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Your spouse, partner, or children will appreciate this article if you become incapacitated due to cognitive deterioration or pass away. First and foremost, the information comes from you. Second, the informational sources are all government entities they must become acquainted with to comprehend their position as your advocate, care provider, or beneficiary. Third, these digital resources are updated regularly, ensuring that the material is up to date when needed.

This article is designed to be used as an attachment to be shared with others through email. The idea is that by giving this information, you’re presenting them with several reliable digital resources that can be shared with them now, electronically archived by them, and made available to them when required in the future.

Remind your close ones about the article when you give them specifics about your estate planning instructions, such as your will, advance directives, powers of attorney, etc.

Important Federal Agency Resources 

Office of Personnel Management (OPM)

During their retirement, all federal annuitants, regardless of the federal agency they worked for, are subject to the oversight of the Office of Personnel Management (OPM).

Here’s an example of how to collect information using the OPM search box. For example, entering “death” into the OPM’s search box yields 49 results. Each outcome provides a two or three-sentence summary of the associated material, for instance, FAQs on the death of a government employee or annuitant. All the links provide paperwork, extensive descriptions of a procedure, or other relevant information.

Thrift Savings Plan (TSP)

Almost everything a spouse, partner, and children need to know about the Thrift Savings Plan (TSP) may be found in a special section for beneficiaries on their website. The site includes a PDF document entitled “Your TSP Account: A Guide for Beneficiary Participants,” which may be accessed via the website.

Social Security Administration (SSA)

Social Security offers various resources that others close to you may find valuable. The first is about people helping others and how Social Security can help you when a family member dies.

Medicare

Medicare provides information on important Medicare-related matters such as where to sign up for Medicare, how to change plans, the advantages of Medicare drug coverage, and where to get Medicare paperwork for claims and appeals. It offers a searchable database of Medicare-accepting medical providers.

Centers for Disease Control and Prevention (CDC)

The CDC provides an overview of Alzheimer’s disease and offers a wide range of information on the subject and the option to get email updates.

National Library Service for the Blind and Print Disabled (NLS)

The NLS provides a plethora of resources for senior citizens and their families. At least once a year, various organizations, online tools, and publications from government, academic, and nonprofit sources are updated. Connections for caregivers, legal, eyesight, physical health, and psychological health services are a few of the topics covered.

Conclusion

These tools aren’t meant to be a replacement for thorough estate planning. Conversations with the receivers of this article may be just what you need to get started on a personal estate plan.

Contact Information:
Email: [email protected]
Phone: 2178542386

Bio:
Bill and his associates of Faith Financial Advisors have over 30 years’ experience in the financial services industry.
He has been a Federal Employee (FERS) independent advocate and an affiliate of PSRE, Public Sector Retirement Educators, a Federal Contractor and Registered Vendor to the Federal Government, also an affiliate of TSP Withdrawal Consultants.
Bill will help you understand the FERS Benefits and TSP withdrawal options in detail while also helping to guide you in your Social Security choices.
Our primary goal is to guide you into your ment with no regrets; safe, predictable, stable and for life using forward thinking ideas and concepts.

Bullet points:
> Financial Services consultant since 1984
> FERS independent advocate and an affiliate of Public Sector Retirement Educators (PSRE), a Federal Contractor and Registered Vendors to the
Federal Government
> Affiliate of TSP Withdrawal Consultants
> His goal is to guide individuals into retirement with safe, and predictable choices for stability using forward thinking ideas and concepts.

Bill Hoff

Author

An effective retirement plan’s main purpose is to ensure that you have the financial resources to maintain or improve your lifestyle during your retirement years. If you want to travel and buy more in retirement, you will need to save more. The amount you will need to save will be determined by how you intend to spend your retirement.

This post focuses on some of the measures to follow while putting your retirement plan into action.

Reduce Your Debt

It is not enough to save for retirement –  you also nered resolve any outstanding debts.

Begin with the fundamentals. Make a budget, pay off your debts, and start saving and investing; the moment to deal with it is now. The trick is to prioritize debt repayment over something you do with “leftover” funds.

Brady McAninch, founder and CEO of HM-Attorneys, advocated prioritizing high-interest debt. “High-interest consumer debt can sometimes jeopardize a person’s retirement funds,” he warned. “As a result, you should prioritize repaying your high-interest consumer debt as soon as possible.” After that, you can deal with your mortgage and other outstanding debts. You will not have to worry about your debts when you retire if you settle them now. The best thing is that when you pay off your debts, you may save for retirement with the money you would have spent on bills.

Reduce your spending

When preparing for retirement, it’s critical to remember that every penny you spend depletes your savings. Living on a budget is the first step.

It is imperative that you gain control of your finances. Your “take-home income” is distributed in ways that don’t support your retirement, whether you’re a W2 employee or a business owner.

However, how can one accomplish this? Fundamentally, you review your checking account to determine your deposits from earnings over the last year. Then, go over your year-end credit card summary to see how much you’re spending – and what you’re buying — and add in the things you don’t place on credit, including rent or mortgage, utilities, and auto payments.

You don’t have to go granular to understand your finances. Understanding your spending habits can help you identify areas where you can make reductions. They don’t have to be enormous sums; start small if necessary.

Make the most of your retirement accounts

According to Andrew Rosen, a licensed financial consultant and the head of Diversified LLC, says people who are having trouble saving for retirement by the time they reach their 40s you can still do a few things. “Max out your 401(k) and make sure you’re getting any employer match, if available,” he says. Consider starting a Roth IRA or a standard IRA; a financial adviser can help you decide which is best for your unique situation. At this point, it’s probably a good idea for you to meet with a financial planner. They can help you figure out your retirement goals and create a savings plan to help you reach those goals.

According to the IRS, the total amount that people in their 40s can contribute to IRAs, both Roth and standard, in 2022 will be $6,500. When you’re 50 or older, that figure rises to $7,000. Make the most of your annual retirement account contributions, and if your employer offers a matching contribution, take advantage of it.

The yearly employee contribution maximum for 401(k) funds is $20,500.

Reduce major expenses

“You may need to make sacrifices now to save more or later in retirement if you cannot save enough,” Galstyan noted. “If you’re serious about saving for retirement, you might have to make some considerable compromises.” This could include downsizing your home, moving to a less expensive place to save money on housing, taking on a second job and putting all your earnings into retirement savings, or simply cutting your budget to the bare minimum.

Suppose you are reluctant or unable to make financial changes now. In that case, you may need to consider strategies to reduce your retirement spending. You may have to forego expensive vacations or find ways to entertain yourself at home rather than dining out or starting costly new hobbies. Thinking about these compromises can motivate you to save more money or mentally prepare you for a shift in lifestyle after retirement.

Finally, you must consult with a financial planner.

Contact Information:
Email: [email protected]
Phone: 2178542386

Bio:
Bill and his associates of Faith Financial Advisors have over 30 years’ experience in the financial services industry.
He has been a Federal Employee (FERS) independent advocate and an affiliate of PSRE, Public Sector Retirement Educators, a Federal Contractor and Registered Vendor to the Federal Government, also an affiliate of TSP Withdrawal Consultants.
Bill will help you understand the FERS Benefits and TSP withdrawal options in detail while also helping to guide you in your Social Security choices.
Our primary goal is to guide you into your ment with no regrets; safe, predictable, stable and for life using forward thinking ideas and concepts.

Bullet points:
> Financial Services consultant since 1984
> FERS independent advocate and an affiliate of Public Sector Retirement Educators (PSRE), a Federal Contractor and Registered Vendors to the
Federal Government
> Affiliate of TSP Withdrawal Consultants
> His goal is to guide individuals into retirement with safe, and predictable choices for stability using forward thinking ideas and concepts.

You may always start saving for retirement. People in the US work hard throughout their careers to retire. Planning requires cognitive abilities and a focus on saving money.

According to a Gallup study, the average retirement age in the US has risen from 60 to 66. With a 78.7-year life expectancy, Americans will have at least 12 years to enjoy retirement.

The average annual income and net worth of the 47.8 million Americans aged 65 and older are $38,515 and $170,516, respectively. That’s a lot of money to save for retirement. Here are some more startling facts concerning the situation of retirement in the United States.

Young people believe they can retire early, which does not happen.

Most respondents aged 18 to 29 who took part in a Gallup poll believed that they would be able to retire early, around the age of 60. However, their optimism may fade as they approach 30 because of the difficulties of making a living and earning income.

Retiring may take longer than anticipated.

The average lifespan in the US is 78.7 years, but many people survive into their 80s or 90s, making it challenging to predict retirement worth. According to the Social Security Administration, a healthy 65-year-old has a good probability of living to 86 or 84. Over 65s should save for a 20-year retirement.

More and more people in the United States are preparing for a longer retirement.

Americans take extended life expectancy seriously. 81% of Americans are moving their assets in anticipation of living longer than their predecessors by minimizing spending, acquiring safe life insurance, and boosting pension payments.

Many Americans are taking money out of their retirement accounts early.

In contrast to those who are saving for longer life, many Americans are taking early withdrawals from their retirement accounts. 44% of Americans between the ages of 40 and 79 have pulled money from their retirement plan. While 46% of those aged 40 to 49 and 53% aged 70 to 79 have done so as well. Financial experts warn against early withdrawals from a retirement account, as doing so might result in hefty fines.

Americans Aren’t All Set for Retirement.

77% of American employees are considering retirement via company plans and other alternatives. People begin saving for retirement on average when they turn 27 years old. Only 33% of Americans have anything set aside for their retirement days. 

Americans are falling short of their financial goals.

As many as 77% of Americans are planning for their retirement, but most don’t have quite enough personal savings to maintain their standard of living in retirement. As per a 2017 GAO analysis, the typical retirement funds for Americans aged 55 to 64 were a little over $107,000. Although it may sound like a lot of money, the GAO points out that if it were placed in inflation-protected annuities, it would only provide $310 minimum repayments.

Social Security isn’t a sure thing.

Social Security is only guaranteed to be financed until 2035, when it may be three-quarters financed, citing Business Insider. Those already receiving benefits may see a drop, while freshly retired folks may not receive any. This is partly linked to aging. The number of Americans 65 and older will climb from 56 million to 78 million by 2035. More people will withdraw money from the pool, while fewer will contribute.

Your Retirement Could Be Squeezed Out of You Before You Know It.

It’s helpful to have a retirement plan in place. But occasionally, life has several other intentions. According to a TD Ameritrade survey, health issues and career changes are the two most popular causes for retiring. 50% of persons retired early due to unemployment, parenting duties, a sudden change in their economic standing, and health concerns.

A Larger Amount of Money Is Necessary to Retire comfortably.

Experts recommend that you save between $500,000 and $1 million to maintain your current standard of living in retirement – a considerable sum of money, the accumulation of which may take many years.

Residential Care for the Elderly Is Expensive.

Long-term care is mainly needed by individuals who reach the age of 65. Medicare doesn’t pay assisted living fees. A care facility costs $4,051 per month, whereas a nursing home costs significantly more. Other medical expenses aren’t included. In their 60s, more people buy long-term insurance.

The Time Is Now.

More and more consultants are labeling themselves “complete,” and this trend is expected to continue. The issue is that many individuals we talk to do not incorporate conversations about risk assessment into their line of work. Even if they are joking, it doesn’t change that they aren’t seriously trying to come up with recommendations or answers.

According to our assessment, these professionals are missing out on a fantastic opportunity. The environment of investment planning has changed, and customers now want a more exceptional customer experience, which is why so many advisors are now similarly advertising themselves.

Currently, experts that offer a comprehensive service have most of the financial advantage. Learning about and putting into practice different risk management measures, such as annuities, could be a straightforward first step.

Contact Information:
Email: [email protected]
Phone: 2178542386

Bio:
Bill and his associates of Faith Financial Advisors have over 30 years’ experience in the financial services industry.
He has been a Federal Employee (FERS) independent advocate and an affiliate of PSRE, Public Sector Retirement Educators, a Federal Contractor and Registered Vendor to the Federal Government, also an affiliate of TSP Withdrawal Consultants.
Bill will help you understand the FERS Benefits and TSP withdrawal options in detail while also helping to guide you in your Social Security choices.
Our primary goal is to guide you into your ment with no regrets; safe, predictable, stable and for life using forward thinking ideas and concepts.

Bullet points:
> Financial Services consultant since 1984
> FERS independent advocate and an affiliate of Public Sector Retirement Educators (PSRE), a Federal Contractor and Registered Vendors to the
Federal Government
> Affiliate of TSP Withdrawal Consultants
> His goal is to guide individuals into retirement with safe, and predictable choices for stability using forward thinking ideas and concepts.

Bill Hoff

Author

Life insurance is an important purchase, and buyers don’t want to make mistakes that will jeopardize the financial security of their loved ones in the event of an untimely death. Unfortunately, many people make costly mistakes when obtaining life insurance. Knowing about some common mistakes can help you avoid them. Here are seven mistakes many people make that can be avoided with a little advanced knowledge.

1. Failure to fulfill your contractual obligations

One of the most common mistakes is failing to pay premiums until the end of the contract term. If you haven’t given it enough thought, discontinuing, surrendering, or lapsing your policy in the middle can be costly. Remember that if you purchased the plan after conducting a thorough needs assessment, you must return to it to validate the relevance of your goals. Your policy is relevant if the goals remain relevant. Some people terminate the contract to cover short-term liabilities. Check to see if the insurer offers a loan facility on the policy. If that works, take the loan and keep your policy. There may be additional factors, but before moving forward, you should be completely aware of the consequences and have an open conversation with your insurer. Please keep in mind that if your insurance needs to grow and change over time, rather than canceling your policy, you must constantly assess your financial goals and ensure that the job you want to be done is completed.

2. Putting off purchasing insurance for too long

Delaying the purchase of life insurance is a common mistake that can have serious consequences. Individuals who do not yet have dependents may believe they can postpone purchasing coverage until they marry or have children. However, purchasing a policy when young and healthy can be less expensive and more accessible.

It’s riskier to put off buying life insurance until later in life when the likelihood of developing a pre-existing condition that renders standard policies unaffordable rises. You can expect to pay higher premiums if you buy a policy later in life or after a pre-existing condition is discovered. As a result, those who anticipate having dependents in the future may want to purchase coverage. Get the most affordable policy as soon as possible to avoid leaving future dependents unprotected.

3. Purchasing the incorrect type of insurance

Another costly blunder is purchasing the incorrect type of insurance. For example, some customers may believe that whole life insurance is appropriate for them because they want to have protection in place indefinitely. In contrast, most people can save money by purchasing a term life insurance policy. Term life insurance policies are valid for a set period, such as 20 or 30 years, and the death benefit is paid only if the policyholder dies during the term. On the other hand, whole-life policies remain in force as long as premiums are paid, so a death benefit is always paid out.

However, most people do not require lifetime coverage from whole life insurance. This is because, in most cases, people only temporarily rely on the policyholder’s income or services.

4. Maintain communication with your family

Remember that the policy was purchased for the benefit of your family, so failing to discuss the policy’s details, claim process, and so on with your spouse or parents, particularly the nominee(s), can cause them great discomfort in times of need. Policy bonds should also be kept safe and accessible to your family. The good news is that electronic insurance account facilities allow policyholders to request digital versions of their policies (which works similarly to Dematerialized shares).

5. Know the specifics before you sign

The life insurance contract form is the most crucial document you will ever sign, but most people leave form-filling to the distributor or salesperson. The insurance company will take the information provided in the life insurance application as complete and accurate. Failure to provide accurate information about your health, occupation, family history, and lifestyle can result in a claim being denied by the insurance company. Consequently, it’s essential to take one’s time when drafting contracts.

6. Purchasing insufficient coverage

Customers purchasing life insurance may also end up with insufficient coverage. This could occur if a person purchases insufficient protection because they fail to consider issues such as debt or their child’s education. However, buying too much coverage may be a mistake because it makes insurance more expensive than necessary.

Life insurance aims not to make surviving family members wealthy but to ensure their basic needs are met. The DIME formula can help you figure out how much coverage you need. This is an abbreviation for debt, income, mortgage, and education. Consumers should purchase a policy with a significant death benefit to pay off outstanding debt, replace their income for years, pay off their mortgage, and cover their child(ren)’s education.

7. Making poor beneficiary selections

It is critical to select beneficiaries carefully because these are the people who will receive the death benefit. It’s common practice to name beneficiaries on a life insurance policy instead of letting the policy pass to the policyholder’s estate. Beneficiaries will receive the money tax-free and will not be included in the probate estate, avoiding the need to go through the probate court process and potentially being subject to estate taxes with larger estates.

A contingent beneficiary should also be named so they will receive the inheritance in the event the primary beneficiary passes away before the policyholder. If the primary beneficiary dies, the life insurance policy becomes part of the estate and must be probated. Failing to designate a contingent beneficiary could be a costly oversight.

These errors are best avoided, and the best way to avoid them is to be aware of and understand your rights!

Contact Information:
Email: [email protected]
Phone: 2178542386

Bio:
Bill and his associates of Faith Financial Advisors have over 30 years’ experience in the financial services industry.
He has been a Federal Employee (FERS) independent advocate and an affiliate of PSRE, Public Sector Retirement Educators, a Federal Contractor and Registered Vendor to the Federal Government, also an affiliate of TSP Withdrawal Consultants.
Bill will help you understand the FERS Benefits and TSP withdrawal options in detail while also helping to guide you in your Social Security choices.
Our primary goal is to guide you into your ment with no regrets; safe, predictable, stable and for life using forward thinking ideas and concepts.

Bullet points:
> Financial Services consultant since 1984
> FERS independent advocate and an affiliate of Public Sector Retirement Educators (PSRE), a Federal Contractor and Registered Vendors to the
Federal Government
> Affiliate of TSP Withdrawal Consultants
> His goal is to guide individuals into retirement with safe, and predictable choices for stability using forward thinking ideas and concepts.

Retirement planning should be rewarding. It’s bittersweet to leave your career and start a new chapter. There are things you can do to improve your retirement savings and investments, and other factors that might damage you. Here are four retirement mistakes you may not have noticed.

1. Inability to take advantage of the Roth IRA tax benefits while they are still available

Roth IRAs are a great method to save for retirement. Allowing your money to grow tax-free and withdrawing tax-free from retirement funds can help you retire wealthy. Six-figure Roth IRA withdrawals escape capital gains taxes, saving thousands over time.

Roth IRA contributions are not open to everyone because of the income threshold. If you’re single and make less than $129,000 a year, you can make contributions to the $6,000 maximum, with a cut–off range up to $144,000. Contributions for couples’ joint income are limited to $204,000, with a cut–off range of up to $214,000.

Don’t miss out on the significant tax advantages of a Roth IRA.

2. Reaching the maximum limit for 401(k) without contributions to IRA 

A 401(k)-contribution limit of $20,500 (or $27,000 if you’re over the age of 50) will be in place for the tax year 2022. Many folks are unable to contribute the full value. Nevertheless, even if you have the resources to donate the full amount, you may discover it to be overvalued.

You must not contribute any less to your 401(k) than your company’s contribution. To maximize your IRA contributions after you have adjusted your payments to your company match, the next stage is to increase your payments.

There are a few reasons why this is a good idea. To begin with, you may not be capable of contributing to a Roth IRA if your income exceeds a certain threshold (conventional IRAs do not have this restriction but do limit the amount you may deduct from your income). IRAs, like brokerage accounts, allow you to invest in any stock or mutual fund you want. When you can invest in various options, rather than only those supplied by your employer, you have greater control over your money or where it flows.

Increasing your 401(k) contributions after maxing out your IRA contributions may be an option.

3. Employing targeted date funds in the 401(k) account

In your 401(k) plan, you’ll see funds named after the year in which they were created, such as ABC Fund 2060. Because they’re called “target-date” investments, the year listed here is the year you’re close to retiring.

To become more cautious as you approach retirement, target-date funds redistribute your assets. On the other hand, target-date funds are more expensive since they are actively managed rather than passively.

Target-date fund expenses can be avoided by investing in the funds that are commonly held in the fund. Suppose you’re in your 30s and have a 401(k) breakdown like this, 60% is invested in the large-cap index fund, a 20% stake in a global index fund, 10% invested in an Index fund for mid-cap companies, and a 10% stake in a small-cap index fund. Please remember that small-cap and mid-cap vehicles are riskier, so you’ll want to avoid them as you get closer to retirement.

4. Miscalculating your Social Security benefits

You can expect to get a monthly Social Security income based on the day you retire. Social Security now considers the age of 67 to be the FRA for anyone born after the year 1960. However, you have the option to begin receiving benefits at the age of 62 or to wait until you are 70 before doing so.

For each monthly claim earlier than your FRA, your benefits are cut by five-ninths of 1%, up to a maximum of 36 months. Taking benefits longer than 36 months prior to your FRA will result in a reduction of your monthly benefit by a fraction of a five-twelfth.

At the age of retirement, the maximum benefit can include $2,364 at age 62, $3,345 at 67 years old or full age of retirement, and $4,194 at age 70.

However, you may need to lower your hopes if you want to get the most out of the program. Monthly Social Security payments average $1,666. Even if you do get more than that, the odds are not in your favor of getting the greatest amount of money possible.

Contact Information:
Email: [email protected]
Phone: 2178542386

Bio:
Bill and his associates of Faith Financial Advisors have over 30 years’ experience in the financial services industry.
He has been a Federal Employee (FERS) independent advocate and an affiliate of PSRE, Public Sector Retirement Educators, a Federal Contractor and Registered Vendor to the Federal Government, also an affiliate of TSP Withdrawal Consultants.
Bill will help you understand the FERS Benefits and TSP withdrawal options in detail while also helping to guide you in your Social Security choices.
Our primary goal is to guide you into your ment with no regrets; safe, predictable, stable and for life using forward thinking ideas and concepts.

Bullet points:
> Financial Services consultant since 1984
> FERS independent advocate and an affiliate of Public Sector Retirement Educators (PSRE), a Federal Contractor and Registered Vendors to the
Federal Government
> Affiliate of TSP Withdrawal Consultants
> His goal is to guide individuals into retirement with safe, and predictable choices for stability using forward thinking ideas and concepts.