Safety First Retirement Tips

Previous Posts

Get a Head Start

I know Usain Bolt holds the record in the 100 meter dash, but I can beat him to the finish line, IF I get a 5 second head start.  Would you like to get a head start on retirement?  We can do it with an In Service Rollover.  Since 2008, an increasing number companies have…
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Does Practice Make Perfect?

What I’m about to tell you will make you question my sanity.  I have been trying to get better at a hobby for over 40 years with no results.  I have taken lessons and I do practice.  I’ve bought new and improved equipment, but still the results are the same.  You know the saying, “Doing…
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Trust but Verify

Do you remember who first said the words, “Trust, but verify?”  It was Ronald Reagan in 1986 when he was negotiating with the Soviet leader Mikhail Gorbachev. (Actually he said it to him many times)  We naturally want to believe that people are honest and trustworthy.  In my many years of estate planning I have…
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The Long Haul Myth

Since the day you started saving for retirement you have been told, “You’re in it for the long haul.”  That’s a great strategy when you’re in your 20s, 30s, and even 40s because you don’t need to start withdrawing your retirement funds for many years.  You are accumulating assets for retirement and need to add,…
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If I Could Just Lose 10 lbs.

An important lesson that I learned in my triathlon days was that weight mattered.  Training is important, but when you want to get your bike up a long hill faster, you need to drop your weight.  Lugging an extra 10 pounds up a mile long hill makes a big difference.  Debt in retirement is that…
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The Most Important Number – TME

TME – Total Monthly Expenses. I have clients that will live very comfortably on $4,000 every month in retirement.  How can they do that?  The first, an most important step, is to determine what it’s going to cost for the basics every month in your retirement budget. This is a critical step that many advisors…
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Who Gets My Stuff?

Just between you and I, are you a hoarder?  I have that gene and I have to fight it all the time. “Yea, that will come in handy someday,” and then I stick it in a box not to see daylight for a decade. You have stuff and lots of it.  In this group of…
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July 30,1965

On that date President Lyndon B Johnson signed the bill that created the Medicare program.  (No real memories of the day other than I was 4 years old.)  The plan was designed to help seniors cover the cost of their medical needs as they entered retirement.  From the beginning, Medicare was designed to cover 80%…
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Bank’s Have a Secret

Is it a conspiracy?  The banks are working with the government to benefit lawyers and cost your family hundreds if not thousands of dollars.  Or, more likely, the banking industry does not consider estate issues in their business development with new customers.  Bank’s in Pennsylvania are required to freeze an account once the owner has…
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Call the Doctor

But, first make sure you have Medicare Part B.  Remember from the previous post (A, B, C, D) that Part A is going to cover your hospital stay.  Hospital visits are not regular occurrences and generally happen with emergencies or surgical procedures.  Doctor visits are a more common need and part of your regular healthcare…
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What Do You Want, When Do You Want It?

Getting ready for retirement is a question of tradeoffs.  Do you want the $40k Beemer now or would you rather retire a year earlier than your goal?  No matter what your current age is today, you need to mentally walk through your retirement vision, It’s time to decide: What do you really need right now…
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I Like Guarantees – Part I

Don’t believe the media hype.  Social Security will be a source of guaranteed income for the rest of your life. But when do you start taking it?  Everyone has a different need and different timing.  It looks like the longer you wait the higher the monthly income and that is true.  For their part, Social…
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I Like Guarantees – Part II

I can not watch scary movies.  They just haunt me for days after, so I am done watching them.  There is a scary real life movie unfolding today, but we can’t turn the channel on this one.  The title – “Pension Armageddon.” At least once a month I read an article on the state of…
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Is It Time?

“Anticipation anticipation Is makin’ me late It’s keeping me waitin'” (Yes that’s Carly Simon and I hope the song is stuck in your head now.)  Retirement is getting closer, but when do you finally put the date on the calendar?  Go to my post on TME (Total Monthly Expenses) and complete the homework assignment.  We…
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Do I Feel Lucky?

If you like to golf then you Do Not want to play with my 2 sons and I.  We are going to bet that you can not make that 10 foot putt. In fact we will give you 5 to 1 odds.  I like to gamble with my boys, but not with my clients.  In…
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Buried in Paper

I walked into a client’s home and on his table was a foot high stack of reports.  I asked him, “What are you studying?” He said, “It’s all of the companies that want to me to buy Medicare supplements.”  Get ready, because the closer you get to age 65 the more you will be bombarded…
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A, B, C, D

Medicare has parts. Each part has a piece of your overall retirement health insurance plan.  It’s amazing to think that Medicare has been around for over 50 years. You might be surprise by how much coverage and features you will have with Medicare.  In the next few post let’s understand what each part does in…
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Coffee or Tea?

It was simple growing up.  Coffee was coffee and tea was tea. Now, you get dozens of choices in either beverage. In the annuity world there are primarily two genres, Fixed and Variable.  Like beverages, there are dozens of choices in the two categories, so we need to understand their basic differences.  Always remember the…
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I Like It Spicy

I remember the first time my server gave me wasabi for my egg roll.  That green paste looked so mild until it hit my palate. Ouchy Momma! (Actual words have been modified)  It was the hottest spice I had ever tried at the time.  But I like spicy. Maybe you do, maybe you don’t but…
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Page 8, Paragraph 2b sub IV

Annuities are too complicated!  Hey life is complicated.  Did you ever sit at a car dealership and look at the paperwork and say to yourself, “I don’t want a car the paperwork is too complicated!”  You prefer driving and not walking so you signed all of the documents and away you go.  An annuity is…
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How About Some Love?

Have you seen the guy on TV that starts with “I Hate Annuities!” (The same guy who wants at least $500,000 of your money with a 1.25% fee win or loss every year) What’s to hate about annuities?  In this group of post I will take you into great detail about annuities.  You’re going to…
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