During the years or even nearing the end of a long, healthy and happy life, many caring and responsible individuals want to do their utmost to ensure the best possible financial security for the loved ones they leave behind. Estate planning ideally includes the decedent’s history of having maintained the survivor’s benefit protections offered by some form of life insurance, including final expense life insurance.
Many people assume that final expense insurance combined with life coverage is the same as burial insurance, but there are distinct differences between the two. Many life insurance policies, in addition to other benefits, offer a disbursement intended to cover the specific costs of cremation or burial services. Separate from life/final expense coverage, interment costs only (burial insurance) products are typically affordable and easily obtainable, but such a limited policy offers no additional financial security for a decedent’s heirs.
Most final expense insurance companies offer combined life and final expense policies, as well as interment expense only coverage. When joined with a life insurance policy, final expenses can be partly defined as a total of all outstanding debts, including a mortgage or other bank loan(s). Subsequent to a policyholder’s death, a combined life/ final expense insurance policy will typically include – separate from interment and outstanding debt costs – the payment of a lump sum cash award to a decedent’s heir(s).
Clearly, when it comes to any type of insurance, there’s a lot to know, and at The Center for Senior Benefits, we offer comprehensive consultations that include the very latest information on final expense plans or any other type of life or health insurance protection. Any one of our highly trained, cheerful and always helpful insurance experts are happy to spend whatever time is needed to ensure that the most appropriate and cost-effective, final expense or other insurance product is offered to you.
For many Americans, preparing for retirement is an exciting prospect. These Golden Years can be a time to travel, play golf, relax by the pool, or watch the grandchildren grow up. Of course, much of this is dependent on having the resources to do these things. In a recent study by Fidelity Investments, it was found that 38% of current retirees fall short of covering their monthly bills. This can largely be attributed to an average 28% income drop upon retiring.
As our nation still faces several years of hardship, many Americans have responded by more aggressively saving for retirement. While the idea of saving is correct, unfortunately most people don’t know where to allocate their savings in order to create the best income stream during retirement. Another important factor is not overspending on things like health care. Choosing the right health plan that fits your needs may not only save you money, but it will also give you better overall coverage.
Since everyone’s situation is different, there is no quick answer on how to plan your retirement. Knowing your options and making educated decisions is very important in retirement planning and cannot be overstated. When it comes to taking control of your future and making the decisions that are best for you, The Center for Senior Benefits is here to offer guidance and assistance. Please contact us for a free and no obligation consultation.
On April 23, 2012, the New York Times published an article stating that Social Security is unsustainable without a significant change to the program. Current estimates predict that by the year 2033 there will not be enough money in the program to cover 100% of the payments to those in line to receive the benefit.
The last significant change to the program occurred in 1983 when payroll taxes were increased along with retirement age. Despite all of the gloomy facts, there is currently no concrete plan to remedy the problem.
The only real solution is to take control of your financial future! Too many Americans seem to be relying on Social Security and neglecting their own retirement planning. It is important to create your own personal income stream, which will be supplemented by Social Security, to ensure that you never run out of money. There are many options available and we are the experts you can count on to help determine which option is best for you.
More detailed information about the financial outlook of Social Security can be read in the New York Times article by clicking HERE
A Baby Boomer is someone defined as being born between the years of 1946 and 1964. Estimates put the number of Baby Boomers to be over 70 million people with the oldest of this group currently reaching retirement age. In fact, according to a Pew Research Center report, there will be an average of 10,000 Baby Boomers reaching age 65 every day for the next 20 years.
Research shows that a substantial number of Baby Boomers are delaying retirement right now. According to Woelfel Research Inc. as many as 64% are expected to supplement their retirement funds with an income generated from employment. Many of the Baby Boomers staying in the workforce are those who counted on Social Security, employment pensions, or personal investments such as IRA’s and 401k’s, all of which have been affected by the troubled economy.
With healthcare costs increasing and long-term care not being covered by Medicare, many Baby Boomers are uncertain how they will manage their finances during retirement. While reallocating from stocks to bonds may have been a useful method in the past, times have changed quite drastically in the last decade and it is highly recommended for people to sit down with a professional to plan each individual retirement strategy on a case by case basis.
By scrolling down you will find several graphics with information about what Social Security means for you and your future. You may click on each graphic to see a larger and easier to read image.
Only you can determine when you should take your Social Security income. It all comes down to how long you expect to live…if only we had a crystal ball! However, it generally is not recommended to take your Social Security income at 62, and then go back to work. If you do, the Federal Government could penalize you $1 for every $2 or $3 you earn in income. Please contact one of our Retirement Planning professionals for additional information.
The table above shows the age that your draw Social Security on the left, and the age at which you pass away along the top. This is a hypothetical example for illustration purposes only. Please contact us for additional information.
Congratulations to our President, Mark Snihurowych, for being
selected as a 2012 Utah Business Magazine 40 Under Forty Honoree. Please click on the image for Mark's portion
of the article.
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The Center for Senior Benefits is proud to launch our new website! Our website is devoted to providing comprehensive, yet easy to understand information about Medicare Health Plans, Life Insurance, Long Term Care Insurance and Retirement Planning.
Our website is the starting point for deciphering your options as you look towards the next chapter of your life, retirement. We have the unrivaled expertise to address your unique needs and retirement goals.
Contact us today!
info@centerforseniorbenefits.com
1.877.891.8385