Jim Byrd and Biff Hamel popular financial talk show, Safe Investing in the New Economy, is heard on WABF 1480 AM radio, FM Talk 106.5 radio and Fox News Radio 710 WNTM. The show is focused on retirement planning and investing for a secure retirement. Be sure to listen to the full podcast on iTunes or on the website. This week’s discussion covered a wide range of topics. Here are the highlights:
Many Seniors are in Major Debt
People over 60 hold the majority of debt in this country, over $3 trillion. And this is primarily student loan debt. It’s important to pay this debt because it can affect your credit rating and it can delay taking retirement. Other reasons seniors delay retirement:
- Many seniors with younger spouses are delaying retirement because their spouse doesn’t qualify for Medicare. Health insurance costs and medical debt are big expenses to consider when taking retirement.
- Procrastination about planning is the biggest problem in deciding when to retire. Lifestyle choices need to change in most cases and the planning for this is the last thing to happen.
Procrastination is the thief of your future!
Seniors Can Save Money in Retirement
So what do you do when you want to retire but you haven’t begun to plan for it? Or if you need money and you have a credit problem as the result of unpaid debt? The first step is to make a budget. See what you’re spending now and look for ways to cut back. Retirement spending, in most cases, needs to be lower!
Here are a few cost-cutting ideas:
- Save at least 3 months of expenses for a rainy day.
- Eat out less and at home more.
- Switch out of cable TV and go to a subscription service instead. Try Roku or Netflix.
- Work out at home instead of using a gym membership.
- Eliminate regular expensive perks like gourmet coffee shop runs, fancy hair appointments, shoppping sprees.
- Get creative about gifts, making some at home.
- Talk to an investment adviser when you have a budget and they can help you plan for your retirement.
Listen to the broadcast for more creative solutions.
A Typical Consultation Process
We hear about all sorts of situations from people we help. Some are still struggling to catch up since the big market downturn of 2008 where millions of people lost a chunk of their retirement savings. Some are struggling with a life change due to divorce, major illness, or the death of a spouse. We sit down with each person and listen to their goals and we bring to attention some things they have never thought of. We talk about their budget, evaluate their portfolio, learn whether they are interested in accumulating funds or in producing income, and whether they are ok to tie their money up for a while in retirement or need to keep their money liquid. We discuss each person’s situation thoroughly before we offer any recommendations.
One of our newest products is a fixed index annuity that includes long term healthcare, returns 7%, and you can take out 10% per year without a surrender charge and still have income for the rest of your life. Surrender charges do not apply if you have an illness that has you confined. A second choice is a very liquid product we offer that returns between 6-8% a year, and you can add to it, so it’s a way to save money. We fit the product offerings to your unique situation with a vast array of products others don’t offer.
We beat banks both on fees and the array of products we offer. Banks don’t have access to some of the products we sell and many of our products are proprietary.
If you have been thinking about taking advantage of our complimentary consultation, sometimes the hardest part is just picking up the phone. Take a moment right now to call us for an appointment at 251-625-1226. Don’t let procrastination steal your retirement future.
Upcoming Seminars- Call to Register
Our financial seminars in March are full but we’re now taking reservations for our April seminars. Seats fill quickly so call our office soon at 251-625-1226.
Upcoming Events- Save the Dates
- May 10- Taste of the Town at Five Rivers Delta Resource Center with the Kiwanis Club of Daphne/Spanish Fort. Safe Harbor Financial is the title sponsor this year as in previous years. May 28- Memorial Day BBQ at the American Legion Post #199 in Fairhope, AL- Free meals for veterans.