Now That You Know


Now That You Know


I hope that after reading this column you will take action to protect your financial future by establishing a plan for your retirement. 


Do you have a retirement plan? Although the participation rates in employer-sponsored retirement plans among Black workers improved by more than 4% between 2021(40.5%) and 2023 (44.9%), that still means that more than half of us have no retirement plan.


If you fall into the group without a retirement plan that works for an employer that sponsors a retirement plan - for, what are you waiting?

Often employer sponsored plans match your contributions. That is like getting a bonus. Why would you not want to receive a bonus?


If your employer doesn’t offer a retirement plan, I encourage you to consider starting an Independent Retirement Account (IRA). There are several types of IRAs and it’s important that you get the one that best serves your needs. Ask an expert.


Mutual funds can serve as the basis of your retirement plan. There are so many types of mutual funds, all having their own benefits to meet the need of the investor. Make sure that you get an account that will not nickel-and-dime you with fees. Ask an expert to help you choose a fund that aligns with your needs.


An increasingly popular place to put money away for retirement is in an Indexed Universal Life (IUL) Insurance Policy. Of all the options for a private retirement plan an IUL has the greatest flexibility. It allows you to benefit from the stock market indirectly without the risk. Like a stock market account, you can adjust how much and how often you pay into your policy, there are also great tax benefits that come with IULs, and if you should die before you retire your beneficiary will receive a death benefit.


 Now that you know, I hope that you are now ready to explore the type of retirement account that best serves your needs.

    

Bye for now,

Bren


QUIZ: What are some strategies retirees can use when they have no retirement plan?


Answers to last week’s quiz: The five-year lookback rule for Medicaid determines the eligibility of an applicant to receive long-term care by examining their financial transactions over the past five years. Let me help with planning your long-term care strategies.

Get a more detailed answer to last week’s QUIZ question or for broader questions that you may have, please call me: 773-817-0601 or 773-819-1700

Disclaimer: The illustrations presented in this column are not, nor are they intended to be, legal, financial, or any other licensed professional advice, you should contact the licensed professional of your choice for advice on your individual situation.


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