The passage late last year of a new law that includes sweeping changes to the tax code — the Tax Cuts and Jobs Act of 2017 — was welcome news to business executives, who saw their corporate tax rates cut significantly, and to many American consumers, most of whom will see more money in their paychecks as they pay lower federal income taxes this year.
After an unusually tranquil and steady climb higher in 2017, U.S. stock markets have reminded us this year of how volatile they can be at times. Dow Jones MarketWatch reported this month that so far in 2018, the S&P 500 stock index has gained or lost more than 1% in a single trading day on 32 days. One day that many retirees in particular can recall was February 5th, when the S&P 500 dropped more than 4% — a one-day negative swing that we had not experienced in nearly seven years.
Her bags are packed, but there's one thing left to do. Ruthie checks her smartphone and confirms that the dog sitter is scheduled to come by today to feed Bella. As she's browsing her dog sitting app, she receives a text message that the Uber her grandson sent for her has arrived. She locks the front door and gets into the car as her driver kindly puts her suitcase into the trunk. Ruthie's adventure has begun. It's time for the trip of her lifetime: a cruise to Alaska with her children and grandchildren.
Let's say you have a cash value or convertible term life insurance policy, but you really need the money now. Or, maybe you're finding it hard to keep paying the premiums.
As life settlement brokers, we know that seniors age 65 and older are leaving huge amounts of money on the table in lapsed and surrendered life insurance policies. That’s why we work so hard with financial advisors to help seniors sell their life insurance policies. A life settlement can provide much needed liquidity for some of life’s most burdensome expenses, like long-term care or medical costs.
The choice about where to live in retirement is one of the most crucial decisions that a senior makes. It’s not just a major financial consideration, it’s also a highly emotional issue as a retiree’s home is often the anchor to their golden years.
A life insurance policy is an important investment for consumers. We’re diligent about choosing a policy that seems to best meet our family’s needs and then we reliably make those required premium payments on time so we can keep the policy in-force as the years go by.
A 2017 report by the National Association of Insurance Commissioners (NAIC) Long-Term Care Subgroup includes life settlements among three options for paying for long-term care.
Preparing for retirement is a significant financial challenge during the working years, but the envisioned reward of enjoying stress-free golden years keeps most of us motivated to earn and save as best we can. Indeed, according to a story this week in the Wall Street Journal, “people at 65 to 74, the so-called time affluent, reported having more fun than any other age group,” according to a 2016 study by Age Wave and Merrill Lynch.