Financial Education

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

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

As the holiday festivities roll around, many of us are thinking about the new upcoming year. What steps can we take to start off with a clean slate in the new year?

The top priority is getting our financial house in order, but what can we do to accomplish that?

What can help is having a year-end financial review and creating a well-balanced plan for the future, preferably with a financial professional. Not only will it help you start off strong, but it also will bring clarity and precision to your financial outlook.

Of course, this proactive approach doesn’t bring just short-term benefit. A year-end review and wrap-up of remaining plans can help you prepare well for long-term retirement goals and overall financial security.

Read on for some quick tips to consider during your annual review and planning process. Read More

Brent Meyer, President and Founder of SafeMoney.com and a wealth brokerage owner, recently joined Protect Wealth Academy (PWA) for an insightful discussion. PWA educates investors on asset protection, tax minimization, and wealth creation. With over 23 years in the financial services industry, Meyer shared his expertise on annuities, life insurance, and retirement planning strategies. He emphasized the importance of planning for a long retirement and offered effective strategies for growth, income, and protection using guaranteed insurance contracts.

Why SafeMoney.com Was Started:

Meyer noticed a gap in accessible, practical retirement planning information.
SafeMoney.com aims to provide unbiased financial education and clarity for consumers.

Common Retirement Myths:

Many believe they are retirement

-ready due to disciplined savings, but longevity risk and inflation can impact their plans.
Fee-based planning can also pose conflicts of interest, as advisors might prioritize fee-generating accounts.

Annuities and Their Role:

Annuities are often misunderstood; they are not investments but transfer-of-risk strategies.
They provide contractual guarantees and should be part of the retirement portfolio foundation.

Effective Wealth Creation Strategies:

Fixed index annuities offer tax-deferred growth without contribution limits.
Cash value life insurance policies provide tax-free income and are useful for minimizing taxes in retirement.

Understanding Life Insurance:

Indexed universal life insurance offers growth potential linked to market indices with protective features like caps and floors.

Common Estate Planning Mistakes:

Procrastination and not considering the impact of taxes can undermine estate plans.
Life insurance can provide liquidity and cover estate taxes, ensuring beneficiaries receive the full estate value.

Preparing for Long-Term Care:

With high costs for nursing homes and in-home care, early preparation is essential.
Life insurance with living benefits can help cover care costs without depleting retirement savings.

Future of Retirement Planning:

Economic conditions and longer life expectancies may drive a shift toward annuities for guaranteed lifetime income.
For more insights and strategies on retirement planning, visit SafeMoney.com and explore their resources.

Read More

Note: This is the fourth 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 important takeaways that are keeping Americans from financial security and peace of mind.

For the first time in a long while, Americans are feeling more stressed than ever. If surveys are any indicator, money concerns are a big part of it. In fact, more Americans are losing sleep over money issues than before the Great Recession.

According to CreditCards.com, 65% of Americans report having insomnia over money issues – a 9-point jump from 56% in 2007. And what accounts for these new, high levels of stress? Here’s a quick look at the sleep killers for Americans in 2017. Read More

The holidays offer a great opportunity for us to reconnect with loved ones, relatives, and friends. From Thanksgiving dinners and seasonal gift shopping to holiday get-togethers and family gatherings, these times are truly special. But apart from the joy, merriment, good cheer, and great company, many Americans find this period financially stressful.

Discretionary spending, in the form of gift buying and other holiday shopping, ups the pressure on household budgets. And for a large proportion of retired and working Americans, the coming year-end may increase the brunt of existing financial pressures and obligations. Having sufficient income and healthy cash-flow is a concern for all households, especially people in their retirement years. The holidays are an ideal time-frame for financial review, but it can be intimidating to get our house in order, as personal finances are tedious, detailed, and, for many, overwhelming.

However, a secure financial life is well within reach, and it involves taking the right steps. If you are retired or approaching your golden years, read on for four quick tips to boost your financial wellness this holiday season. Read More