Category Archives: Appointment Setting

How to Save for Retirement Without a 401(k)

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A 401(k) plan makes it convenient to save for retirement. The money is automatically withheld from your paychecks before you ever get a chance to spend it. You immediately get a tax break on your traditional 401(k) contributions, and sometimes your employer contributes money to the account as well. Some workers are even automatically enrolled in the plan without having to fill out any paperwork or make saving and investment decisions.

Saving for retirement without a 401(k) plan takes a little more effort. But if you are willing to take some initiative, you can still enjoy many of the tax breaks and investment gains that workers with 401(k) plans enjoy. Here’s how to save for retirement when you don’t have a 401(k) plan.

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Determining a Realistic Retirement Figure for Gen X and Millennials

NEW YORK (MainStreet) — Calculating a realistic figure on how much Gen X-ers and Millennials need to save for their retirement can be an unnerving task.

Many financial advisors recommend saving at least $1 million since life spans are increasing, but even half of that amount appears to be daunting and unattainable for many people who are saddled with both student loans and credit card debt.

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SEC To Examine Retirement Advice

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The SEC is starting a multi-year examination initiative on how broker-dealers and advisors ensure their clients are prepared for retirement.

the Securities and Exchange Commission examinations will evaluate issues such as whether registrants, advisers and broker-dealers are selecting the appropriate account for their client and whether they are performing due diligence on investment options.

Other questions examiners will determine is what type of initial investment recommendations are being made for clients nearing retirement age and whether they are providing ongoing account management, the SEC’s Office of Compliance Inspections and Examinations (OCIE) said in a Risk Alert.

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Understanding The Longevity Calculation!

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We all know that Americans are living longer than in generations past and that this impacts retirement planning.  An ongoing debate rages about how much money is needed for retirement, at what age we should start taking social security benefits, and when or if we should retire at all.

How long we will live is, of course, a great unknown.  Many clients don’t like thinking about it, but it has a tremendous impact on how we should plan and how much needs to be saved.  Yet even though we likely haven’t considered exactly how long we will live, companies that manage retirement dollars have and so has the government which oversees our social security payouts.  And guess what, they may have it all wrong.

First, some statistics on longevity in America which may surprise you.

  • Since 1900, the average life expectancy has increased by 31 years, so the average American can now expect to live past age 78.
  • The number of Americans 100 or older has risen by an astounding 2,200% since 1950.  More than 53,000 centenarians call the United States home.
  • 47% of baby boomers are at risk of outliving their retirement savings.

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One in four insurance agents will be gone by 2018!

According to a report from management consulting firm McKinsey & Co., the average age of a US insurance agent in 59. As such, one-fourth of the industry’s work force is expected to retire by 2018. And assuming a related MarshBerry study is correct, balancing out the numbers means hiring three young producers for every producer currently employed.

“This data makes it clear that agencies cannot afford to continue to do business as usual when it comes to hiring new producers,” researchers wrote. “The most relevant agencies of the next decade will not only hire aggressively in the short-term, they will work to improve their retention in the long-term to ensure success.”

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The Independent Agent Network: Building your business

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The Independent Agent Network was founded in 2006 by experienced professionals that know your business and is supported by a knowledgeable dedicated staff. We focus on providing exceptional service; advanced training and helping agents build their business.

Our goal is to help agents build their business, while benefiting their community. With hard work, our straight forward approach and a “Service 1st” mentality, we feel our agents make a positive impact on the industry.

To find out how we can build your book of business and increase your client base click here