Take action to help protect your clients’ retirement plans, Pt. 2

By Paul Cross

Annuity National Brokerage Co.


These money-smart financial tips can help your clients and prospects enjoy a richer lifestyle and retirement without fear of outliving their money.

In part one of this installment, we made a review of six alarming financial facts that everyone needs to know now. What I aim to do now is feature some financial advice everyone needs to implement.

Here are six financial tips you can use to help your clients and prospects with money-smart ways to enjoy a more prosperous life in retirement.

1. Get financially organized. You need a visible record of all financial accounts including bank accounts, life insurance, investment accounts, retirement accounts, U.S. savings bonds, Social Security info, credit cards and real estate properties.

Millions of accounts including life insurance death benefits, dividends, bank accounts, etc. are turned over to the state treasurer’s office simply because there was no visible tracking record to the spouse or the heirs. The government is holding more than $13 trillion in expired U.S. savings bonds.

2. Stop losing money to the IRS. A million bucks or half-a-million — what’s the difference? Tax. Explore all avenues of tax-advantaged plans, like annuities, life insurance, qualified retirement plans, etc. with avenues to convert big tax balloon payments into streams of income for you, your spouse and your family heirs.
3. Take control of your retirement plan. Leave no plan behind; if you change employment, then take your 401(k) with you and roll it over into an IRA where you have control. Explore all avenues of an in-service IRA rollover where you have greater control and flexibility.

4. Fund a spousal IRA. If you have a non-working spouse or a spouse that is unemployed, then consider making a tax-deductible IRA contribution for your spouse. Put tax dollars to work for you and your spouse.

5. Plan retirement income for life with spousal survival income. How much retirement income will you need? And if your spouse survives you, how much income will she need? Annuities can guarantee an income for life with spousal survival income for life. Seek the advice of a retirement professional.

6. Take action now. Explore all avenues to put tax dollars to work for you and your family. Learn how you can grow tax dollars into substantial sums and then develop streams of income from tax dollars to the benefit of you and your family heirs. Stop procrastinating and take action now.

In the 1800s, Samuel Johnson said, “It is better to live rich than die rich.” These money-smart financial tips can help your clients and prospects enjoy a richer lifestyle and retirement without fear of outliving their money.