Personal Solutions

Life Insurance

Term insurance provides economic protection for a specified period (or “term”) at a specified rate. It is ‘‘no frills” coverage that is very inexpensive at younger ages and becomes increasingly more expensive as you get older. Its “premium” (what you’re required to pay to keep the policy in force) increases each term (since you also can buy this kind of insurance for periods of one to twenty years).  It can also be converted to permanent insurance in the future.

Permanent insurance, on the other hand, provides permanent protection, coverage for your whole life. “Whole life” insurance offers a level or fixed premium that is guaranteed never to go up, because it averages insurance costs over your lifetime. In the early years, therefore, premiums are higher than the amount required for only pure death benefit protection. If that were all there was to it, the choice between term and permanent insurance would be straightforward: Whatever your age, buy the cheaper product. However, the premium you pay in the early years of a whole life policy helps to build a guaranteed tax- deferred “cash value,” which is available during your lifetime, in the form of policy loans that can be used to meet emergencies, fund education expenses, or provide income for retirement. Moreover, whole life policies from mutual insurance companies are generally “participating,” which means they earn dividends*.

* Dividends are not Guaranteed.

Disability and Extended Care Needs

Asset and income protection are a must in order to execute a sound retirement strategy.

Products may be available through one or more carriers not affiliated with New York Life Insurance Company, dependent on carrier authorization and availability in your stat or locality.

 

 

 

 

 

401(k) and IRA Rollovers

While leaving your money in your former employer’s plan may be an option, one way to gain more control of your assets is to consolidate your retirement funds into a single individual retirement account (IRA). By rolling over your assets and consolidating them into an IRA you can:

  • Develop a simplified strategy for your retirement assets, and ultimately a retirement income strategy, that includes all your savings.
  • More easily track your investment performance.
  • Potentially reduce the cost of working with multiple companies.
  • More easily calculate your required distributions when you retire.
  • Simplify your tax reporting.

Of course, in some cases consolidating your retirement assets may not be appropriate. To help you understand your options, I can review your individual situation and help determine what may be best given your unique circumstances.

Before rolling over the proceeds of your retirement plan to an Individual Retirement Account (IRA) or annuity, consider whether you would benefit from other possible options such as leaving the funds in your current plan or transferring them into a new employer’s plan.  Consult with each employer’s Human Resources Department to learn about important plan features and rules.  Be sure to compare the fees and expenses of each plan and investment option to those of any other investments that you are considering.  Review plan documents and the IRA agreement, as well as the prospectuses for plan investment options and any other investments that you are considering.  Your registered representative can help explain any new product being offered.  Neither New York Life nor its representatives or affiliates provide tax or legal advice.   Consult with a tax or legal advisor to discuss any questions or concerns that you have, such as the tax consequences of withdrawing funds or removing shares of an employer’s stock from a retirement plan and whether money invested in a retirement plan receives greater protection from creditors and legal judgments in your state than money invested in an IRA or annuity.  Also consider that you may be able to take taxable, but penalty-free withdrawals from an employer-sponsored retirement plan between the ages of 55 and 59.5 that you would not be able to take if you invest in an IRA or annuity.  Additionally, if you plan to work after you reach age 70.5, you may not be required to take minimum distributions from your current employer’s retirement plan but would be required to do so for funds invested in an IRA or annuity.

Educational Funding

As college costs continue to rise, you may be concerned about funding your children’s or grandchildren’s undergraduate and/or graduate education. Tax-efficient strategies exist that can be utilized to systematically save and distribute assets specifically for educational purposes. From simple 529 College Savings Plans to more complex solutions, we can assist you in ensuring that your loved ones can afford to attend the school of their dreams.

Estate Planning

Regardless of your level of wealth, the failure to establish an estate plan can be detrimental to your family. A properly structured estate plan helps ensure that your family and financial goals are addressed during your life, if incapacitated, and after your death. 

Newsletters

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    Small-business owners will want to take full advantage of every legal tax break available, such as deductions for a home office and automobile expenses.

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July 19, 2019 @ 03:15 PM

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