Investing is for Everyone

By
Jeff Motske, CFP®
March 12, 2019
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A generation or so ago, the path to financial freedom was pretty direct for most. You found a job and saved for a home and a rainy day. When it was time to retire, you collected from a pension and enjoyed your remaining twilight years. Over time, things have drifted away from womb-to-tomb employment and gotten a lot more complicated. Today’s Americans have to be much more proactive with their finances. In this day and age, saving isn’t enough. Make sure your money is working as hard as you work for it.

There are a lot of concerns for the future. Buying a home. Sending kids to college. Making sure that your current career will be around to see you to retirement. People are living longer, so their retirement money has to go farther. Many high costs associated with medical care aren’t covered by Medicare, such as many prescriptions and long-term care. Pensions are no longer viable option for most Americans, and Social Security, a program that was never intended to replace income, no longer provides the level of security people need for their future. There’s a lot to prepare for.

Due to these concerns on the path to financial independence, people need to be mindful of their money. Even the most conservative Americans need to do more than contribute to a standard savings account, which can’t keep up with the rate of inflation. Investing your money will grow it exponentially faster than simply saving due to the power of compound interest. Yet, preparing for the future can be very emotional work. Today’s retirement planning relies far more on the decisions made by an individual rather than a company or organization, which can be a lot of pressure. Fears of not having enough money, a very common concern, can cloud decisions and can prompt people to react rather than plan. This is why an objective third party is necessary. Financial advisors can see past the emotions and help you plan your path to your financial freedom.

In this day and age, there are real and unique concerns that can derail you from the path to your financial independence. Trilogy Financial is here to help you establish your goals and invest your money to help get you where you want to go. It is our mission to ensure that every American, from Main Street to Wall Street, has access to great planning and the tools to establish their financial independence.

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By
June Adams
December 20, 2021

TSA PreCheck Scams

 

TSA PreCheck is garnering a lot of interest, from both travelers and scammers alike. In addition to pocketing your renewal/application fee, these scammers take your personal information to sell on the dark web or create false identities that can be used illegally. TSA PreCheck scam emails are quite sophisticated, lacking many of the typical red flags such as misspellings, grammatical errors, and slightly-off-looking versions of TSA logos. We recommend that you continue to check the email address and web address of the sender, as well as how they’re asking for payment.

Always verify that the TSA PreCheck web and email address ends in ‘.gov’ – not ‘.com’, ‘.org’ or anything else. If they don’t, these are not official TSA PreCheck communications and you should not provide personal information or payment information. Additionally, don’t purchase or renew a TSA PreCheck membership by clicking on a link you were sent via an email. Instead, go directly to the TSA or Homeland Security website.

The other major red flag comes when it’s time to pay for your renewal or application fees. While there are multiple ways to make a payment for government services, scammers typically only give you the option of using PayPal. If you get an email and suspect it’s a scam, or end up clicking on a bad link yourself, TSA says to do the following:

  1. Report the fraud to your local Police Department.
  2. File a report with the Federal Trade Commission website.
  3. Contact your credit card company or bank and let them know about any fraudulent charges.

In the event that your credit card information ended up in the wrong hands, you will need to work through your bank or credit card company. TSA specifically states on its website that it “will not issue a reimbursement to applicants who attempt to enroll in TSA pre-check through a fraudulent website.”

By
Gonzalo de Leon Plata
September 27, 2017

When you put the words, “retirement,” “investments” and “risk” in the same sentence, most of us will automatically think about market risk, you know, the possibility for an investor to experience losses due to overall performance of financial markets1.  According to the 2014 Annual Retirement Confidence survey, 88% of retirees are worried about maintaining the same standard of living.  While Market Risk is a very real reason to worry, there are other risks that may throw a wrench into your financial plan. This time we will discuss the possible need for Advance medical care, how much it could cost, and how to be ready for it.

The Risk: There is a 50% chance that any of us will need some form of Advance Medical Care2.  In other words you or your spouse WILL need Advance Medical Care. The risks are so high and yet most investors don’t prepare of it.

The Cost: Know the potential damage. The numbers don’t lie. The average cost of long term care in the US for Nursing Home Care for a Semi -Private room is a whopping $225 per day3.  The average stay in a Nursing home is 892 days.  For easy math you are looking at a $200,000+ cost above and beyond your living expenses.

The Solution: Use small dollars to cover big expenses. Get life insurance with living benefits.

One solution that is becoming more and more popular is getting a life insurance plan that can be used to cover Advanced Medical Care. Some insurance companies offer something called Living Benefits Riders. These riders allow you to “advance” a portion of your death benefit if certain conditions are met, such as Terminal illness, problems with the Activities of Daily Living  and life threatening conditions.

Building a Financial Plan that can withstand the risks of life is complicated.  Make sure you hire a Financial Coach to help you prepare for the unknown. Thinking outside the box may be a way to protect your golden years.

[1] www.investopedia.com/terms/m/marketrisk.asp

[2] http://www.aaltci.org/long-term-care-insurance/learning-center/probability-long-term-care.php

[3] www.genworth.com/about-us/industry-expertise/cost-of-care.html#

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