Make money now don't wait The Financial Investment You May Be Overlooking (ARA) – You carefully nurture your 401(k). Your will is always current and you have diversified your investments. You’re not just sitting on your hands waiting for the recession to end; you’re taking steps to financially secure the future for yourself and your loved ones.
But there’s one important financial planning matter you may be avoiding, and if you are, you’re not alone. Even though 70 percent of Americans say they want to minimize the emotional and financial burden their death may place on their loved ones, just 24 percent have actually done something about it – by preplanning their own funerals.
“More people today are viewing preplanning as a natural continuation of preparing their wills and estates,” says funeral director Billy Henry of the Dignity Memorial network of funeral, cremation and cemetery service providers. “Still, there are many more who could benefit from the financial and emotional security preplanning provides.”
Perpetuated stereotypes and a deep-seated cultural aversion to talking about death are often at the root of people’s failure to preplan. No one wants to think about the loss of a loved one any sooner than they must. But today’s economic conditions make it more important than ever to prepare for financial adversities of every kind.
To help you incorporate funeral preplanning into your broader investment strategy, Henry and the experts at Dignity Memorial say it’s important to debunk a few myths and misconceptions.
Myth: There’s no way to talk about this without everyone getting upset.
Bite the bullet and designate a time to have this vital discussion. A conversation this important doesn’t just happen casually, although you may broach the subject informally a time or two beforehand. Opening the conversation by telling a parent or loved one you want to ensure things are done according to their wishes may be helpful. Or, your loved one may respond if you present the discussion as your need to have them help prepare you to deal with the future.
However you decide to approach the topic, do your research beforehand so you can better guide the conversation.
Misconception: There’s no use talking about death now when it’s so far in the future.
“It makes a big difference if you are having the preplanning conversation with someone for whom death is imminent,” Henry says. “Most agree it’s a much harder conversation to have at that time.” Bringing up the subject with loved ones earlier in life, when they are younger and most likely healthier, makes the topic much easier to talk about.
Myth: Preplanning doesn’t really have any benefit for younger people or older folks who are financially secure.
The reasons to preplan are valid for everyone, no matter your age or financial status. Preplanning:
* Ensures your funeral will be conducted according to your wishes;
* Eases the burden on loved ones during an already difficult time;
* Helps loved ones avoid emotional overspending; and
* Locks in today’s prices should you choose to fund your prearrangement.
If you decide to prefund your arrangements, be sure you understand your state’s regulations around the safety of “preneed” funds, Henry advises. “You’ll need to be confident your funds are secure, and you should also be sure your prearrangement is portable should you move to a new town,” he says.
To learn more about preplanning, visit www.DignityMemorial.com.
Courtesy of ARAcontent
Pay Yourself Forward (ARA) - Retirement is here for the first wave of America’s 76 million baby boomers. And ready or not, many are faced with the task of converting their savings into a retirement paycheck while still growing their nest egg -- a challenge complicated by the unpredictability of today’s stock market. According to many industry experts, boomers may need to consider radical, fresh methods for generating income during retirement.
“Pre-retirees should be looking for products that will provide a guaranteed stream of lifetime income while still allowing them to maintain control over their assets,” says Christine Marcks, president of Prudential Retirement. “At this stage of the game, it’s important to retain the potential to benefit from market growth while also protecting your income from losses.”
Marcks offers these tips for those hoping to create a paycheck for life:
* Put your savings to work. Just because you’ve stopped working does not mean your retirement income should stop growing. Consider investing in the new generation of retirement income products that guarantee a minimum annual income while offering a measure of flexible control over assets.
* Stick to your strategy. The stock market promises only one thing: it’s never predictable. Ask about new product innovations that let you take advantage of potential market upswings while shielding income from inevitable downturns.
* Create a paycheck for life. Seventy percent of older workers – those between the ages of 55 and 64 – welcome the new options that convert their assets into a guaranteed lifetime income stream. (Source: Prudential Retirement’s 2006 Workplace Report on Retirement Planning.) Some of these products come with built-in guarantees, eliminating worry about outliving your assets. Investors can retain some ownership of their money too, along with guaranteed lifetime income.
* Maintain control and access to your nest egg. Most people want to maintain control over their savings and be able to access it on the proverbial “rainy day.” They also want their heirs to receive any remaining assets at death. Some new products available through the workplace may allow both greater flexibility and access to funds as compared to traditional products.
* Postpone Social Security benefits. You can claim Social Security retirement benefits as early as age 62 or as late as age 70. The longer you wait, the larger the monthly benefits. (Source: Prudential Financial, Innovative Strategies to Help Maximize Social Security Benefits, April 2006.) .
* Practice tax-smart asset distribution. To make retirement assets last as long as possible, always consider the total amount of taxes you may owe to the government and how to best manage the unlocking of those tax liabilities over time. (Source: Prudential Financial, Tax Wise Retirement Distribution Planning, white paper, April 2006.)
If you are thinking about retirement within the next few years, you probably have some concerns about making sure you don’t outlive your stream of income. And given today’s marketplace, the concern is a valid one. Talk to your employer about the in-plan options in your 401(k), 457 or 403(b) or to a qualified financial advisor today to learn more about new and innovative ways to generate a retirement paycheck for life. More information is also available at www.prudential.com/retirementincome.
Courtesy of ARAcontent
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