Annuities

Retirement and Social Security

Presented by David Corwin The Social Security Administration estimates that 96% of American workers are covered by Social Security. Many Americans, however, don’t have a full understanding of Social Security and the benefits it provides. For example, many people are not aware that:
  • Social Security is currently the largest social insurance program in the U.S., funded through dedicated payroll taxes called Federal Insurance Contributions Act (FICA).
  • If they are injured or become ill and cannot work, they may qualify for Social Security disability benefits.
  • If they die prior to retirement, certain family members may be eligible for Social Security survivor benefits based on their work and earnings record.
  • The Social Security retirement benefit is designed to replace a percentage of earnings at retirement and the amount received will depend primarily on two factors…lifetime earnings history and retirement age.
  • Depending on year of birth, taking Social Security retirement benefits early can result in as much as a 30% reduction in the retirement benefit that would be payable at full retirement age.
  • On the other hand, deferring Social Security retirement benefits to age 70 can result in as much as a 32% higher retirement benefit as compared to the benefit available at full retirement age.
  • A portion of the Social Security retirement benefit may be subject to income tax.
  • There are a variety of strategies that can be used to enhance the value of Social Security retirement benefits.

For most people, their monthly Social Security check will form an important part of their retirement income.

Life Insurance

Pension Maximization

Presented by Gary Peterson Defined benefit pensions can present a challenge to clients who want to maximize retirement payouts and also provide income for a surviving spouse. The pension maximization approach provides an ideal solution using life insurance to bridge the gap. Here are some great resources from one of our carriers to help you discuss pension maximization with clients and prospects. Pension Maximization Quick Tips
Life Insurance

Social Security Planning

Presented by John Schraut Are you thinking of a way to get in front of more pre-retiree prospects? Think of a subject matter that is important to all of those approaching retirement age, no matter what they do for a living or where they live, Social Security Planning! Protective Life’s Understanding Social Security program offers a variety of resources to help you learn about the key aspects of the Social Security program and promotional materials to help you promote your Social Security planning services to clients and prospects. Additionally, it provides educational materials to help you work with your clients on key decisions as they prepare to receive Social Security benefits. Use the categories HERE http://www.protectivemarketing.com/socialsecurity to find the materials and tools you need to help your clients see the bigger picture when it comes to their Social Security benefits and retirement.
Sales & Marketing

Tips To Managing Your Inheritance

Presented by Marketing Take your time. This is an emotional time…not the best time to be making important financial decisions. Short of meeting any required tax or legal deadlines, don’t make hasty decisions concerning your inheritance. Identify a team of reputable, trusted advisors (attorney, accountant, financial/insurance advisors). There are complicated tax laws and requirements related to certain inherited assets. Without accurate, reliable advice, you may find an unnecessarily large chunk of your inheritance going to pay taxes. Park the money. Deposit any inherited money or investments in a bank or brokerage account until you’re in a position to make definitive decisions on what you want to do with your inheritance. Understand the tax consequences of inherited assets. If your inheritance is from a spouse, there may be no estate or inheritance taxes due. Otherwise, your inheritance may be subject to federal estate tax or state inheritance tax. Income taxes are also a consideration. Treat inherited retirement assets with care. The tax treatment of inherited retirement assets is a complex subject. Make sure the retirement plan administrator does not send you a check for the retirement plan proceeds until you have made a distribution decision. Get sound professional financial and tax advice before taking any money from an inherited retirement plan…otherwise you may find yourself liable for paying income taxes on the entire value of the retirement account. If you received an interest in a trust, familiarize yourself with the trust document and the terms under which you receive distributions from the trust, as well as with the trustee and trust administration fees. Take stock. Create a financial inventory of your assets and your debts. Start with a clean slate and reassess your financial needs, objectives and goals. Develop a financial plan. Consider working with a financial advisor to “test drive” various scenarios and determine how your funds should be invested to accomplish your financial goals. Evaluate your insurance needs. If you inherited valuable personal property, you will probably need to increase your property and casualty coverage or purchase new coverage. If your inheritance is substantial, consider increasing your liability insurance to protect against lawsuits. Finally, evaluate whether your life insurance needs have changed as a result of your inheritance. Review your estate plan. Your inheritance, together with your experience in managing it, may lead you to make changes in your estate plan. Your experience in receiving an inheritance may prompt you to want to do a better job of how your estate is structured and administered for the benefit of your heirs.
Sales & Marketing

Why prospect using social media?

Presented by Brian Leising The Problem To get customers in any business you have two choices – be special enough that people talk about you or buy advertising. In the insurance industry, the most effective way to reach qualified prospects changes every several years. Once it was enough to open an office in the community or make door-to-door sales. Then we started cold calling, blast faxing, sending direct mail, presenting seminars and blast e-mailing. All of these methods were effective once, but as they became obsolete, we started prospecting with the next best thing. Today, all systems of selling are preceded (or precluded) by our online reputation. People know you before they call. Is this a problem for you or an opportunity you are capitalizing on? The Opportunities Social media has changed your world, now you can find customers and they can find you. Due to social media, big companies no longer have the advantage– social media is the great equalizer. Social media is where people (your customers) express their thoughts and feelings. It also allows you to put yourself in the client’s mind. The opportunity in our business is tremendous, only 16% of financial services professionals currently use social media.