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Ken's Insurance Agency
Retirement Planning
Plans built with you in mind
Various Products
Retirement planning is about having a dream for the third stage of your life. The first stage is your childhood. The second stage is when you start working. The third is your retirement. The third stage is what the first and second stage builds to have. With so many products from Social Security, Medicare, Life Insurance, Annuities, Qualified Plans, Unqualified Plans, and a few unique ones this can make the mapping very difficult.
How to describe the dream
Is your dream to work the rest of your life? Is it to sit at home, watch television, fish, hunt, go to your grandkids' events, family events, travel the country, travel the state, travel the world? This will allow us to start planning the dream when we have an idea of the kind of lifestyle you want when you retire.
Plus even more
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Social Security
Will social security be enough for you to survive on and complete your retirement dream? Many bank on Social Security being enough and then find out that they do not have enough to survive on in retirement and lose their dream.
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Medicare
Medicare is your health insurance for when you retire. Medicare Insurance can be obtained when you are not retired under the right circumstances. Medicare Insurance helps to keep health issues from destroying your retirement dream.
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Debt
Do you have a mortgage? How about a car loan? Student loan debt? Credit card debt? Other Loans? How will these and the payments to these hinder your retirement dream? We can when these can destroy the dream show you how to save on interest and get out of debt in a fraction of time.
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Qualified Plans
Qualified plans are tax-deferred. These plans will be taxed when you start drawing off of them. Examples of qualified plans are 401ks, Simples, Koeghs, IRAs, Pensions, and any Annuity funded by untaxed dollars. At this point, all qualified plans except the Annuities last only up to 9 years before being used up with no income. Many qualified plans also are heavily tied to the stock market so when the market is up, the gains are great when the markets correct and go down the losses tend to be fully felt and any fees that normally are assessed would still be assed so your losses would be magnified.
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Unqualified Plans
Unqualified plans are funded with after-tax dollars. This becomes a plus for many as the payments on the premiums paid in cannot be taxed again. Unqualified plans include life insurance and annuities. These plans usually offer lifetime income.
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Unique plans
Unique plans would be using things like having side gigs that you worked that provide multiple forms of income such as residual and override income also known as passive income, investment income (can be stocks, bonds, forex, cryptocurrency, and/or real estate investments), and placing money in vehicles like CDs and savings accounts.