Network in Action Global Partners

School's almost out!! What are we going to do to keep the kids busy? Here are some ideas for summer jobs for your teen. The classics: Babysitter, pet sitter, yard worker, party helper, apprentice Office gigs: Intern, customer service agent, personal assistant Sports jobs: Golf caddy, referee/umpire, coach, concessions worker Water works: Lifeguard, swim instructor, pool or beach attendant, pool tech Seasonal opportunities: Camp counselor, seasonal restaurant staffer, summer tutor If your teen needs help deciding what job might be right for them, click the link below for our free guide that explains what they can expect to earn at each job and how to start putting that money to work. https://lnkd.in/ex3RERip...

As financial planners, we often talk about the importance of a secure future, a wonderful retirement, and a lifestyle that can be enjoyed. But the true importance of what we do is seen in moments of crisis. Recently, I had the honor of meeting with a family who had just lost a beloved husband, father, grandfather, and colleague. Amidst their sorrow and chaos, I was able to assure them that their future was secure. They wouldn't face financial crisis, they wouldn't lose their home, and they wouldn't have to change the lifestyle they had spent a lifetime building. Thanks to the financial plan we had developed together, I was able to present them with a check that would ensure their lives would continue without worry. This is why I do what I do. It's not about daily posts encouraging people to plan, it's about sitting with a family in their time of need and being able to say their lives are secure. That is my why.

THE NEED FOR RETIREMENT PLANNING For much of the 20th century “retirement” was traditionally defined in terms of an individuals relationship to their participation in the active workforce. More recently, however, many individuals are beginning to recognize that for several reasons, this “traditional” view of retirement is no longer accurate. The single most important factor in this changed retirement picture is the fact that we are now living much longer than before. Planning for a much longer life span involves addressing problems not faced by earlier generations. Some of the key issues to be considered include: --Paying for Retirement: Longer life spans raise the issue of providing a steady stream of income. Social Security and personal savings such as a 401(k) may not be enough. --Health Care: Medicare benefits are generally considered to be the minimum “foundation” of a retirement health care plan. Often a supplemental “Medigap” policy is needed as well as a plan to provide for long term care to provide benefits not available through Medicare. --Estate Planning: Retirement planning inevitably must consider what happens to an individual’s assets at death. The estate plan should ensure not only that the assets are transferred to the individuals or organizations chosen by the individual, but also transfer in the most tax efficient way. --Housing: Housing involves not only the size and type of home (condo, house, assisted living) but also its location. Factors such as climate and proximity to family and quality medical care are often important. --Lifestyle: Some individuals, accustomed to a busy work life, find it difficult to enjoy the freedom offered by retirement. Planning can make this transition easier. Developing a successful retirement plan involves carefully considering a wide range of issues and potential challenges and obstacles. Seeking professional advice is often a wise choice to finding the solutions to these questions. Please contact us at your convenience as we stand ready to assist you in addressing these challenges and answering these questions.  

If you have a Pension, how do you maximize your benefit? Only 15% of private industry workers have access to a pension, also known as a defined benefit plan, according to Bureau of Labor Statistics data. This aligns with a trend of more employers shifting to defined contribution retirement plans such as 401(k)s. So, if you still work for an organization that offers a true "pension," congratulations! At retirement, if you have a pension, you'll need to decide how to receive your pension benefit. Generally, you'll have two choices: --Opt for the maximum monthly income for your life only, known as the single life option, for example, $1000/month. --Choose a substantially reduced monthly income for both your and your spouse or partner's lifetimes, known as the joint life and survivor option, for example, $750/month. The dilemma for pension members is not wanting to leave their surviving spouse or partner with no income, so they often choose Option 2, taking a lower monthly benefit and hoping it will be sufficient. Two significant issues arise with Option 2: --It assumes the pension member will die first. --If the surviving spouse or partner predeceases the pension member, the pension member continues to receive the reduced benefit for the remainder of their life. The question then becomes: Is there a way to allow the pension member to choose Option 1 and still protect the interests of their surviving spouse or partner? The answer is YES! It's called a Pension Maximization Plan. This plan utilizes a permanent life insurance policy to provide a death benefit to the surviving spouse or partner, sufficient to replace the income that would have been received if Option 2 had been chosen at a minimum. This plan enables the pension member to choose their full monthly benefit with confidence, knowing their surviving spouse will be provided for if they pass away first. If the surviving spouse or partner predeceases the pension member, the pension member will continue to receive their maximum monthly benefit and have the option to redirect the life insurance proceeds. If you have a pension program and would like to learn more about this unique planning opportunity, please contact me at your convenience.

So, what exactly constitutes a "Personal Budget"? At its core, a personal budget serves the fundamental purpose of strategically allocating an individual's financial resources. It is a systematic approach to managing cash flow, ensuring that it not only meets current financial obligations but also facilitates future expenditures. The formulation and implementation of a personal budget encompass two essential roles: A Planning Tool: When utilized effectively, a personal budget functions as a safeguard to align income and expenses, both in terms of amount and timing. A Yardstick for Progress Measurement: By comparing the planned budget with actual results, individuals can gauge their progress toward specific financial goals. It often illuminates areas where adjustments are necessary. Taking the initiative to document the sources of income and expenditure patterns is the initial stride towards gaining command over one's financial destiny. If you haven't already done so, we strongly encourage you to create your "personal budget." Should you require assistance in this process, please feel free to reach out to us.

How can we manage the financial demands of education? For numerous families, setting aside funds for their children's or grandchildren's educational pursuits, whether it's for college, university, technical, or trade school, is a discussed goal that often lacks concrete action. Prioritizing savings for higher education is a crucial aspect of any family's financial plan, and there are several compelling reasons for this: Economic Advancement: Statistics consistently show that individuals with a 4-year college degree or a diploma/certificate from a technical or trade school tend to earn significantly more than those with only a high school diploma. Escalating Costs: The expenses associated with college have been on a relentless upward trend, surpassing the rate of inflation for several years. Extended Study Periods: In the rapidly evolving career landscape of today, four years of study may no longer be sufficient. It's increasingly common for job requirements to demand six or even eight years of study. The challenge of funding higher education is considerable, but there is a plethora of financial options available to meet these costs. Whether you're a parent or a grandparent seeking more information about these alternatives, we are here to support you in making the best decisions for both you and your children/grandchildren. Feel free to reach out, and let's explore the possibilities together."

Just like we schedule an annual check-up with our doctor to be proactive about our health, it's equally important to prioritize our financial well-being! An annual "financial wellness" check-up is just as crucial as our yearly physical examination. During your annual financial review, various aspects are examined, mirroring the approach of a physical check-up. The goal is to identify and address potential issues before they arise, track progress towards financial goals, and make necessary adjustments to adapt to changing needs or conditions. Key components of an annual financial check-up include: Cash Flow Management: Involves budgeting, emergency cash reserves, and effective debt management. Risk Management (Property and Causality): Ensures appropriate levels and types of property and casualty insurance are in place. Risk Management (Health and Disability): Reviews the adequacy of health, disability, and long-term care coverage. Risk Management (Life Insurance): Evaluates current life insurance planning, determining the suitable amount and type of coverage. Income Tax: Looks for strategies to minimize the current income tax burden. General Accumulation Goals: Reviews or establishes goals and methods for accumulating funds, such as for college education. Retirement Accumulation Goals: Evaluates existing plans to ensure sufficient resources for a comfortable retirement. Estate/Legacy Planning: Checks if appropriate tools and strategies are in place for a smooth transfer of the estate to chosen heirs, minimizing delays, costs, and taxation. So, just as you make that call to schedule your annual physical with your doctor, don't forget to reach out to your financial advisor and book your annual financial check-up too! If you're not currently working with a financial advisor, we would be happy to assist you.

As 2023 draws to a close, my question is has your glass become "more empty" or "more full" this year? Why or why not? I welcome your thoughts and comments below.