By Theresa Fry, Senior Vice President and Manager, IRA’s, Retirement & Education Planning
Paying taxes can be scary enough, but layer on top of that a 50% IRS tax penalty and the results can be horrifying. That’s what can happen if you forget to take your required minimum distributions (RMDs) from your retirement accounts.
When you save for retirement through IRAs or workplace retirement plans, one of the benefits you receive is tax deferral.
By Dan Schulte, Senior Vice President and Manager, Annuities and Insurance
The idea of having a prolonged physical illness, disability, or a long-term cognitive impairment, such as Alzheimer’s can be frightening. So much so that you might not want to think about it at all. However, having a long-term care need without proper planning could result in a significant economic hardship for you and your loved ones.
Consider these statistics:
The national average for 24-hour home care or for one year in a nursing home can cost more than $100,0001
At least 70% of people over the age of 65 will require long-term care at some point in their lives with 20% requiring care for longer than 5 years2
As we enter the bewitching month of October, it’s natural for thoughts to shift to the beautiful fall foliage and the enjoyment of Halloween, when it’s fun to indulge in scary activities. However, for those that are planning for and nearing retirement, making key mistakes in the retirement planning process can lead to some negative and scary outcomes – and not the fun kind!
By Eric Estelle, Manager, Financial Planning & Marketing
For most of the country, October signifies a transition. Jackets come out of storage, trees put on a colorful show, and everything gets covered in pumpkin spice. It means the holidays and a new year are fast approaching as well, but October is probably most famous for Halloween. Through costumes, haunted houses, and home decorations, we poke fun at the things that frighten us.