Term insurance (temporary insurance) has the lowest initial premium but the highest long-term cost because premiums increase over time and your beneficiaries are highly unlikely to ever collect any payout from it. Premium payment terms are very inflexible and you...
As you embark on the journey to make your retirement dreams a reality, keep in mind that retirement income can come from many different sources, including the following: Part-time Work – Many people chose to work at least part-time in retirement to bring in extra...
Whether you plan on working for the rest of your life or not, saving for retirement is very important because it will help you get to the point where you’re working for the joy of it, not just out of necessity. Then you will be free to choose the type of work you...
At the time of this writing, our country is going through a major health care crisis. For many years it has been common for employers to provide medical insurance to their employees at no cost or very little cost. However, since medical insurance premiums have...
What’s your picture of the ideal retirement: lying on the beach every day, traveling the world, non-stop shopping, or golfing 6 days a week? Studies show that many people who pursue nothing but constant leisure and entertainment during their golden years eventually...
Traditional IRAs IRA stands for “Individual Retirement Arrangement,” also known as “Traditional IRA.” In 2015 and 2016, the most you can contribute per person is $5,500 ($6,500 if you’re age 50 or older). If you also have a retirement plan at work, the amount you can...
Be sure your home is insured for full replacement cost, but no more. You should periodically ask your agent to complete an updated replacement cost estimate to determine whether your coverage needs to be adjusted. Keep in mind that your home may need to be insured for...
Defined Benefit Plans are typically the most complex and expensive plans to administer out of all the types we have discussed in this section. They are designed to provide a certain predetermined benefit to employees when they retire, like a pension plan. Annual...
When it comes to auto insurance, liability limits are the biggest priority. I normally recommend the highest available liability limits, which are typically $250,000/500,000/100,000, and the highest available deductible, which is usually $1,000. If your liability...
An annuity is a unique type of retirement account provided by an insurance company which gives certain guarantees and tax benefits. You can deposit money into an annuity over time or as a lump sum, and the insurance company agrees to make guaranteed periodic payments...