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February 2023 Newsletter: It’s Never Too Late to Start a Retirement Plan

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It’s Never Too Late to Start a Retirement Plan

Perhaps one of the most important and maybe the most difficult task facing today’s adult workers is developing and implementing a financial plan for retirement. Unfortunately, the difficulty is not always where the money will come from, but whether the adult workers will implement a financial plan for retirement.

The current public debate concerning the changes in the structure of the social security system, clearly indicates that most American adults show little or no interest in retirement planning, until it is too late.  Many older workers have discovered in the past decade that it is not wise to rely solely on an employer’s retirement plan, or even the federal government’s social security program.

Every working American, particularly those who have reached middle age and who do not have a definitive retirement plan – should look at retirement planning the same way they must look at buying a home. Without a plan, and sometimes without a definite and sometimes harsh saving schedule, those hopes, and dreams just aren’t going to happen. That means that your retirement years, instead of being carefree and enjoyable, could be a harsh reality of finding ways to survive when you can no longer work. Many older workers at 65 or even 70 years old find a way to ease into retirement. They continue working part time in their pre-retirement profession, or they find part time employment at minimum wage jobs, wherever they can.

However, the time eventually comes when it’s not possible to continue making sufficient income to support ourselves. Age and health catch up with most people and full-time retirement becomes a reality whether we’re ready or not. For those who did not develop and implement a retirement plan, those years can be anything but what they should be.

One of the simplest financial plans for retirement could be buying a home and paying off the mortgage before retirement. Rarely would it be possible for a retiree to live off social security income and afford to pay normal house or apartment rental rates and cover all other retirement expenses with that limited income. However, if a retiree owns their own home, income from social security or part time employment would come closer to covering expenses when housing costs are taken out of the picture.

While the simplest plan might not provide for a carefree retirement, it could easily make the difference between a pleasant retirement and an unhappy one. However, for middle aged workers it is not too late to develop and implement some form of savings program to support their retirement years. And remember, that the earlier those plans are implemented, economic growth and interest will help boost your nest egg and make it a workable retirement plan.
Rick McEvoy, CLU, CHFC, LUTCF 
McEvoy Insurance &
Financial Services Inc

6363 Walker Ln Suite 130, Alexandria, VA 22310
Office: 703-642-6408 
Fax: 703-485-4940
Cell: 571-205-8961


Interesting Facts:

–    The eye of an ostrich is bigger than its brain.

–    Putting sugar on a cut will make it heal faster.

–    Buttermilk does not actually contain any butter.
–    75 burgers are sold in McDonald’s every second.

–    You can’t hum while holding your nose.

–    One strand of hair can hold up to 3 ounces of weight.

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Financial Housekeeping – Keep Your Will Up to Date!

Like too many things in life, after we finally realize that we need to prepare a will to protect our estate, and then have the will prepared, we think of it as a finished task, put it on the back burner, and tend to forget about it.

However, the entire subject of estate planning, of which your will is only a part, really needs to be a subject of continuing review.

For most people, it would be a very valuable use of several hours –for example, make it one of those year – end, or year – beginning jobs that we always do – to regularly review our estate plans to see if those plans need to be corrected, revised, or updated.

Even if you do not change your ideas about disposing of your estate at the time of your death, there are many factors that could change over time to make it essential for you to continually review the terms of your written will.

Here are some of the factors that you should keep in mind:

•    You might need to change your executor. Most persons have a child, family member or friend as the executor of the will, and you should review that choice regularly to make certain you’ve made the best possible choice and to make certain you’ve chosen someone who most likely will outlive you and will fulfill your wishes.  Accidents, health, and other factors could force a change.
• Your personal status or that of your beneficiaries might change. If you get married, re-married, divorced, or are widowed, you need to review the terms of your will.  This also goes for your beneficiaries.
• Your financial status might change. Hopefully, it is improving, but change in either direction is sufficient cause for a person to review the financial aspects of their will. This might mean that assets specifically mentioned in the will were sold, or that you acquired new assets. Along with this, tax or estate laws could change which would impact the distribution of your assets.

• Finally, someone you trust, most likely the executor of your estate, needs to know, always, where you physically store and preserve your will. This would be more important in the event of a move to a different city or state, or if the will was modified or revised.

And if in doubt, always remember to seek the assistance of your professional estate or financial planner if you have questions.

Did You Know?
The first step in enhancing your financial health is to build your money awareness. Where does it come from? What are you spending it on? How much do you save?
Many, many people simply “ignore” how money flows through their life. They don’t budget or they simply assume that money is, and will continue to be, a “problem.” This ensures that it will continue to be a problem.
If you want more money in your life, you absolutely need to avoid being fearful about any lack of money. Remember that what we focus on builds stronger neural circuits in our physical brain. Focusing on lack simply creates additional stress. And stress prevents the clear, focused thinking you need to bring more money into your life.
Consider making a commitment to become more aware of money in a positive way. Begin to think of it as a resource to be managed and used wisely, and you will find you have more money available than you thought you had.

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Published by the Insurance Pro Shop