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By David S Edge
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Mike and Diane had been clients for years and called one day out of the blue to ask a few questions.
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“Be glad to help! What do you need?” I replied.
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“Well, it’s not us; it’s our daughter, Kay”. They continued with they knew we were retirement planners and most of our clients are 55 years or older, but they were trying to assist their oldest daughter, who was a doctor, with her retirement planning even though she was only 41 years old.
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She is maxing out her 401K every year, makes too much to contribute to a ROTH IRA, and has fully funded her traditional IRA. We were hoping you had some ideas for assisting her with other tax-efficient financial planning that she could take advantage of for long-term growth.
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“Great! Why don’t we set up an appointment with one of our expert planners?” So a date was set and we met Kay. After reviewing and ensuring she understood everything she already has, we tackled new information on what was next for her long-term financial retirement plan.
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Most folks during their working years are familiar with stocks, bonds, and mutual funds. That’s what’s promoted on TV, available in your 401K, and through your retail broker. Comprehensive holistic planners (like us at American Retirement Advisors) acting in your best interest, will educate themselves and their clients on every financial tool available rather than what’s available through their firm’s portfolio.
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After reviewing options with Kay, we found a tax-deferred, fully insured savings program that allowed for growth, based on both market performance and a guaranteed minimum rate of return, including protection against downside loss, tax-free withdrawals in retirement, and has protection for beneficiaries against taxes in the future.
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These insured savings programs can be started with a lump sum initial deposit or monthly contributions. They grow tax deferred and can allow you to reap long-term financial benefits for you and your family.
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Kay was delighted with the meeting results and loved the fact that she learned something new on how to prepare for her and her family’s financial future. At the same time we also reviewed Kay’s need for “Power of Attorney” for financial and health directives as well as a “Do not resuscitate”. Additionally, we also looked at Long-Term Care and Life policies that are much less expensive at her current age, but that would get extremely expensive at older ages.
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So for all you parents that have adult kids in their 30’s and 40’s that need help with financial planning, give us a call! We’re here to help!
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Ordering your Medications Though the Mail? HOT STUFF!!!
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By David S. Edge
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Summer heat can be a killer on the effectiveness of some drug medications. Many drugs can suffer their potency by exposure to extreme heat or cold. Most drug manufacturers’ wrappers, container boxes, or information inserts will have a disclaimer that reveals the extremes of what temperatures can possibly affect the medication.
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More and more of us use mail order for the savings it may offer, and we need to keep in mind the time of year for any prescription that can possibly be sensitive to these temperatures.
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Think of your mailbox as an oven where the temperatures can sometimes reach 150-160 degrees inside the closed metal box. This is especially true when the mailbox in question is located in the direct sunlight in the late afternoon, which is our hottest time of the day.
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Think of evaporation with inhalers, liquids, gels, and creams. While they don’t lose all their potency, they can lose up to 50% of their effectiveness and even 50% of the liquid can possibly evaporate, leaving you with a less than adequate dosage.
You can experience the same sensitivity issues when you pick up your prescriptions at the drug store and then leave them in your vehicle, closed up for a few hours. It can be worse when leaving them in the direct sunlight inside your car, where they will literally cook!
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Most mail-order companies will be quick to inform you that if they are shipping a medication that is temperature sensitive, they will use a cold pack to ship your RX in the summer to keep the drug from overexposure. But in turn, if you open the medication and keep it in your window sill or anywhere exposed to direct sunlight, it can still affect the drug.
Humidity can also be an issue when it’s the rainy season, causing deterioration of tablets or powders. Keep those sealed up tight!
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If you turn your thermostat up when leaving your home, consider leaving your prescription medications in your refrigerator. But read the printed warnings that come with your medication to be sure the cold will not harm your drug.
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It’s all about being educated about your personal medications. So stay educated
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By David Schaeffer
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Ever meet a person that doesn’t take no for an answer? It is not often that someone brings up a planning tool that is off my radar. But it happened last month. I was so excited, I wanted to share what I learned with everyone. As many of you know, we launched a new division at American Retirement Advisors called www.123EasyLifeInsurance.com. We have always offered life insurance as an element in our comprehensive planning process, but it has never been something we actively market until recently.
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Kris Sollenberger heads up the department along with support from the planning team, marketing, engineering, and me. It’s my pet project. I really want to help younger folks that we currently do not serve. I figured estate planning for families in their early 40s would be a great place to start. They typically don’t have a bunch of extra money to invest yet, but they have needs that can easily be addressed with life insurance products.
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Back to what I learned… one of our Medicare clients asked if we can help with life insurance. I said, “You bet!” I figured this was going to be easy. I would introduce Kris and hand it off. This would get him a client to help and they would have a dedicated life planner at their service. Well, let’s just say we learned a thing or two. First off, we had a super patient, but equally demanding, client. They were correct in every aspect of their expectations. They asked for every conceivable combination of quotes imaginable. We delivered. Then they came up with a great idea. They needed term insurance for a period of time and then a permanent policy for final expenses. That’s a pretty normal planning strategy.
Normally, a $25,000 policy used for final expenses is only offered as a whole life policy. Those rates at age 65 are usually fairly expensive. I usually recommended a savings account equal to the premium and keep the money in your control. After 8-10 years, the savings will amount to the death benefit with smaller final expense whole life products.
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Here is where I went to school. The client suggested a Universal Life policy with a guarantee that it will never lapse. We use Guaranteed Universal Life all the time for estate planning in amounts of $100,000 to multi-millions, but I never heard of a policy offered under $100,000. Guess what, the same company that offered our clients the lowest premium for their large term policies just so happened to offer a $25,000 (GUL) Guaranteed Universal Life Policy.
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Lesson to learn… NEVER ASSUME! We always research every policy, from every carrier, every time a client asks for research. It’s a good thing because I would have never guessed that policy actually existed. The best part is, the smaller GUL policy was significantly less expensive than a similar value whole life policy and the full death benefit is available to the family as soon as the policy is issued and the premiums are collected.
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Everyone can learn a thing or two, just gotta do the research.
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[spacer height="10px"]By David S. Edge[spacer height="06px"]
August is an emotional month for many folks, especially anyone connect- ed with schools and universities.
It’s the “back to school month”, so there a lot of preparations, shopping, and plain old getting ready for the season. High school teens are already reporting for band and football practice camp, and teachers are getting lesson plans submitted for approval. It’s a large gearing up for many activities connected to the beginning of fall.
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Older teens and twenty somethings are starting to pack clothes and other items in preparation to return to college. Maybe a few tears from a mom or dad with their baby growing up and headed out of the nest for the first time.
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It’s hot, and we linger in the pool or stay on the lake for the last few lazy moments of peace and quiet, as the sun is telling us it’s time to start packing up and going home. Kids keep pleading that infamous “Just a few more minutes” knowing the end is inevitable. You’re finally getting the kids out of the water, shivering with chill bumps, looking for the warm towel to get dry. Who can forget the smells of BBQ and fresh cut grass, with wet towels that need to be hung up to dry? And…. who let the dog out? Ahhhh…. Nothing like summer wet dog smell.
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The emotions are mixed as parents are at the point that they can’t wait for school to start, and the kids don’t want summer to end. But the organization starts with the checklist of stuff to get prepared for fall.
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Nothing changes much for mom and dad other than keeping a watchful eye, to ensure the kids or young adults are finishing what needs to be organized before it all starts. But that’s the early training that responsible folks follow. Preparation![spacer height="06px"]
As we get older, we tend to start to let some things slide as the kids are grown and we’re busy with life and careers. Grown kids visits are less often as they are busy with their lives until all of a sudden there’s grandkids and the need for a baby sitter! But we can’t take our eye off the ball as the years start to roll by. We need to be prepared for retirement.[spacer height="06px"]
Just as we once scolded our kids to get ready, who is scolding you to get ready? This isn’t something simple like make the bed and pick up your dirty clothes. These are adult preparations that have serious consequences for those who lack preparation. Health care planning, financial retirement planning, Power of Attorney for health and financial decisions, long-term care coverage, and your health directives. All these areas need to be planned and prepared for in advance.
[spacer height="06px"]We are in the August of our lives, so don’t enter your retirement years unprepared. Get some free expertise on all that retirement stuff all in one place! Call us we can help!
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Financial Tip July 2017
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Financial Tip of the Month
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David Edge
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Full Social Security benefits start when?
Most folks think their full Social Security monthly benefit starts at age 66. You can start it as early as age 62. Well, that used to be correct!
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As of January 1, 2017, full Social Security retirement age is 66 and 2 months, for folks born after 1954! These additional months keep growing over the next several years in order to receive your full retirement benefits, depending on your birth year.
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We’ve made a chart to assist you in revealing the year and month for full retirement benefits. One of the reasons this is important, it’s when you reach full retirement age for Social Security benefits, this is also the same time you can collect Social Security benefits and make as much income as you wish with no penalty.
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What you may not know is that while you can activate your Social Security benefits at age 62, for every year you take it early from your full retirement, your benefits will be less each year accumulatively. The difference in your benefits between age 62 until age 66 can be as much as 33%! So, if your benefits at age 66 will be $1,000 per month, your benefits at age 62 could be as low as $670 a month. Over a year, that difference is almost $4,000 a year. That’s not pocket change!
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If you decide to wait, your Social Security benefits will grow by 8% a year. Using the same example of $1,000 per month at 66, that amount would grow to approximately $1,320 a month. Over a year that difference would be another $4,000. Between age 62 and age 70, the yearly difference is approximately $8,000 a year in Social Security benefits.
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There are differing opinions about when exactly to take your Social Security benefits, but with an experienced planner, the calculations can be made quickly and accurately and then you can make a “Fact-Based Decision”!
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Register today for our FREE monthly workshop on Social Security Benefits and get educated on when and how you can maximize your options for what is most appropriate for you! Call us we can help!
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Health Tip July 2017
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Health Tip
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What color are your fruits and vegetables?
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By Sharon C. Groves
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As we all know, fruits and vegetables all contain nutrients that the body needs to grow and be protected from diseases. But it definitely pays to know what the colors of your fruits and vegetables mean.
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RED: contains lycopene, ellagic acid, quercetin, and hesperidin, Vitamin A and C. Some of these include watermelons, strawberries, cherries, tomatoes, red peppers, and red onions. Reds slow down aging and protect against Alzheimers. Reds also help fight heart diseases, many types of cancer, and guard against diabetes.
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ORANGE & YELLOW: Contains flavo-noids, lycopene, potassium, Vitamin C, and beta-carotene.
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These are oranges, grapefruit, lemons, bananas, carrots, sweet potatoes, pumpkin, and corn. Orange and yellow lower bad cholesterol and blood pressure, fight harmful free radicals, keep joints healthy and reduces chances of prostate problems.
GREEN: Contains fiber, lutein, calcium, folate, Vitamin C, beta-carotene. Green fruits and vegetables include green apples, artichokes, arugula, asparagus, avocados, honeydew, and green pears. Greens keep digestive tract healthy, keep bones and teeth strong, reduces risks of some cancers, maintains good eyesight, and improves the immune system.
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WHITE: Contains beta-glutens, EGCG, and lignans.
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Examples are garlic, ginger, mushrooms, onions, white corn, turnips, and white peaches. White peaches help protect you from strokes and reduce risk of certain types of cancers like colon, breast, and prostate. They also help balance hormone levels, lower blood pressure, and protects against heart diseases.
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PURPLE & BLUE: Contain lutein, Vitamin C, flavonoids. These include eggplant, cabbage, endive, plums, and blueberries. The blues and purples are good for the immune system, keeps eyes healthy (especially the retina), keeps the gastrointestinal tract healthy, and help reduce body inflammations There are wonderful health benefits with a fruit and vegetable-rich diet. They lower risk of death from any cause, especially from cardiovascular diseases and cancer. The death risks for those who take 5 portions or more of fruits and vegetables per day are reduced by 33%. They are also a great source or fiber. Fiber helps the digestive system process the food we eat. Vegetables are naturally low in fat and perfect for when you’d like to maintain a healthy and fit body.
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We all probably remember our mothers telling us to “eat all your vegetables” and “eat some fruit”. She sure was smart wasn’t she?
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Why Am I Me
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Why Am I Me?
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Driving!
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Most of us have a choice when it comes to what kind of vehicle to drive. Did you buy new or used? What color? What features?
Sometimes we don’t have a choice, sometimes we do. But whatever we drive, it makes you, you!
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Looking back and remembering when you first started to drive you can probably remember the instructor (usually Mom or Dad) cringing as you pulled out of the driveway. Of course, they just wanted to keep you safe, and hopefully get back in the driveway later with no major damage. For most of us, we survived!
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Being exposed to farm tractors and trucks at an early age, I learned to drive pretty quickly, out of necessity. If you can drive the tractor at age 6-7, it frees up the adults to do other work you can’t do. But being a teenage boy, we all dreamed of driving the family car on ……the paved road.
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My brothers and I could all drive trucks and tractors, but we never really got to drive on the road until age 15 when we could get a learner’s permit. Man oh man; we looked forward to that day. My Mom was our first teacher and had her own ideas about how to go about the task. We paid attention and did it her way until we could drive on our own….solo!
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Since that day I would have a hard time remembering all the cars, trucks, vans, and motorcycles I’ve had, but I can tell you I remember some very different driving experiences over the years. Driving in foreign countries is always challenging especially if they drive on the wrong side of the road. Remembering which side of the road you’re supposed to stay on was ok, but making turns correctly was my challenge.
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A recent fun drive was in Germany where we drove in a Trabi-Safari around the city. We were driving these post-World War II cars that were manufactured during the cold war era before the Berlin Wall came down. These Trabi cars are made of compressed cardboard, had two-stroke engines, windshield wipers, a very simple transmission, and headlights and blinkers. No frills here folks…just a real basic car. After the unification of Germany, nobody wanted these cars anymore, now that they had access to much better autos from the west. A local entrepreneur kept 50-100 and painted them all wild color schemes. Now tourists rent them to drive all over Berlin sightseeing in small caravans of 10-12 cars. We were as much
of an attraction as the sights we were visiting, as many tourists took photos of the old, wildly-colored cars. My wife said between the funky car and the sights we visited, she thought it was our most fun day while in Berlin!
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So whether it’s a sports car, truck, family van or whatever, what you drive is part of what makes you, you! We all have that time when we are replacing or planning a major decision for something of value, such as a vehicle, major appliance, a new career, selecting what to major in at school or university, or moving to a new home. We seek out experts and perform research in order become educated about our choices before we make that decision. That’s just plain smart! Do you need to look for new medical plans, retirement financial opportunities, wills or trust, life insurance, long-term care options?
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Don’t make the decision on your own! Give your local experts a call, were here to help!
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Success Story July 2017
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Success Story of the Month
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By David S. Edge
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My co-pays are too much!!!
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Frank is 58 with permanent disabilities and has qualified for Medicare Disability as well as Supplemental Security Income. He was discussing his medical and prescription medication bills with his next door neighbor, Hanna. His medical and prescription medication co-pays were expensive and he could not believe what he had to pay each month. This was especially disconcerting to him due to being on a fixed disability income.
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He has been on the same Medicare Advantage Plan for years, and could not understand why he had to
pay so much for his medications and co-pays for medical services.
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Hanna asked a simple question, “When’s the last time you shopped all the plans to see if you can find better coverage”?
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Frank was somewhat dumbfounded and didn’t even know he could switch plans and how to go about getting comparison information. Lucky for him that Hanna had the easy answer for him. “Why don’t you see my advisor and they will do all the work for you for free because at American Retirement Advisors they are happy to help you shop! Best of all there is no charge for this service!”
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He hesitated and asked the question we hear all the time “What’s the catch”?
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“There isn’t one!” Hanna replied. “My advisor takes the time to get licensed and certified with all the plans available so that they can comparison shop and find the most appropriate plan for you”.
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Frank gave us a call and set up an appointment. After meeting with him and getting the details of his current primary care doctor and specialists, along with volunteering his current prescription medications, the search began.
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As we reviewed his options, Frank simply could not believe how much money he would save just on his co-pays
prescription medications for medications alone. He was paying over $200prescription medications and on the plan, we found for him his co- pay was only $20 for the exact same medications. The new plan also allowed him to retain his primary care doctor as well as his specialists.
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“Why didn’t anybody tell me about you guys? I didn’t even know I could switch plans or how to even do a search and comparison!” This is great! Do you realize how much money I’m going to save?”
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Remember, anyone can change their Medicare Advantage plan each year during the Annual Election
Period (open enrollment) during October 15th through December 7th. Your new plan will start January
1st of the New Year.
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So, do you have a family member, neighbor, or a friend who might be stuck on a plan and don’t realize their options?Call us! Where here to help!
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Featured Story 2 July 2017
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The Golden Rule & the new ERISA Fiduciary Standard
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By David P. Schaeffer
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Let me begin with what I believe to be a standard to run any business. The golden rule, as memory serves, “Do unto others as you would have them do unto you.” I don’t think that goes far enough when an advisor is tasked with managing someone’s
retirement nest egg.
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Our fiduciary standard has five tenets that cannot be broken:
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1. To always act in the best interest of the client even if we are not compensated.
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2. To always place the client’s needs above our own.
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3. To always seek the highest quality solutions.
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4. To never settle for the common answers.
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5. To share all research with our clients.
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Our standard exceeds the Securities and Ex- change Commission (SEC), Financial Industry Regulatory
Authority (FINRA), Department of Labor (DOL), and the Certified Financial Planner Board’s (CFP)
definitions. Our standard is much more diligent.
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Under their (SEC, FINRA, DOL and CFP) fiduciary rules, you must act in the best interest of the client. But in practice, it is not a violation to sell a product that is not the best in class. In other words, if I worked for a company that sold its own brand of variable annuities (I don’t, but if I did) and I thought that product was appropriate for your portfolio, it would be considered “ok” to sell you that product. What if there were 150 similar products in the market, many with lower fees and more attractive benefits? Under the old and newest standards, it is still permissible. How is that acting in the clients’ best interest?
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We will serve our community whether we are compensated or not. In many cases, we meet with people that
just need a hand in understanding their V.A. benefits, Social Security benefits, or employee or retiree health benefits. We don’t charge folks to answer questions.
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Since the firm was founded, I have mandated that our clients get the most appropriate solution available, whether we could offer it or not. Let’s say you really need a CD from a bank. We no longer offer banking products. Wouldn’t it make sense to get the highest rate available on your FDIC-insured savings? We do the research and direct you to the firm offering the solution. Remember the movie “Miracle on 34th street”? I didn’t make this stuff up, it’s just the right thing to do.
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Common wisdom is usually based in truth, but must be altered for the time in which we live. The old 60% stock and 40% bond portfolio of great companies was the common wisdom for a dividend income plan in the 50s through the 90s. Then 2001 and 2007 hit. Gone are the old solutions, because today they no longer provide the answer people need. We adjusted before any of our clients suffered a loss; many profited in the downturns.
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Have you ever wondered how your current and past advisors selected the financial products for your portfolio? Did they have a basket of pre-screened offerings? Pre- assembled portfolios? Were they limited to just a few choices in an effort to sell more and bolster a firm’s volume bonus? We have always shared our research, product selection process, and the monies we earn with our clients. We are 100% transparent. Ask us the hard questions, we answer!
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Bottom line, we do what we say, when we say, and share how. Just ask ourwonderful clients!
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By David S. Edge
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Americans love their holidays and the 4th of July is one of the granddaddies of them all!
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*Many citizens think we celebrate the signing of the Declaration of Independence but actually it is the celebration of the adoption of the document as voted on and approved by the Continental Congress on July 4th.
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*John Adams wrote to his dear wife that July 2nd will go down in history as Independence Day but, alas, only 2 members signed it July 2nd and the body politic didn’t approve it until July the 4th! Most of the members didn’t actually sign the Declaration until August 2, 1776. This is the document on display in the rotunda in Washington, D.C. The first actual draft of the Declaration of Independence was lost.
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*On the back of the original document it is written “Original Declaration of Independence dated 4th of July 1776”.
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*The Pennsylvania Evening Post was the first newspaper to print the Declaration for public consumption.
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*July 4th didn’t actually become a Federal holiday until 1870.
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*Many countries around the world celebrate the 4th of July along with Americans. Many of the countries started celebrating as a way to bring in American tourists.
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*At the time the Declaration was signed there were only approximately two and a half million Americans compared to our 326 million currently.
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*July is home to some other less known holidays like: National Ice Cream Day (16), National Hot Dog Day (19), National Tequila Day (24), Parents Day (23), and for you foodies, National Fried Chicken Day (6), Lasagna Day (29), and National Cheesecake Day (30)! There are dozens of these special days for July!
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So whether it’s a backyard BBQ, a day at the lake or river, kick back and thank our Founding Fathers for risking their lives to serve notice that we will not be denied our freedom!
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Like freedom of religion?Then thank God.
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Like freedom of liberty? Then thank a Veteran! Happy 4th!!!
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What you may not know is that while you can activate your Social Security benefits at age 62, for every year you take it early from your full retirement, your benefits will be less each year accumulatively. The difference in your benefits between age 62 until age 66 can be as much as 33%! So, if your benefits at age 66 will be $1,000 per month, your benefits at age 62 could be as low as $670 a month. Over a year, that difference is almost $4,000 a year. That’s not pocket change!
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If you decide to wait, your Social Security benefits will grow by 8% a year. Using the same example of $1,000 per month at 66, that amount would grow to approximately $1,320 a month. Over a year that difference would be another $4,000. Between age 62 and age 70, the yearly difference is approximately $8,000 a year in Social Security benefits.
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There are differing opinions about when exactly to take your Social Security benefits, but with an experienced planner, the calculations can be made quickly and accurately and then you can make a “Fact-Based Decision”!
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Register today for our FREE monthly workshop on Social Security Benefits and get educated on when and how you can maximize your options for what is most appropriate for you! Call us we can help!
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