Financial Education - SafeMoney.com

For IMMEDIATE support, call 877.GROW.SAFE (877.476.9723)             

on 03 July, 2018

what is 1035 exchange

Do you have a current annuity or insurance policy that doesn’t fit your needs well? If you are on the lookout for a new policy, a 1035 exchange may be a worthwhile option.

A 1035 exchange is a section of the U.S. tax code that lets policyholders replace an existing annuity or insurance policy with a new policy – and with no tax consequences. This tax-free exchange may be used for life insurance policies, modified endowment contracts (MECs for short), and non-qualified annuities toward a new policy.

With new waves of innovation available – such as living benefits for terminal illnesses or long-term care situations – you might wish to explore new options. The good news is you don’t have to keep your current policy forever.

Let’s take a closer look at how a 1035 exchange may and may not benefit a policyholder looking for new annuity or insurance choices.

Read More
on 07 December, 2017

year end financial checklist

With the holidays upon us, many demands compete for our time. It can be hard to sit down and organize our financial lives as the year draws to a close. Indeed, it might appear easier to put off financial planning and review until the New Year.

That being said, there are still money moves you can think about doing before the year ends. After all, life doesn’t take a straight path. People’s needs, goals, and situations change.

Making these moves before year-end can help with managing money-related stress in the upcoming year. Not only that, it can help you get started on the right foot. And if by chance you could meet with a financial professional for your annual review, you could measure progress, see where to improve, and set new goals.

Here are some savvy money moves to consider making before the New Year rolls in, so you can improve your financial wellness, your peace of mind, and your bottom-line.

Read More
on 23 April, 2018

financial literacy matters for happy retirement 

Editor's Note: This is the last feature in a fourt-part series on financial education for April, which is National Financial Literacy Month. To see the first part of this series, click here.

As Benjamin Franklin is credited with saying, “An investment in knowledge pays the best interest.” But actually investing in gaining more financial knowledge is an activity that many Americans don’t seem to do.

While studies suggest that lots of people understand the value of financial literacy, the truth is many things compete for our time. When so much is going on, it’s easy to put learning time for money matters on the back-burner. Even so, what we know drives our money behaviors and decisions, and so a gap in knowledge can hit home in many ways.

This is a complex problem for several reasons. For instance, in one survey, GoBankingRates found that over half of Americans have less than $1,000 in savings. In another study by TD Ameritrade, 96% of Americans knew what they paid for streaming media services like Netflix, but only 27% knew what they paid in 401(k) plan fees.

In fact, the majority of investors in the TD Ameritrade survey thought they paid no employer plan fees, didn't know if their plans had fees, or didn't know how to determine the fees. Other studies have also captured similar data with investors and their familarity with their employer retirement plans.

All of this adds up to an ongoing cycle of money headaches, mistakes, and disappointments for many households. 

Read More
on 20 November, 2017

4 steps to financial house order holidays

The holidays are approaching, and everyone is stepping into high gear. From Thanksgiving dinners and seasonal gift shopping to family get-togethers, these are busy but joy-filled times. Aside from the festivity, fellowship, and merriment, though, it can also be financially stressful for many households.

The holiday season brings more pressure to spend, and this can put strain on retirees, many of whom live on a fixed income. For lots of Americans, there’s also the issue of personal debt. Having the pressure of growing debt loads, many people feel the impact of debt on their retirement goals, not to mention other objectives. And excessive holiday spending can be partly to blame. A survey by NerdWallet found that 24% of shoppers overspent last year, while 27% made no budget at all.

The good news is with the right steps, financial wellness is within reach. If you are in your 50s or 60s, it’s prudent to start taking steps to set goals, plan for the future, avoid financial missteps, and make changes so your money works for you.

Here are some steps to get your financial house in order for the year-end and for greater financial confidence in the future.

Read More
on 17 April, 2018

 working age investors financial literacy img

Editor's Note: This is the third part of a four-part series on financial literacy in the United States. You can find Part 1 of the series here. Stay tuned for more helpful articles on how you can reach the retirement you have worked hard to attain.

Like other working-age investors, you may have a 401(k) account — or another employer retirement plan. In anticipation of the future, you probably are socking away money for retirement. And if you are lucky, your employer is even contributing to help your nest egg grow even more.

But, with April being National Financial Literacy Month, now is a good time to be honest with ourselves. Many working-age investors don’t fully know what their investments are. Various studies, like the “Wellness in the Workplace” survey by KRC Research, have shown that, in many cases, the majority of working investors don’t understand their retirement plan make-up.  

So, take a moment to ask yourself about whether everything makes sense to you. It’s okay to admit not being fluent in your 401(k) – or even retirement in general – because money matters are hard enough for many of us. And when it comes to retirement issues, you aren’t alone.

A comprehensive barometer of U.S. adults’ readiness to make sound financial decisions is found in the TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) from TIAA Institute and the Global Financial Literacy Excellence Center. This report examines financial literacy across eight common activities: earning, spending, saving, investing, borrowing, insuring, understanding risk, and gathering information.

And the findings aren’t great.

Read More
on 19 September, 2017

difference between traditional and roth ira

There are many types of IRAs. But two of the most common are the traditional IRA and the Roth IRA. The type of account you select can have a significant impact on your long-term household savings.

The biggest difference between a traditional IRA and Roth IRA is their classifications in the IRS tax code. A traditional IRA holds the benefit of tax deferral, which means that money going into it has pre-tax status. On the other hand, since a Roth IRA is funded with after-tax dollars, it gives the benefit of potentially tax-free distributions. On top of these differences, both types of accounts have different rules for required minimum distributions.

Because of this difference and others, it’s important to understand the fundamentals behind these two plans. This brief discussion will help you understand their distinctions, their eligibility criteria, and other important factors. Let’s get into it.

Read More
on 09 April, 2018

 americans feeling stress money matters

Editor's Note: This is the first part of a four-part series on financial literacy in the United States. You can find Part 1 of the series here. Stay tuned for more helpful articles on how you can reach the retirement you have worked hard to attain.

If financial matters concern you, you aren't alone.

A recent survey conducted by Harris Poll on behalf of Purchasing Power, reveals that 87% of survey participants who are employed full-time (or have a spouse employed full-time) are at least somewhat stressed about their current finances. And 25% of the people feeling the heat over money matters measure their stress level as either "quite a bit" or "a great deal" of stress.

So what’s worrying everyone? Plenty. Household bills are the major cause of financial stress among the 900 participants in the Purchasing Power survey.

The primary stress triggers, ranked in order, are:

  • Household bills (mortgage/rent, utilities and transportation) - 47%
  • Lack of funds to cover unexpected expenses (car and home repairs) - 43%
  • Retirement planning (little/ no retirement savings, no post-employment plan) - 37%
  • Healthcare expenses - 34%
  • High credit balance - 30%
  • Accumulating credit card debt - 29%
  • Lifestyle changes (loss of/decrease in household income, elderly care) - 25%
  • Education (tuition, daycare fees, student loan payments) - 21%

 
In turn, these money stressors and others may have a profound impact on people's quality of life.

Read More
on 14 August, 2017

protect wealth academy

Brent Meyer, President and Founder of SafeMoney.com, recently sat down with Protect Wealth Academy (PWA). PWA is an organization which teaches investors how to protect their assets, minimize taxes, and create wealth. During the conversation, they talked about retirement planning, why it's critical to plan for a long retirement lifespan, as well as growth, income, and protection strategies using guaranteed insurance contracts.

You can read the interview in full here.

Read More
on 04 April, 2018

financial literacy us 2018

Editor's Note: This is the first part of a four-part series on financial literacy in the United States. Stay tuned for more helpful articles on how you can reach the retirement you have worked hard to attain.

Now that April is here, it’s National Financial Literacy Month. This is a good time to gauge our knowledge and comfort with money matters. Why? Well, because financial literacy is something that affects all of us.

In its research, the FINRA Foundation has found that financial literacy is “strongly correlated with behavior that is indicative of financial capability.” People with high literacy are more likely to plan for retirement, have an emergency fund, and avoid expensive credit card debt. In turn, those behaviors can lead to quality-of-life outcomes, including more financial wellness, more confidence, and more peace of mind.

But in the same breath, studies show a gap between what Americans say they know and how they actually rank in their financial knowledge base. A recent study brief by the FINRA Foundation drives it home.

In the study, nearly two-thirds of Americans failed a quiz on basic financial concepts.

Read More
on 28 April, 2017

401k fake news

Note: This is the fifth and final part of a month-long series on financial awareness in the U.S., and how investors are planning – or not preparing – for retirement. Here are some surprising insights into how the spread of fake news is growing - and how it's affecting the lives of retirement investors.

Fake news has struck again. The spread of misinformation has whipped up a new public storm, this time with 401(k)s and their tax-favored status. If the news buzz was any indicator, President Trump appeared to be pushing for an end to tax-deferred saving advantages tied to 401(k) contributions in his tax policy reform proposal.

The mayhem began at a White House press conference, when press secretary Sean Spicer was taking questions about the proposed tax reforms. Trump’s plan outline had called for a pullback of nearly all tax deductions in exchange for tax code reforms elsewhere.

Amid a volley of questions, Spicer was asked if Trump’s plan would affect 401(k) contributions. He responded by saying the plan protected charitable gifts, mortgage interest deductions, and “that’s it.” Then began a flurry of media activity – press reports ranged from uncertainty to affirmation of the tax proposal advocating for 401(k) changes. The Trump administration later clarified, responding that changes to 401(k) contributions were not in the works.

While the press outlets reporting uncertainty over possible changes had it right, it shows an emerging trend: the impact of fake news, or false and/or misleading articles, on the lives of everyday Americans. And research shows it is having effects on people’s financial lives.

Read More

Proud Member

assessbest logo footer FBIC LogoHorizSOFA Logo1

Newsletter Signup

Contact Info

Safe Money Broadcasting Home no glow img

Safe Money Broadcasting LLC.
1107 Key Plaza #450
Key West FL, 33040-4077
1.877.476.9723
(877.GROW.SAFE)

;