Spousal IRAs for Married Couples | Philip L. Peabody posted on the topic | LinkedIn (2024)

Importance of Updating Estate Plans after Significant Life Events:Estate Planning Urgency: Important to create wills and other estate-planning documents without delay, in order to avoid the risks of neglecting this crucial aspect of financial planning.Estate Planning Consequences: The potential consequences of not having a will or trust, such as the state deciding how an estate is divided, can be especially problematic for unmarried partners, stepchildren, and others.Investment Perspective: Insights into successful investing include a disciplined, long-term strategy, and caution against emotional decision-making in response to market fluctuations.

Ways to Diversify Your Portfolio You may be unaware of.Investment Access: Technology, like mobile trading apps, has made investing more accessible, leading to increased interest in the stock market.Portfolio Diversity: A diverse portfolio traditionally includes stocks and bonds, but it’s important to consider other financial tools for risk management and balance.Protection Tools: Disability insurance and whole life insurance are means to protect income and provide financial security for loved ones.Long-Term Strategies: Annuities are an additional retirement strategy, providing guaranteed income and potential tax benefits.It is important to stay informed about various investment vehicles and work with a financial professional to build a wealth strategy.

Are You a Spender or a Saver?Financial Habits: Everyone’s spending habits can improve and be open to change.Tracking Spending: Use tools to track purchases and identify opportunities to save, such as cutting unused subscriptions.Energy Efficiency: Perform a home energy audit to become more energy efficient and save costs.Savings Goal: Aim to save 15 to 20% of annual income and use tools to monitor progress.

What is a Registered Index-Linked Annuity (RILA) and could one be right for your retirement needs?Growth Potential: RILAs like Guardian MarketPerform™ offer the potential for growth of retirement assets with some protection during market downturns.Customization: You can choose the stock market index and investment approach that aligns with your retirement goals.Protection Strategies: Options to limit exposure to market risk with different levels of index protection, known as Buffer Rates (-10%, -20%, or -30%).Investment Flexibility: No explicit fees on money invested, and the ability to select from a variety of indices and crediting strategies to match your investment preferences.

What You Need to Know about Disability Insurance when You are Self-Employed:Disability Insurance: Essential for freelancers, sole proprietors, and business owners to protect against loss of income due to illness or injury.Types of Coverage: Short term disability insurance (STD) for temporary income protection and long term-disability insurance (LTD) for more extended periods.Policy Details: Policies define premiums, benefits, benefit periods, waiting periods, and the definition of disability.Business Overhead Expense Insurance: Covers ongoing business expenses like rent and salaries if you’re unable to work.Coverage Needs: Typically, personal income coverage is up to 80%, and business expenses can be covered up to 100%.Cost of Coverage: Premiums can range from 1% to 3% of annual income, influenced by factors like age, gender, and occupation.Policy Types: Non-cancellable and guaranteed renewable policies offer stable premiums and benefits, while conditionally renewable policies may change over time.Remember, it’s important to consult with a financial professional to tailor a policy that fits your personal and business needs.

Are You Facing Financial Fragility? ·Financial Challenges: Americans are experiencing the lowest financial wellness in eight years, with 55% facing financial challenges, a significant increase from 37% in 2021.· Cost of Living vs. Wages: Cost-of-living expenses have risen sharply, outpacing household income growth. Inflation and cost-of-living have had a major impact on personal financial decisions.·Generational Financial Wellness: Baby boomers report the highest financial well-being, while Gen Z faces financial stress entering the workforce. Millennials struggle with homeownership and student loan debt.·Financial Literacy and Support: There’s a need for improved financial literacy, with only one-third of workers having access to financial guidance benefits. Employers are recognizing the importance of supporting employees’ financial wellness.

Are Economic Challenges Taking a Toll on Your Well-being? · Decline in Well-being: Recent workplace benefits study reveals the lowest level of overall well-being among Americans since the study began, highlighting struggles with mental, physical, and financial health.·Mental Health Concerns: A third of workers report increased mental health challenges, yet only 30% feel they are good at managing their mental health, and 31% feel in control of their work/life balance.·Financial Stress Peaks: In 2023, 55% of workers faced financial challenges, a significant rise from 2021. The top stressors are money, the economy, and debt, with many people living paycheck to paycheck.·Women’s Well-being: Women, particularly caregivers and single parents, report lower well-being than men, with higher levels of stress and anxiety.

What You can do to Live a Happy Retirement.Purposeful Retirement: Important to have meaningful activities in retirement beyond financial security.Seven Disciplines: There are seven disciplines that can lead to a fulfilling retirement, such as easing into retirement, staying socially active, and setting goals.Health and Wellness: Maintaining physical and mental health through exercise, social connections, and cognitive activities are significant to enjoying retirement.Economic Insights: Commentary on the economy, inflation, and the Federal Reserve’s interest rate policies, related to retirement planning.

Four Simple Strategies for Long-Term Investment Success.Common Sense Approach: It is important to remove emotional triggers from financial decisions and adopting a disciplined investment strategy.Long-Term Investing: Focus on the benefits of long-term investments over trying to time the market, which is nearly impossible to do successfully.Diversification: Diversify your portfolio with a mix of assets, such as stocks and bonds, to achieve stability and manage risk.Financial Planning: Financial professionals play a key role in developing personalized strategies that align with individual long-term goals and risk tolerance.Remember, past performance is not indicative of future results, and all investments carry some level of risk.