Save $5,000 On Your Student Fundings With This Simple Hack.

Want to save up to $5,000?

Right here’s what you need to recognize and also precisely how this straightforward trick can fatten your budget.

Student Finance Financial Obligation Data

According to the latest student loan data from Make Lemonade, there are more than 44 million customers that collectively owe $1.5 trillion in pupil financings. Generally, grads of the Class of 2017 owe virtually $40,000 in student funding debt.

If you have pupil loans, paying off your student finances most likely plays a vital part of your life.

Here’s a straightforward method to pay off pupil fundings faster.

1. Pupil Finance Prepayment

If you can pay an additional $100 each month towards your student lendings, you might pay off your student lendings two years early and also save approximately $5,000.

Below’s how.

Instance: Let’s presume you have $50,000 of pupil finance financial debt, an 8% ordinary rate of interest, and also a $607 each month pupil lending payment. Currently, allow’s presume you pay an extra $100 each month on your student funding, for a total amount of $707 monthly.

Outcome: With only $100 each month other settlement on your student financings, you would undoubtedly save $4,923 and also repay your pupil fundings 1.99 years previously.

This Pupil Lending Prepayment Calculator reveals you how much time and money you can reduce your student finances by making an added month-to-month student funding settlement.

As an option for selecting an additional monthly repayment amount, the other choice is to pick a reward day. Then, this student funding prepayment calculator will undoubtedly tell you just how much your month-to-month student funding payment would have to be to satisfy this time frame.

Result: If your goal is to pay off your pupil lendings in 5 years (instead of 10 years), you would certainly require to pay $421 added per month (for a total of $1,028), as well as you would undoubtedly save $12,132 in passion.

2. Lump-Sum Pupil Finance Repayment

Now, let’s state scratching together an additional $100 is not possible, or you like to spend or conserve that money.

Below’s a choice: make a one-time, lump-sum pupil funding repayment.

The next time you get your perk, tax refund, money gift or any of additional funds, consider spending lavishly on repaying your student financings early with a lump-sum repayment.

Here’s how:

Example: Allow’s think you have $50,000 of pupil lending financial debt, an 8% regular interest rate, as well as a $607 per month pupil financing repayment. If you make regular student finance repayments over one decade, you would pay $72,744 and repay your student financings in November 2028.

Right here is the moment and also loan you can conserve with various lump sum payment amounts:

$ 500 Round Figure Settlement: You would undoubtedly preserve $515 and even settle your pupil lendings one month previously.

$ 1,000 Round Figure Payment: You would conserve $1,019 as well as repay your student lendings three months previously.

$ 5,000 Round Figure Payment: You would save $4,675 and also pay off your pupil fundings 16 months earlier.

$ 10,000 Round Figure Repayment: You would undoubtedly conserve $8,423 as well as settle your student fundings 30 months earlier.

If you wish to make a single, round figure settlement on your pupil finances, after that use this Lump Sum Bonus Settlement Calculator.

Click here :
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Final Thoughts

You may have higher or reduced student loan financial debt, but if you make use of these student loan hacks, you’ll be on the course to settle pupil fundings much faster and one action better to economic freedom.

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Pros and Cons: Annuities in Retirement Savings Plans

Across the country, people are saving for retirement. It is true that many people lag behind when it comes to setting aside funds for the future, but despite this lag – where the typical couple aged 56-61 has only $17,00 set aside – there are many options available.

Employer-sponsored plans, Individual Retirement Accounts (IRAs), and even stock/bond or real estate investments represent some of the most popular and proven ways to prepare for retirement.

One commonly-overlooked option is that of the annuity. In this guide, we’ll share information on what annuities are, how they work, and how they can supplement other retirement savings plans. In short, everything you need to know to make an informed annuity purchasing decision will be presented. Let’s get started.

What is an Annuity?

Perhaps you have heard the term “annuity”, but do not truly understand what they are or what they can do for the retirement savings portfolio. In simple terms, annuities are a type of insurance policy that pays out an income, and remain a popular choice for investors who wish to receive a steady stream of income in their retirement years. The way an annuity works is that the investor chooses an annuity product, then invests in it. Depending on the setup and type of annuity, the annuity then makes payments to the investor in the future.

Income payments may be chosen to be distributed monthly, quarterly, annually, or even in a lump sum if desired. The size of the income payments depends on the amount originally invested, the account value’s growth, and the length of time premium payments were made into the annuity. There are two major categories of annuity, and within those categories are two forms:

• Deferred annuities are those which are invested in over a period of time – usually until the investor retires. Once retirement is reached, the annuity begins to pay out income. The money invested in the annuity grows in value until retirement. There may be penalties for early withdrawals, referred to as “surrender charges”.
• Immediate annuities work in a different way. The investor makes an initial investment, and soon after the income payments begin. This type is often used when the investor is close to retirement age.

A fixed annuity offers a guaranteed payout amount and rate of interest, which is specified in the annuity contract/policy. A variable annuity is tied to the performance of the investments associated with the policy. Fixed annuities may generate higher returns on a tax-deferred basis, depending on the investment performance, while variable annuities fluctuate in value with market performance. It is also important to note that the funds contained in an annuity are not protected or insured by the issuers, although most have some form of minimum guaranteed payout figure in the contract details.

What are the Drawbacks to Annuities?

Annuities are a good choice for many people who wish to diversify their retirement savings plans. They can produce a steady, reliable stream of income after retirement, and therefore help to cover the expenses retirees face after they’re no longer working.

Still, annuities aren’t for everyone. For those receiving Social Security benefits, they are already in possession of a fixed indexed annuity, designed to pay benefits for the rest of the person’s life. People with government- or corporate-sponsored pensions also already have an annuity that makes regular payments for the remaining life of the individual.

Other drawbacks include the potential for substantial annual maintenance fees, which can be as much as 3-4%. Also, there are surrender penalties for early withdrawal from certain annuity accounts, particularly those that are the deferred type. To avoid these penalties, annuity policyholders must sometimes wait 15 years or more for the policy to mature before becoming eligible to make penalty-free withdrawals.

Reasons for Purchasing Annuities

Now that we understand what annuities are and how they work, and have a clear picture of some of the potential drawbacks, what are the upsides to purchasing an annuity? There are several reasons, and these depend on both the type of annuity purchased and the stage of life the individual making the purchase is in.

• Interest rates are rising – with the strengthening U.S. economy, interest rates have climbed, translating to higher payouts in annuities. This rise in interest rates has also whetted the appetites of investors, meaning that annuity choices are more available than in years past.
• Annuities can help meet retirement goals – investing in IRAs, employer-sponsored 401(k) and 403(b) plans are important, but contributions to these plans can be limited and may not equal the amount needed to meet retirement goals. This is especially true of people who began the retirement savings process late in their careers. Annuities supplement these other savings plans, providing guaranteed income after retirement age is reached.
• Annuities build a diversified retirement portfolio – diversification is key to any investment plan at any stage of life. By diversifying the investment portfolio, investors are more able to weather changing market conditions and fluctuating interest rates. Annuities help to diversify the retirement portfolio. Of the annuity types, fixed annuities represent a unique asset class – one of the only investments that is guaranteed not to decrease and can increase at a pre-set interest rate (at minimum). The guaranteed payout and interest rate is tied to the claims-paying ability of the annuity issuer.
• Annuities can help protect a retiree against living past his or her assets – pensions and Social Security benefits provide income for as long as the beneficiary lives. IRAs and other retirement investment vehicles, however, may become exhausted, particularly if a person lives long after retirement is reached. Just like a pension, an annuity pays continuous retirement income for the lifetime of the policy holder, no matter how long that lifetime is.

As with any retirement account, determining if an annuity is right for an individual’s unique retirement needs and goals can be filled with challenges. Speak to a retirement planning professional to gain insights into annuities, including whether a fixed or variable annuity can help you meet your goals. A comfortable financial life after retirement is possible with the steady income and guaranteed payouts of an annuity.

Contact Synergistic Life Services for help today: www.synergisticlifeservices.com

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Businesses, You Need to Learn About Carve-Out Plans

Businesses, You Need to Learn About Carve-Out Plans
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Financial scheming: 5 Building Blocks for Your Business scheme

Geoffrey J Thompson remarks throughout a monetary recognition workshop, among the concerns elevated was: “Just what makes a great monetary plan and also could you clarify just without any complex jargon.”

Thankfully, our trade-marked technique to the financial planning process called Financial Planning Pyramid can be found in helpful. The pyramid is just one of one of the most steady frameworks on earth; the Financial Planning Pyramid is symbolic of a sound and also company financial strategy.

Allow me first share the essential pieces that bring about the Financial Preparation Building Blocks.

Dream (Begin with the End in Mind)– List down all the short-term (much less compared to 3 years), medium-term objectives (3– 7 years) & long-term objectives (7 years & even more).

Reality Check (Where do you presently stand)– Penciled down the month-to-month Revenue, month-to-month Expenses– damage down quantity needed for needed expenditures, a way of living expenses, EMIs) to arrive at your ability to save; and list down the fundings & liabilities.

Available Resources– The resources that you will utilize to achieve your goals. Your existing assets, your current revenue excess.

Method Onward– is a candid snapshot of the economic plan. This records the five important foundations of your Economic Strategy.

The alphabets “ERGRE” summarize the five building blocks of the economic strategy.

Reserve– A reserve set aside to satisfy expenditures associated with emergency situation (good/bad), such as an unforeseen journey for a marital relationship of a close family member, gifting a newborn of a close member of the family, repair work to your automobile, etc., guaranteeing that long-term investment are not disturbed.

Danger Protection– Term insurance, health insurance as well as individual crash insurance coverage (covering temporary, partial or long-term impairment) are the must.

“ WHAT HAPPENS IF”– Term Insurance is real insurance policy supplies a high insurance coverage by paying low costs– a revenue substitute approach. If the individual does not die however is provided partly as well as wholly impaired, the personal crash insurance policy comes in helpful. Medical insurance is a must even though you have a business supplied one. The expense of hospitalization has increased considerably; for this reason, one needs to seek advice from the individual financial consultant for a mixed policy that provides a high amount of insurance coverage cover by playing reduced costs.

Goal Preparation– Post listing down the objective, it is vital to designate a current worth per goal; then element proper inflation to each target to reach the future worth that will undoubtedly be needed when the function develops.

Retirement Preparation– Retirement is likewise an objective but is kept different to highlight the importance of this goal. The innovative clinical center is progressively increasing human life-span. Not receiving an income for a couple of months can create a nightmare to several; imagine financing for 30 years on secure income.

Estate Planning– Nomination is not a will. Making a will certainly do not cost anything, yet will save a lot of hassle. A childless pair acquired a home in a high-rise apartment or condo in Noida. The partner had an unexpected sudden death. Based on the Hindu Sequence Act if a husband passes away, then the other half will have to obtain NOC from all the dead spouse’s brother or sisters. A will, in addition to the full record of all savings account, monetary possessions, insurance policies, fundings and also electronic properties, such as a collection of arts, pictures, songs, etc., is a must.

Further details:
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The first two Emergency Room (Emergency situation, Threat Defense) aids to shield hard-earned loan.

The next GR (Objective & Retirement Planning) adds instructions to spend and makes it possible for

The Last E (Estate Preparation) enables transferring the wealth to the loved ones effortlessly.

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3 Tips for Successful Retirement Planning (For Your Father)

Planning for retirement can never come too early. Young people across the United States haven’t begun to set aside money for retirement purposes, thinking it is simply too soon to start worrying about something that will take place 30 or even 40 years from now. Unfortunately, there are many Americans who have put off retirement planning for far too long, and are now approaching retirement age with little or no finances set aside. Your own parents may not be adequately prepared for their retirement.

Now that Father’s Day has past, we’ve prepared a simple guide to help your father prepare for retirement. Think of it as a Father’s Day gift that keeps giving, helping to support your loved one and to give him a stable financial outlook well into the future. Let’s get started.

The Cold Facts about Retirement Planning

The Indexed Annuity Leadership Council conducted a survey to determine the status of retirement planning in the United States. The statistics collected in the survey were staggering. Of the findings, several important statistics stand out. These include:

• Almost 90% of survey respondents lack confidence in their retirement savings and financial futures.
• More than 40% of respondents report that they are worried about their retirement years, particularly not having enough money set aside to live comfortably.
• One in four baby boomers (people born between the mid-1940s and 1964) have less than $5000 in retirement savings.

The last number is especially concerning, as financial experts and retirement planners alike agree that savings should be based on one’s salary; ideally, one should have at minimum 10 times their final working salary set aside for retirement purposes. There’s even a timeline available to help track retirement savings:

• By age 30, an individual should have the equivalent of his or her salary set aside in retirement accounts.
• By age 40, three times the salary should be set aside.
• By age 50, six times the salary should be set aside.
• By age 60, one should have eight times their salary in retirement accounts.
• By age 67 (average retirement age in the U.S.), one should have saved 10 times their salary.

The sad fact is that too little is being set aside for use during the retirement years. Without adequate retirement savings, people are working longer, skimping on critical healthcare and medications, living well below their accustomed comfort level, and potentially winding up in serious, detrimental financial situations.

Three Ways to Help Your Father Plan for His Retirement

Now that we have a clear picture of the dire need for retirement savings, many people wonder what they can do to help their parents as they approach retirement age. There are many potential options, but we’ve highlighted three time-honored methods to help ease the process.

1. Take charge of your father’s retirement planning – many employers offer sponsored retirement plans and pensions. Employer-sponsored retirement programs like 401(k) plans can create a positive savings situation, but employees must enroll in these programs to take advantage of them. Encourage your father to explore these employer options if they are available; if they ARE available, get him to enroll as soon as possible. 401(k) plans typically offer matching funds – in other words, for every dollar an employee contributes to the plan, the employer will add a matching amount, sometimes even dollar-for-dollar. This can set aside a significant amount in a relatively short time period.

If employer-sponsored plans are not available or not offered by a given employer, there are still other retirement savings options. Some of the most popular options are Individual Retirement Accounts, or IRAs. In these plans, there are specific tax advantages, helping to preserve the value of the savings in the accounts well into the future. Even if your father is enrolled in a 401(k) plan, having a diversified retirement portfolio makes smart financial sense. An IRA is one option, as are fixed indexed annuities, investments in real estate, and even stock/bond investments. With a diversified retirement plan, your father can weather the ups and downs of the economy, ensuring a stable source of income long after he retires from his job.

2. Recruit a professional retirement planner – while many people choose to “go it alone” when it comes to retirement planning, the services of a financial professional can be invaluable in creating a safe, stable retirement. Financial professionals — some who specialize in retirement planning options — can provide guidance, identifying future needs and goals and developing a plan to reach those goals. These professional planners can also provide advice and insight into tax implications, alternative savings strategies, and can recommend ways to fill financial gaps. If your father is nearing retirement age and hasn’t set aside enough money to live comfortably, the investment in a financial planner’s specialized services can create a positive situation, paving the way for a stable financial future.

3. Spend more time with your father – this last tip is not specific to retirement planning, but it can lay the groundwork for the future all the same. It has been shown in numerous studies and surveys that those approaching their retirement years struggle to find activities to occupy them after they’ve quit working. Many retirees discover they are aimless – without a sense of purpose — now that the routine of work is no longer part of their daily activity. Retirees want to feel valued and loved, and spending time with them can create connections that last. To help your father feel like a valued member of the family, spend time with him. Introduce him to new activities such as:

• Hiking
• Fishing
• Museum visits
• Book clubs
• Volunteer efforts
• Bicycling
• Movie watching
• Traveling

These cost-effective activities can open new doors of opportunity, allowing your father to discover something to contribute to and to keep him occupied when he no longer is working. And, of course, it brings families closer when they can enjoy activities together.

With these tips, it is easier than ever to create a retirement plan that accounts for current and future financial needs and goals. It’s never too early to start planning for retirement, and by the same token, it’s never too late to take charge of your financial future. Help your father overcome his retirement planning deficiencies with these three steps, and you can rest easy knowing that he can retire comfortably when he is ready.

Source:
http://www.synergisticlifeservices.com/3-ways-to-prepare-your-dad-for-retirement-after-fathers-day/

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The path to early retirement is not an easy one, and those...

The path to early retirement is not an easy one, and those considering this option should have a plan and some introspection pertaining to their finances, fulfillment, health, and self-worth. ⠀
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If you could choose, which age would you want to retire ❓ 👀 Comment below! 🔶⠀
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The path to early retirement is not an easy one, and those considering this option should have a plan and some introspection pertaining to their finances, fulfillment, health, and self-worth. ⠀ ⠀ If you could choose, which age would you want to retire ❓ 👀 Comment below! 🔶⠀ ⠀ 10 Considerations for Early Retirement 👴 👵 | Link in Bio 😎 | follow @geoffreyjthompson⠀ ⠀ .⠀ .⠀ .⠀ .⠀ .⠀ ⠀ #earlyretirement #earlyretirementplan #earlyretirementplanning #relax #calm #retirementsavings #retirementliving #livefree #retirementstartsnow

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Saving for your future is something to look forward to....

Saving for your future is something to look forward to. What’s your best #savings strategy? 💰 Comment below 👇 ⠀
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Saving for your future is something to look forward to. What's your best #savings strategy? 💰 Comment below 👇 ⠀ ⠀ 12 Tips for Securing Your Financial Future | Link in Bio 😎 | follow @geoffreyjthompson⠀ .⠀ .⠀ .⠀ .⠀ ⠀ #financialfuture #savingsplan #savingstips #savingsgoals #savingsblog #budgeting #financialgoals #IRAs #savingsjourney

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Offering a retirement plan is often necessary for a business to attract and retain the best employees. There are seven major types of retirement plans utilized by companies. Which one do you use ❓ Comment below 👇 ⠀
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Offering a retirement plan is often necessary for a business to attract and retain the best employees. There are seven major types of retirement plans utilized by companies. Which one do you use ❓ Comment below 👇 ⠀ ⠀ See full post & more in bio 👌⠀ .⠀ .⠀ .⠀ .⠀ .⠀ ⠀ #retirementplan #employeesfirst #employeesatisfactionshouldmatter #employeescomefirst #businessinsurance #retirementplans #businesstips101 #businesstipsforwomen #employeesbenefits

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How to Safeguard Your Business with Overhead Expense Protection

How to Safeguard Your Business with Overhead Expense Protection:

The business may be insured, but are your core business expenses insured?

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The journey to the top of the #retirement mountain is not easy...

The journey to the top of the #retirement mountain is not easy 🏔️ 😫⠀
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Tips on Enhancing Your Retirement by Getting Rid of Possible Dangers

Geoffrey J. Thompson is a serial entrepreneur and investor announces In the financial world, it’s a typical occurrence for the press to report that buying safeties that are long-lasting, along with using up even more danger, are one guaranteed means to obtain revenue.

Naturally, for specific retirees who are always on the lookout for brand-new means to potentially gain more income for their future, especially in a low-income atmosphere such as this, this is greater than excellent news. But why even bother with this to begin with?

Stabilizing your dangers with one consistent cash flow

Obviously, as you near retirement, good sense dictates that riskier assets in your portfolio need to be lowered and replaced with safer bonds. However, these much safer bonds generally create reduced returns, and considering that a longer life expectancy imbues more loan, is this a danger worth taking into consideration?

retirement

Seeking ways to create even more revenue always comes with dangers. (Picture by DepositPhotos).

In a Forbes release, Qualified Financial Planner and Blankenship Financial Preparation representative Jim Blankenship said, “Living much past your 80s is ending up being fairly usual, and the expectations are that this durability fad will certainly continue. You’ll stretch those income streams out further than you anticipated.”.

Given this statement, where should one spend after that?

Well, for beginners, it is necessary to recognize that trying to find methods to generate more earnings continually comes with threats.

Inning accordance with Kiplinger, there are typically four threats included when trying to get earnings. These risks are duration danger, where you enhance your income by purchasing later-maturing bonds; market risk, where your safety and securities might drop due to its company; reinvestment danger, where you need to reinvest when safety begins to grow; and timing danger, which is purchasing high, however, marketing low.

Suppose there’s a method to remove all these possible threats by concentrating on a brand-new one?

Enter income annuity, which, inning accordance with Investopedia, allows you transform a part of your retirement funds right into a stream of lifetime settlements that ensure consistent earnings utilizing a single amount of money called a “premium.”.

Freeing yourself up to discovering even more threats.

Exactly how does this job after that? And just what is the threat that features it?

Earnings annuities have just what is called a survival danger, which paradoxically, is precisely what produces the revenue.

And in an uncertain market that poses all kind of risky situations, gaining a constant capital provides you the advantage of taking much more dangers with your portfolio.

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In reality, nobody has a concrete suggestion of where this will all finish, yet making use of earnings annuities to stabilize all those risks is one means of protecting your financial success once you finally start on your retired life.

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Your piggy bank comes in handy when its time for #retirement....

Your piggy bank comes in handy when its time for #retirement. It’s never too early to start filling yours 🐷⠀
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5 Things You Must Know About Retirement

No matter where we are in our careers, thoughts often turn to retirement.

From the young person just starting out in the employment journey to the seasoned veteran who is counting the days until finally being able to retire in peace, the concept of retirement is filled with challenges, misconceptions, and even some surprises.

Retirement may not be all about relaxation and freedom; the reality is that retirement can be a lot of work on its own.

In this article, we’ll talk about some of the aspects of retirement that may surprise you. The goal is to prepare you for a retirement that is both enjoyable and free from financial stress.  

Difficulty in Spending Retirement Savings

As responsible adults, many of us have spent our entire careers setting aside money for retirement. If done correctly – with a diversified retirement savings portfolio – chances are that the savings have grown over the years, thanks to the power of compounding interest and favorable market conditions. It may come as a surprise, then, that many retirees discover how difficult it can be to spend down that nest egg.

Throughout the process of retirement planning, we have been programmed to save, save, save. Now that retirement is here, the concept of spending that hard-earned savings seem alien and more than a little discomforting.

Retirement planners and financial professionals alike must oftentimes encourage their clients to spend down the retirement savings; in effect, giving their clients permission to spend their own money.

Government Retirement Benefits Aren’t Enough

It is an unfortunate fact in the United States that most of us do not save enough for retirement. One of the factors that influence this is the misguided belief that government-sponsored retirement benefits like Social Security, Medicare, and pension plans will provide all the funding we need after we retire. The sobering truth is that these benefits are simply not enough. Let’s look at some of the particulars behind these government retirement benefits:

• The average Social Security benefit is just over $1400 per month. Multiply that by 12 and we arrive at a figure around $17,000 in annual retirement income.
• The maximum retirement benefit under the Social Security program is based on the age in which one files for the benefit. Assuming you reach the age of 66, or the “full retirement age”, the maximum benefit is $2639 per month.
• Average benefits over a lifetime in the Medicare program come out to about $180,000. That may sound like a lot, but these benefits are paid over a number of years – sometimes 20 or more.

When we look at these numbers, it is clear that our expenses in retirement are hardly covered by government retirement benefits. The solution to this shortfall is to start saving right now with retirement plans of your own. Relying solely on government benefits is a recipe for failure. A retirement planning professional can help you get started with a portfolio that will provide the funding you need to retire comfortably. This can include a variety of investment strategies and accounts, from annuities to Individual Retirement Accounts (IRAs), life insurance, stock and bond investments, and more.

Retirement Savings Must Continue to Grow

It may sound counterintuitive, but after saving all that money for retirement, it is still incredibly important that those assets must continue to grow in value. What does this mean? In simple terms, it means that saving enough to retire should not be the final goal; rather, developing a plan to make your retirement assets last the rest of your life should be the real goal.

The key to this is allowing the bulk of retirement savings to remain in place, where they will continue to grow in value due to interest rates, and only make the withdrawals needed to pay for expenses. In other words, taking a lump sum of all your retirement savings can negatively affect the overall value, and may subject you to significant tax implications.

Minimizing risks in investments is one way to preserve the value of retirement assets. Taking advantage of tax-deferred or tax-free investment/savings opportunities is another. A retirement planning professional can help you develop strategies that allow you to invest wisely, gain asset value, and protect that value for the years after you retire.

Retirement Can Be Lonely

Many people discover that after they retire, they’re no longer as active as they once were. Going to work every day offers some measure of social interaction with others; once that is taken away, many retirees find out that their days may be spent in isolation. This can have profound effects, causing people to feel a loss of purpose.

To counteract this lost purpose and the feelings of loneliness, retirement experts suggest developing hobbies outside the home. Retirees have many options when it comes to engaging with others, from social clubs to hobbyist groups, outdoor clubs, and activities. Volunteering is another great way to regain lost purpose and to make connections with others. Retirees often delve deeply into volunteer programs, such as giving time and effort to services for the underprivileged.

By remaining active and taking part in volunteer opportunities and outside-the-home interactions, retirees can continue to lead productive, engaged lives.

Retirement May Mean Help from Others

As we age, we are often no longer able to do the tasks that help us lead our daily lives. Depending on health, simple tasks such as cooking, bathing, and dressing can become difficult. It’s a fact that retirees need a support system, regardless of their health status, and this is especially true for those with debilitating illnesses.

Planning for a support system in the future is part of the overall retirement process. Long-term care insurance is one way of preparing for the future, as is investigating the possibility of retirement homes and long-term care facilities.

In a perfect world, our family members pitch in to help with daily tasks, but it is crucial to remember that our families typically have commitments of their own and may not be able to assist in the manner we need. Setting up a contingency plan for the future is a smart move, and can help ensure a comfortable retirement.

Related: Can Life Insurance Protect Your Legacy?

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Early retirement is a reality for many who learn the...

Early retirement is a reality for many who learn the ins-and-outs of earning power, savings allocations, and write-offs. ⠀
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My blog dives deep into strategies that will supercharge your early retirement goals. ⠀
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Follow for more!⠀
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Annuities. Everyone knows the name, but very few know how to...

Annuities.

Everyone knows the name, but very few know how to best use them.
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Annuities. Everyone knows the name, but very few know how to best use them. See my #Finance and #Retirement blog for an extensive look at how to best utilize #annuities for your retirement success.

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It’s difficult enough for a business owner to choose the...

It’s difficult enough for a business owner to choose the right loan for his/her business. Business Loan Insurance, as noted in my recent blog post, helps give you piece of mind with a risky loan - that may open doors never opened before. Link to post in bio. .
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What is Earning Power? Can it Help Me Save for Retirement?

What is Earning Power?  Can it Help Me Save for Retirement?:

If you haven’t heard of the term ‘earning power’ you must begin taking advantage of this now. 

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How Business Loan Insurance Plans Work (Part 2 of 2)

In the first part of our two-part series on business loan insurance solutions, we introduced the concept of these life insurance plans and how they can provide advantages to businesses of many types. We contrasted unincorporated versus corporate business interests, went over the financial hardships that may be experienced in a business owner’s untimely death, and talked about the many benefits such a plan provides.

In this article, we will delve into the mechanics of a business loan insurance plan and how they work to protect both business and personal assets. Finally, we will provide both a summary and a checklist to give business owners the information they need to make sound financial decisions. As with any business insurance plan, it is important to seek out the expertise of a qualified insurer to find the plan options that meet the specific needs of each individual business interest.

How Do Business Loan Insurance Plans Work?

Business loan insurance policies are economical and efficient methods for protecting critical business (and personal) assets. If a business owner were to die unexpectedly, any outstanding business debt would still need to be repaid, either through remaining business assets or by tapping into personal financial assets.

Let’s take a look at the mechanics of this insurance plan to understand how it works for a given business:

First, like many businesses, the business itself or its owner obtains a business loan or makes arrangements for an open line of credit. Lenders and creditors will require sole proprietor/sole partner businesses to personally guarantee repayment of the debt. Larger companies, such as multi-owner/multi-partner operations or corporations, may still have to provide assurances that the loan debt will be repaid.

To guarantee the funds needed to repay the loan debt in the case of an owner’s unexpected death, the business or business owner purchases a life insurance policy in an amount roughly equal to the outstanding loan. The business or owner pays the premiums on the policy, which are typically non-tax-deductible. For the purposes of this policy, the business is named as the beneficiary or the owner names a specific personal beneficiary, depending on the structure of the company and which entity actually owns the insurance policy. To summarize:

• The insured is the business owner
• The owner of the policy is the business itself or the business’ owner
• The beneficiary is the business or a specified personal beneficiary who is empowered to make financial decisions on behalf of the company.

In many cases, creditors/lenders may require the assignment of collateral benefits of the policy, as their financial interests are at stake.

At the business owner’s death, benefits of the insurance plan kick in. Proceeds from the policy are paid income-tax-free, and are used primarily to pay the outstanding loan debt and any interest that has accrued on the debt. If the policy was assigned to the creditor(s) as mentioned above (collateral benefits), then the proceed payments go directly from the insurer to the creditor(s). If the business is named as the beneficiary, or the owner assigns a personal beneficiary, proceed payments will be made to them for repayment of the loan debt.

Any policy proceeds in excess of the amount needed to satisfy the outstanding debt can be used by the beneficiary to cover any financial needs that may have arisen at the owner’s death. These excess proceeds can often be used to pay for surviving family member expenses or sometimes to indemnify the business against the loss of the owner and his or her experience and skill.

Potential Value of Business Loan Insurance Proceeds

Value of the Tax-Free Insurance Proceeds

There are many advantages to business loan insurance plans. Many companies can benefit from obtaining such an insurance policy to protect their interests and assets from creditors in the event of an unforeseen owner death. There are other benefits, particularly in the value these policies (and their proceeds) represent.

The value of insurance proceeds received tax-free upon the death of the owner can be quite significant, especially when compared to t pre-tax profits or their equivalents. An example to illustrate this value can be useful: imagine a company existing in the 25% tax bracket. With a business loan insurance policy in place, $100,000 of tax-free proceeds from that policy are equivalent to $133,333 in pre-tax profits.

To make this value even clearer, consider that depending on a company’s profit margin, the sales required to reach $133,333 in pre-tax profits can be substantial. A company with a 10% profit margin would have to have $1,333,333 in sales; a company with a 20% profit margin would expect $666,667 in sales, and a company with a 30% profit margin would need $444,444 in sales to reach that $133,333 pre-tax profits number. So, with a $100,000 business loan insurance policy in place, the proceeds from this policy resulting from the death of the business owner could replace $666,667 of sales or receipts that would have to be used to satisfy any outstanding loan debt. This is assuming a 20% profit margin for the example company.

A Checklist and Action Plan for Businesses

Smart businesses protect their assets, no matter the circumstances. Small business owners that carry business debt must also protect their personal assets, as many lenders require personal guarantees of business loan repayment. Business loan protection insurance can provide that critical asset protection. There are three steps business owners should take now, including:

• Selecting the appropriate life insurance policy and policy ownership arrangements to suit the unique needs of the company.
• Establishing insurability of the owner(s) and/or partner(s)
• Arranging for the business to make appropriate premium payments to the insurer.

In the short term, there are additional steps to take to ensure that this valuable and important insurance is ready to protect business assets. These short-term steps include:

Draft and execute a resolution to authorize the purchase of business loan protection insurance if appropriate for the needs of the company and its ownership.

Execute any collateral benefit assignments, particularly if required by lenders/creditors.

Review the issued insurance policy to make sure it meets all needs. Make adjustments with the insurer as necessary.

Finally, companies change from year to year, and their needs will also change. It is a good idea to establish an annual review of all insurance policies, including business loan protection insurance, to ensure they remain current to the specific needs and circumstances of the business and its owners. It is also a good idea for businesses to evaluate their business continuation planning needs, such as establishing a buy-sell plan in case of death or permanent disability of the owner or other key employees.

Source:
https://issuu.com/leaderscorner/docs/business_loan_insurance_plan.pptx

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Geoff Thompson - Synergistic Life CEO - Profiles in Leadership

Geoff Thompson - Synergistic Life CEO - Profiles in Leadership:

Thank you, @sharingleadership for the wonderful blog feature 

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Key Employee Indemnification Insurance Policies, Explained

Companies around the world insure their assets with business insurance. This is designed to protect from financial losses arising from property and equipment damage or destruction, such as in the case of certain natural disasters. Protecting key employees, however, is a commonly-overlooked area for many firms. Most people know that successful businesses are made up of more than just buildings and equipment, and the employees are a major contributor to the success or failure of a given business operation. In fact, it can be argued that employees are among a company’s most valuable assets.

To fill the gap, protecting both the company’s physical assets and its most valuable employees, key employee indemnification insurance policies are a great solution. In this two-part article series, we will investigate what may happen to a company if critical personnel should die, and the solution for protecting against financial losses associated with that death.

When Key Employees are Lost

Businesses are comprised of far more than physical assets like buildings, equipment, product inventory, and vehicles. Employees form the core of any business operation. As some of the most valuable assets a company can have, certain employees with extensive experience or unique talents tend to stand out. These are called “key employees”, and such employees can account for much of the success a business enjoys. Key employees include managers, department leaders, and directors, but are not limited to these categories. Such employees may be:

• Department heads
• IT specialists
• Sales directors
• Company directors
• Employees with years of experience, but no leadership role
• Forward-facing employees, such as customer service specialists or client care managers

What happens when key employees were to die unexpectedly? First, profits may suffer. Businesses may also have to face significant expenses in recruiting and training suitable replacements for the lost employee(s). There both tangible and intangible losses a company may experience, including:

• Disruption of Management/Leadership – if the key employee was responsible for much/all of managerial efforts, his or her loss can create confusion and inefficiency among the remaining employees.
• Loss/Reduction of Earnings – many companies can attribute their successes to a few select people; those people that are responsible for the bulk of sales and receipts. When one or more of these key players are lost unexpectedly, earnings may decline as a result.
• Credit Problems – some companies, especially small operations with only a few critical employees, may experience credit problems when creditors react to their loss.
• Erosion of Confidence – when a key employee is lost, other employees may react negatively. So too may suppliers, vendors, and customers, each who has depended on strong relationships with the key personnel.
• Replacement Costs – some of the significant expenses in the loss of a key employee are recruiting, hiring, and training a suitable replacement.

When a valued employee central to the operation is lost, it is clear that companies may face significant hurdles, both financially as well as in relationships with other employees or business partners. It is also clear that a logical move would be for a company to protect itself against these losses. How can companies protect themselves and their financial interests?

Key Employee Indemnification Insurance

A potential solution for protecting against the tangible financial losses of an unexpected death of critical employees is that of life insurance, specifically key employee indemnification insurance. In simple terms, this is an insurance policy purchased by a business to compensate that business for financial losses that would arise from the death or long-term disability of important company employees. This type of insurance is sometimes referred to as key man or key person insurance.

A key employee indemnification policy is typically a life insurance policy purchased on any employee who is considered a critical part of the business operation. Proceeds from such a policy can be used for a number of purposes, including:

• Costs associated with recruiting, hiring, and training replacement personnel.
• Replacement of lost profits.
• Indemnifying the business for the permanent loss of an employee’s experience, skills, and business relationships.
• Funding financial reserves for the company during the adjustment period associated with the loss of a key employee.
• Paying of benefits to the lost employee’s surviving family members.
• Funding the purchase of a deceased shareholder’s or employee’s ownership in the business.

There are many advantages in having these policies on critical employees. When a key employee dies unexpectedly or becomes permanently disabled and can no longer fulfill his or her duties, insurance proceeds work to maintain business continuity and to offset any potential financial hurdles the company may experience.

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We’ve learned what key employee indemnification insurance is and how it can protect a company from financial loss when a critical employee dies or becomes permanently disabled. We’ve also talked about how the proceeds may be used for a wide range of purposes. In our next article in this two-part series, we will go over the components of key employee indemnification policies and how they work, including tax implications. Finally, we will provide a summary of the benefits these financial protection solutions provide to companies that rely on their most valued employees.

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California Blossoms into Legalization with Cannabis Cultivation Conference

The commercial cannabis industry is growing by leaps and bounds, not only in the United States but in Canada. Legalization efforts have resulted in 29 states and the District of Columbia to pass medical cannabis legislation; an additional nine states and D.C. have also made recreational marijuana legal. In Canada, legislation to legalize recreational cannabis is moving to a final vote in June 2018; Canadian citizens already have access to legal medical cannabis.

With the fast-growing industry and new opportunities in markets throughout North America, conferences have been organized to help commercial operators thrive. One of the most important cannabis conferences in recent months was the Cannabis 2018 Cultivation Conference, held March 13, 2018 in Oakland, California. Here, leading figures in the burgeoning industry shared their thoughts and insights into the commercial marijuana industry with event attendees.

Considerations in Large-Scale Cultivation

Large-scale grow operations have sprouted in communities throughout North America, particularly in western states where legalization efforts have taken hold. Some of the key considerations in large-scale marijuana cultivation operations including the concept of automating processes to help increase yields, quality, and consistency from harvest to harvest. Today’s marijuana consumers demand outstanding quality, and by adding automated systems to the grow operation, those consumers’ needs and desires can be met time and again. Examples of automation include plant feeding and irrigation systems and light delivery timing systems. These automated systems eliminate guesswork, providing plants with the optimal growing conditions and improving process efficiency across the board.

Cleanliness is also an important part of the large-scale cultivation process. At many grow facilities, employees have clothing and personal protection equipment (PPE) that remains within the facility, helping to eliminate cross-contamination from insects and fungi. Keeping the grow area clean and free of debris can also cut the chances of a pathogen outbreak; the most successful grow operations have detailed cleanliness protocols to prevent the loss of crops.

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Finally, many successful cultivators know that evolution is a natural part of industrial growth. As the markets shift from state to state and across the country, being able to change to meet consumer demands is of great importance. A flexible business model is crucial, as is understanding that regulatory considerations may evolve along with the business itself. Regulatory compliance is not a fixed target; as regulators gain more understanding of the cannabis industry, they are adding changes to the regulatory standards and practices that cultivators must follow to ensure compliance.

Tips for Success in Breeding

Several keynote speakers at the Cannabis 2018 Cultivation Conference shared their insights into cannabis breeding, especially how breeding efforts affect large-scale commercial operations. The most critical takeaway from breeding presentations at the conference is that commercial cultivators should focus on breeding and growing plant varieties that are popular with consumers. According to one commercial operator, the cannabis strain known as “Blue Dream” has dominated the commercial market. This particular strain is easy to grow, naturally pest-resistant, and can be found in dispensaries across the country. Attention to so-called “landraces”, or time-honored cannabis strains that are suited to regional environmental conditions, is another tactic that successful growers are implementing. As with any industry, learning consumer preferences can unlock new opportunities. Regional preferences may dictate the cultivation of specific marijuana strains, and here flexibility is important. Being able to bring popular cannabis varieties to market in a timely manner can spell the difference between profitability and lost opportunities.

Research into new cannabis breeds has been done without the support of the scientific community as hobbyist growers have made the transition to commercial-scale operations. Once botanists and other members of the sciences get on board with their knowledge, new strains can be developed to meet emerging consumer demands. The cannabis genome has recently been mapped, and this scientific knowledge can unlock stronger genetic profiles for cannabis varieties available to marijuana users.

Cultivators doing their own breeding operations should focus on which traits are desirable in a given strain. Developing strains that are pest-resistant can reduce crop losses, and tailoring specific strains for THC and/or CBD content can provide consumers with the varieties that meet their needs. Remembering the end user in commercial growing and breeding operations is important – growers should know their target audience and their preferences before embarking on expensive breeding operations.

Tips from Successful Cultivators

There was a huge amount of information sharing at the Cannabis 2018 Cultivation Conference. Conference attendees were exposed to the insights of dozens of major industry players. In addition to cultivation and breeding best practices, attendees were also able to learn several tricks of the trade that they could bring to their own operations. The end result is a stronger, more flexible, and more knowledgeable cannabis industry.

Collecting pollen in special pollen bags has been employed by innovative commercial growing operations. Isolating pollens from different strains can prevent undesirable cross-breeding. Some growers will protect certain branches of their plants with plastic to help protect specific breeding operations. Freezing or storing pollen for later use is another practice that ensures the success of future generations of cultivation.

The cannabis genome has experienced a narrowing over the past two decades. This is due in no small part to the practice of “clone only” hybrids and sterile cannabis strains, both of which are used in many commercial-scale growing operations. The same male breeding genetics have been used for many generations of cannabis culture, and this has reduced the diversity within the genetic profiles of plants. Smart cultivators are refocusing their efforts on landraces, incorporating the hardy growth and pest resistance into new breeds, and many growers are collecting and sowing seeds from many different cultivars to enhance genetic diversity. Tissue culture, an advanced method used in many other commercial farming applications, has also been adopted by the marijuana industry. This can preserve desirable genetics for future generations. With these tips and industry insights, commercial growers have many tools at their disposal. The industry can become stronger and more stable with the information-sharing practices exhibited at the Cannabis 2018 Cultivation Conference and similar gatherings around the world.

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Area Rids 1000s Of Previous Records for Weed Citations

Over recent 50 years, 1000s of San Franciscans were jailed for low-level cannabis criminal activities. These people will have their rap sheets picked up in a brand new program from Area Lawyer, George Gascon.

California's widely known Suggestion 64 not only approves cannabis for clinical and also entertainment use, yet that also allows people to relate to having any past cannabis-related criminal offenses expunged from their documents. San Francisco is automating the process.

Gascon introduced Wednesday that his workplace would push aside and seal over 3,000 offense marijuana convictions dating right back to 1975. He likewise revealed that his workplace would review the almost 5,000 marijuana legal judgment of beliefs. The DA's office will undoubtedly establish whether or even not these sentences should be lessened to violations or resentenced.

Taking out Obstacles

The Medication Policy Collaboration determined that over one thousand California locals are eligible to declare an improvement to their files. Below 5,000 Californians have filed to possess their suits cleared away. In San Francisco, the variety is incredible low 23 people who have contended their sentence situations.

Proposition 64 allows any Californian with a previous judgment of conviction from small cannabis criminal activities the possibility to put on have their view of convictions entirely cleared away coming from their documents or even reduced.

Regarding offense situations, Gascon mentioned that those situations would indeed be rejected promptly. However, it will require time for any legal cases to become refined. Rev. Amos Brown, president from San Francisco's NAACP phase, feels that this is a gigantic intervene specifying dark individuals complimentary if you want to reside in the community, acquire as well as maintain jobs, have learned, as well as medical.

Cannabis legislations have long been presumed to possess an irregular administration against minorities and also low-income areas. The American Civil Liberties Union conducted a research study in 2013 that discovered African United States citizens were much more than two times as very likely to have an arrest as well as the judgment of conviction for cannabis ownership as whites. Both groups possess identical cannabis use fees. This divide is a lot more evident in San Francisco with people of color encountering legal implications four opportunities much more than white colored folks. In an endorsement to this difference, Gascon said, "Our company knows there were tremendous breakdowns in the Battle on Medicines, and also our experts criminalized large sections from our neighborhood. The African American, as well as Latino neighborhoods, were the absolute most hurt by this."

San Francisco acknowledges that making an application for termination or resentencing could be pricey. Additionally, anyone along with a sentence on their criminal document could be blocked out coming from employment, pupil car loans, voting, as well as casing.

A lot of people who have cannabis convictions are low-income individuals. Considering that the process of obtaining resentencing or even termination involves employing the help from a lawyer, which can vary off $500 to $1500, the procedure has succeeded from grabbing a lot of these low-income individuals.

How a Reverse Mortgage Can Help Your Retirement Cash Flow

Many different retirees have uncovered this with rising cost of living and ascending medical management payments, their allotted earnings for retirement is just not meeting their desires.

Some retirees have resorted to reverse mortgages to bolster their retirement life cash flow.

Of late, what is a Reverse Mortgage?

A reverse home loan is a loan taken out on a home or apartment which empowers the household and spouse to continue being in the home up till both either move or pass away. Reverse property loan proceeds can be collected in 3 different approaches:

As a singular sum payment

As routine monthly salary

At times and volumes determined by the homeowner

Reverse property loans are pretty adjustable for investment circulation. However, it should be kept in mind this, like any form of a home loan, there are usually several costs, finalizing expenditures, together with expenses that accompany a reverse property loan. It has to be taken note which, as with just about any classification of residential property finance, there are specified charges, closing expenditures, and costs which accompany a reverse mortgage loan. For that reason, if a certain person figures out that they will likely be leaving the home in the upcoming month, it can be advisable to locate additional ways to substitute their distinct source of income spaces.

Different Types of Reverse Home Loans

However, when a person concludes which a reverse mortgage loan is ideal for their distinct circumstances, they must opt what kind of reverse home loan they will certainly acquire: a public-sector home mortgage or private sector home mortgage.|If an individual chooses which a reverse property loan is just right for their specific condition, they must determine what form of reverse home loan they will purchase: a public-sector home mortgage or private sector mortgage loan. Because each one of these sorts of reverse loans has varied fundamentals and conditions, it is vital to recognize the distinctions.

Public Reverse Mortgages

There is a pair of various kinds of public sector reverse property loans:

Credit Loans (DPLs) provide a sole round figure settlement used to repair a property. DPLs are attainable through community and state govt organizations.

Personal Property Tax Deferment Finances (PTD provide an once-a-year finance down payment which is utilized to pay out land tax.

Private Sector Reverse Home Mortgages

There certainly are additionally two different kinds of private sector reverse loans:

Home Or Apartment Capital Alteration Loans (HEMs) are federally protected loans backed by the fed government and given by a lender that is authorized by the Federal Housing.

Exclusive Reverse Property loans are accessible through private companies this allows the lending institution title liberties to the loan.

Private ownership reverse mortgages can be employed every way this the borrower pleases and don't fall below government and state guidelines.

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