Most people think about how to retire well, but it is equally as important to plan to die well. This enables you to live a more secure and satisfying retirement and make sure your family is also taken care of after you pass away.
In this presentation, I cover a 10-step plan for end of life planning, discuss best practices for incorporating this planning into a comprehensive retirement income plan, discuss a few common traps, and go over the documents your clients need to have in place for the end of their lives.
Social Security is undergoing major changes as the file-and-suspend strategies are being phased out. Understand how the new rules impact Social Security claiming and get an inside look at how Social Security might change in the near future.
Only 40% of Americans could pass a basic retirement income literacy test. A look at the retirement income research and literacy surveys shows that Americans do not understand retirement income planning. However, advisors can have a positive impact and add tremendous value to their clients’ retirement by understanding what their clients don’t know and building a plan that fills in those knowledge gaps.
There are tens of thousands of Social Security claiming strategy permutations. However, there are a few strategies that all married or divorced individuals should know about. These strategies allow you to receive money from Social Security while still deferring your benefit! In short, you can get current income and a larger benefit – the best of two worlds! Don’t miss out on maximizing your Social Security benefits by not understanding your options. (JH)
You could be financially responsible for your parents’ long-term care costs if you live in one of the 28 states with filial laws. Make sure you know how long-term care insurance and other long-term care products can help protect your wealth, increase your retirement success, and protect your family. (JH)
Small business owners have a lot of wealth tied up in their companies and often lack good succession plans. Making matters worse is the development of digital assets, which can be more difficult to transfer and monetize than traditional business assets. Make sure you understand the ownership and planning options available for managing digital assets. (JH)
The addition of the myRA, automatic IRAs, more favorable QLACs, loss of inherited IRA creditor protections, and Social Security changes have changed the landscape of retirement income planning. Make sure you are ahead of the curve when it comes to changes for 2016. (JH) (This is one I do every year – updated for the biggest changes).
As employers move away from offering traditional pensions, employees are left with the challenges of creating their own pensions. One way to do this is by annuitizing their retirement accounts. With new regulations passed in 2014, allowing for the use of qualified longevity annuity contracts (QLACs) inside of retirement accounts, longevity annuities will take a much more prominent role in the future of retirement planning. (JH)
