Jim Byrd and Biff Hamel of Safe Harbor Financial Services in Daphne, AL host Safe Investing in the New Economy on WABF 1480 AM radio, FM Talk 106.5 radio and Fox News radio 710 WNTM. Listen weekly to the show on the radio or plug into the podcast on iTunes. This week’s discussion covers retirement planning with information about various types of single premium life insurance policies. Gary Garner, Safe Harbor’s newest associate, was also a guest this week.
What is a Single Premium Life Insurance Product?
A single premium policy has lots of flexible features. It’s a great product for people who want life insurance but don’t want a premium every month. If you’ve got money sitting around in taxable investments, we’d like to tell you about single premium life insurance. You can earn a high tax-deferred benefit tied to the market and also opt to include life insurance and long term care insurance inside the product. Learn more when you come into our office for your complimentary retirement consultation.
When is the Best Time to Begin Planning for Retirement?
Retirement is a very big part of anyone’s life and leaving money in a 401k at the mercy of the market ups and downs is not always the best plan. Retiring with security is not guaranteed if you leave your money in the market. At Safe Harbor Financial, we help you level your income, or some portion of your income, so you can have a steady monthly income during retirement. You can still leave money in the market if you so choose, depending on your risk tolerance. We recommend you begin as soon as possible, and some of our clients are in their 30’s. Certainly, you should have a retirement plan in effect within about 7 – 10 years of your planned retirement date. However, you never know the circumstances that will determine the actual date of your retirement, so it’s wise to get it done early.
What About Risk Tolerance?
When you come in for a portfolio evaluation, we have you do a risk analysis test to determine your comfort level with risk. Then we apply your stated risk tolerance to your current portfolio to compare what you actually have in your portfolio with what your comfort level really is. We often find that many people are invested at a much higher level of risk than they are comfortable with. Knowing this, we can then help you adjust your investments to the level of risk that matches your tolerance.
What Can a Person Expect When They Come into Safe Harbor Financial?
When someone comes in, we talk to you about your future plans. If you’d like to prepare for the consultation, talk to your spouse about your plans for the future, your ideas about housing, travel, retirement timing, and other topics of importance to you. We will ask you lots of questions, and it will be helpful if you have some mutual idea of your future goals and plans. But don’t let that slow you down. We do this consultation with every person who comes into the office and no pre-planning is necessary. With over 36 years in the financial industry, Jim Byrd has the experience to help you focus on the issues that will be important during retirement.
We invite you to call and reserve your spot at one of our upcoming seminars. March 12, we’ll be at Jesse’s in Magnolia Springs, AL and March 14, we’ll be at Ralph & Kacoo’s on the Causeway in Spanish Fort, AL. Both seminars begin at 6 with a delicious dinner for you and your spouse or a friend.
Call For Your Complimentary Consultation
Give us a call today and make an appointment for your complimentary consultation. There’s no pressure and no cost or obligation for this service. Take advantage of this complimentary offer by emailing us today or calling 251-625-1226. We’d love to help you find peace in your retirement planning.