WSFG Blog
By one estimate, a 65-year-old couple who retire in 2019 may need about $300,000 in savings to pay their health-care expenses in retirement. This includes premiums for Medicare Parts B and D, supplemental (Medigap) insurance, and median out-of-pocket prescription drug expenses, but not other health expenses such as long-term care, dental care, and eye care. You may be counting on funds from a defined benefit plan to help you achieve a comfortable retirement. Often referred to as traditional pension plans, defined benefit plans promise to pay you a specified amount at retirement. In a word, no. Estate planning allows you or anyone to implement certain tools now to ensure that your concerns and goals are fulfilled after you die. Your objective may be to simply make sure that your loved ones are provided for. Or you may have more complex goals, such as avoiding probate or reducing estate taxes. Yes. If you already receive Social Security based on your spouse's earnings record, you'll continue to receive it as long as you live (or in some cases, until you remarry). If you don't receive Social Security yet, you can apply for a reduced benefit when you turn 62 or wait until your full retirement age if you want to receive an unreduced spousal retirement benefit. If you're thinking about buying life insurance for your child, consider the decision carefully. The main purpose of life insurance is to replace income lost after someone dies, and there's little doubt that your income could decrease upon your child's death, due to lost time at work or lost productivity.How do I protect my assets in the event of a divorce?
Submitted by Wealth Strategies Financial Group on November 13th, 2019
Could a Health Savings Account Help Strengthen Your Retirement Plan?
Submitted by Wealth Strategies Financial Group on November 7th, 2019
What is a life insurance trust and why should I consider establishing one?
Submitted by Wealth Strategies Financial Group on October 16th, 2019
What is a "Defined Benefit Plan"?
Submitted by Wealth Strategies Financial Group on October 8th, 2019
Is Estate Planning Just for the Rich?
Submitted by Wealth Strategies Financial Group on October 8th, 2019
Will I continue to receive Social Security based on my spouse's record after we divorce?
Submitted by Wealth Strategies Financial Group on September 24th, 2019
Once I begin receiving Social Security retirement benefits, can my child receive benefits too?
Submitted by Wealth Strategies Financial Group on September 24th, 2019
Life Insurance for Children
Submitted by Wealth Strategies Financial Group on September 18th, 2019
Are life insurance proceeds income taxable?
Submitted by Wealth Strategies Financial Group on September 18th, 2019