How much do I need to have saved for retirement?

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How much do I need to have

saved for retirement?

Jason Conger Financial Advisor

Answered By

Carol Bell

Financial Planner

carol@bettermoneydecisions.com

Question

How much do I need to have saved for retirement?

Answer

Here’s the answer–it depends!

I have worked with clients who don’t have high incomes but have always lived within their means and are great at budgeting. I have also worked with clients who do have a high income, but have nothing saved at all because they spend every dollar they make! The amount you will need for a successful retirement is different for every person. There are lots of great rules of thumb out there for retirement savings, but nothing compares with working with a professional advisor to get a financial plan tailored to you and your retirement hopes and dreams.

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How do you get a mortgage without a regular salary?

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Ask an Expert – How do you get a mortgage without a regular salary?

Jason Conger Financial Advisor

Answered By

Marla Barch

Mortgage Lender

Marla.barch@myccmortgage.com

Question

How do you get a mortgage without a regular salary?

Answer

Qualifying for a mortgage requires you to have a stable “income” that is likely to continue. However, there are lots of acceptable “income” types beyond a regular W-2 job, such as

  • Self-Employed Income
  • Child Support
  • Alimony
  • Social security
  • Disability Income
  • Rental income from Investment Properties
  • Retirement Disbursements
  • Trusts
  • Royalties
  • Adoption Subsidies
  • Student Stipends
  • and more!

Additional options include having a family member with stable income co-sign or using the “asset depletion” program, which means you have enough savings/investments to pay your mortgage and other bills with monthly withdrawals.

Since the requirements will vary based on everyone’s unique situation, I recommend scheduling a custom consultation to review your goals, budget and qualifications in more detail.

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What is the best health insurance for a woman who earns to much to qualify for any government subsidies?

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Ask an Expert – What is the best health insurance for a woman who earns to much to qualify for any government subsidies?

Jason Conger Financial Advisor

Answered By

Dr. Noor Ali

Healthcare Planning Specialist

noor@drnoorhealth.com

Question

What is the best health insurance for a woman who earns to much to qualify for any government subsidies?

Answer

A medically underwritten health insurance plan! This is a pre-ACA era type of health insurance plan that does involve medical underwriting. However, income is irrelevant in these types of plans! This is key for high-income earners who may have very high premiums on the marketplace when attempting to research quality health insurance plans.
These plans are also harder to access but comes with quality coverage, PPO networks. As a healthy and wealthy individual, you are a lower risk to an insurance company, so they are willing to give you lower rates with better coverage.

Get in touch with a health insurance advisor, like myself, today (it’s FREE) to better understand your options and what all your options are.

We will provide you useful and timely information you can use to be #financiallyfearless

Save money no second income

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Ask an Expert – What are ways to save money now that we don’t have a second income?

Jason Conger Financial Advisor

Answered By

Sue McQueen

Financial Professional

smcqueen@primerica.com

Question

What are ways to save money now that we don’t have a second income?

Answer

First thing is to adjust your priorities. Remember this key point: It’s not what you make, it’s what you keep. Along with setting priorities comes one tough rule of life: You can’t have everything. You have to make conscious decisions about every purchase.

An important concept to understand is want vs. need:

• A need is something you have to have, something you can’t do without. You “need” food. You “need” shelter.
• A want is something you would like to have. You “want” ice cream. You “want” a bigger house.
You may have to make sacrifices for a period of time and go without some of your “wants.” It’s not that tough, but it is very, very important to your financial health.

Look for ways to reduce spending or eliminate expenses, freeing up more money to save. Some common areas to look at are auto and home insurance, cable and internet, club memberships, subscriptions, and eating out.

 

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Financial steps widow first year

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Ask an Expert – What financial steps should a widow take in the first year?

Jason Conger Financial Advisor

Answered By

Linda Lingo

Money Coach

Linda@LindaLingo.com

Question

What financial steps should a widow take in the first year?

Answer

You may be experiencing a range of emotions when your spouse dies. Unfortunately, these feelings don’t go away instantly, and when you start working with your finances, you may feel emotionally overwhelmed. What you are feeling is normal.

However, now is the time you must start pulling the pieces together so you can protect yourself and be your own advocate. It will also be helpful to have a trusted friend or relative help you through this period.

Get a notebook/journal and start writing everything down, because you will not remember having some conversations and certainly not the details. You will feel like you’re operating in a “fog” the first couple of months.

 

Begin to organize information:

1. Start a filing system for quick and easy retrieval of information.
2. Create a calendar with important due dates.
3. Keep a log in your notebook of actions taken, including the date and contact person.

Contact your professional team: attorney, tax preparer, financial advisor:

1. Gather your estate documents like will, and trust.
2. Talk to your tax preparer about pertinent tax issues for the current year.
3. If you’re the executor of your husband’s will, manage the estate settlement process with the guidance of your advisors.
4. Discuss your finances with your financial advisor.

Review your cash flow for the first year:

1. Prepare a statement listing where money will come from and where it needs to go in the first six months to a year. Include a list of regular bills.
2. Liquidate certain assets that don’t have a penalty such as certificate of deposits or annuities with a death benefit.

Collect benefits:

1. Locate your spouse’s birth certificate, Social Security number, marriage license, military discharge papers, financial account statements and company benefits brochure you may need to collect certain benefits. Keep these papers in your organizational folders.
2. File for Social Security benefits at www.ssa.gov.
3. Contact your life insurance agent to start collecting benefits. Review payout options.
4. Collect veteran’s benefits by contacting the Department of Veterans Affairs if your spouse was in the military.
5. Rollover your spouse’s IRA into your own.
6. Contact the HR Department of your spouse’s employer to collect unpaid salary, vacation pay, sick pay, bonuses, pension benefits, and other benefits due.
7. Take a pension from your husband’s qualified retirement plan or roll it over to your IRA after reviewing the options and your financial circumstances.
8. Contact the financial aid office if you have a child in college. They may be eligible for increased financial aid.

Adjust health and other insurance coverage:

1. Make sure you have your own medical insurance coverage.
2. Notify all insurance agents for auto, homeowners, liability, long-term care, and any other policies.

Review assets and liabilities:

1. Create a financial net worth statement, a list of all you own and what you owe.

Complete the estate settlement:

1. Change the title and beneficiaries on investments, life insurance, vehicles, safe deposit box, retirement accounts. When you’re ready to change the names on your credit card, send it in writing with a copy of the death certificate.
2. Joint checking account should be left open for a year so you can deposit checks payable to your spouse.
3. File an estate tax return if federal or state estate tax is owed. This is due nine months after death.

Take care of yourself:

1. Consider joining a support group for widows or talk with a counselor.
2. Remember self-care including exercise, yoga, meditation, massages, bubble baths, facials, and chocolate!
3. Read a good book about widowhood. There are several good ones, including “For Widows Only!” by Annie Estlund.
4. Keep in touch with your female friends.

Move forward with new goals and your new life:

1. Create an updated financial plan focusing on short-term goals first. Keep it simple and manageable.
2. Update your will and estate plan.
3. Expand your social circles. Meet new people who know you as yourself and not as half a couple.
4. Be careful about entering a new relationship too quickly. Be wary of guys looking for a “purse.” Keep your finances to yourself.
5. It may not seem like it, but there is life after grief.

It’s ok to postpone major decisions during the first year when possible. You don’t need to rush, especially with your big decisions. You will be bombarded by well-meaning friends and family with their suggestions for what “the right decision” is. It can be very helpful to have a trusted friend help you think through some decisions you’ll make. For example, do you pay off your mortgage, or move in with your daughter?

You are at a very vulnerable time following your spouse’s death. Go slowly. Be gentle. Give yourself time to heal.

We will provide you useful and timely information you can use to be #financiallyfearless