Paul Tyler

Evaluating an early retirement offer: What to consider before accepting one

No comments

…Your financial situation

While you may end up taking an offer because you’re making the best of a bad situation, you’ll want to consider a number of issues that may arise if you’re not employed. But while you’re taking early retirement from this company, that doesn’t mean you have to retire. You’ll also want to consider how accepting the offer affects your retirement finances such as Social Security.

If working is a lifestyle decision, you’re in an enviable position, but whether working is a choice or not, you’ll still need to assess your financial picture, especially if you’re on the younger side. Chuck Czajka, founder and CEO of Macro Money Concepts in Stuart, Florida cautions that “The younger you are, the more stress will be placed on retirement assets.”

“Do you need to work to pay your bills,” says Tyler. “You may be lucky enough to have earned and saved enough to be financially independent. If you fall into this rare category, congratulations.”

If the offer is generous and you think you’re able to retire, experts recommend that you review your finances thoroughly before making that decision.

You’ll want to ask yourself:

  • Do you have enough to live comfortably in retirement?
  • Are you old enough to access retirement accounts such as a 401(k) or IRA penalty-free?
  • Do you have access to healthcare, and will you be able to afford it?
  • What other sources of retirement income do you have available?
  • Will taking early retirement have a negative impact on your pension (traditional defined benefit plan)?
  • Do you have hobbies or other pursuits that you are passionate about if you retire early and no longer have work to keep you motivated and engaged?

If you retire early, you might be able to get by for a few years until you can access your full retirement funds at age 59 1/2. However, you’ll also want to consider how early retirement affects Social Security, a decision that will impact your monthly benefits for the rest of your life:

  • Calculate your benefits to see how much retiring now will affect your payout later.
  • Have you already worked enough to claim a sufficient benefit?
  • Will you be able to pull through financially until Social Security kicks in?
  • Will you opt for an early benefit rather than your full retirement benefit?

While early retirement sounds attractive, you’ll want to keep these questions in mind and consult with a financial planner and/or tax professional, because you may be giving up more than you anticipated – financially and otherwise – when you first decided to retire. …

Read the full article: https://www.bankrate.com/retirement/should-you-accept-early-retirement-offer/

Receive Updates



Show Sponsors

The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.

Ashley SaundersEvaluating an early retirement offer: What to consider before accepting one
read more

Annuities And Predicting The Right Time For The Market With Paul Tyler

No comments

Paul Tyler, one of the That Annuity Show hosts and Nassau CMO, was a recent guest on Kevin McCullough Radio! Paul joins Kevin to talk about annuities and market predictions.

Listen to the audio release, here: https://soundcloud.com/kmcradio/20211206-annuitys-and-predicting-the-right-time-for-the-market-with-paul-tyler

Receive Updates



Show Sponsors

The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.

Ashley SaundersAnnuities And Predicting The Right Time For The Market With Paul Tyler
read more

Six Retirement Planning Lessons From Netflix’s ‘Squid Game’

No comments

How to make sure your clients avoid playing games with their retirement funds.

Imagine that one of your clients drops into your office just as you are about to leave for the night. They describe a wonderful opportunity to solve all their debt problems. An organization has offered to provide them with an enormous payout if they outlive 499 other people.

Is this an unusual group pension plan, they ask? No, you say. It is a tontine. You open up a book and explain that a tontine is one of the world’s earliest forms of an annuity.

Starting in the 17th century, you continue, nations used tontines as a way to raise revenue and create streams of income for segments of the population. The last person in the pool typically received a disproportionate share of capital. In the insurance industry, we refer to this as the “power of pooled mortality.”

Oh, by the way, your client adds, mortality reminds her to tell you that the organization will kill her if she doesn’t make the right decisions at critical points in the coming days.

Most people today would describe this as the plot of a slightly demented Netflix series. But you clearly failed to complete a crucial fact-finding exercise. And there lies the first lesson from this series.

Click here to access the full article and the slide show of the 6 steps: https://www.wealthmanagement.com/retirement-planning/six-retirement-planning-lessons-netflixs-squid-game 

Also available at: https://www.benzinga.com/personal-finance/21/11/23911653/5-lessons-that-the-squid-game-offers-us-for-retirement-savings-the-use-of-annuities 

Receive Updates



Show Sponsors

The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.

Ashley SaundersSix Retirement Planning Lessons From Netflix’s ‘Squid Game’
read more

Sales May Be Down, But The Annuity Industry Will Bounce Back

No comments

August 5, 2020 by Paul Tyler

EPISODE 57.

Sheryl Moore, Chief Storyteller of Wink, Inc. and industry guru joins us to talk about the state of the annuity market. Yes, sales are down. But Sheryl finds some bright spots and suggests ways we can adapt our products and sales processes to succeed over the next 12-18 months.

Click HERE to listen via That Annuity Show

Visit the post on Winkintel.com here.

Insights from the Annuityverse
Enter your email below to subscribe.



Sponsors

The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.

Ashley SaundersSales May Be Down, But The Annuity Industry Will Bounce Back
read more