Tag Archives: annuities

In death, the details become essential

3-bottom, Finances, Local Business, , , , ,

By Dave Stanley
WKTV Contributor
Integrity Financial Service, LLC

(Pxhere.com)

In my line of work, I have the unfortunate job of dealing with the passing of someone’s spouse, parent, or sibling. In these moments of grief, I know how, if the details aren’t thought of ahead of time, the pain can be compounded with the frustration of navigating through the messiness of financial matters not thought of ahead of time.

Recently, this aspect hit home recently when a close friend quickly passed away, leaving his spouse and friends to deal with the remaining chaos. Dealing with finances at the time of grieving adds another level of stress and confusion.

I advise my clients to keep a list of all their accounts (checking, savings, CD, annuities, life, mutual funds, etc. in their trust folder. If they don’t have a trust and own any property, that is the first thing they must do along with their advisors’ names and phone numbers for each of those accounts. For the checking, savings, CDs, etc., those accounts should have a POD (Payable On Death), and their passwords should be given to someone they trust.

The reason I say giving the password to someone they trust, you ask? What happens if the mortgage needs to be paid and yet the death certificate is not available yet? Even though the account may have the POD, until the death certificate is produced, only those on the account have the authority to access the accounts to take care of any necessities.

When it comes to a spouse having to deal with the financial decisions, the grief can cloud their choices, and that is why having a plan written out and discussed with the family and the advisor can take away one less decision to make since it has already been made. This is especially true when it comes to planning the funeral.

All the proper planning in the world will not be beneficial if the information cannot be found during the crucial days and weeks following the loss of a loved one or if not having a written-out plan and discussed with an unbiased advisor and attorney to help carry out those wishes. While the topic is maybe challenging to discuss, it is essential.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management

Financial Perspectives: Confused about retirement choices?

3-bottom, Finances, Local Business, ,

By David Stanley
Integrity Financial Services, LLC

Hurricanes to the weather can impact the U.S. economy. (pxhere.com)

Hurricane Ida, COVID- 19 and a February winter weather disaster in the United States and Mexico; many other catastrophes and worries abound. What issues currently confront the U.S. economy? The answer is multi-level but can be summed up as:

 1) The collapse of an economy (potential)

 2) Inflation

Are your important retirement dollars safe? If you have a fixed/indexed annuity, your money is still protected. Think of the simplicity the annuity brings to life. No fees, no loads, no market risk. It is not stocks, bonds, or mutual funds, which rely on fluctuating investment trends. It’s dependable fixed/indexed annuities that will fund Baby Boomer retirement.

Safety is not an issue with fixed annuities. The insurance company doesn’t borrow money to make risky or speculative investments. What keeps annuities safe? Think of it this way. Are you worried about your homeowners, auto insurance, life insurance company going under? No. Remember, annuities are not speculative investments, but deposit accounts backed up by cash on hand.

  

The insurance industry was “the last man standing” during the Great Depression when banks and investment firms failed. Then as now, this sector remains the last bastion of financial freedom. The fixed annuity company already has its portfolio to back these contractual guarantees. 

Annuities provide a level of economic security that cannot be duplicated by other investments like stocks, bonds, CDs, etc. Annuities relieve the consumer of the need to set aside additional money to offset potential risk and fees for managing the account.

If fear of managing your retirement accounts paralyzes you and causes you stress, simply pass it to a risk bearer, an insurance company. Let the annuity provide you with a safe and secure income.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Perspectives: There is a secret about longevity, living a long time

3-bottom, Education, Local Business, , , ,

By Dave Stanley
Integrity Financial Service, LLC

“The secret is simple: The longer you live, the longer you live!”

What happens if you live longer than you expect? How do you make sure your funds last as long as you do?

Do you invest in stocks? Bonds? Keep your money in the bank? Increased life expectancy is extending the time needed for our retirement funding, making sure our money lasts as long as we do has become the new “mantra” of the Baby Boomers.

Many financial planners are turning towards products that remove the risk of the longevity problem, allowing an insurance company to bear the longevity risk, annuity companies issue and manage annuity products.

Many types of annuity products are available, even those who pay interest (yield), which are similar in structure to bank CDs. However, the real benefit of annuities is the income provision, income that can pay for any period, even a lifetime.

The question often asked is “What happens to the money in an annuity if a person dies early? Does the annuity company keep the money?”

The answer is no; it is an old wives’ tale that insurance companies profit from an early death. The unused portion of the annuity is merely refunded to the named beneficiary. Funds are always accounted for, and it is the law.

Consider letting an insurance company be responsible for your important long-term safe and secure retirement income. Safety and security is their first and foremost goal.

One last tip: shop around for the best rates; rates can often be based on age, and numerous options exist.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.