Retirement Planning Blog

Spotlight Series Interview – John Chopak

in Spotlight Series on November 30, 2022

safemoney.com spotlight series interview

The SafeMoney.com Spotlight Series highlights independent agents and financial advisors who are part of our tight-knit community of financial professionals across the country. They come from all walks of life, and each one brings rich life experiences, insights, and wisdom from their involvement in financial services and other professional pursuits.

We celebrate them as independent business owners, neighbors, friends, educators, and movers-and-shakers affecting positive change in their communities. Today, we are joined by John Chopak, a highly experienced, independent agent from Massachusetts. John is singularly unique as to the extent and breadth of his business experience before he jumped into financial services and opened an independent practice. He is very entrepreneurial, hands-on, and deeply involved with each client’s retirement planning. John handles all services for each client himself. Keeping things “human” in his practice is a strong focus for him.

He has an unyielding commitment to integrity and doing the right thing for all clients. We are proud to have him as part of our national network of financial professionals, which has been featured on major news outlets that reach 84+ million households across the U.S. In short, you can say that John brings a deep, practical insight and wisdom to every client he serves.

Which Annuities Help with Inflation?

in Annuity on November 30, 2022

With inflation on the rise, many people in retirement are concerned about maintaining their lifestyle. How can they keep up with the rising cost of living while making sure they don’t run out of money? One option that can help with inflation is with an annuity.

Inflation can be a major problem for retirees, as the cost of living goes up while their income stays the same. Annuities can help protect against inflation by providing a set, unchanging, minimum income that can give you more flexibility with the rest of your money to counter changes in the cost of living. Some annuities also have benefits that pay increasing income over time.

In this article, we take a look at how annuities can help offset the effects of inflation, which specific types of annuities might be worth exploring for this, and how to choose the right annuity for your needs.

Annuity Expert Advice — Finding the Right Guide to a Secure Retirement

in Annuity on November 21, 2022

Annuities are a great solution for guaranteed lifetime income and other contractual guarantees, but you want the right one for your situation. How do you navigate an annuity market with thousands of annuity products – and sometimes inferior choices, at that?

It starts with finding the right annuity expert advice – or in other words, professional guidance for your situation to locate the best-fitting annuity just for you. In this article, we will go over different things to keep in mind as you search for expert annuity advice that is right for your circumstances.

Where Is the Safest Place to Put Your Retirement Money?

in Retirement Planning on November 17, 2022

where-is-the-safest-place-to-put-your-money

The ‘safest’ places to put your money are in low-risk investments and savings vehicles that provide guaranteed growth. These low-risk options include fixed annuities, CDs, Treasury securities, corporate bonds, savings accounts, and money market accounts.

You usually get the highest interest rates with fixed-type annuities of this bunch. There are other fixed-type annuities that can give higher growth potential than guaranteed-rate annuities, if that is something that appeals to you.

Retirement can be an uncertain stage in life. Markets go up and down, inflation rises and falls, and no one knows how long their retirement might last. You can explore options to grow your retirement savings with guaranteed interest earnings and then turn those funds into predictable income streams for retirement.

In this article, we will look at some of the more popular low-risk places to put your retirement money – and what each of those options can involve.

Common Financial Issues for Surviving Spouses

in Retirement Income Planning on October 28, 2022

common financial issue for surviving spouses

Surviving spouses have a lot to deal with when their significant other passes away. There is much emotional grief. Many financial and life issues arise, requiring their attention. All of this can be even more burdensome in times when economic uncertainty is strong.

For many people in retirement, this situation applies now. The cost of living is going up. Healthcare costs are often an ever-growing area of spending for many retirees, as their need for healthcare usually increases in later years. What’s more, surviving spouses are often left in a harder situation, as their expenses may not go down proportionately with their incomes.

Here we will look at some of the issues that surviving spouses can expect to face after their spouse is gone.

What Happens to My 401(k) When I Leave My Job?

in 401(k) on October 12, 2022

what-happens-to-your-401k-when-you-leave-your-job

At some point or another, you may have wondered about what happens to your 401(k) when you leave your current job. When the time comes for you to either retire or start a new job, you will have to decide on what to do with your retirement plan.

You may have accumulated a sizable amount of money in this plan over the years. The 401(k) plan’s investments may be performing well overall.

But does this mean that you should just leave your money in your 401(k) plan with your old employer? What else can you do with it? Here we will examine the different alternatives that you can choose from when it comes to managing your retirement plan at an old employer.

Understanding the Annuity Aggregation Rule

in Annuity on October 4, 2022

Annuities provide tax-deferred growth and pay guaranteed income during retirement. If you own an annuity, then it’s good to know how to pay taxes on your withdrawals.

Of course, your annuity carrier will send you a statement at the end of the year showing how much you need to report as taxable income. Nevertheless, knowing what to expect can save you from an unpleasant surprise when you file your tax return. That is especially the case for non-qualified annuities, in which your funds aren’t subject to required minimum distributions. For that reason, tax hits on your non-qualified annuity withdrawals may be a little less familiar territory.

This article on annuities and taxes is a great starting point for understanding the fundamentals of how annuities are treated under different parts of tax law. In this article, we will focus on more on a breakdown of the tax rules for non-qualified annuity withdrawals.

There is one little-known rule that affects you if you own more than one non-qualified annuity, and that is called the “aggregation tax rule.” Let’s get more into that in a little bit.

How to Retire Effectively at 62 (Tips for a Secure Future)

in Retirement Planning on September 28, 2022

Many of us consider retiring at 62 for many different reasons. Sometimes, it’s your health or maybe your spouse’s. You may have reached all your retirement savings goals and want to take advantage of the opportunity. You may just no longer enjoy working.

Whatever your reasons for considering retirement at 62, you should consider several different issues before taking any irrevocable steps. This guide will look at some of those issues and help you get to the point where you can retire at age 62 with a comfortable lifestyle. Remember, these are starting points, and it’s not a bad idea to consult with a financial professional before finalizing your plans.

In the end, the biggest problem you will face retiring at 62 is the gap between 62 and 65 when the most significant retirement benefits – like Medicare – kick in. Cover the gap and make sure you won’t run out of funds, and retirement can be fun!