annuity with its fee of 3% will allow your nest egg to grow to $168,595. Not too bad, right?</p> <p> </p> <p>But how does that figure sound when you compare it with $219,112, the dollar amount you would have with a financial advisor who charges 1% in fees? <strong>That is over a $70,000 difference, a difference based off only a couple measly percentage points. </strong></p> <p><strong> </strong></p> <p><em>It’s also the difference between the warm security of an annuity and the few brave steps out into the world of a conservative portfolio.</em></p> <p><strong> </strong></p> <h3><strong>The Air is Fresher Outside</strong></h3> <p>Although I understand the hesitation, it is really not that cold or scary outside of that guarantee as long as your portfolio is conservative and diversified sufficiently. It is easy to look at recessions and stock market crashes and worry about running out of money in retirement, but even then a conservative portfolio can save you from any devastating losses.</p> <p> </p> <p>For a solid example, I like to point to the recession surrounding the stock market crash of 2008, often called the lost decade (January 1<sup>st</sup>, 2000—December 31, 2009). Even during this severe downturn, when the market was consistently in the negative, the conservative funds we manage were still averaging 6.23% per year after managing fees. Even the most aggressive funds we manage were still making almost over 2% per year on average. Of course, that isn’t a good return by any means, but it sure isn’t doomsday. It’s more like a chilly breeze than a devastating snowstorm.</p> <p> </p> <p>So, when it comes to retirement investing options, I recommend stepping out into the sunshine. Your nest egg needs some vitamin D to grow up big and strong.</p> <p> </p> <p>Want a Certified Financial Planner to analyze your portfolio at no cost to you? Call Seniormark at 937-492-8800 for a free consultation.</p> </section>  <footer class="article-footer"> <p class="tags"></p> </footer>  </article>   <article id="post-155405" class="post-155405 post type-post status-publish format-standard has-post-thumbnail hentry category-financial-planning category-news category-retirement-planning-2 category-social-security" role="article"> <header class="article-header"> <h2><a href="https://seniormark.com/im-retiring-soon-will-social-security-be-there-for-me/" rel="bookmark" title="I’m Retiring Soon: Will Social Security Be There For Me?">I’m Retiring Soon: Will Social Security Be There For Me?</a></h2> <p class="byline"> Posted on February 13, 2020 by <a href="https://seniormark.com/author/danhoelscher/" title="Posts by Dan Hoelscher" rel="author">Dan Hoelscher</a> - <a href="https://seniormark.com/category/financial-planning/" rel="category tag">Financial Planning</a>, <a href="https://seniormark.com/category/news/" rel="category tag">News</a>, <a href="https://seniormark.com/category/retirement-planning-2/" rel="category tag">Retirement Planning</a>, <a href="https://seniormark.com/category/social-security/" rel="category tag">Social Security</a></p> </header>  <section class="entry-content" itemprop="articleBody"> <a href="https://seniormark.com/im-retiring-soon-will-social-security-be-there-for-me/"><img width="940" height="788" src="https://seniormark.com/wp-content/uploads/2020/02/Im-Retiring-Soon.png" class="attachment-full size-full wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://seniormark.com/wp-content/uploads/2020/02/Im-Retiring-Soon.png 940w, https://seniormark.com/wp-content/uploads/2020/02/Im-Retiring-Soon-300x251.png 300w, https://seniormark.com/wp-content/uploads/2020/02/Im-Retiring-Soon-768x644.png 768w" sizes="(max-width: 940px) 100vw, 940px" /></a> <div class="addtoany_share_save_container addtoany_content addtoany_content_top"><div class="a2a_kit a2a_kit_size_16 addtoany_list" data-a2a-url="https://seniormark.com/im-retiring-soon-will-social-security-be-there-for-me/" data-a2a-title="I’m Retiring Soon: Will Social Security Be There For Me?"><a class="a2a_button_facebook_like addtoany_special_service" data-layout="button" data-href="https://seniormark.com/im-retiring-soon-will-social-security-be-there-for-me/"></a><a class="a2a_button_twitter_tweet addtoany_special_service" data-url="https://seniormark.com/im-retiring-soon-will-social-security-be-there-for-me/" data-text="I’m Retiring Soon: Will Social Security Be There For Me?"></a><a class="a2a_button_pinterest_pin addtoany_special_service" data-pin-config="none" data-url="https://seniormark.com/im-retiring-soon-will-social-security-be-there-for-me/"></a><a class="a2a_button_email" href="https://www.addtoany.com/add_to/email?linkurl=https%3A%2F%2Fseniormark.com%2Fim-retiring-soon-will-social-security-be-there-for-me%2F&linkname=I%E2%80%99m%20Retiring%20Soon%3A%20Will%20Social%20Security%20Be%20There%20For%20Me%3F" title="Email" rel="nofollow noopener" target="_blank"></a><a class="a2a_button_print" href="https://www.addtoany.com/add_to/print?linkurl=https%3A%2F%2Fseniormark.com%2Fim-retiring-soon-will-social-security-be-there-for-me%2F&linkname=I%E2%80%99m%20Retiring%20Soon%3A%20Will%20Social%20Security%20Be%20There%20For%20Me%3F" title="Print" rel="nofollow noopener" target="_blank"></a></div></div><h1>I’m Retiring Soon: Will Social Security Be There For Me?</h1> <p>Over recent years, there’s been a lot of chatter about Social Security’s financial future. And let’s just say that the discourse has been a little, well, over-the-top. Politicians have been ranting about Social Security going broke, acting like—if we don’t overhaul the system in the next 20 minutes—it’s as good as gone. Jeesh. They’re practically the doomsday preppers of retirement finances.</p> <p> </p> <p>My advice to you: Don’t let their sensationalism bother you too much. This just isn’t the truth. There’s some truth in there for sure, but—for the most part—it is just causing a lot of unfounded fear.</p> <p> </p> <p>To begin debunking those unfounded fears, I need to start with a quick explanation of how Social Security works.</p> <p> </p> <h3><strong>How Social Security Works</strong></h3> <p>Founded during the aftermath of the Great Depression, Social Security started to keep elderly people out of poverty in their retirement. It was set up as a “pay-as-you-go” program in which the workforce surrenders a portion of their income in payroll taxes to fund Social Security benefits for the current retirees. Then—when that workforce retires—the next generation of workers bears the burden to fund <em>their</em> benefits. This cycle continues indefinitely, a constant influx of funding coming from the payroll taxes of the working American in order to pay for their elder’s retirement.</p> <p> </p> <p>Do you see the implications? This means that Social Security can never run out of money completely. In fact, the only way this would happen is if the workforce decided that making money isn’t worth it anymore and paying taxes is optional. In other words, it’s not likely.</p> <h4></h4> <p> </p> <h4><strong>Of course, just because it can’t go broke, doesn’t mean it doesn’t need to be fixed in some respects. </strong></h4> <p> </p> <p>The doomsday preppers aren’t completely off their rockers. Social Security isn’t perfect. Sometimes the funding from taxpayers is not enough to fulfill the promised benefits.</p> <p> </p> <p>This is what is happening now. Although the government built up a surplus in a trust fund to prepare for the retirement of the baby boomer generation, the sheer number of retirees has proved too much. The trust fund is set to run out in 2034 (according to the<span style="color: #ff0000;"> <a style="color: #ff0000;" href="https://www.ssa.gov/oact/trsum">S.S. Trustee report of 2017</a></span>), leaving Social Security unable to pay the full benefit.</p> <p> </p> <p>But please note, I didn’t say that it won’t be there at all. The trust fund might be going broke, but Social Security is not! By payroll taxes alone, 77% of benefits can still be delivered.</p> <p> </p> <p>Now that’s still not fun. No one wants a reduced check. But this is considering that the government does nothing. They can increase the full retirement age, and they can increase payroll taxes a little bit.</p> <p> </p> <h3><strong>Slowly But Surely</strong></h3> <p>But whatever they do, it very likely won’t be all at once. It is not like you will get slammed out of nowhere with a 23% decrease in Social Security benefits.</p> <p> </p> <p>Just take a look at how the government handled changing the full retirement age to keep Social Security solvent. Starting in 1983, congress set legislation in motion that was designed to increase the full retirement age from 65 to 67 in tiny increments. It is now 33 years later and—for the people retiring soon (like you)—the full retirement age is still only 66 and 2 months. After all that time, we are only half way there! In my opinion, it will be the same thing with any decrease in benefits or payroll tax hike.</p> <p> </p> <p>The point is—for the people currently collecting Social Security and for those who are considering taking benefits soon—you’ve got very little to worry about it. Social Security may need a few tweaks, but it is not nearly as ruined as what the doomsday-ers are saying.</p> <h3></h3> <p> </p> <h3><strong>Will You Be There For Yourself?</strong></h3> <p>In fact, what you should be more concerned about is where the rest of your retirement income is coming from. Social Security was never meant to cover all of the expenses of your retired life. You need extra funds, extra income to ensure that you can retire comfortably for your entire life expectancy. In other words, you have some planning to do as you approach retirement…some advisors to see, some decisions to make.</p> <p> </p> <p>It seems that the question is not as much whether or nor Social Security will be there for you, but rather…will you be there for yourself?</p> <p> </p> <p>Need a Certified Financial Planner to help you transition from employment to retirement? Call Seniormark at 937-492-8800 for a free consultation!</p> </section>  <footer class="article-footer"> <p class="tags"></p> </footer>  </article>   <article id="post-155318" class="post-155318 post type-post status-publish format-standard has-post-thumbnail hentry category-401k-planning category-financial-planning category-retirement-planning-2" role="article"> <header class="article-header"> <h2><a href="https://seniormark.com/the-1-investing-mistake-soon-to-be-retirees-make/" rel="bookmark" title="The #1 Investing Mistake Soon-to-be Retirees Make">The #1 Investing Mistake Soon-to-be Retirees Make</a></h2> <p class="byline"> Posted on August 8, 2019 by <a href="https://seniormark.com/author/danhoelscher/" title="Posts by Dan Hoelscher" rel="author">Dan Hoelscher</a> - <a href="https://seniormark.com/category/financial-planning/401k-planning/" rel="category tag">401(k) planning</a>, <a href="https://seniormark.com/category/financial-planning/" rel="category tag">Financial Planning</a>, <a href="https://seniormark.com/category/retirement-planning-2/" rel="category tag">Retirement Planning</a></p> </header>  <section class="entry-content" itemprop="articleBody"> <a href="https://seniormark.com/the-1-investing-mistake-soon-to-be-retirees-make/"><img width="940" height="788" src="https://seniormark.com/wp-content/uploads/2019/07/The-1-Investing-Mistake-Soon-to-be-Retirees-Make.png" class="attachment-full size-full wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://seniormark.com/wp-content/uploads/2019/07/The-1-Investing-Mistake-Soon-to-be-Retirees-Make.png 940w, https://seniormark.com/wp-content/uploads/2019/07/The-1-Investing-Mistake-Soon-to-be-Retirees-Make-300x251.png 300w, https://seniormark.com/wp-content/uploads/2019/07/The-1-Investing-Mistake-Soon-to-be-Retirees-Make-768x644.png 768w" sizes="(max-width: 940px) 100vw, 940px" /></a> <div class="addtoany_share_save_container addtoany_content addtoany_content_top"><div class="a2a_kit a2a_kit_size_16 addtoany_list" data-a2a-url="https://seniormark.com/the-1-investing-mistake-soon-to-be-retirees-make/" data-a2a-title="The #1 Investing Mistake Soon-to-be Retirees Make"><a class="a2a_button_facebook_like addtoany_special_service" data-layout="button" data-href="https://seniormark.com/the-1-investing-mistake-soon-to-be-retirees-make/"></a><a class="a2a_button_twitter_tweet addtoany_special_service" data-url="https://seniormark.com/the-1-investing-mistake-soon-to-be-retirees-make/" data-text="The #1 Investing Mistake Soon-to-be Retirees Make"></a><a class="a2a_button_pinterest_pin addtoany_special_service" data-pin-config="none" data-url="https://seniormark.com/the-1-investing-mistake-soon-to-be-retirees-make/"></a><a class="a2a_button_email" href="https://www.addtoany.com/add_to/email?linkurl=https%3A%2F%2Fseniormark.com%2Fthe-1-investing-mistake-soon-to-be-retirees-make%2F&linkname=The%20%231%20Investing%20Mistake%20Soon-to-be%20Retirees%20Make" title="Email" rel="nofollow noopener" target="_blank"></a><a class="a2a_button_print" href="https://www.addtoany.com/add_to/print?linkurl=https%3A%2F%2Fseniormark.com%2Fthe-1-investing-mistake-soon-to-be-retirees-make%2F&linkname=The%20%231%20Investing%20Mistake%20Soon-to-be%20Retirees%20Make" title="Print" rel="nofollow noopener" target="_blank"></a></div></div><h1>The #1 Investing Mistake Soon-to-be Retirees Make</h1> <p>I’ll cut right to the chase. The #1 investing mistake soon-to-be retirees make is investing like a 25-year old. Although age is but a number in most respects; in this case, it is so much more. It affects investment strategy. And, in turn, it affects another very important number to you: your retirement savings.</p> <p> </p> <h3><strong>From Growth Emphasis To Preservation Emphasis</strong></h3> <p>Here’s why. Age should affect your approach to risk. As you get older, your portfolio should evolve from one that emphasizes growth to one that emphasizes preservation. This means that—as you approach 65—you should avoid risky and aggressive investing strategies in favor of a more conservative approach.</p> <p> </p> <p>Aggressive strategies work well for the previously- mentioned 25-year old because in his “growth-minded” portfolio, he has time to recover from losses. Those drops in in the stock market will eventually even out over the long haul of his working life. In other words, the risk will eventually reap reward.</p> <p> </p> <p>But you don’t have a long haul anymore. Your nest egg can’t afford to suffer any catastrophic losses because you simply don’t have the time to recover. It’s true! Now is the time for more bonds and less stocks. It’s time to roost on that nest egg. At this point in life, high risk does nothing but set you up for a great fall.</p> <p> </p> <h3><strong>Remember the Financial Crisis of 2008?</strong></h3> <p>It was a bleak time for everyone, but especially for soon-to-be retirees. According to the U.S News and World Report, retirement savers suffered <a href="http://money.usnews.com/money/blogs/planning-to-retire/2008/10/08/retirement-savers-lost-2-trillion-in-the-stock-market">2 trillion</a> in stock market losses!</p> <p> </p> <p>Imagine the regret as soon-to-be retirees watched their hard-earned money slip through their fingers. Imagine the frantic worry as they thought about their retirement savings. Would they have enough savings? Would they have to go back to work part-time? Would they have to delay their retirement?</p> <p> </p> <p>In fact, the <a href="http://www.huffingtonpost.com/rep-george-miller/impact-of-the-financial-c-b-132629/html">Huffington Post</a> claims that back in 2008, a poll concluded that 63 percent of Americans were worried about not having enough for retirement. For older Americans, the fear was probably even more intense!</p> <p> </p> <h3><strong>So What If It Happens Again?</strong></h3> <p>I’m not saying it will, at least, not with the same severity. But business cycles are consistent. The stock market <em>will</em> fluctuate. It can only go up for so long before it takes a turn for the worse.</p> <p> </p> <p>And where will that leave you? In the U.S. News and World Report article <a href="http://money.usnews.com/money/retirement/articles/2009/02/12/how-did-your-401k-really-stack-up-in-2008">“How Did Your 401(k) Really Stack Up in 2008,”</a> the author points out that during the financial crisis stocks fell 38% while bonds dropped only 8%. This just goes to show that more conservative strategies (like bonds) do better in a recession. You can’t avoid loss during stock market crashes, but you can lessen the impact by adjusting your risk!</p> <p> </p> <h3><strong> The Moral of the Story: Assess (and Reassess) Your Risk</strong></h3> <p>Over the last couple of months, we’ve had half a dozen or so retirees come in with sky scraping risk scores. On a scale from 1-100 with 100 being the most aggressive, their scores were anywhere from 75-90. This is astounding! Why would they be so risky so late in life?</p> <p> </p> <p>There are a number of reasons, but I think the most common one is that they <em>simply don’t know</em>. One of those previously mentioned clients told us that her portfolio was very conservative, and it turned out being a 76! Imagine if her stocks suddenly plummeted. With risk like that, it wouldn’t be surprising to lose 25-35%.</p> <p> </p> <p>We don’t want this to be you! We want you to plan ahead, to become an expert on your investment strategy as you approach retirement. Because—although we want you to live like a 25-year old—we don’t want you to invest like one.</p> <p> </p> <p>Want to perform a risk analysis? Contact Seniormark at 937-492-8800 to set up a free consultation.</p> <p> </p> </section>  <footer class="article-footer"> <p class="tags"></p> </footer>  </article>   <article id="post-155304" class="post-155304 post type-post status-publish format-standard has-post-thumbnail hentry category-401k-planning category-financial-planning category-retirement-planning-2" role="article"> <header class="article-header"> <h2><a href="https://seniormark.com/will-you-outlive-your-nest-egg-in-retirement/" rel="bookmark" title="Will You Outlive Your Nest Egg in Retirement?">Will You Outlive Your Nest Egg in Retirement?</a></h2> <p class="byline"> Posted on July 11, 2019 by <a href="https://seniormark.com/author/danhoelscher/" title="Posts by Dan Hoelscher" rel="author">Dan Hoelscher</a> - <a href="https://seniormark.com/category/financial-planning/401k-planning/" rel="category tag">401(k) planning</a>, <a href="https://seniormark.com/category/financial-planning/" rel="category tag">Financial Planning</a>, <a href="https://seniormark.com/category/retirement-planning-2/" rel="category tag">Retirement Planning</a></p> </header>  <section class="entry-content" itemprop="articleBody"> <a href="https://seniormark.com/will-you-outlive-your-nest-egg-in-retirement/"><img width="940" height="788" src="https://seniormark.com/wp-content/uploads/2019/07/Will-You-Outlive-Your-Nest-Egg-in-Retirement_-1.png" class="attachment-full size-full wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://seniormark.com/wp-content/uploads/2019/07/Will-You-Outlive-Your-Nest-Egg-in-Retirement_-1.png 940w, https://seniormark.com/wp-content/uploads/2019/07/Will-You-Outlive-Your-Nest-Egg-in-Retirement_-1-300x251.png 300w, https://seniormark.com/wp-content/uploads/2019/07/Will-You-Outlive-Your-Nest-Egg-in-Retirement_-1-768x644.png 768w" sizes="(max-width: 940px) 100vw, 940px" /></a> <div class="addtoany_share_save_container addtoany_content addtoany_content_top"><div class="a2a_kit a2a_kit_size_16 addtoany_list" data-a2a-url="https://seniormark.com/will-you-outlive-your-nest-egg-in-retirement/" data-a2a-title="Will You Outlive Your Nest Egg in Retirement?"><a class="a2a_button_facebook_like addtoany_special_service" data-layout="button" data-href="https://seniormark.com/will-you-outlive-your-nest-egg-in-retirement/"></a><a class="a2a_button_twitter_tweet addtoany_special_service" data-url="https://seniormark.com/will-you-outlive-your-nest-egg-in-retirement/" data-text="Will You Outlive Your Nest Egg in Retirement?"></a><a class="a2a_button_pinterest_pin addtoany_special_service" data-pin-config="none" data-url="https://seniormark.com/will-you-outlive-your-nest-egg-in-retirement/"></a><a class="a2a_button_email" href="https://www.addtoany.com/add_to/email?linkurl=https%3A%2F%2Fseniormark.com%2Fwill-you-outlive-your-nest-egg-in-retirement%2F&linkname=Will%20You%20Outlive%20Your%20Nest%20Egg%20in%20Retirement%3F" title="Email" rel="nofollow noopener" target="_blank"></a><a class="a2a_button_print" href="https://www.addtoany.com/add_to/print?linkurl=https%3A%2F%2Fseniormark.com%2Fwill-you-outlive-your-nest-egg-in-retirement%2F&linkname=Will%20You%20Outlive%20Your%20Nest%20Egg%20in%20Retirement%3F" title="Print" rel="nofollow noopener" target="_blank"></a></div></div><h1>Will You Outlive Your Nest Egg in Retirement?</h1> <p>If this question is on the forefront of your mind as you approach retirement, you are not alone. According to recent studies, this is the primary concern of soon-to-be retirees just like you:</p> <ul> <li>43% of workers fifty or older say that outliving their money is their most significant retirement-related fear.</li> <li>57% of financial planners state that running out of money is their clients’ most pressing retirement concern.</li> <li>60% of older Americans fear outliving their savings more than death itself.</li> </ul> <p> </p> <p>Truly, these figures speak to sleepless nights and anxiety of many older Americans, especially considering that many are less afraid of the grim reaper than an empty pocketbook.</p> <p> </p> <p>But before you jump on the bandwagon of restless worry, I think it is important to step back and consider whether your fears are founded at all. Although there is definitely reason to believe that many Americans are financially unprepared for retirement, this doesn’t mean that you are. In fact, most of the clients I work with at my offices in Sidney and Troy have saved enough for a modest or beyond modest standard of living in retirement.</p> <p> </p> <p>So, how do you find out? I have two words for you: income planning. In order to help ensure that you have enough money to last your entire life expectancy, you must analyze your situation and put an adaptable plan in place.</p> <p> </p> <p>Although income planning is often a confusing and overwhelming process in all of the details, at its core, it is really only a few simple steps. Here is a rough sketch of what the income planning process looks like to get you thinking in the right direction:</p> <p> </p> <ol> <li><strong> Check Your Income Sources</strong></li> </ol> <p>Almost everyone has steady sources of income that form the foundation of any good income plan. Start by figuring your Social Security benefit, and then add in your pension or income from rental properties (if you are lucky enough to have either of these). The key here is to add up any and all sources of reliable cash flow, perhaps even cash flow from part-time work in retirement (yes, I realize that seems crazy, but <a href="https://www.gobankingrates.com/retirement/working-part-time-not-just-money/">many retirees are choosing to work</a>).</p> <p> </p> <ol start="2"> <li><strong> Analyze Your Other Savings and Retirement Accounts</strong></li> </ol> <p>This includes investments and savings accounts as well as any qualified retirement account such as an IRA or 401(k). The idea is to calculate any lump sum amounts you will draw from to supplement your income sources. Once you’ve completed this step, you are ready to move on to the next (less enjoyable) step.</p> <p><strong> </strong></p> <ol start="3"> <li><strong> Calculate Your Expenses</strong></li> </ol> <p>What I am talking about here is your basic expenses. This doesn’t include travel or big-ticket purchases such as boats or snowbird homes. This is about monthly necessities like food, water, shelter, car payments, mortgage payments, and the like. Start with what your bills are now, and then compare that to retirement. Will you have a car payment well into your retirement, or will you pay that off soon? What about your mortgage? How will your healthcare expenses change? For almost all retiring 65 and over, this means considering how much Medicare will cost them <a href="https://seniormark.com/affordmedicare/"><span style="color: #ff0000;">(read this blog to see)</span></a> as opposed to their private insurance or employer plan.</p> <p> </p> <ol start="4"> <li><strong> Run The Calculation</strong></li> </ol> <p>This step involves plugging all of those numbers into a system, either a homemade excel spreadsheet or an online program. This will help you figure out the chances of you making it your entire life expectancy without running out of money. With our clients, we use <a href="https://cdn.moneyguidepro.com/Pdf/ClientTools/default/MGP_Consumer_Brochure.pdf">Money Guide Pro</a>. This system runs a thousand different scenarios, calculating probabilities on various unknowns. It enables us to consider a wide variety of factors such as inflation, taxes, or potential dips or spikes in your investment portfolio that are difficult to calculate by hand.</p> <p> </p> <ol start="5"> <li><strong> Add in Fun Extras</strong></li> </ol> <p>This is where it can get fun. If your chances of success are very high, you can add other “extra” expenses into your plan. Perhaps you want to go on a $5,000 trip every year to an exotic location. Perhaps you want to give back to your community so much every month. Whatever your dreams and goals are, you can add these in and rerun the calculation. You can continue to do this as long as your chances of success remain in a comfortable range!</p> <p> </p> <p><strong>Want Someone to Crunch The Numbers for You?</strong></p> <p>At Seniormark, we realize that income planning is easier said than done. But however difficult it may be, it simply must be done in order to answer the question weighing on so many minds: Will I outlive my nest egg in retirement?</p> <p> </p> <p>Give Seniormark a Call for a free consultation at 937-492-8800 and put your fears to rest!</p> <p> </p> </section>  <footer class="article-footer"> <p class="tags"></p> </footer>  </article>   <article id="post-155278" class="post-155278 post type-post status-publish format-standard has-post-thumbnail hentry category-financial-planning category-retirement-planning-2 category-social-security" role="article"> <header class="article-header"> <h2><a href="https://seniormark.com/to-delay-or-not-to-delay-the-social-security-break-even-point-explained/" rel="bookmark" title="To Delay or Not to Delay? The Social Security Break-Even Point Explained">To Delay or Not to Delay? The Social Security Break-Even Point Explained</a></h2> <p class="byline"> Posted on June 13, 2019 by <a href="https://seniormark.com/author/danhoelscher/" title="Posts by Dan Hoelscher" rel="author">Dan Hoelscher</a> - <a href="https://seniormark.com/category/financial-planning/" rel="category tag">Financial Planning</a>, <a href="https://seniormark.com/category/retirement-planning-2/" rel="category tag">Retirement Planning</a>, <a href="https://seniormark.com/category/social-security/" rel="category tag">Social Security</a></p> </header>  <section class="entry-content" itemprop="articleBody"> <a href="https://seniormark.com/to-delay-or-not-to-delay-the-social-security-break-even-point-explained/"><img width="940" height="788" src="https://seniormark.com/wp-content/uploads/2019/06/Best-foot-forward.png" class="attachment-full size-full wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://seniormark.com/wp-content/uploads/2019/06/Best-foot-forward.png 940w, https://seniormark.com/wp-content/uploads/2019/06/Best-foot-forward-300x251.png 300w, https://seniormark.com/wp-content/uploads/2019/06/Best-foot-forward-768x644.png 768w" sizes="(max-width: 940px) 100vw, 940px" /></a> <div class="addtoany_share_save_container addtoany_content addtoany_content_top"><div class="a2a_kit a2a_kit_size_16 addtoany_list" data-a2a-url="https://seniormark.com/to-delay-or-not-to-delay-the-social-security-break-even-point-explained/" data-a2a-title="To Delay or Not to Delay? The Social Security Break-Even Point Explained"><a class="a2a_button_facebook_like addtoany_special_service" data-layout="button" data-href="https://seniormark.com/to-delay-or-not-to-delay-the-social-security-break-even-point-explained/"></a><a class="a2a_button_twitter_tweet addtoany_special_service" data-url="https://seniormark.com/to-delay-or-not-to-delay-the-social-security-break-even-point-explained/" data-text="To Delay or Not to Delay? The Social Security Break-Even Point Explained"></a><a class="a2a_button_pinterest_pin addtoany_special_service" data-pin-config="none" data-url="https://seniormark.com/to-delay-or-not-to-delay-the-social-security-break-even-point-explained/"></a><a class="a2a_button_email" href="https://www.addtoany.com/add_to/email?linkurl=https%3A%2F%2Fseniormark.com%2Fto-delay-or-not-to-delay-the-social-security-break-even-point-explained%2F&linkname=To%20Delay%20or%20Not%20to%20Delay%3F%20The%20Social%20Security%20Break-Even%20Point%20Explained" title="Email" rel="nofollow noopener" target="_blank"></a><a class="a2a_button_print" href="https://www.addtoany.com/add_to/print?linkurl=https%3A%2F%2Fseniormark.com%2Fto-delay-or-not-to-delay-the-social-security-break-even-point-explained%2F&linkname=To%20Delay%20or%20Not%20to%20Delay%3F%20The%20Social%20Security%20Break-Even%20Point%20Explained" title="Print" rel="nofollow noopener" target="_blank"></a></div></div><h1>To Delay or Not to Delay? The Social Security Break-Even Point Explained</h1> <p>The question of when to take Social Security has been called <a href="http://money.usnews.com/money/blogs/the-best-life/2013/02/13/whats-your-social-security-break-even-age">“the single most important retirement money decision of your life.”</a> So it makes sense that it would be weighing on the minds of many soon-to-be retirees. Should I take it early at 62? How about my full retirement age of 66? Or maybe 70, when my benefits are maxed out?</p> <p> </p> <p>And when that question is brought to the table, what inevitably follows is a discussion of the “break-even” point, a mystical age out there in the unknown future. The problem is, sometimes the explanation is just as elusive as the number itself.</p> <p> </p> <p>Most people don’t even know what the break-even point is, let alone how it affects when they should start receiving benefits! This is why I am here to clarify.</p> <p> </p> <p><strong>The Big Trade-Off</strong></p> <p>But before I go into my explanation, you need to know that the decision of when to take Social Security is always a trade-off. This is probably why it’s so hard to make! For example, if you claim at 66 (rather than 70), you receive checks for those four extra years, but your benefit is smaller. If you delay claiming benefits to 70, you forfeit those 4 years of benefits, but your monthly Social Security Check is much larger.</p> <p> </p> <p>So what’s the break-even point? In short, it is the age (month and year) when delaying benefits starts to pay off. It is the point in your life when the larger checks begin to catch up (in dollar amount) with the head start you would’ve gotten had you begun at age 66.</p> <p> </p> <p>But that’s a little too abstract. Let’s get concrete.</p> <p> </p> <p><strong>A Running Analogy</strong></p> <p>Imagine two track runners, all decked out in the short shorts and sports watches, hanging out at the starting line. Let’s call them Jack and Will.</p> <p> </p> <p>Now Jack, he’s a really on-top-of-it type of guy, eager and prepared. He is poised at the start line, ready to go. When the gun goes off, he takes off, determined and well paced.</p> <p> </p> <p>Will, on the other hand, is a little bit lazier. When the gun goes off, he waits. He takes time to stretch, yawn, maybe take a few more sips of his Gatorade. And after Jack completes 4 laps, he takes off. He’s way behind, but he’s going 32% faster than Jack. Did I mention that Will is a world-class athlete?</p> <p> </p> <p>At first, it looks like Jack is going to win hands down. But after each lap, Will gains on him. Lap 5 and 6? Will’s chances still look bleak. 6 and 8? Still no chance. But by the time Will completes his 11<sup>th</sup> and 12<sup>th</sup> lap, victory is within his grasp. Will grits his teeth. <em>Closer. Closer.</em> <em>He’s breathing down his neck!</em></p> <p> </p> <p>And then, with a burst of adrenaline and determination, Will finally surpasses Jack in lap 13.</p> <p> </p> <p>The break-even point. The brief moment Jack and Will were side by side is the break-even point.</p> <p><strong> </strong></p> <p><strong>Now let’s bring it back to Social Security.</strong></p> <p><strong> </strong></p> <p>Claiming earlier (let’s say at 66) is being like Jack. When the gun of full retirement age sounds, you take off. But your check is smaller. You’re making money at a slower pace.</p> <p> </p> <p>Now claiming later, that is just like Will. You take off 4 laps too late, but your check is larger. You’re making money 32% faster (8% for every year past full retirement age).</p> <p> </p> <p>Eventually the monetary benefits of claiming late <em>will</em> surpass the benefits of claiming early.</p> <p> </p> <p><strong>But that doesn’t mean that claiming later is always the better bet.</strong></p> <p> </p> <p>For instance, what if you pass away before you reach your break-even point? Or, keeping with the running metaphor, what if Jack and Will’s race was only 9-laps? In that case, Will wouldn’t have had enough time to catch up.</p> <p> </p> <p>This is why Social Security advisors consider your life expectancy. If your life expectancy is beyond your break-even point, it may be a good idea to delay. But if not, it may not be.</p> <p> </p> <p>However, the biggest point about the break-even point is this: It is not the sole determinant in the “to delay or not delay” question. Marital status, availability of resources and many other considerations greatly affect the decision. The truth is that a lot of factors come into play when running the race of Social Security planning. What you really need is a trusted advisor who can coach you through “the single most important retirement money decision of your life”.</p> <p> </p> <p>Need a Certified Financial Planner to help you make the right decisions about Social Security? <strong>Call Seniormark at 937-492-8800 for a free consultation.</strong></p> <p> </p> </section>  <footer class="article-footer"> <p class="tags"></p> </footer>  </article>  <nav class="page-navigation"><ul class="pagination"><li></li><li class="current"> 1 </li><li><a href="https://seniormark.com/category/financial-planning/page/2/">2</a></li><li><a href="https://seniormark.com/category/financial-planning/page/3/">3</a></li><li><a href="https://seniormark.com/category/financial-planning/page/2/" >Next</a></li></ul></nav> </div> </main>  <div id="sidebar1" class="sidebar large-4 medium-4 columns medium-offset-1" role="complementary"> <div id="gform_widget-2" class="widget gform_widget"><h4 class="widgettitle">Subscribe to Our Blog Feed</h4><link rel='stylesheet' id='gforms_reset_css-css' href='https://seniormark.com/wp-content/plugins/gravityforms/legacy/css/formreset.min.css?ver=2.5.10' type='text/css' media='all' /> <link rel='stylesheet' id='gforms_formsmain_css-css' href='https://seniormark.com/wp-content/plugins/gravityforms/legacy/css/formsmain.min.css?ver=2.5.10' type='text/css' media='all' /> <link rel='stylesheet' id='gforms_ready_class_css-css' href='https://seniormark.com/wp-content/plugins/gravityforms/legacy/css/readyclass.min.css?ver=2.5.10' type='text/css' media='all' /> <link rel='stylesheet' id='gforms_browsers_css-css' href='https://seniormark.com/wp-content/plugins/gravityforms/legacy/css/browsers.min.css?ver=2.5.10' type='text/css' media='all' /> <script type="text/javascript" src="https://seniormark.com/wp-includes/js/dist/vendor/wp-polyfill-inert.min.js?ver=3.1.2" id="wp-polyfill-inert-js"></script> <script type="text/javascript" src="https://seniormark.com/wp-includes/js/dist/vendor/regenerator-runtime.min.js?ver=0.14.0" id="regenerator-runtime-js"></script> <script type="text/javascript" src="https://seniormark.com/wp-includes/js/dist/vendor/wp-polyfill.min.js?ver=3.15.0" id="wp-polyfill-js"></script> <script type="text/javascript" src="https://seniormark.com/wp-includes/js/dist/dom-ready.min.js?ver=f77871ff7694fffea381" id="wp-dom-ready-js"></script> <script type="text/javascript" src="https://seniormark.com/wp-includes/js/dist/hooks.min.js?ver=2810c76e705dd1a53b18" id="wp-hooks-js"></script> <script type="text/javascript" src="https://seniormark.com/wp-includes/js/dist/i18n.min.js?ver=5e580eb46a90c2b997e6" id="wp-i18n-js"></script> <script type="text/javascript" id="wp-i18n-js-after"> /* <![CDATA[ */ wp.i18n.setLocaleData( { 'text direction\u0004ltr': [ 'ltr' ] } ); /* ]]> */ </script> <script type="text/javascript" src="https://seniormark.com/wp-includes/js/dist/a11y.min.js?ver=d90eebea464f6c09bfd5" id="wp-a11y-js"></script> <script type="text/javascript" defer='defer' src="https://seniormark.com/wp-content/plugins/gravityforms/js/jquery.json.min.js?ver=2.5.10" id="gform_json-js"></script> <script type="text/javascript" id="gform_gravityforms-js-extra"> /* <![CDATA[ */ var gform_i18n = {"datepicker":{"days":{"monday":"Mon","tuesday":"Tue","wednesday":"Wed","thursday":"Thu","friday":"Fri","saturday":"Sat","sunday":"Sun"},"months":{"january":"January","february":"February","march":"March","april":"April","may":"May","june":"June","july":"July","august":"August","september":"September","october":"October","november":"November","december":"December"},"firstDay":1,"iconText":"Select date"}}; var gf_global = {"gf_currency_config":{"name":"U.S. Dollar","symbol_left":"$","symbol_right":"","symbol_padding":"","thousand_separator":",","decimal_separator":".","decimals":2},"base_url":"https:\/\/seniormark.com\/wp-content\/plugins\/gravityforms","number_formats":[],"spinnerUrl":"https:\/\/seniormark.com\/wp-content\/plugins\/gravityforms\/images\/spinner.svg","strings":{"newRowAdded":"New row added.","rowRemoved":"Row removed","formSaved":"The form has been saved. 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