3 Myths About Life Insurance

By Trilogy Financial

September 12, 2023

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No one really wants to think about life insurance. But if someone depends on you financially, it’s a topic you shouldn’t avoid. Are any of these reasons stopping you from getting the life insurance coverage you need? If so, read on!

1. My family can rely on loans or other family members.

We know we can rely on our families for support as we navigate life. However, if you were to die, your family’s world would shift on its axis—emotionally and financially. A time of grief is not the time to crowdsource funeral funds or make phone calls for money every month when bills come due. Life insurance means there can be an affordable solution in place so that doesn’t need to happen.

2. Money is tight. I just can’t afford life insurance.

Bills, rent or mortgage, car payments, childcare, food, gas … and the list grows as your family does. So what would happen to them financially if you died? If you’re gone, so is your income, but their bills and expenses will stay the same. If money is tight, you can’t afford not to have life insurance. It picks up the financial burden for your family when you are no longer there to do it.

3. Life insurance will be a free ride for my kids.

Your parents taught you hard work, and it’s what you’re teaching your children. But life insurance isn’t about leaving your kids a financial windfall. It’s about practicing—and teaching—the principles of personal financial responsibility. Preparing for the future with life insurance is a lesson in goal-setting, budgeting and discipline that ensures your loved ones will be OK financially, which is a valuable lesson to pass on.

Don’t let these myths stand in the way of getting life insurance—or more of it.

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Understanding the Importance of Age 59½

Reaching the age of 59½ is a pivotal moment in your retirement journey for several reasons:

Penalty-Free Withdrawals: The IRS permits penalty-free withdrawals from retirement accounts, such as IRAs and 401(k)s, providing greater flexibility in managing your retirement funds.
Catch-Up Contributions: If you’re over 50, you can make additional contributions to your retirement accounts, helping to boost your savings significantly.
Approaching Social Security: You are within a few years of being eligible for Social Security benefits, allowing you to plan more effectively for your retirement income.

Building Your Retirement Savings

Despite the importance of saving for retirement, many Americans find themselves with insufficient funds. According to financial experts, you should aim to have at least $1 million in retirement savings to support a comfortable 30-year retirement. However, the reality is that many people have far less saved.

Strategies to Enhance Your Retirement Savings:

Catch-Up Contributions: If you’re 50 or older, you can contribute additional amounts to your retirement plans. For example, you can make $6,000 in catch-up contributions to 401(k) plans and $1,000 to IRAs annually.
Prioritize Saving Over Spending: Shift your focus from spending to saving, ensuring you allocate a portion of your income to retirement accounts at the beginning of each pay cycle.
Seek Professional Advice: An Executive Financial Planning advisor can provide personalized guidance to help you maximize your retirement savings and take advantage of all available options.

Staying Healthy in Your Golden Years

Maintaining good health is essential for enjoying a fulfilling retirement. As you age, your health needs change, and it’s important to stay proactive about your well-being.

Health Tips for Older Adults:

Regular Check-Ups: Keep up with medical appointments and screenings to catch potential health issues early.
Healthy Diet and Exercise: A balanced diet and regular physical activity can help maintain your vitality and reduce the risk of chronic diseases.
Mental Health: Staying socially active and engaged can improve your mental health and overall quality of life.

Seeking Professional Financial Advice

Navigating the complexities of retirement planning requires experienced guidance. At Trilogy Financial, we offer Customized Retirement Solutions and Private Wealth Services to help you pursue your financial goals. Our services include:

401K Asset Management

Investment Strategies for High-Net-Worth Individuals

Estate and Inheritance Planning

Life and Long-Term Care Insurance

Philanthropic Financial Planning

Our team of financial professionals is dedicated to helping you pursue financial independence and secure a comfortable retirement.

What might a Custom Retirement Solution include?

Multi-Generational Wealth Planning

Multi-Generational Wealth Planning is essential for ensuring that your financial legacy benefits future generations. This involves creating strategies that protect and grow your assets while considering the needs of your children and grandchildren.

Trust Fund Management

Trust Fund Management plays a critical role in managing and distributing your assets according to your wishes. This professional ensures that the trust operates smoothly and that beneficiaries receive their designated assets without delays or legal complications.

High-Net-Worth Tax Strategies

High-Net-Worth Tax Strategies are designed to minimize tax liabilities and maximize the growth of your wealth. Working with a knowledgeable tax advisor can help you implement these strategies effectively.

Customized Wealth Management Plans

Customized Wealth Management Plans provide tailored solutions to meet the unique needs of high-net-worth individuals. These plans consider your specific financial goals and circumstances, offering a personalized approach to managing your wealth.

Legacy Planning for High-Net-Worth Families

Legacy Planning for High-Net-Worth Families ensures that your wealth is transferred according to your wishes and provides for future generations. This includes creating comprehensive estate plans that address your family’s unique needs and goals.

The Takeaway –

Age 59½ marks an important milestone in your retirement planning journey. With the right strategies and professional guidance, you can optimize your retirement savings, navigate Social Security benefits, and maintain your health for a fulfilling retirement. At Trilogy Financial, we specialize in High Net Worth Retirement Planning, Executive Financial Planning, and Private Wealth Services, providing tailored solutions to meet your unique needs. Contact us today to discover how we can help you achieve your financial goals and enjoy a prosperous future.

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Ready to Amplify Your Wealth today?

If you're ready to elevate your financial planning with our professional team, we invite you to schedule a meeting with us. At Trilogy Financial Services, our advisors in Corona are dedicated to crafting personalized financial strategies that align with your unique goals. Don't wait to start your journey towards financial success:

Schedule a Meeting: Reach out to us to arrange a one-on-one consultation with our financial professionals.
Give Us a Call: Prefer a quick conversation? Feel free to give us a call to discuss your financial needs and how we can assist. Call Us To Get Started. (844) 356-4934

Schedule a No-Strings-Attached Portfolio Review today and embark on a path to financial success guided by professional advisors. For more information and to schedule your consultation, visit www.trilogyfs.com/yourmoneyamplified. With the right knowledge and professional guidance, the journey of investing becomes an exciting venture towards achieving financial security and growth. This way, you're not just dreaming of an ideal retirement but actively working towards making it a reality.

Budgeting Advice Tax Planning Advice

Why You Don’t Want a Big Tax Refund

Jeff Motske, CFP®

March 7, 2019

A tax refund isn’t winning the lottery. It isn’t a gift. It’s the return of your money, money that you’ve earned that the government has been holding. At a time when you need your money to be working for you, you can’t afford to have your money do nothing, not even earn interest. Rather, your money needs to be working towards your financial freedom.

The issue with a large tax refund is that the money that has been withheld throughout the year could have been working for you all along. Rather than have it deducted, you could have been paying down debt, contributing to your emergency fund or investing it for your future. Yes, you can definitely do those same things with your tax refund. However, now you’ve missed out on the time your money was being held where it could have been earning interest or saving you money by paying off debt sooner.

While I am a firm believer in minimizing your withholdings throughout the year, I know that this shines a light on an individual’s sense of discipline. You need to make sure that you’re applying the additional funds where they need to go, which is not the retail fund or other expenses that aren’t working towards your future. Automatic transfers for both savings and investment accounts make it convenient to get your money to work for you. Another consequence of having a minimal amount withheld throughout the year is that you could owe the government come tax season. Once again, this supports the need for saving and being disciplined with your money.

You’ve put in a lot of hard work for your money. Not only should it be a means to your financial independence, it should be a tool that you can access right away. Take advantage of your money today to ensure that you get where you want to go tomorrow.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.