Category Archives: Finances

Kent County residents can receive FEMA disaster assistance for damage incurred during Aug 2023 storms

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August tornados and storms caused property damage in several counties – apply for FEMA assistance today (Courtesy, pxhere.com)


By WKTV Staff

deborah@wktv.org


(Courtesy, pxhere.com)

Michigan residents in Eaton, Ingham, Ionia, Kent, Livingston, Macomb, Monroe, Oakland and Wayne counties with property damage from the Aug. 24-26, 2023 tornadoes, severe storms and flooding may now call or go online to apply for disaster assistance from FEMA.

To start the application process, contact FEMA by going online to disasterassistance.gov, downloading the FEMA app or calling the FEMA Helpline at 800-621-3362.

If you use video relay service, captioned telephone service or others, give FEMA your number for that service. When calling the FEMA Helpline, multilingual operators are available (press 2 for Spanish and 3 for other languages).

Federal assistance may include temporary lodging, basic home repairs and other disaster-related expenses.

Have the following information ready when you apply with FEMA:

  • A current phone number where you can be contacted.
  • Your address at the time of the disaster and the address where you are now staying.
  • Your social security number (or the social security number of a minor child in your household, if you’re applying on their behalf).
  • A general list of damage and losses.
  • Banking information if you choose direct deposit.
  • If insured, the policy number or the agent and/or the company name.

Those who already made repairs or started their recovery should still apply.

FEMA inspectors are trained to recognize damage caused by a disaster even after recovery has started, and they will discuss that damage with you when they come to your home. Be prepared to show repair receipts, photos and any other disaster-related documentation as well.


FEMA offers tips on how to be prepared for the assistance process (Courtesy, pxhere.com)


Important reminders after applying:

Keep important steps in mind when navigating your FEMA assistance process after the August severe storms, tornadoes and flooding.

  • Next, comes a call. Typically, after you apply, you will be contacted by a FEMA inspector to schedule an appointment. Be sure to answer the phone. The inspector’s phone number may be from out of state or show up on caller ID as “unavailable.”
     
  • Then, inspection day. The inspection includes looking at disaster-damaged areas of your home and reviewing your records. FEMA inspectors will carry an official photo ID and will never ask for bank information. They will also never ask for money and never require payment in any form.

    The inspector will ask to verify the applicant’s name, address, contact information, occupancy, ownership status, household occupants and insurance coverage. Reasonable accommodations, including translation and ASL interpreters, are available to ensure effective communication with survivors. 
     
  • Don’t forget to fill out and submit your U.S. Small Business Administration (SBA) loan application. After applying for disaster assistance, applicants may be referred to the SBA. There’s no obligation to accept a loan, but you may miss out on the largest source of federal disaster recovery funds if you don’t apply. If you don’t qualify for an SBA disaster loan, you may be referred back to FEMA for other types of grant assistance.
     
  • Finally, a decision will be sent to you. You will receive a letter explaining FEMA’s eligibility decision within 10 days after the inspector’s visit. Be sure to read it closely; it may explain additional steps needed to continue with the process. If you are eligible for assistance, you may receive a U.S. Treasury check or direct deposit based on what you selected during your application.

To learn more about the inspection process, visit our website at Home Inspections | FEMA.gov.

FEMA: additional information

Getting help to those who need it most is FEMA’s priority. Recovery teams will be out soon in the neighborhoods affected by the disaster to provide one-on-one support to individuals. Recovery centers will also be opening for individuals to get additional in-person help.

For even more information about the disaster recovery operation in Michigan, visit www.fema.gov/disaster/4757.

Debt Hangover: How to get your finances back on track and keep your 2024 financial resolutions

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95% of financial resolutions are not kept (Courtesy, pxhere.com)


By Deborah Reed

WKTV Managing Editor

deborah@wktv.org


Dinorah Caro Livingston (Courtesy, Deborah Reed)

Financial resolutions are one of the top two resolutions people make at the beginning of each year. Yet 95% of financial resolutions are not met.

Many families have acquired a “debt hangover” as they move out of the holiday season and into the new year. New financial resolutions are made to get their financial situations on track, but rarely met.

This often compounds the problem, adding even more debt.

Dinorah Livingston, Regional Vice President for Primerica Financial Services and Money Mindset Coach, says we need to identify how debt accumulated and then change our mindset to stay on track with financial resolutions.

Identification: Where did the money go?

“Our relationship with money affects how we treat money,” says Livingston.

Livingston went on to say that debt hangover is often created from not living within your means, but is compounded by not preparing properly.

“It’s people not checking and balancing, not planning right, being impulsive – there are just so many things,” says Livingston.

Make purchases within your means (Courtesy, pxhere.com)

When making purchases such as a home, many people buy with “stars in their eyes.”

“They want the pretty, shiny thing instead of the reality of where they’re at,” says Livingston. “That’s how people end up being house poor and living paycheck to paycheck.”

Those living paycheck to paycheck often have to finance special occasions – such as Christmas – on credit cards. This can take years to pay off.

Wages are also not keeping up with the cost of living.

The median (average) household price in Kent County and Ottawa County and the median household income are not equal.

“Debt hangover is not only an issue every holiday, but because people just don’t make enough money,” Livingston says.

Is there a solution?

Continual financial literacy and financial education are part of the solution.

Though there is a wealth of financial resources and knowledge available, financial education in school systems is lacking.

Financial problems will come – be sure you are ready (Courtesy, pxhere.com)

“Even with so many resources available to us, people have so many things they don’t understand when it comes to financial literacy,” says Livingston. “And because they don’t know, they make mistakes.”

Fixed debt vs. revolving debt, debt stacking and fixed interest rates are some options for paying off debt.

The first step, however, is to put a plan in place. That plan should include an emergency fund, a short-term needs fund and a long-term needs fund.

“Getting rid of the debt is important, but what’s also important is making sure that you’re consistently filling your emergency fund,” says Livingston. “It’s not a matter of if you’re going to have a financial issue, it’s a matter of when.”

At times, multiple sources of income – even for the short term – might be needed.

Patience will also be needed since results are not instant. Instead, those results build into a compound effect.

“Many people get so narrow-focused that the only thing they can focus on is debt,” says Livingston. “What you focus on grows.”

Budget = Freedom

Control your money, don’t let it control you (Courtesy, pxhere.com)

“Some people think budgets put handcuffs on them,” says Livingston. “It doesn’t put handcuffs on you, it helps you understand where the money is coming from and where the money is going.”

For 19 years, Livingston lived paycheck to paycheck. She finally decided to track her spending to understand where the money was going.

“Once I understood the pattern of how spending was happening in my household, I realized I was the problem,” said Livingston. “And I was the solution.

“In nine months, I had shifted my spending and it allowed me to buy brand-new furniture for cash. I now controlled my money instead of my money controlling me, and it gave me freedom.”

Don’t give up…break it down

“Sometimes you might feel like you want to just give up,” says Livingston. “But you can make it happen.”

Livingston admits that changing mindsets may be hard work, but taking big dreams and breaking them down into smaller pieces can help.

“It’s not about perfection,” says Livingston. “All you need to do is focus on your progress; it’s really about progress.”


Seeing progress through tracking can help keep you motivated (Courtesy, pxhere.com)

How do we focus on progress?

“You can’t change everything all at once, so pick a max of three things that you’re working on and track them,” says Livingston.

Why do we need to track progress?

“We need to track our progress because our mind plays tricks on us,” Livingston says. “Especially at the end of the day, we want to give up.”


Livingston suggests tracking those three things for 90 days, remembering that – if you fall off the wagon – it’s not about perfection, it’s about the progress that you are making toward your goals. Progress is found in each small step.


Gratitude is an important part of the financial process (Courtesy, pxhere.com)

Gratitude = Less Debt??

Tracking the things you are grateful for is also important.

“I have a journal that I write in. Every day I write three things that I’m grateful for,” says Livingston. “Sometimes they’re financially related, sometimes they’re not.

“But when you’re focused on what you are grateful for, believe it or not, you spend less money.”

An outside perspective

For those unsure of what to track or where to begin, partnering with a financial advisor can help.

“Sometimes it takes an outside eye to take a look at what you’re doing, and point out those things that you’re missing,” says Livingston. “When we’re so close to it, we can miss it.”


Living debt free is possible with a plan (Courtesy, pxhere.com)

Living debt free

“It doesn’t matter if people have $10,000 of credit card debt or $100,000, they can be debt free – if they don’t accumulate anymore debt – in less than four years,” says Livingston.

It starts with a budget, then an emergency fund, a plan and sticking to the plan.

Above all, Livingston says, remember: “You’re the boss of your money.”

For more information on Primerica’s financial services, click here.

New scholarship program through KDL aims to empower individuals working to achieve their dreams

3-bottom, Area Education, Citizen Journalism, Education, Finances, Going Local, Kent County, Non-Profits, Our Cities, West Michigan, , , , ,
KDL’s scholarship program will provide education and pave the way for a stronger community (Courtesy, KDL)



By WKTV Staff

deborah@wktv.org


Education transforms lives, and Kent District Library (KDL) has launched a new scholarship program to help local students obtain that education.

The scholarship program empowers individuals enrolling in college or vocational training programs. Your year-end contribution will help establish the fund and enable more individuals to achieve their dreams.


(Courtesy, pxhere.com)

Why should you donate?

Contributions to the scholarship fund, KDL says, are an investment into the education of future local leaders, innovators and contributors. This helps strengthen and build a stronger local community.

Financial constraints often hinder individuals as they pursue higher education. Donations break down those barriers and provide opportunities to those who need it.

“Education is the cornerstone of a thriving community,” KDL says in supplied material. “By supporting our scholarship program, you are helping to build a stronger, more educated community that benefits everyone.”

Contributions and spreading the word

KDL hopes to raise $200,000 or more by June 2024. All contributions, no matter the size, make a difference.

“Every dollar brings us one step closer to supporting another aspiring student,” says KDL (supplied).

Sharing KDL’s message with friends, family and networks has the potential to increase lives impacted with the scholarship program.


(Courtesy, pxhere.com)

Contact and donation information

Those with questions or requests for more information are urged to reach out to KDL at 616-784-2007 or contact@kdl.org.

KDL thanks the community for your generosity and commitment to the future of our community: “Together, we can make a difference in the lives of those who are eager to learn, grow and make a positive impact on the world.”

Donate now at kdl.org/donate.

Creative scams target holiday shoppers: What you need to know

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Even legitimate websites can be impersonated as part of a scammer’s scheme (Courtesy, U.S. Army)


By Deborah Reed

WKTV Managing Editor

deborah@wktv.org

The online culture has opened doors for scam artists (Courtesy, pxhere.com)

In a culture revolving around online and media consumption, local law enforcement and government agencies are working to educate consumers on current scams and how to protect themselves from becoming victims.

Katie Grevious, Better Business Bureau Communications Specialist, told WKTV that falling victim to a scam has become more difficult to avoid as “scammers are becoming more crafty and creative.”

Grevious said that scammers use fear and a sense of urgency to prompt consumers into following their directives: “It is an emotional situation. Something is wrong, something bad is going to happen — that’s what gets people.”

Due to the number of consumers who now shop online, there are ample opportunities for scam artists to create situations involving that emotional response of fear and urgency.

An online society

QR codes boomed in 2020 as consumers needed quick and easy ways to function without physical contact during the pandemic.

QR codes can be used in a multitude of ways (Courtesy, pxhere.com)

Now, in 2023, QR codes seem to be everywhere.

“About 94 million U.S. consumers will use smartphone or QR scanners this year,” said a projection by eMarketer. “That number will grow to 102.6 million by 2026.

A consumer alert posted by the Federal Trade Commission (FTC) on Dec. 6 warn consumers of this threat.

Access to menus at restaurants, payment for public parking, boarding a flight, or gaining access to a concert or sporting event are only a few ways QR codes are used. With countless other ways to use these codes, scammers have begun hiding harmful links within QR codes to steal personal information.

QR codes are convenient, but can be utilized by con artists (Courtesy, pxhere.com)

These scam links can take you to a site that looks real but is not, allowing scammers to steal information as you log in, or install malware that steals your information.

Covering up QR codes on parking meters with a custom made QR code is another way scammers con the average consumer.

Texting or emailing a QR code with a reason you should scan it is another. These texts and emails create the sense of urgency mentioned above as they:

  1. Say they could not deliver a package and need you to contact them to reschedule.
  2. Ask you to confirm personal information because there is a problem with your account.
  3. Say there is suspicious activity on your account and you need to change your password via the attached QR code.

What you can do

Inspect URLs before you open them. If it is one you think you recognize, double-check there are no misspellings or switched letters.

If you think the message is legitimate, use a phone number or website you know is sound to contact the company as opposed to using the QR code.

Update phone operating systems to protect against hackers, and use strong passwords and multi-factor authentication to protect online accounts.

Preying on gift card buyers

Look for signs of tampering before purchasing gift cards (Courtesy, pxhere.com)

Copying gift card numbers and their activation codes from where they are kept in stores is a common and simple method of thievery. Once that gift card is bought and activated by an unsuspecting consumer, the fraudster is able to use that card for purchases.

Purchasing gift cards that are kept near checkout lanes where they are more easily seen, and ensuring the cardboard surrounding the gift card has not been tampered with in any way, are ways to protect against this.

Gift cards are used by scammers in a number of other ways as well. Information regarding these scams can be found here.

Porch pirates, phishing, and more

“Phishing emails and phishing texts are still high on the radar,” Keith Morgan, President and CEO of Wyoming-Kentwood Chamber of Commerce, told WKTV.

Phishing, defined as the fraudulent practice of sending messages designed to trick individuals into revealing personal information, is one of the most common conduits for fraud.

Grevious urges consumers to avoid emails that tell you to re-log into another account you may have, and offer a link to do so. Social media site names are regularly utilized for this scam, and are often ploys that will reveal your password to the sender.

Gaining access to one account can possibly grant scammers access to more (Courtesy, pxhere.com)

“Your Facebook password may offer a clue on how to get into more important accounts — like bank accounts,” said Grevious.

“People have a lot of similar passwords because it’s too hard to remember 200 different passwords to everything.”

An online scam could also be as simple as clicking on a link to track an order. Scam artists often use the names of larger corporations to send emails offering a link to track an order the consumer may not remember placing.

Grevious urges consumers to hover their computer mouse over the link, which will reveal a bar that states where it will actually take you. Hovering over the sender’s name to see the email address associated with that email is also a good idea. If it is a jumble of letters and numbers, it is not legitimate.

Also look at the browser — if there is a lock symbol and “https” listed there, it means it is a secure and authentic site.

“It is really important that people are vigilant all the time,” said Grevious. “Look for simple grammar and spelling mistakes. Big companies make sure everything is spelled correctly.”

Fraud can be in many forms, online and off (Courtesy, pxhere.com)

Fake deliveries are another popular scam.

“If someone says they dropped something off, or was sent to the wrong place, and want to confirm that it was sent to the right place [is a red flag],” said Morgan, adding that they will then try to get you to enter personal information.

Porch pirate thefts are a non internet-based scam that involves stealing delivered packages off residential and business porches.

Cameras at the front of the house or business can protect against thefts. Another option is to have packages delivered to a safe and secure place as opposed to the porch.

“Sometimes homeowners will have packages delivered to the side of the house if they are not going to be there,” said Morgan. “Some organizations with delivery services will allow you to have it delivered while you are at home so you know it gets there.”

Eliminate hurry, double-check sources

(Courtesy, pxhere.com)

Slowing down is also key to ensuring consumers don’t miss something important.

“Think before you act,” Grevious said. “Our culture has a quick-go pace. We do a lot on our phones, so we don’t do that double-checking and hovering. “You are in control of your information and who you are talking to. Think before you act.”

Consumers are also urged to speak up if they become victims of a scam.

“The more people let us know what is happening, the more we can help,” said Grevious.

Resources and Fraud Report Links:

Better Business Bureau consumer resources, scam tracking, scam alert and how to spot a scam email.

Identity theft, contact the Federal Trade Commission: Identity Theft.

Phone scams: Report Fraud.

Tax scams or relating to the IRS: IRS.

$250,000 award money to support KDL expansion projects and scholarship fund

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KDL wins national award, plans to reinvest the prize money into the community (Courtesy Photo)


By WKTV Staff

deborah@wktv.org

The Jerry Kline Community Impact Award recognizes libraries as a vital community asset (Courtesy, KDL)

The Kent District Library Board of Trustees recently approved a plan to reinvest $250,000 in prize money into the community. The money will be used to support library expansion projects and to establish a scholarship fund.

As the recipient of the fifth annual Jerry Kline Community Impact Award, KDL receives the one-time prize as the 2023 winner of this national award.

Developed as a partnership between the Gerald M. Kline Family Foundation and Library Journal, this award recognizes the powerful synergy that results when a library works closely with both its local government and its community.

Funding Details

Four communities in the KDL service area currently have a library expansion project underway — the cities of Rockford and Walker and townships of Grattan and Tyrone. Thanks to this one-time prize for excellence, KDL is able to pledge $50,000 to support each of these projects.

KDL is also establishing a scholarship fund for KDL patrons who are a pursuing a college degree with plans to positively impact their community. The fund will be established with $50,000 from the Jerry Kline prize, interest earned from KDL’s Community Foundation Fund through the Grand Rapids Community Foundation, and private donations.

Scholarship applications will be announced and accepted late in 2024.

Community Impact

 “The whole focus of the Jerry Kline Award is community impact, so it only seems fitting we use these funds to have a positive effect on the communities that we serve and love,” KDL Executive Director Lance Werner said. “This is an exciting opportunity to live out our mission of furthering all people thanks to the financial prize that comes with this recognition.


“This gives us a unique opportunity to invest in the physical growth of branches in our community and in personal growth for exceptional patrons. We are so pleased to give back to Kent County, whose residents so thoughtfully support our operations.”

People who would like to donate to the building projects can do so by contacting the government offices for Grattan Township, city of Rockford, Tyrone Township or city of Walker. For those who would like to donate to the KDL Impact Scholarship fund, visit kdl.org/donate.

Impact Award Highlights

(Courtesy, KDL)

The Jerry Kline Community Impact Award was created in 2019 to distinguish the public library as a vital community asset.

KDL was recognized for building relationships with local officials based on a foundation of trust and credibility.

All U.S. public libraries were eligible to apply for the prize whether in a single building in a small town or a multi-branch system serving an entire region.

Nominations were evaluated based the library’s impact on the community in areas such as engagement, inclusion, leadership development, sustainable thinking and inventiveness.

Voters overwhelmingly approve KDL millage renewal

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(Courtesy, KDL)

By Kent District Library

deborah@wktv.org

Local communities showed overwhelming support for the new KDL millage (Supplied)

Voters in the Kent District Library service area overwhelmingly approved a 15-year millage renewal in yesterday’s election.

According to preliminary results, nearly 100,000 voters submitted ballots in the special election, supporting the ballot measure 77% to 23%. Voters approved the new, lower rate of 1.1 mills, which reflects a reduction of 10.9% off KDL’s current millage rate of 1.2355 mills.

“My team and I want to thank all those who came out to show their support for KDL,” said KDL Executive Director Lance Werner. “The community already shows how much it values the library every day, with record-setting attendance at programs and total circulation of materials. We’re thrilled to see validation of this in the approval by voters.

“This millage will simultaneously save taxpayers money while securing our future and allowing us to continue serving our wonderful community.”

How taxpayers will save

The KDL board approved Jan. 1, 2024 as the start date, even though the current millage is not set to expire until Dec. 31, 2024. This will provide taxpayers with immediate savings.

Taxpayers will see immediate savings (Courtesy, pxhere.com)

The millage will generate $26.6 million in its first year, covering the expense of physical and digital collections, employees, programs and events, tech tutoring and other library services, rent and other expenses.

With the new lower rate, taxpayers will save $3.1 million annually or $46.5 million over its life, with the average homeowner paying $145.75 annually for access to library services – or $2.80 per week.

About KDL services

The award-winning library system serves residents in 27 municipalities through 20 branches, an Express Library, a bookmobile, its main service center, 5,000-plus annual in-person programs and a host of patron-focused services.

KDL’s collection is extensive, with more than 700,000 physical items and 15.6 million digital items. Known for its family-friendly programs, KDL offers more than 5,600 programs and outreach events each year.

The new millage will expire Dec. 31, 2039.

Local businesses strive to walk alongside clients, educate community about how to achieve financial wellness

3-bottom, Citizen Journalism, Education, Finances, Going Local, How-To's, Kent County, Local Business, West Michigan, , , ,
Financial advisor and money mindset coach Dinorah Caro Livingston welcomes participants to a local financial wellness workshop (Courtesy, Deborah Reed WKTV)

By Deborah Reed

WKTV Managing Editor

deborah@wktv.org

Attorney Rose Coonen engages community members in coversation (Courtesy, Deborah Reed WKTV)

Wyoming-Kentwood Chamber of Commerce businesses have partnered to help local community members navigate individual and family financial needs.

Dinorah Caro Livingston, Regional Vice-President of Primerica Advisors, recently hosted a financial wellness education workshop to help unravel the mystery surrounding financial wellness.

“It’s about providing education,” Livingston said. “The more that people know, the better they can make informed decisions for what they need.”

Education you won’t get in schools

With 20 years operating in the financial arena, Livingston is dedicated to helping people take control of their finances and their future.

“If you want something different in the future, you have to do something different today,” said Livingston.

Dinorah Caro Livingston talks about life moments that create our “WHYs” (Courtesy, Deborah Reed WKTV)

But Livingston also understands that taking the reins can seem overwhelming.

“Unfortunately, people get scared, and they are scared to ask for the information,” said Livingston. “[But] there are no dumb questions. People can take baby steps to become financially stable,” Livingston added.

Livingston urges people to begin taking those baby steps to avoid a situation where they run out of time or it is too late to put plans in place.

“If you drop them little seeds of education along the way, sometimes it spurs them on to stop dragging their feet,” said Livingston. “And depending on where they are in their lives, the message is heard differently.”

Livingston provides quarterly workshops to the public but also presents workshops for specific groups such as employers, schools and churches.

“We have multiple investment partners who will help us with these,” said Livingston, “We believe education should be free.”

When Livingston met personal family lawyer Rose Coonen of Coonen Law, PLLC, she found that Coonen also focused on educating her clients via relationships and informational workshops.

A partnership was born

With 20 years of estate planning experience, Coonen believes financial planning goes hand in hand with estate planning. Like Livingston, however, Coonen has found that most people are reluctant to take that first step.

Attorney Rose Coonen talks about gaining and maintaining control of your estate and assets (Courtesy, Deborah Reed WKTV)

“Especially from an estate planning standpoint, it’s important, but not urgent,” said Coonen. “And no one wants to think about it.”

The solution?

Coonen says that she encourages people to think about who they are setting plans in place for, and offers to come alongside them to help.

“We do education pieces to say why it’s important, here is what could happen, let us be of service to you and help you,” Coonen said.

Communication and empathy are key

Both Livingston and Coonen have noticed that the success ratio for businesses is higher when the focus is partnership with families rather than transactional.

Rose Coonen answers questions about estate planning from the audience (Courtesy, Deborah Reed WKTV)

“Every family is different,” said Coonen. “Every family has different family dynamics.”

Coonen’s law firm was recently nominated for West Michigan Woman Readers’ Choice Awards – for the third time.

She believes the community has chosen to nominate her firm because she is not the “typical” attorney.

“I do not consider myself a traditional estate planning attorney,” said Coonen. “We are more holistic. We tell clients right from the start that they are not a number, that we come alongside them, not just to get a plan set up, but we stay in contact with them. They hear from us regularly.”

Coonen said her goal is to give families peace of mind.

“We guide families,” said Coonen. “We spend a lot of [time] building those relationships with our clients.”

Coonen has spent hours during the day calling clients to check in and see how they are doing, if anything has changed, and how life is going.

“Estate planning is an on-going process,” said Coonen, adding that the law firm does reviews every two years to make sure a client’s established plan is still current to their needs.

Get rich – slowly 

Mark Everswick talks about the importance of long-term investments (Courtesy, Deborah Reed WKTV)

Franklin Templeton Investments Regional Director Mark Everswick has also joined forces with Livingston and Coonen to bring the component of long-term investments to the table.

With an ever-evolving economy, investing can be a puzzle. Everswick provides strategies to help people invest confidently at every age.

Everswick said that patience is key in long-term investing.

“This investing thing is [about] getting rich slowly,” said Everswick, adding that the benefits are seen over a period of time.

The goal, Everswick continued, is not to simply acquire financial stability and retire, but to pass that stability on to family, preserving it for the future.

“An apple a day keeps the doctor away.”

Consistency is key in financial planning (Courtesy, www.pxhere.com)

Livingston recited an old saying to help convey the value of consistency.

“That consistency is so important, whether on the legal side or the financial side,” said Livingston. “Sometimes you need a coach to stay on track. It’s never ‘if’ you’ll fall down on the financial mat, it’s a matter of ‘when.’ And when that happens, we are going to be with you.”

For more information about financial services and financial wellness workshops, visit Dinorah Caro Livingston, How Money Works.

To learn more about how to get started on estate planning, visit Coonen Law, PLLC.

Investment information can be found at Franklin Templeton Investments.

West Michigan economy flattens in July, GVSU researcher says

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(Courtesy, www.pxhere.com)

By WKTV Staff

deborah@wktv.org

Brian Long is a local business forecaster. (Courtesy, GVSU)

Local manufacturers are seeing the West Michigan economy flatten as sales across some industries have slowed and market demand has stabilized, according to a monthly survey conducted by Brian G. Long, director of Supply Management Research at Grand Valley’s Seidman College of Business.

Long said his August report shows several key indicators from July have flattened after fluctuating from the previous few months.

“Our most important index in our survey of purchasing managers is new orders,” Long said. “When new orders are coming in strong to just about any firm, they start buying more materials, more equipment, more industrial services and eventually of course, hiring more people, but the impact on the financial and employment statistics may not show up for weeks or even months.

“So right now, with most of our recent orders indexes turning in flat or stable, we have to declare that the West Michigan economy is stable, neither expanding or contracting.”

While the strong demand for cars and light trucks is helping the automotive industry prosper, suppliers in the office furniture sector are seeing their segment soften, Long said.

“Statistically, this month’s survey of purchasing managers in West Michigan is about as flat as it can possibly be,” Long said. “However, it is our automotive parts producers that are holding us up. Other industries like office furniture are softening, but again, I say softening and not collapsing like we would expect in a recession.”

Here is a look at the key index results from July’s survey of West Michigan manufacturers:

  • New orders index (business improvement): 0 versus +9 in June
  • Production index (output): -3 versus +6 in June
  • Employment index: +7 versus +14 in June
  • Lead times index: -7 versus -17 in June

More information about the survey and an archive of past surveys are available on the Seidman College of Business website.

Financial Perspectives: 5 Key Questions About Retirement

3-bottom, Finances, Local Business, Senior Living

By Dave Stanley
Integrity Financial Service, LLC

(Courtesy, Pxhere.com)

Retirement. Ah, that golden period of life we all look forward to. You’ve worked hard over the years and it’s finally time to enjoy the fruits of your labor. But before you sail off into the sunset, it’s essential to have a solid plan in place. There are some crucial questions to answer, so let’s dig in.

1. When do I want to retire? The “when” is more significant than you might think. Retiring too early might mean you’ll need to stretch your savings for a longer period. Wait too long, and you might not have as many healthy years to enjoy it. The age at which you retire can also affect your Social Security benefits. It’s a complex puzzle, and it’s worth spending time to piece it together.

2. How much money will I need in retirement?  This is a biggie. You need to estimate your living costs in retirement. Will you travel? Do you plan to spoil the grandkids? Maybe you want to pick up some new hobbies? All of this will cost money. And don’t forget about healthcare – a significant expense for many retirees. You’ll also need to consider inflation; it can significantly erode your purchasing power over time.

3. Where will my income come from? Your days of drawing a regular paycheck are ending, so where will your money come from? Consider all sources of income: Social Security, pensions, retirement savings like 401(k)s and IRAs, annuities, and any other investments. Maybe you plan to work part-time? It all adds up. Just remember, some sources of income may be taxable, so make sure to account for that.

4. How will I spend my time? This might seem trivial compared to the financial questions, but it’s equally crucial. Staying mentally and physically active in retirement is essential for your health. Do you plan to travel, volunteer, go back to school, start a business, or spend more time with family? Maybe it’s a mix. Either way, it’s your time now. Make sure to spend it in ways that bring you joy and fulfillment.

5. What kind of legacy do I want to leave? Not everyone likes to talk about this, but it’s an essential part of retirement planning. Do you wish to leave something for your loved ones or a cause close to your heart? This could affect how you save and invest during retirement. Estate planning, including creating or updating your will and setting up any necessary trusts, is key here. It can ensure your wishes are followed and could help your heirs avoid unnecessary taxes and legal complications.

So, there you have it. Five vital questions to help you navigate your retirement journey. Remember, there’s no one-size-fits-all answer to any of these, and your answers might change over time. That’s okay. The important thing is to start thinking about these questions and making a plan. And don’t hesitate to reach out to professionals like financial advisors or estate attorneys. They can provide valuable guidance tailored to your specific situation. Here’s to a happy and fulfilling retirement!

Bonus Tip: The most important thing about retirement is having a comprehensive plan that includes a foundation of safe money which covers financial stability, healthcare needs, and personal fulfillment. This ensures that you have the resources to support your lifestyle and take care of any unexpected challenges, while also making the most of this new stage of life. Planning for retirement is an ongoing process and should be regularly reviewed and adjusted as needed.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Financial Perspectives: How does long term care insurance work?

3-bottom, Citizen Journalism, Community Health, Finances, Health, Local Business, Senior Living

By Dave Stanley
Integrity Financial Service, LLC

(Courtesy, Pxhere.com)

Understanding insurance can sometimes feel like you’re trying to decode a foreign language. But don’t worry! I’m here to help break down one type of insurance that’s important as we or our loved ones age – long term care insurance.

Starting with the basics, long term care insurance is designed to help cover the cost of services that assist with activities of daily living. These activities can include things like bathing, dressing, eating, or even moving around. The need for assistance with these activities could be due to aging, an illness, an accident, or a chronic condition.

It’s important to remember that long term care isn’t just provided in nursing homes. It can also be provided in your own home, in community centers, or assisted living facilities. In fact, a lot of folks prefer to receive care at home or in more home-like settings whenever possible.

Now, let’s get into how the insurance part works. When you purchase a long-term care insurance policy, you’ll pay a premium to the insurance company. This is usually a monthly or annual fee, just like with other types of insurance.

In return, if you need long term care services, the insurance company will pay a set amount towards your care. The amount they’ll pay and the types of services they’ll cover are outlined in your policy. Make sure you understand these details when you buy your policy!

One thing to note is that there is often an “elimination period,” or waiting period, before the insurance company starts to pay for your care. This could be anywhere from a few days to several months, depending on your policy. Think of it as a deductible, but instead of a dollar amount, it’s a period of time.

Also, just like most things in life, long term care insurance comes with limits. There might be a limit on how much the policy will pay per day, or there might be a total limit that the policy will pay over your lifetime. If the cost of your care goes over these limits, you’ll be responsible for paying the difference.

Here are a few tips about finding the right type of policy for your needs. 
Finding the right long-term care insurance policy is a very personal process that depends on many factors, such as your health, age, financial situation, and personal preferences.

  

Begin by evaluating your potential need for long-term care. Consider your current health status and family history. Do chronic or debilitating health conditions run in your family? What is your current lifestyle like? Are you physically active or do you have any habits that could affect your future health, like smoking or excessive drinking?

Next, consider your financial situation. The cost of long-term care insurance can be quite high, especially if you wait until you’re older to purchase a policy. Can you afford the premiums now, and will you be able to afford them in the future if they increase? Also, consider the other resources you might have to pay for long-term care, such as savings, investments, or family support. You may want to consult with a financial advisor to help you evaluate your situation.

Then, think about what kind of care you might want. Would you prefer to receive care at home for as long as possible, or are you open to receiving care in a facility, such as a nursing home or assisted living facility? The type of care you prefer can affect the kind of policy you should look for.

When comparing policies, pay close attention to the policy’s benefit triggers, which are the conditions that must be met for you to receive benefits. Most policies use a certain number of activities of daily living (ADLs) as a benefit trigger. The six ADLs are eating, bathing, getting dressed, toileting, transferring, and continence. Typically, if you need help with at least two ADLs, you qualify for benefits.

  

Finally, don’t rush your decision. Take your time to understand all the details of the policies you’re considering. And don’t be afraid to ask for help. A good insurance agent or broker who specializes in long-term care insurance can be a valuable resource in finding the right policy for you.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Financial Perspective: What is assisted living

3-bottom, Community Health, Finances, Kent County, Local Business, Senior Living, ,

By Dave Stanley
Integrity Financial Service, LLC

(Courtesy, Pxhere.com)

Assisted living is a type of housing option for seniors or disabled individuals who need help with daily activities but still want to maintain some level of independence. It’s a middle ground between independent living (such as in a private home or senior apartments) and more intensive care services like those found in a nursing home.

Assisted living facilities typically offer a range of services to support residents, including:

  1. Personal Care: Staff members are available to help with personal needs like bathing, dressing, eating, and mobility.
  2. Medication Management: Assistance with taking the correct medications at the right times.
  3. Meals: Facilities typically provide three meals a day tailored to the dietary needs of their residents.
  4. Housekeeping and Laundry: Regular cleaning and laundry services are often included.
  5. Social Activities and Recreation: Assisted living facilities often have a full schedule of activities and events to keep residents active and engaged. These might include fitness classes, arts and crafts, games, movie nights, and outings.
  6. Transportation: Scheduled transportation services may be provided for shopping, appointments, and outings.
  7. Healthcare Services: While not a replacement for a full-time medical facility, assisted living communities often have healthcare professionals on-site or on-call.
  8. Security: To ensure residents’ safety, assisted living facilities typically have security features such as 24-hour staff, emergency call systems, and safe, walkable areas.

In an assisted living facility, each resident typically has their own apartment or room, and common areas are shared. The goal of assisted living is to provide a supportive living environment where seniors can maintain a level of independence, while also receiving the personal care and support they need.

Please note that rules, regulations, and services provided can vary widely from one facility to another and from state to state. Some facilities may offer more advanced medical care, while others may focus more on providing a social and community environment. It’s important to research and visit facilities in person to determine the best fit for individual needs and preferences. 

Finding the right assisted living facility for yourself or a loved one involves careful research and planning. Here are some steps to guide you through the process.

First, evaluate the level of care that you or your loved one requires. This could be based on a variety of needs such as medical conditions, mobility, dietary needs, and personal care needs.

Next, begin doing online research to find assisted living facilities in the desired location. There are many websites and online directories where you can find information about different facilities. You can usually filter by location, services provided, cost, and more.

In addition to online research, contacting local health departments or agencies on aging could prove useful. These organizations often have resources that can help you navigate the process of finding an assisted living facility. They may also have knowledge of financial assistance programs.

After you have identified potential facilities, the next step is to schedule a visit. During your visit, pay attention to the environment, the staff, and the residents. This can give you an idea of what daily life is like at the facility.

Checking the facility’s safety and quality standards is another important step. This might involve looking into state inspection records, any violation histories, or any complaints made against the facility.

Lastly, cost is a significant consideration when choosing an assisted living facility. Make sure to understand what is included in the cost, and if there might be any additional charges for specific services.

Remember, choosing an assisted living facility is a big decision. Take your time to research and visit multiple facilities, and always ask any questions you may have to make sure you’re making the best choice for you or your loved one’s needs.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

West Michigan manufacturing indicators swing positive in May

3-bottom, Citizen Journalism, Finances, Local Business

By Chris Knape
Grand Valley State University

Brian Long is a local business forecaster. Credit: GVSU

May’s survey of purchasing managers shows the West Michigan economy continuing to slow at a measured pace as key indices continued a month-to-month yo-yo pattern signaling uncertainty – and reason for optimism.

The Current Business Trends Report, authored by Brian Long, director of supply management research for the Seidman College of Business at Grand Valley State University, included upticks in areas like sales, output, employment and purchases in May after flat or lower results in April.

“Since we instituted this survey many years ago we’ve seen our numbers bounce around, and this month our bounce was to the upside,” Long said. “Our index of new orders came in much stronger than expected. But of course, one month does not make a trend. So when we add up June at the end of the month, the numbers we get may be a little bit less robust.”

Office furniture makers continue to report soft market conditions – though no major layoff announcements have been made. Meanwhile, automotive parts suppliers remain steady with backlogs and upside potential thanks to “reshoring” – or bringing manufacturing of certain parts that had been made overseas back to U.S.-based suppliers.

“This is where I think West Michigan is well positioned to pick up some additional business.” Long said. “The problem is, of course, reshoring in the industrial market takes time to identify and qualify new sources so it won’t happen overnight.”

Here’s a look at the key index results from May’s survey of West Michigan manufacturers:

  • New orders index (business improvement): +19  versus +0 in April
  • Production index (output): +13 versus +5 in April
  • Employment index: +13 versus +3 in April
  • Lead times index: +2 versus +3 in April



More information about the survey and an archive of past surveys are available on Seidman’s website.

How does an insurance company invest your premiums?

3-bottom, Citizen Journalism, Finances, Local Business, ,

By Dave Stanley
Integrity Financial Service, LLC

(Courtesy, Pxhere.com)

Insurance companies play a crucial role in our society, providing individuals and businesses with financial protection against unexpected losses. To do this, insurance companies collect premiums from policyholders. But what happens to your premium once it is paid to the insurance company?

Insurance companies don’t just store your premiums in a giant safe until they’re needed to pay claims. Instead, they put these funds to work by investing them. This practice is vital to insurance companies for several reasons.

Let’s break it down. When you pay a premium for an insurance policy, the insurance company pools your premium together with those paid by other policyholders. The pooling of premiums is the first step that allows the insurance company to spread out the risk of potential claims among many policyholders.

Now, these pooled premiums form a large amount of money known as a reserve. This reserve is there to ensure that the insurance company has enough money to pay out if a policyholder files a claim. But while this money is sitting in the reserve, the insurance company doesn’t just let it idle. They invest this money to generate income and to increase the value of the reserve.

Investment income helps to keep the insurance premiums lower than they would be otherwise. Without the income from investments, insurance companies would need to charge much higher premiums to maintain their financial stability and be able to pay claims.

So, how does an insurance company invest your premiums? They typically follow a conservative investment strategy because it’s essential to maintain the ability to pay claims even in unfavorable market conditions.

The investments of insurance companies are usually in the form of bonds, especially government and high-quality corporate bonds. Bonds are chosen because they are relatively safe compared to other types of investments and provide a steady income in the form of interest. Some part of their investments might also be in real estate, mortgages, and stocks, but these usually represent a smaller portion of the investment portfolio because they come with higher risk.

The specific rules and regulations about how insurance companies can invest their funds vary from state to state and are overseen by the state’s department of insurance in which the company is domiciled. These regulations are in place to ensure that insurance companies are not taking excessive risks with the premiums they have collected.

Insurance premiums are not just used to pay claims. Instead, they are carefully invested to earn income, helping the insurance company to remain financially stable and to keep premiums affordable. This prudent financial management is essential to ensure that the insurance company can honor its commitment to policyholders even in the face of large or unexpected claims.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

How to manage the transition into retirement

3-bottom, Citizen Journalism, Community Health, Finances, Senior Living, , ,

By Dave Stanley
Integrity Financial Service, LLC

Pxhere.com

Retirement can be a time of great joy and relaxation, but it can also be a time of stress and anxiety. Transitioning from working life to retirement can be challenging, and the loss of routine, identity, and social connections can be difficult to navigate. Moreover, retirement can bring new financial and health-related concerns, adding to many retirees’ stress.

One of the main sources of stress in retirement is financial uncertainty. Many retirees worry about whether they have saved enough money to support themselves in retirement and fear running out of money before the end of their lives. This fear can lead to anxiety and can make it difficult for retirees to enjoy their retirement years. Moreover, unexpected expenses, such as medical bills or home repairs, can further exacerbate financial stress and add to retirees’ worries.

Retirement can also bring changes to social connections, which can be stressful for many people. Retirees may miss their daily interactions with colleagues and feel disconnected from the workplace and the sense of purpose that work provides. Moreover, retirement can lead to changes in relationships with family and friends, as retirees may find that they have more time on their hands than their loved ones do.

In addition to these social and financial concerns, retirement can also be stressful from a health perspective. As people age, they may face new health challenges, such as chronic illness, that can impact their quality of life and add to their stress levels. Furthermore, retirement can lead to a more sedentary lifestyle, which can contribute to a decline in physical and mental health.

There are several strategies that retirees can use to manage stress and navigate the transition to retirement more smoothly. One of the most important is to maintain a sense of purpose and engagement in life. Retirees can find new hobbies or interests, volunteer, or take on part-time work to stay engaged and connected to others. This can help alleviate the sense of loss and disconnection that many retirees feel.

Another strategy is to stay socially connected. Retirees can stay in touch with former colleagues, join social clubs or groups, or participate in community activities to maintain a sense of connection and purpose. This can help prevent social isolation and loneliness, which can be detrimental to both physical and mental health.

Moreover, retirees can take steps to manage their financial concerns by creating a budget, working with a financial advisor, and exploring different retirement income sources, such as Social Security or annuities. This can help alleviate financial stress and provide a sense of security and stability.

Finally, retirees can take steps to maintain their physical and mental health by staying active, eating well, and seeking medical care when needed. Engaging in regular physical activity can help improve mood, reduce stress, and prevent or manage chronic illness.

In conclusion, retirement can be a time of stress and uncertainty, but there are strategies that retirees can use to manage these challenges and enjoy a fulfilling and healthy retirement. By maintaining a sense of purpose and engagement, staying socially connected, managing finances, and prioritizing physical and mental health, retirees can navigate the transition to retirement more smoothly and enjoy a fulfilling and rewarding retirement.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Will your student loan debt last into retirement?

3-bottom, Citizen Journalism, Finances, Local Business

By Dave Stanley
Integrity Financial Service, LLC

Pxhere.com

Student loan debt is a growing problem in the United States, with many people struggling to pay off their loans well into their retirement years. According to a report from the Consumer Financial Protection Bureau (CFPB), the number of older Americans with student loan debt has quadrupled over the past decade, with more than two million people aged 60 and over holding student loan debt. This trend has serious implications for older Americans’ financial security and wellbeing.

One of the main challenges facing older Americans with student loan debt is the impact on their retirement savings. Many people who are still paying off student loans may not be able to contribute as much to their retirement savings as they would like, leaving them vulnerable to financial insecurity in retirement. Moreover, some older Americans may have to continue working well into their retirement years to pay off their student loans, which can be physically and emotionally challenging.

Additionally, student loan debt can impact older Americans’ access to credit and other financial products. Many lenders may be reluctant to extend credit to people with high levels of debt, which can limit older Americans’ ability to obtain credit cards, mortgages, and other financial products. This can have serious implications for their ability to purchase homes, cars, and other assets and impact their overall financial wellbeing.

Older Americans with high levels of debt may be more likely to delay or forego medical treatment or other essential services due to financial constraints. This can seriously affect their health and wellbeing and lead to higher healthcare costs in the long run. Moreover, student loan debt can also impact older Americans’ ability to access healthcare and other essential services.

There are several strategies that older Americans with student loan debt can use to manage their debt and protect their financial security. One of the most important is to explore options for loan forgiveness or other forms of relief. Depending on the type of loan and the borrower’s circumstances, loan forgiveness or discharge options may be available, which can help reduce or eliminate the debt burden.

Moreover, older Americans with student loan debt can explore options for refinancing or consolidating their loans. By consolidating their loans, borrowers may be able to obtain a lower interest rate and reduce their monthly payments. Additionally, refinancing may be an option for borrowers with good credit who are able to obtain a lower interest rate.

Another strategy for managing student loan debt is to prioritize payments and create a budget. By prioritizing loan payments and creating a budget, borrowers can better manage their finances and ensure that they are making progress in paying off their debt. Moreover, older Americans can work with financial advisors to explore other strategies for protecting their financial security, such as investing in retirement accounts or exploring other income sources.

In conclusion, student loan debt is a growing problem for older Americans, with serious implications for their financial security and wellbeing. However, there are several strategies that older Americans can use to manage their debt and protect their financial security. By exploring options for loan forgiveness or relief, refinancing or consolidating loans, prioritizing payments, and working with financial advisors, older Americans can better manage their debt and achieve greater financial security and wellbeing in retirement.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Understanding the options will help determine income payout

Citizen Journalism, Finances, How-To's, Non-Profits, Senior Living,

By Dave Stanley
Integrity Financial Service, LLC

(Pxhere.com)

Annuities are a great way to ensure your financial security in the long term. Annuities provide regular payments that can help you pay bills and cover other expenses while also helping protect against inflation and market downturns. Annuities are popular with many retirees as they offer a steady income stream that can last throughout retirement.

The question is, how much income does an annuity payout on average? 

The answer depends on several factors, including what type of annuity you purchase and the terms of the agreement. Annuities typically guarantee a fixed payment amount or can be variable, depending on the performance of certain investments or indexes. Annuities are also available with riders that increase the amount of income you receive.

If you’re purchasing a fixed annuity, the amount of income is predetermined by the terms of the agreement and is typically based on your age and the length of time over which payments will be received. Annuities with guaranteed payouts usually offer higher rates than variable annuities, which depend largely on investment performance. Annuity income may also be increased by adding riders like inflation protection or other options that guarantee additional payments.

Generally, an annuity can provide anywhere from several hundred dollars to several thousand dollars a month in retirement income, depending on the type of product purchased and any riders added. As with most investments, it’s essential to consider all of your options before purchasing an annuity to ensure you’re getting the best deal.

Maximizing your payout

In addition, there are several steps you can take to maximize your annuity income and get more out of your investment. Annuitants should review their policy details regularly, as rates may change over time. Annuitants should also consider adding riders to their policy if it suits their particular circumstances. These additional features may help increase the income received from an annuity. Annuitants may also increase the amount of money they receive by taking a lump sum distribution option or electing periodic payments.

Overall, as stated above, the average income from an annuity will depend on the type of product purchased, any added riders, and other factors. Annuity income may range from several hundred dollars to a few thousand dollars per month, depending on the type of annuity and any riders added. By reviewing policy details regularly and adding riders to their policy, annuitants may be able to increase the amount of money they receive from an annuity. Annuities are a great way to ensure your retirement financial security, so make sure you understand your options before investing.

If you’re considering an annuity as a part of your retirement income, it’s essential to understand your options. Contact an annuity expert to learn more about the different types of annuities and how they can help secure your financial future.


Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Deciding if an annuity is right for your financial plan

3-bottom, Citizen Journalism, Finances, Hard News, How-To's

By Dave Stanley
Integrity Financial Service, LLC

(Pxhere.com)

There is a well-known financial planner, and you may have seen him appear on television and in print advertising, who has built his reputation by making this bold and controversial statement. “I hate annuities…”. The intent of this paper is not to bring attention to or to discredit this professional pitchman.

He has already done that by making irresponsible statements, such as this, in public while privately buying stocks in companies that sell them. My purpose is to state, “I love annuities…but annuities may not be for everyone or used for all purposes…especially if the purpose of your moneyis to leave part or all of your estate to your beneficiaries.” In cases like this, I recommend life insurance.

Following is a brief listing of reasons why I love annuities if the purpose of your money is to spend it while you are alive:


• Your money is safe in an annuity because your principal is protected.
• Your money is secure in an annuity because it is protected by the strength of the insurance company that sells it.
• Because annuities are tax-deferred, interest earned on your account is not taxed until you withdraw funds from your annuity.
• The proceeds received from your annuity go directly to your beneficiary after your death and will avoid probate.
• An indexed annuity earns interest on the income growth of the index but is not subject to market losses.
• You may choose an income rider on your annuity that will guarantee lifetime income for you and spouse.

Following is a brief listing of reasons why I love life insurance if the purpose of your money is to provide for your beneficiaries after your death:


• Life insurance may be used to replace the policy owner’s lost wages after death.
• Life insurance proceeds may be used to help pay for your children or grandchildren’s education.
• Life insurance proceeds may be used to help pay off debts, and to protect your spouse’s financial independence.
• Life insurance may be used to pay off a home mortgage, allowing your spouse to live in the family home without debt.
• Life insurance may be used to support your favorite charities.
• Life insurance may be used to pay funeral expenses.
• Life insurance provides tax advantages to the owner and beneficiaries like no other product can.
• Some life insurance policies may provide benefits to pay for nursing and home health care expenses.

In conclusion, I love annuities and you should too if the purpose of your income is to provide for you while you are alive. I love life insurance and recommend it to my clients if the purpose of your money is to leave it to your beneficiaries after your death.

What is the purpose of your money?  What do you want it to accomplish?

I recommend you consult your trusted advisor to help answer this critical question for you and your family.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Making a financial plan for end of life

3-bottom, Finances, Local Business, Senior Living,

By Dave Stanley
Integrity Financial Service, LLC

(Pxhere.com)

In my line of work, I have the unfortunate job to deal with the passing of someone’s spouse, parent, or sibling. I see in these moments of grief I know how, if the details aren’t thought of ahead of time, the pain can be compounded with the frustration of trying to navigate through the messiness of financial matters not thought of ahead of time.

Recently, a friend died, her husband not only has to deal with the grief of losing his spouse, but also with all the details of their financial life.

It soon became evident that he did not know the details of their finances (he didn’t even know the password to the checking account). And because of this, I thought that I would take the time to share what I advise my clients to do regarding the preparation of what is inevitable.

I advise my clients to keep a list of all their accounts (checking, savings, CD, annuities, life, mutual funds, etc.) in their Safe Documents folder. In it along with names and phone numbers of their advisors for each of those accounts. For the checking, savings, CD’s, etc., those accounts should have a POD (Payable On Death), as well as having their passwords for those accounts given to someone they trust.

The reason I say giving the password to someone they trust you ask? What happens if the mortgage needs to be paid and yet the death certificate is not available yet? Even though the account may have the POD, until the death certificate is produced, only those on the account has authority to access the accounts to take care of any necessities.

When it comes to a spouse having to deal with the financial decisions; the grief can cloud their choices, and that is why having a plan written out and discussed with the family and the advisor can take away one less decision to make, since it has already been made. This is especially true when it comes to planning the funeral.

All the proper planning in the world will not be beneficial if the information cannot be found during the crucial days and weeks following the loss of a loved one, or not having a written-out plan and discussed with an unbiased advisor and attorney to help carry out those wishes. While the topic is maybe challenging to discuss, it is essential.

Here are some tips of things to have in your Safe Documents Folder.

  1. Will: If the deceased had a will, it outlines how their assets will be distributed and who will be in charge of carrying out their wishes.
  2. Trust documents: If the deceased had a trust, the trust document outlines how assets will be distributed and who will manage the trust.
  3. Life insurance policy: The policy outlines the benefits and who the beneficiaries are.
  4. Marriage certificate: If the deceased was married, the marriage certificate may be needed to prove their relationship with their spouse.
  5. Social Security card: The Social Security Administration will need to be notified of the death, and the deceased’s Social Security number will need to be included on certain forms.
  6. Military discharge papers: If the deceased served in the military, their discharge papers may

Being prepared is smart planning.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Reviewing the modern-day insurance industry

3-bottom, Citizen Journalism, Finances, Senior Living, ,

By Dave Stanley
Integrity Financial Service, LLC

(Pxhere.com)

There is an old saying about life insurance: “you buy life insurance because you either owe someone or you love someone.”

The life insurance industry has changed, with the introduction of the internet, access to information has increase as well as the options to acquire it and manage it. For many people life insurance is just a commodity and frankly it is until….. until the insured dies. Then it becomes a lifeline to security, income and family continuation.

Working with a licensed and authorized insurance agent can help you decipher the insurance road.  Still many people want to look behind the hood for themselves.  If you are one of those people, here are some tips.

Shop around and compare quotes from multiple insurers. Different insurers may have different rates for the same coverage, so it’s important to compare quotes from multiple companies to find the best deal.

  1. Consider term life insurance. Term life insurance is generally less expensive than permanent life insurance, such as whole life or universal life. With term life insurance, you pay a premium for a specific period of time (the “term”), such as 10 or 20 years. If you pass away during the term, your beneficiaries will receive a death benefit. If you outlive the term, the policy will expire, and you will no longer be covered.
  2. But, term insurance is like renting, you only can keep it for a specific period of time. Permanent (whole life) insurance will protect you for your entire life.
  3. Consider your coverage needs. The amount of coverage you need will affect the cost of your policy. Determine how much coverage you need based on your financial goals and the needs of your beneficiaries, and choose a policy that provides the right amount of coverage at a price you can afford.
  4. Consider your health. Insurers will consider your health when determining the premium for your policy. If you have good health, you may be able to qualify for lower premiums.
  5. Consider your lifestyle. Insurers may consider factors such as your occupation, hobbies, and whether you smoke when determining the premium for your policy. If you have a high-risk occupation or engage in risky hobbies, you may pay more for life insurance. If you smoke, you may also pay more for life insurance.
  6. Considering working with an independent insurance agent. An independent insurance agent can help you compare quotes from multiple insurers and find a policy that fits your needs and budget.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

January ‘euphoria’ fades as economic indicators swung negative in February

3-bottom, Citizen Journalism, Finances

By Chris Knape
Grand Valley State University

Brian Long is a local business forecaster. Credit: GVSU

The “back-to-work euphoria” of January has faded and economic indicators edged back into negative territory in West Michigan during February, according to the latest survey from Grand Valley State University’s Seidman College of Business.

The Current Business Trends survey of West Michigan manufacturers released March 8 found key indexes sliding as new orders and production soured after an unexpectedly rosy outlook in January.

“Overall we had expected business conditions to soften in 2023 and this month’s report is a confirmation of that trend,” said Brian Long, director of supply chain management research at the Seidman. “We expect interest rate-sensitive industries to retreat, but are still expecting that the pent-up demand for automotive will keep the West Michigan economy positive.”

Based on responses from the survey, Long said he also expects a positive outlook from aerospace firms, while the prospects for the office furniture business “remain far less certain.”

“However, even if the markets for office furniture remain soft, a major collapse like we’ve seen in other downturns is unlikely,” Long concluded.

Both the short- and long-term business outlook indexes slid back into negative territory after showing a more upbeat outlook in January.

Broader indicators are showing the world economy proving resilient despite the war in Ukraine, Long said.

“The world economy is not as grim as you might imagine,” he said. “The J.P. Morgan international survey of purchasing agents indicates that we are absolutely at break-even now. Some countries are down, but enough countries are up right now that the average is at a break-even point.”

GVSU’s Current Business Trends survey indexes are tracked based on whether survey respondents report “up,” “same,” “down” or “N/A” to questions about business conditions.

Here’s a look at some key indexes:

  • Sales (new orders): -17 in February vs. +18 in January
  • Production: -7 in February vs. +21 in January
  • Employment: +17 in February vs. +18 in January

Lead times also improved in the survey, which Long noted was a strong indicator that supply chains are continuing to loosen up, despite continued shortages and high prices for specific commodities.

View the complete March 2023 report and an archive of previous reports at the Seidman College of Business website.

Building sustainable streams of retirement income

3-bottom, Citizen Journalism, Finances, Senior Living,

By David Stanley
Integrity Financial Service, LLC

(Pxhere.com)

Our parents and grandparents both taught us that making mistakes was part of life.

Some mistakes are easier to recover from than others. But when it comes to money and time, the closer you are to retirement, the less time you have to recover from bad money moves. My advice is not to take any chances you can’t afford. As you near retirement, you’ll need to spend more time creating an investment approach that aligns each account to its specific goal for cash flow requirements during retirement. The worst times for your investment portfolio to take a hit are somewhere in the five years before and five years after you retire. Some have called this the red retirement zone. Lose money in this segment, and it will significantly impact how you spend and withdraw money throughout your retirement years.

Here’s a new retirement approach. It’s not about being rich; it’s about having the income needed to have peace of mind. We may never tire of discussing lessons from The Great Recession, which hit two groups especially hard–teens who saw their parents lose a home or job, and boomers who saw their savings depleted precisely at the wrong moment in life. So proper financial planning for retirement is crucial to your success. Boomers need to learn that they are leaving the accumulation phase of their life and now will be focusing on asset protection, sustainable income, and distribution of their assets over the next 30+ years.

Many people are in this category express extreme insecurity regarding the reality of ever retiring and having a sufficient income stream during their retirement years. So what can Worry-Free retirement income solutions offer you? Our planning provides a retirement income trifecta.

First is a guaranteed sustainable way to maintain income in retirement.

Second, are potentially higher income payments than you can achieve anywhere else.

A third is a reduction of some of the market risk from your overall portfolio before and during the years of your retirement when you can’t afford to endure the consequences of a market downturn. It may be true that money can’t buy you love, but it can buy happiness in retirement, as sufficient amounts of guaranteed income equal a happy retirement.

Planning with certainty is the new strategy for retirement income. For nearly two decades, financial advisors subscribed to the notion that their clients could spend 4% annually of their accumulated savings in retirement and not run out of money. No more. Between market volatility, inflation, volatile interest rates and an uncertain economy, advisors are questioning the traditional approaches to retirement income. Of course, what you consider an uncertain economic environment depends on who is reporting the news and what day it is. But it doesn’t matter if you’re properly planned.

Simply put, today’s retirement portfolios demand a smarter balance of growth and safety to effectively achieve a stream of lifetime income. The good news is that the answers to the challenge are emerging in the form of improved strategies that promise to generate more income at less cost and with less market risk.

Don’t be like Scarlet O’Hara, who said, “I can’t think of that right now. If I do, I go crazy. I’ll think about it tomorrow.”

It would be best if you thought about it today.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

What is an irrevocable Life Insurance Trust, and how does it work?

3-bottom, Citizen Journalism, Finances

By Dave Stanley
Integrity Financial Services, LLC

“The things you do for yourself are gone when you are gone, but the things you do for others remain as your legacy.” – Kalu Ndukwe Kalu

Created to own and control a life insurance policy or policies while the insured is alive, Irrevocable Life Insurance Trusts (ILITs) are tools that are sometimes recommended by estate and planners. ILITS also manages and distributes proceeds from a policy when an insured dies.

ILITS have three components: a grantor (creator of the trust), a trustee (manager of the trust), and a beneficiary or beneficiaries. Beneficiaries are those who receive the assets of the trust when the grantor dies.

In an ILIT, the trustee purchases the policy or policies, and the trust becomes the owner. When insurance benefits are paid out upon the grantor’s death, the trustee collects those funds, pays any estate taxes due, along with outstanding debts such as legal fees and probate costs, then distributes the rest to the beneficiaries.

What are the benefits of an ILIT?

The primary reason most people consider an Irrevocable Life Insurance Trust is to help mitigate estate taxes. Over the past few years, the government has increased the estate and gift tax exemption to $11.58 million per individual. Since the majority of people don’t come anywhere close to that amount, the tax benefits of an ILIT are not as attractive as they once were.

Still, there are other reasons people choose an ILIT. These include:

· Beneficiary incapacity: If a life insurance beneficiary is incapacitated, having an ILIT can prevent the court system from controlling the proceeds.

· Provides cash to pay expenses: If there are estate taxes or other debts, an ILIT will provide immediate money to pay those expenses.

· More control: A properly-designed ILIT gives you more control over the policy or policies and the use of proceeds.

· Income for a spouse: An ILIT can provide Income to your spouse without that money being included in the spouse’s estate.

· Potential protection for heirs: Depending on the state in which you live, proceeds from life insurance payouts may have protection from creditors.

· Ability to include a “Spend-Thrift” Provision: If you have an heir or heirs who have issues managing money, your ILIT trust can contain a spend-thrift provision. A spend-thrift provision pays your beneficiaries monthly instead of giving them a lump sum upfront.

ILITS are not for everyone. They have some definite cons worth considering:

  • ILITS generally cannot be modified. The “irrevocable” part of an ILIT means that it is nearly impossible to make changes other than changing your trustee. Once you place a policy in an ILIT, you give up all rights to that policy. You cannot reassign it to a different trust or entity. ILITS are complex and nuanced legal vehicles requiring the expertise of an attorney who specializes in trusts. They are rather expensive to create and maintain, and you should consider these costs.
    • ILITs can be very expensive to create and maintain. An ILIT is not something you can do yourself with online software. It requires the often pricey services of an experienced estate planning attorney. In addition to setup costs for an ILIT, there are also ongoing expenses that can add up.

While an ILIT offers certain advantages for high-net-worth individuals, it is far from the only option. There are many different kinds of trusts. Each of these trusts are designed to solve specific estate issues.

If you are considering forming a trust, use an authorized professional and experienced trust designer (attorney) who understands your goals and unique financial situation to see if an ILIT is the best choice. Legal representation is important when considering an ILIT; never attempt this alone.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

The ins and outs of a living trust

3-bottom, Finances, Senior Living

By Dave Stanley
Integrity Financial Service, LLC

Pxhere.com

“A living trust…is more flexible and more private than a will. It affords you, your assets, and your heirs greater protections should you become incapacitated.”- Consumer Reports

Most people understand that a will is an estate management document that takes effect after a person dies.

However, there is also a way to administer your estate and ensure your wishes are followed. A living trust is a fund set up while you are alive to help you plan your estate more efficiently and privately.

A living trust is a legal vehicle used to pass on the assets of an estate, such as property, investments, collectibles, and other assets. It is sometimes chosen by people who want to help their heirs avoid a lengthy and expensive probate process or fear they may become incapacitated later in life.

A living trust provides clear instructions about dividing assets once the original owner passes away.

You can fund a trust using several sources, including:

· Cash and bank accounts

· Real estate

· Insurance

· Intellectual property, including patents, copyrights, and trademarks

Formation of a living trust involves the owner of the assets, called the “grantor,” removing his or her name from ownership. Then, the assets are placed into the trust’s name. This process is known as funding the trust.

Once funding occurs, the grantor designates a “trustee,” charged with ensuring that all the trust provisions execute correctly. A trustee must be carefully selected and could be a relative or close associate of the grantor, or even a reputable third party such as a lawyer, banker, or accountant.

Establishing a trust fund enables the grantor to leave an inheritance to their heirs, also called “beneficiaries.” The grantor can even place specific conditions on receiving trust items.

Living trusts come in two different versions: revocable and irrevocable. Revocable trusts tend to be the least complex and most common type. Revocable trusts offer flexibility in that they can be changed or canceled by a grantor.

Advantages of a Living Trust

  • All living trusts offer some unique estate management advantages.
  • These include:
  • Increased privacy. 
  • Unlike wills, living trusts are not public documents. The public cannot get copies of a living trust without permission from the trustee. 
  • Shorter, less expensive probate. With a trust, the trustee can take care of end-of-life issues, like dealing with creditors, more efficiently. The trustee can act immediately, without the need to wait for a probate judge to decide.

The Downsides of a Living Trust

Before deciding to set up a trust, you should recognize that there are potential downsides.

Trusts can be costly: Depending on your circumstances and your goals for a trust, it can be expensive to set up. Some people attempt to set up trusts themselves, using forms or an online platform to avoid this.

You must participate in the process: When a grantor establishes a trust, he or she has the sometimes tedious job of retitling assets. Failing to retitle assets means the trust will not perform to expectations.

 Whatever you decide, always use an authorized attorney to prepare your trust.  Never use an insurance agent who claims to be working with an attorney; these can be more costly and are frowned upon by the legal community.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Where can you find the money to build a safe, predictable retirement?

3-bottom, Citizen Journalism, Finances, Senior Living

By Dave Stanley
Integrity Financial Service, LLC

Pxhere.com

You are likely to be retired much longer than you think.

For how long do you think you will live? Do you believe you’ll live into your late 70s? Are you confident you’ll follow in the path of your parents, who were alive and well into their mid to late 80s?

The average joint life expectancy (men and women together) is approximately 90 years for over 49% of the population. A full 20% of Americans live to age 95!

Depending on your unique perspective, that’s either good or bad. It’s good because many people want to live for as long as possible, provided they are in decent physical and mental health. However, a long life can be bad news when it puts you at risk of outliving your money in retirement.

Something else to consider is that these numbers are AVERAGES. More people are hitting triple digits, and you could very well be one of them. There are tons of exceptions to the rule, especially if you are the beneficiary of excellent genes, have made an effort to stay fit and healthy, and have managed stress properly.

Longevity is a possibility. This is why creating a portfolio to help you maintain your current standard of living in 30-plus years of retirement is challenging. Having less money in retirement is a concern for retirees and pre-retirees. Nearly all seniors know someone who has beaten the odds and lived longer than they planned.

Many retirees and pre-retirees had had someone in their own families who went through hardship and deprivation because they ran out of many at a time when they needed it the most.

The logical solution to not having enough money for retirement is to start earlier and save more. That’s not always easy to do, however. Many people are barely making ends meet and don’t have much discretionary money to create retirement income. You may fall into that category and worry that you don’t have any money to build a retirement account.

How do you find money to finance a retirement plan?

Developing a saving and income-planning mindset is valuable at any age.

Understandably, you might have a tight budget due to where you are in your career track. Or, you might have family, medical, or debt issues that make saving a tough proposition.

Fortunately, there are some ways you can free up cash or find the money you never knew you had to fund a retirement plan. Here are three things you can do right now to free up money for retirement.

1. Debt restructuring. Look at all your debt, including student loans and consumer debt. Perhaps you can negotiate lower rates or pay the debt off more slowly.

2. IRA or 401(k) Ask your financial expert and tax advisor to see if you might qualify to pull money out of your qualified plan without a penalty. If you qualify, you can use that cash to purchase investments that give you higher interest rates. This option is available under rule 72(t) for certain individuals who are younger than 59½.

3. Live a simpler lifestyle. Making your car, major appliances, and other big-ticket items last longer can add up to thousands of dollars you can use to fund your post-career life.

 

No matter your current financial situation, you can and should set aside money for a time when you will no longer get a paycheck. Starting early and being consistent, along with small lifestyle changes, will help you avoid common mistakes and achieve a better retirement lifestyle.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Ever hear of QLACs? You are not alone

3-bottom, Citizen Journalism, Finances

By Dave Stanley
Integrity Financial Service

Pxhere.com

As more and more seniors look for ways to lower their taxes in retirement, Qualified Longevity Annuity Contracts or QLACs are stepping into the spotlight.

 

Many seniors in the early phases of their retirement don’t need to tap into their traditional retirement accounts. (IRAs/401ks). Unfortunately, they are forced to do so because of IRS Requirement Minimum Distributions (RMD) rules.

Note: The RMD age recently changed from 70&1/2 to 72. When you reach your RMD age, you must take money out of your qualified plan each year. Be sure to clarify with your CPA or tax planner to which group you belong.

If you are in a similar situation and don’t need to take distributions, you may want to consider setting up a QLAC. The “qualified” part of the QLAC refers to the fact that this kind of annuity is purchased with “qualified” funds as defined by the IRS.

A QLAC uses a portion of a person’s RMD distributions to grow deferred until a certain age (85 maximum) QLACs are a type of longevity annuity.

A QLAC, which has the insurer taking on market and interest rate risk, is set up by transferring money from an existing IRA or 401(k) account to an insurance company annuity. A QLAC contract pays you a steady stream of income later in life.

The longevity annuity “chassis” of a QLAC has been around for years. But what has changed is how the IRS treats longevity annuities within tax-deferred accounts. Current rules allow individuals to spend 25% of their retirement savings account or $135,000 (whichever is less) to purchase a QLAC.

In 2014, the Treasury Department relaxed RMD rules a bit to encourage Americans to prepare for retirement. These new rules let you buy a QLAC with your IRA and not include the value of the QLAC when you calculate your RMD.

How does a Qualified Longevity Annuity Work?

A Qualified Longevity Annuity is an annuity into which you pay a lump sum of money. At a future date specified on your contract, you begin receiving guaranteed monthly income for as long as you live.

A longevity annuity appeals to many because the stock market and interest rate risk transfers to the insurance company. The insurance company tells you exactly how much Income you will get in the future when you purchase the annuity. This future income amount is guaranteed.

With a QLAC, you get tax-advantaged income security that starts in your old age for an attractive price.

By owning a QLAC, you may be able to increase the amount withdrawn from your savings in the early retirement phase by as much as 30% because the annuity will give you predictable, guaranteed Income later.

Many retirees purchase QLACs because of their tax advantages. However, they have other benefits, too. QLACs require only one upfront payment and don’t have annual fees. They are one of the easier-to-understand, straightforward, and transparent financial products.

How can a QLAC help reduce taxes?

A QLAC can help you retain more of your money in retirement by reducing your tax burden. Let’s say you had a traditional IRA and invested the maximum allowable $135,000 into a QLAC with a payment start date of age 80. If you had not purchased a QLAC, your $135,000 would grow in value. When you reached your RMD age, you would have to withdraw your first RMD, which is fully taxable as income. Having a QLAC, you are permitted to omit that $135,000 from your RMD calculations. The tax savings from not having to take your RMDs for nearly ten years could add up to huge savings. To understand how this might help your unique situation, you will need to consult a tax expert who understands the inner workings of QLAC products.

What are some pros and cons of QLACs?

QLACs, as mentioned before, allow you to defer mandatory distributions up to age 85, which could add up to significant tax savings. Also, you can retain tax advantages because you purchase a QLAC with qualified funds.

A QLAC can provide an increase in your financial security and well-being. You will have the kind of contractually guaranteed, predictable stream of income that you only get with annuity products.

Properly designed QLACs can also help you cover long-term care expenses and provide protection for your spouse so that if you die before they do, they will continue to receive Income.

Converting as little as 15% of your 401(k) balance to a QLAC when you retire can boost your retirement readiness in a meaningful way.

The downsides of QLACs

QLACs have many positive benefits, but they are not for everyone. If you enjoy a lot of hands-on control over your money, having a QLAC might not work well for you. That’s because you relinquish short-term control over your money to get guaranteed lifetime income with an annuity.

Like many other financial products, QLACs require a degree of trust in the company providing the product. After all, payouts for annuities are contingent upon the claims-paying ability of the annuity company who issues them. You must do your research and only select companies with strong ratings and positive client feedback.

You should only purchase a QLAC after consulting a safe money and income specialist. Even if you currently have a financial advisor, he or she may not understand the nuances of a QLAC, especially if you choose to use a QLAC in more complicated financial planning strategies, such as “laddering.” If your current advisor cannot explain QLACs to you, seek advice from a qualified expert.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

How do annuities work?

3-bottom, Finances, Senior Living

By Dave Stanely
Integrity Financial Services, LLC

Pxhere.com

Annuities are financial products that provide a guaranteed income stream in exchange for a lump sum payment or series of payments. There are several different types of annuities, including fixed, variable, and indexed, each with its own features and benefits.

 

Here is an overview of how annuities work:

 

  1. An individual enters into a contract with an insurance company to purchase an annuity. 
  2. The individual makes a lump sum payment or a series of payments to the insurance company. 
  3. The insurance company invests the payments and earns a return on the investment. 
  4. The individual can choose to receive the income from the annuity in a number of ways, such as: 
    1. A fixed amount each month, quarter, or year 
    1. A variable amount that depends on the performance of the underlying investments 
    1. A combination of the two 
  5. The income payments from the annuity are guaranteed for a specified period of time or for the remainder of the individual’s life.

One common type of annuity is a fixed annuity, which provides a guaranteed rate of return and a guaranteed income stream for a specified period of time. The income stream can be received all at once in a lump sum, or it can be received in installments over a period of time.

Before making a purchase, it is important to carefully review the terms of the annuity contract, including the fees, surrender charges, and any restrictions on withdrawing funds.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management

Worried about interest rate volatility? “Ladder up!”

3-bottom, Citizen Journalism, Finances, Local Business, Senior Living, , ,

By Dave Stanley
Integrity Financial Services, LLC

Image from Pxhere.com

If you are like many pre-retirees or retirees, you may be hesitant to purchase annuities because you worry you will enter the market at the wrong time and won’t maximize your returns. An increasingly popular technique known as “annuity laddering” may help guard against this situation and make the transition to annuities much easier and less stressful for you.

Building an annuity ladder means that you purchase a series of annuities over time instead of dumping a lump sum into one annuity that locks you into one rate. With a ladder, you split your premium across multiple smaller annuities. For instance, maybe you decide to buy one annuity every two years for the next ten years. Or you buy one annuity per year for the next five years.

The annuity ladder strategy has several advantages

The first advantage is that you don’t have all your eggs in one basket. By diversifying your annuities, you are less susceptible to the fluctuations of the market.

The second advantage is that you can take advantage of changes in interest rates. When interest rates rise, you can purchase annuities that have not yet been affected by the market change.

The third advantage is that you can ladder annuities with different payouts. For example, you could buy an annuity with a term period of 5 years, the next year buy another 5-year term period, and up the ladder, you go. When you use the annuity as income, when one matures, simply start converting them to an income stream. Income periods can be any length you wish, even a lifetime. This way, you would have a stream of income that would last for the rest of your life.

Diversifying to reduce risk

Laddering annuities can be a great way to secure your financial future. By diversifying your annuities, you can protect yourself from market fluctuations and take advantage of changes in interest rates. By laddering annuities with different payouts, you can ensure that you have a stream of income that lasts for the rest of your life.

Annuity laddering can help you manage risk. By laddering annuities with different maturity dates, you create a “spread” that can protect you against interest rate risk.

Since predictions of whether interest rates will go up or down are, at best-educated guesses, an annuity ladder lets you bet on both scenarios. A ladder may increase your chances of earning more when rates go up or smooth out losses if rates go down.

Always review to see what’s right for you

There are many different ways to build annuity ladders for yield, including fixed-rate ladders using multi-year guaranteed annuities (MYGAs). You can also use a “mixed-fix” approach combining MYGAs and fixed–index annuities. Deferred multi-year ladders work in a somewhat similar fashion to certificates of deposit (CDs).

Another approach is the deferred multi-year annuity ladder. You take a lump sum to purchase several small annuities in a deferred multi-year annuity ladder, each with a different maturity date. As each annuity matures, you either roll it over into a new annuity or convert it to income.

Creating an annuity ladder may not work for everyone. Still, it is worth bringing up with your retirement advisor, especially if you find yourself considering adding Safe Money products to your portfolio.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Image from Pxhere.com

He won the Nobel Prize, how about quantum annuities?

3-bottom, Citizen Journalism, Finances, Local Business, Senior Living

By Dave Stanley
Integrity Financial Services, LLC

Image from Pxhere.com
Image from Pxhere.com

Albert Einstein was ahead of his time. He revolutionized physics thinking, and his theory beginning with the breakout year of 1905, is still the basics of quantum physics today, more than 100 years later. When Einstein is remembered for his work, it is almost always E = mc², the theory of relativity. However, I think a more interesting part of Einstein’s life was his view on compound interest.

Albert Einstein called compound interest “the greatest mathematical discovery of all time.”

The power of tax deferral

Compound interest allows the account to grow by earning interest on the original investment and any accumulated interest. Here is a generally accepted definition of compound interest.

The interest is calculated on the initial principal and the accumulated interest of prior periods. Compound interest differs from simple interest in that simple interest is calculated solely as a percentage of the principal sum.

Compound interest is offered by banks and savings institutions and is also referred to as “double compounding.” The interest is credited, but it is taxable. The downside is when the interest is credited to your account and comes with tax liability.

Insurance companies offer products that allow for tax deferral and compounding but, under certain situations, can also defer the tax liability. These products are called annuities and life insurance. If the accumulated funds are left untouched, the tax liability is deferred.

This concept is referred to as “triple compounding.”

If some of your savings are placed in an annuity, the benefit of tax deferral provides for:

  • Interest on your principal
  • Interest on your interest and
  • Interest on your tax saving, because your interest is free from current income tax in an annuity, can all continue to compound instead of being withdrawn for tax payments.

And there is more

Is that all there is? No! There is also “quantum compounding.”

Quantum Compounding is building on Triple Compounding by adding features only found on certain insurance company annuities.

·        A bonus of 5% to 10% may be available on funds deposited immediately and guaranteed

·        Long-term care benefit riders may be available

·        Lifetime income provisions

·        Annual moveable minimum guarantees

·        Full guarantees against loss and risk based on the insurance company’s ability to pay.

·        Probate avoidance using a named beneficiary

Consider the use of quantum annuities for added benefits and added value for yourself and your heirs.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

GVSU survey shows West Michigan entering ‘shallow recession’

3-bottom, Citizen Journalism, Finances, Local Business, ,

By Chris Knape
Grand Valley State University

West Michigan’s economy took an expected turn into a “shallow recession” in October. (Photo from Pxhere.com)

West Michigan’s economy took an expected turn into a “shallow recession” as area manufacturers are reporting inflation-related headwinds and a slow-down in demand, according to an October survey of purchasing managers by Grand Valley State University’s Seidman College of Business.

Brian Long, director of supply chain management research at Seidman, said the downturn came as no surprise, with local results mirroring national ones.

“If we compare our statistics with those being collected at the national level, we see a pattern of economic erosion with higher interest rates around the world and the ongoing war in Ukraine,” Long said. “We can probably expect both our local and national statistics at the industrial level will probably continue to soften.”

The key new orders index made a turn into double-digit negative territory for the first time in 30 months, amid inflationary pressures, softening demand and uncertainty in the market.

Employment and purchasing indices also were in negative territory, with an increasing number of companies reporting investments in those areas were down versus the previous month.

Meanwhile, production, or gross output, grew during October as some manufacturers continue scrambling to meet demand in sectors like the auto industry, where supply chain issues have hampered business growth.

“Just like last month, the market for office furniture has continued to soften, but pent-up demand for new cars will most likely keep our West Michigan auto parts suppliers and the assembly lines running for the foreseeable future,” Long said. “The comments from our survey participants have now turned increasingly tenuous, and some firms are openly bracing for an impending recession.”

More information about this month’s survey results and an archive of previous survey data is available at the Seidman College of Business website.

Guess what is coming to a bank near you?

3-bottom, Citizen Journalism, Finances, Local Business, Senior Living, , , , ,

By Dave Stanley
Integrity Financial Services, LLC

Image from Pxhere.com/ Alan Levine

What appears foreign will become commonplace, and you might as well prepare for it. Cryptocurrencies and decentralized finance are all the rage right now, and you’ve probably heard of things like Bitcoin or Ethereum. However, the real story lies in the mechanism that drives these new technologies and forever changes the digital landscape. This is where blockchain enters the picture, the novel technology that enables things like cryptocurrency to exist in the way they do.

What is a blockchain, and what is with all the hype?

Blockchain is a digital database used to catalog all kinds of information (e.g., money, goods, properties, and services). The power behind these databases lies in their ability to create blocks of data which are then chained together with timestamps attached for easier tracking purposes. This makes an unbreakable audit trail documenting every action taken on the platform – from transfer payments between users to how many calories were burned during your morning run! Digital databases are powered by a computer network that is either part of a centralized or decentralized network.

Bitcoin, for example, uses blockchain to record peer-to-peer transactions through a distributed database. This distributed database exists between the computers of all users of the cryptocurrency. The idea is that having the database distributed amongst all the users allows for greater transparency and enhanced security. It enables users to access, audit, trace, and verify digital assets without working through an intermediary. By cutting down on intermediaries, blockchain cryptocurrencies put the power to control data back into consumers’ hands.

Why are cryptocurrencies more secure?

The adage “don’t put all of your eggs in one basket” sums it up. Like banks and universities, many institutions with valuable and personal consumer information operate using a central database. This information is stored within a centralized computer network housed in one location. All that data is controlled by one entity and is more vulnerable to hacks because it would require only a single point of failure to gain access. For a potential attacker to compromise a distributed database like Bitcoin, they would have to gain control of at least 50% of the computers within that network. Even then, the other 50% can fact-check and sniff out discrepancies, making it very unlikely that a hack would ever occur.

Why is this important when it comes to managing digital assets?

· No third-party involvement

· Transactions of authenticated digital assets made via blockchain are typically available in 10 minutes, versus a traditional bank transaction that may take 24 hours or more to complete, not including weekends and holidays

· Blockchain technology guarantees the data’s integrity through cryptography and a distributed database.

Why is this important to us now?

This is the evolution of our data future, and the future of all banks is being reshaped by new technology. Protecting and maintaining control of data is more critical now than ever. In the past few years, major companies like Facebook, LinkedIn, and Morgan Stanley have been impacted by massive data breaches affecting millions of users. Blockchain technology is making waves in the digital world by providing much-needed security measures and by giving them the power to control data back to consumers.

Digital?

Yes, your bank is now 100% digital; it is now our future. Be informed.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Helpful tips for open enrollment

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By Emily Armstrong
Area Agency on Aging of Western Michigan

Open enrollment for Medicare/Medicaid is through Dec. 7. (Photo from Pxhere.com)

The world of Medicare/Medicaid can be an extremely confusing one. Each year, open enrollment occurs from Oct. 15-Dec. 7. This provides the chance for individuals to review and make changes to their Medicare Part D prescription plans and Medicare Advantage plans. Changes that are permittable include monthly premiums, yearly deductibles copays, prescription copays, prescription formulary (list of covered medications), and pharmacy network.

This process can be overwhelming—how do you know which option is the best fit for you? Here are a few tips for navigating the open enrollment season:

  1. Know the difference between Medicare and Medicaid. “Medicare is a medical program for people over 65 and younger disabled people and dialysis patients. Medicaid is an assistance program for low-income patients’ medical expenses,” explains the U.S. Department of Health and Human Services. If you are a senior, then you are likely navigating the world of Medicare. All changes to your plan must be made by December 7, and new coverage begins on January 1, 2023.

  2. Seek help from a trusted source. The Michigan Medicare/Medicaid Assistance Program (MMAP) provides unbiased help with Medicare and Medicaid at no charge. This state-wide program doesn’t sell Medicare plans—certified volunteer counselors are there to help you understand your options. It is designed specifically to help older adults, their families, and caregivers understand, access, and apply. As Bob Callery, MMAP Regional Director, explains, “When people contact us, they may not be sure of what types of questions they need to ask, MMAP counselors can help people navigate the complexities of Medicare. Our counselors are unbiased and want to help people find what will work best for their needs and is the most cost-effective.” You can set up an appointment with a MMAP specialist at 1-800-803-7174, through the Area Agency of Western Michigan at (616) 456-5664, or email MMAP@aaawm.org.

  3. Watch out for scams. During open enrollment especially, scammers take advantage of this time of year by posing as representatives that offer assistance in signing you up for healthcare. Some quick tips from the Kent County Elder Abuse Coalition include:
    1. Scam: An unsolicited “agent” calls and offers to help enroll you in a health plan. Legitimate agents need your permission to contact you.
    1. Scam: The scammer will ask for your personal information, such as Medicare or Social Security number. You are always able to get information about Medicare plans without providing an ID number. ID numbers are only required when actually enrolling.
    1. Scam: Scammers may offer “free gifts” in exchange for your personal information. Real agents will never withhold service in exchange for your personal information.

An important part of open enrollment is making the best choice for your healthcare needs. Being aware of scams, understanding your options, and getting support from the Michigan Medicare/Medicaid Assistance Program are all things that can help make your open enrollment season a smooth process!

A fresh look at whole life insurance

Citizen Journalism, Finances, Local Business, Senior Living, , ,

By Dave Stanley
Integrity Financial Service LLC

Whole life has a simple objective, to ensure your “whole” life, in other words, it will pay the benefits anytime during your whole life, regardless of how long you live. All you need to do is pay the premium.

Image from Pxhere.com

Life insurance is a contract between an insured person (the policyholder) and the insurer. The premium pays for guaranteed benefits in case of death, but there are other features that can provide additional protection as well.

In exchange for fixed premiums, whole-life policies offer life insurance protection and tax deferral on growth by accumulating cash value with competitive interest rates.

 

In exchange for fixed premiums, an insurance company promises to pay a set benefit when the policyholder dies but also offers additional benefits as well. Whole life insurance policies can build up cash value, effectively a cash reserve that pays a modest rate of return, and the growth is tax-deferred. Guarantees are based on the claims-paying ability of the issuing company.

Borrowing still option

Most whole life insurance policies allow policyholders to borrow a portion of their policy’s cash value. Access to the cash value can allow you to pay for things like college expenses, a home down payment, or any other needs you may have.

 

When the policyholder dies, his or her beneficiaries receive the benefit from the policy. Depending on how the policy is structured, benefits are usually not taxable.

Whether whole life insurance is the best choice for you may depend on a variety of factors, including your goals or circumstances.

Considering options

Whole life insurance can be an excellent investment for those who want to be protected financially after death. The policies promise a fixed benefit but also offers additional benefits such as cash value – which can build up and provide returns tax-deferred in order of security against personnel losses caused by unforeseen events like accidents or illnesses, and guarantees based on claims-paying ability from issuing companies.

The FDIC (Federal Deposit Insurance Corporation) does not insure life insurance. It is not insured by any federal government agency, bank, or savings association. Each state’s Department of Insurance regulates life insurance.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation.  

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Trick or Treat, is the market on wobbly legs?

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By Dave Stanley
WKTV Contributor
Integrity Financial Service, LLC

October has always been a devilish month for Wall Street. Black Tuesday was Oct. 29, 1929. Black Monday was Oct. 19, 1987. And the crash of 2008 happened on October’s doorstep on Sept. 29, 2008, when the Dow dropped more than 777 points. The Dow notched a new low for the year and closed below 30,000 for the first time since June 17. The 30-stock index flirted with the bear market territory causing concern and stress.

These are the days of Chicken Littles! In this climate – despite historically low unemployment, robust GDP, and soaring consumer confidence – the stock market still has wobbly legs with no real end in sight.

The problem is not just the current concerns about high debt, trade wars, and rising interest rates; it’s the collective uncertainty and reactionary groupthink over which we have no control. It’s also the psychological traps, triggers, and misconceptions we humans fall prey to.

• Expecting to find high returns with low risk (I’ve got a Rolex watch I’ll sell you for $25.)
• Believing that good things happen to you and bad things only happen to others

The reality is you could be as cool as a cucumber, but if those around you think the sky is falling, your portfolio will still likely evaporate.

And history indicates it could take years, or even decades, just to get back to where you were. Everyone seems to run to safety at some time in their lives. Is it time for you to take a long look at safe and secure options?

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management

In death, the details become essential

3-bottom, Finances, Local Business, , , , ,

By Dave Stanley
WKTV Contributor
Integrity Financial Service, LLC

(Pxhere.com)

In my line of work, I have the unfortunate job of dealing with the passing of someone’s spouse, parent, or sibling. In these moments of grief, I know how, if the details aren’t thought of ahead of time, the pain can be compounded with the frustration of navigating through the messiness of financial matters not thought of ahead of time.

Recently, this aspect hit home recently when a close friend quickly passed away, leaving his spouse and friends to deal with the remaining chaos. Dealing with finances at the time of grieving adds another level of stress and confusion.

I advise my clients to keep a list of all their accounts (checking, savings, CD, annuities, life, mutual funds, etc. in their trust folder. If they don’t have a trust and own any property, that is the first thing they must do along with their advisors’ names and phone numbers for each of those accounts. For the checking, savings, CDs, etc., those accounts should have a POD (Payable On Death), and their passwords should be given to someone they trust.

The reason I say giving the password to someone they trust, you ask? What happens if the mortgage needs to be paid and yet the death certificate is not available yet? Even though the account may have the POD, until the death certificate is produced, only those on the account have the authority to access the accounts to take care of any necessities.

When it comes to a spouse having to deal with the financial decisions, the grief can cloud their choices, and that is why having a plan written out and discussed with the family and the advisor can take away one less decision to make since it has already been made. This is especially true when it comes to planning the funeral.

All the proper planning in the world will not be beneficial if the information cannot be found during the crucial days and weeks following the loss of a loved one or if not having a written-out plan and discussed with an unbiased advisor and attorney to help carry out those wishes. While the topic is maybe challenging to discuss, it is essential.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management

A life insurance policy is an asset you can sell

3-bottom, Citizen Journalism, Finances, Local Business,

By Dave Stanely
WKTV Contributor
Integrity Financial Services LLC

(Pxhere.com)

Did you know that you have a valuable asset that is often overlooked and may not be included in conversations regarding your financial portfolio?  It’s your life insurance policy. Many people are not aware that a life insurance policy is an asset that can be sold with some of the terms being set by the owner.

  

All too often, life insurance owners surrender their policy to the insurance company instead of getting a quote in the “secondary” market for what it’s actually worth. The market value of a life policy can be as much as eight times more than the surrender value. If you have a life policy that is unwanted, unneeded, or has become unaffordable, you can get a quote for the cash value in the open market.  Typically, you will have several choices as to the disposition of your policy.

  

One option is to settle for an all-cash offer and surrender any and all ownership of the policy. Another option is to take a reduced death benefit with a partial cash payout and never pay another premium.  This is the equivalent of owning a “paid-up policy” for a reduced death benefit which will still be paid to your beneficiary upon the death of the insured.

  

Older retirees can sometimes find themselves in need of a lump sum of cash later in life due to health circumstances (i.e., long-term care expenses), divorce, or even debt. These are some of the primary reasons why seniors opt to sell their policy and use the money for these needs. It’s your cash and can be used for any purpose. Other examples include investing the cash to generate monthly income, paying for college expenses of grandchildren, or perhaps funding a long-desired family vacation.

   

One other point to make about selling a life insurance policy in this manner is that this type of sale is not a “viatical settlement.” You may have heard this phrase before but not fully understood its meaning. A viatical settlement is where a person with a terminal illness sells their life insurance policy for less than its mature value to benefit from the proceeds (cash) while the insured is still alive. You do not need to be terminally ill to sell your life insurance policy in the open market. However, it is true that if you have impaired health or you are in your mid to late 80s or 90s, your policy can be worth more due to these factors. However, it is not necessary to be ill to take advantage of selling one or more of your life insurance policies. Do yourself a huge favor, get a quote from a qualified insurance agent, and know your options and the value of your policy before you surrender it to the life insurance company.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management