Category Archives: Back end support

The best life insurance for your life stage


Insurance agents regularly approach new moms and dads about buying term life insurance to make sure their children will be cared for until adulthood.

But people’s insurance needs shift depending on their stage in life, and their reasons for getting life insurance can vary, as well. Not keeping their policies in sync with their life stage can mean they risk leaving loved ones in the lurch.

“Every five years, you should revisit your life insurance profile—where you are, where your kids are, where your business is,” said Elizabeth Scheiderer, a financial advisor with NCA Financial Planners. “Sadly, too many families are underinsured.”

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State pension funds face $1 trillion funding gap


More depressing news for workers who depend on a pension to fund their retirement: State-run pension funds faced a $968 billion shortfall in 2013, up $54 billion from the year prior, according to a new report by The Pew Charitable Trusts. When local pension fund shortfalls are factored in, the total pension funding gap surpasses $1 trillion.

“Policy makers are going to need to find a way to address [this funding gap] and it’s going to have to come down to some kind of plan to pay it down in an orderly fashion,” said David Draine, a senior researcher at Pew Charitable Trusts.

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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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Watch an Elite Financial Adviser Hack His Own Retirement

Michael Kitces could drive a hot new car, work out in a high-end gym, and relax in a sprawling house. He can afford it. He just doesn’t want it.

What does the 37-year-old financial planner, a partner and director of research atPinnacle Advisory Group, want? To save enough so that he doesn’t need to earn any income from his work.

And when he reaches that point, he’ll probably just keep working—and driving his Kia Spectra, which just turned 10.

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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


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