{"id":6889,"date":"2016-01-07T07:24:10","date_gmt":"2016-01-07T15:24:10","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=6889"},"modified":"2016-01-07T07:24:10","modified_gmt":"2016-01-07T15:24:10","slug":"financial-planning-new-year","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/investing\/financial-planning-new-year\/","title":{"rendered":"Financial Planning in the New Year"},"content":{"rendered":"<p>2015 was an exciting year.\u00a0 If 2016 is anything like 2015 we are in for another great year.\u00a0\u00a0 The Top 5 financial planning topics were:<\/p>\n<ul>\n<li>The <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"http:\/\/www.reuters.com\/article\/us-usa-fed-idUSKBN0TY2EX20151218\" target=\"_blank\" rel=\"nofollow\">Federal Reserve Raised Interest Rates<\/a><\/span><\/strong> for the First Time in nearly a decade<\/li>\n<li>QLACs (<span style=\"color: #0000ff;\"><strong><a style=\"color: #0000ff;\" href=\"http:\/\/www.thinkadvisor.com\/2015\/07\/20\/pros-and-cons-of-the-longevity-annuity-contract\" target=\"_blank\" rel=\"nofollow\">Qualified Longevity Annuity Contracts<\/a><\/strong><\/span>) became a reality<\/li>\n<li><strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"http:\/\/www.nolo.com\/legal-encyclopedia\/supreme-court-rules-inherited-iras-not-protected-from-creditors.html\" target=\"_blank\" rel=\"nofollow\">Trusts Utilized for Inherited IRA Creditor Protection<\/a><\/span><\/strong><\/li>\n<li>Currently, <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"http:\/\/www.valuewalk.com\/2015\/12\/oil-is-now-cheaper-than-coffee-milk-water-chart\/\" target=\"_blank\" rel=\"nofollow\">oil is cheaper than coffee, milk and water<\/a><\/span><\/strong><\/li>\n<li><span style=\"color: #0000ff;\"><strong><a style=\"color: #0000ff;\" href=\"http:\/\/www.marketwatch.com\/story\/wall-streets-experts-botched-stock-picks-in-2015-again-2015-12-23\" target=\"_blank\" rel=\"nofollow\">Wall Street\u2019s Most Recommended Stocks for 2015 Lost Big Money<\/a><\/strong><\/span><\/li>\n<\/ul>\n<p>As we enter into 2016, what can investors do to prepare from a financial planning standpoint for the New Year?\u00a0 Lifespans continue to grow and people are living longer during their retirement years.\u00a0 From my experience the <strong><a href=\"https:\/\/www.allianzlife.com\/retirement-and-planning-tools\/reclaiming-the-future\/white-paper-findings\" target=\"_blank\" rel=\"nofollow\"><span style=\"color: #0000ff;\"># 1 fear for investors is outliving their money.<\/span> <\/a><\/strong>\u00a0A 65-year old man is expected to live, on average, another 17.6 years.\u00a0 A 65-year old woman is expected to live, on average, another 20.3 years.\u00a0 Also, the age group of 85 and up is soaring.\u00a0 Health care costs continue to rise and the two major programs (Social Security and Medicare) designed to protect the aging generation faces cuts in order to balance the federal budget.<\/p>\n<p><em><strong>So what can we do to prepare?<\/strong><\/em><\/p>\n<p>For the investor approaching 50 and older a wonderful financial solution is an insurance product called a <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.sec.gov\/investor\/alerts\/secindexedannuities.pdf\" target=\"_blank\" rel=\"nofollow\">Fixed Indexed Annuities<\/a><\/span><\/strong> (<span style=\"color: #0000ff;\"><strong><a style=\"color: #0000ff;\" href=\"https:\/\/www.sec.gov\/investor\/alerts\/secindexedannuities.pdf\" target=\"_blank\" rel=\"nofollow\">FIA<\/a><\/strong><\/span>).\u00a0 A FIA is designed to provide investors with a reliable way to have their retirement savings grow on a tax-deferred basis with guarantees to protect against outliving their income.<\/p>\n<p>There are two key features I like about a FIA.<\/p>\n<ol>\n<li>The growth within a FIA is tied to an index, such as the Standard &amp; Poor\u2019s 500 or the Dow Jones Industrial Average. However, the contract value will be no less than a specific minimum growth rate, regardless of the index performance.\u00a0 Therefore, if the index performs poorly for a particular year the minimum interest rate is credited to the account.\u00a0 This allows the investor to avoid losses within their portfolio.<\/li>\n<li>A FIA is the type of product that offers income riders that are designed to provide guaranteed lifetime income benefits.\u00a0 In other words, the investor is provided with a guaranteed steady stream of income that he or she cannot outlive.<\/li>\n<\/ol>\n<p>Also, some FIAs offer a nursing care income rider.\u00a0 <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"http:\/\/longtermcare.gov\/the-basics\/how-much-care-will-you-need\/\" target=\"_blank\" rel=\"nofollow\">It is estimated that by the age of 65 there is a 70% chance that we will need some type of long-term care services<\/a><\/span><\/strong>.\u00a0 And women will need the care longer.\u00a0\u00a0 Nursing care riders are a special form of penalty-free withdrawals.\u00a0 To qualify the beneficiary usually must be admitted to a qualified care facility (or receive home health care) after the first policy year, for a specified period of time (often 90 days).\u00a0 This type of rider is a great way to protect the investor from the devastating costs of long-term care.<\/p>\n<p>The guarantees associated with a FIA are backed by the claims paying ability of the insurance company. \u00a0Therefore, the insurance company needs to be <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"http:\/\/www3.ambest.com\/consumers\/\" target=\"_blank\" rel=\"nofollow\">highly rated<\/a><\/span><\/strong> before a purchase is made.\u00a0 Also, FIAs have surrender charges (also known as withdrawal charges) meant to discourage taking money out early and taking more money (withdrawals) than the contract allows.<\/p>\n<p>A FIA is a great financial solution to the aging generation that fears they will outlive their income.\u00a0 I encourage you to work with a <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"http:\/\/www.cfp.net\/utility\/find-a-cfp-professional\/Details\/?key=403a1c22-632a-461c-866f-3cbb817c65a6&amp;SimpleSearch=True&amp;CityStateZip=temecula&amp;City=temecula&amp;Zip=&amp;Radius=5&amp;AreasOfSpecialization=&amp;Page=1&amp;Session=703\" target=\"_blank\" rel=\"nofollow\">Certified Financial Planner\u00ae<\/a><\/span><\/strong> that works with clients in a <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"http:\/\/humanelevation.tonyrobbins.com\/blog\/money\/money-myth-broker-vs-fiduciary\" target=\"_blank\" rel=\"nofollow\">fiduciary capacity<\/a><\/span><\/strong> to ensure a FIA is appropriate for your financial situation.\u00a0 FIAs can be confusing but working with the right financial professional can provide clarity and financial peace of mind.<\/p>\n<p><strong>To learn more about Blake Fambrough and his approach to financial planning view his<\/strong> <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.paladinregistry.com\/financial-advisor\/temecula-california\/Blake.Fambrough\" target=\"_blank\">Paladin Registry profile<\/a><\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>2015 was an exciting year.\u00a0 If 2016 is anything like 2015 we are in for another great year.\u00a0\u00a0 The Top 5 financial planning topics were: The Federal Reserve Raised Interest Rates for the First Time in nearly a decade QLACs (Qualified Longevity Annuity Contracts) became a reality Trusts Utilized for Inherited IRA Creditor Protection Currently, oil is cheaper than coffee, milk and water Wall Street\u2019s Most Recommended Stocks for 2015<\/p>\n","protected":false},"author":77,"featured_media":6892,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[395],"tags":[],"class_list":["post-6889","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Financial Planning in the New Year<\/title>\n<meta name=\"description\" content=\"As we enter into 2016, what can investors do to prepare from a financial planning standpoint for the New Year? 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