It wasn’t so long ago that retirement meant a pension and a gold watch, but today’s world looks much different than it did for past generations. With increased market volatility and lower interest rates, generating retirement income can become more complex. Additionally, with the loss of pensions and the rising cost of health care, the burden of retirement falls heavier on the shoulders of individual Americans than it ever has before. But you don’t have to carry it alone.

The New Generation Retirement® system is a holistic approach to retirement planning. It consists of five steps that incorporate three hallmarks of our company: fiduciary, transparency and technology. Through this planning process, you’ll be confident that we’ve given careful consideration to asset allocation and risk, income planning, asset maximization, legacy planning and tax strategies.

The Five Steps

1. Selecting a Financial Services Professional

2. Fact and Feeling Finding

Step Two encompasses detailed questions about your financial well-being. This begins with the Color of Money Risk Analysis and incorporates the elements of discovery and client feedback to approach your specific situation.

3. Strategy

Step Three incorporates three hallmarks of our company: fiduciary, transparency and technology.

4. Recommendations and Implementation

Step Four uses technology to determine if there are parts of your strategy that include creating new accounts or purchasing new financial products. We utilize forward-thinking technology such as electronically-generated and pre-populated forms with e-signature capabilities to make this process as easy as possible.

5. Ongoing Relationship

Step Five addresses your long-term success and incorporates adjustments as you deal with potential life changes or desired modifications. Helping you thrive in a new generation of retirement goes beyond any initial recommendation and is based on our ongoing commitment to your retirement goals and objectives. Why choose First Choice Insurance Agency

The New Generation Retirement System is based on three hallmarks of our company: fiduciary, transparency and technology.

• Fiduciary

the right thing for you and your family by only offering strategies that serve your best interest. Our commitment to you as a fiduciary is also an assurance to act with transparency throughout our relationship.

• Transparency

Our commitment to transparency ensures that each step of our work together is recorded and that every document and report is easily accessible to you. This is visible through a strong foundation of technology.

• Technology

The right technology can make managing and organizing your retirement an easier process. When you partner with our company, you receive access to Generational Vault – a secure online portal that allows you to easily organize, manage and access your financial life. Generational Vault serves as the vehicle to document and record our commitment to act as a fiduciary and be transparent throughout our relationship.

Insurance solutions to help meet a variety of goals.

Some retirees are concerned with the impact a market loss may have on the future of their income and assets. Others are looking for a reliable income stream. Still others actually underestimate the impact of a market loss.

For that reason, we offer a number of insurance solutions that can be used to protect more than just your physical assets. They can also be used to help protect your future. Whether they’re right for you depends on your unique retirement goals. Our firm helps individuals protect their retirement assets while still achieving growth by offering a variety of insurance products as part of a retirement strategy.

With the right strategy, you can potentially earn money with your money through the use of fixed annuities* and life insurance. Our firm can help you create a dependable and sustainable source of retirement income to be used now, in the future or whenever you need it most.

We offer the following services or can refer you to a trusted financial services professional who does:

• Fixed and Fixed Indexed Annuities
• Life Insurance
• Long-Term Care
• Health Insurance
• Medicare Supplements

Contact us to explore if one of our insurance solutions could fit within your retirement strategy.

*Annuities are designed to be long-term insurance products. Early withdrawals may impact annuity cash values and death benefits. Taxes are payable upon withdrawal of funds. An additional 10% IRS penalty may apply to withdrawals prior to age 59 ½. Income benefit riders may be offered either built-in or for an additional cost. Annuities are not guaranteed by FDIC or any other governmental agency. Keep in mind that most life insurance policies require health underwriting and, in some cases, financial underwriting. Guarantees are based on the claims paying ability of the issuing insurance company. Fixed Indexed Annuities are insurance products and not considered a security or investment. Some restrictions may apply. We are not endorsed by, or affiliated with, the Social Security Administration or any other government agency. Call for specific details and availability.

Life insurance may offer multi-faceted retirement strategies.

Although some people view life insurance as a way to replace lost income or pay off debt after a loved one passes, it also offers other potential benefits that may make it a valuable tool to help accomplish different financial goals in retirement.

First, life insurance may provide some degree of comfort for the policyholder (the insured) because their loved ones (the beneficiaries) will receive a death benefit when they pass away. Additionally, life insurance can be a tool for small business owners to help protect their business if something should happen to them.

In addition to a death benefit, life insurance is one of a few products that may help you reduce or avoid certain taxes. Some of these benefits may include:

Death benefits

• Policy death benefits may be income tax-free
• Some life insurance policies may allow the death benefit to accelerate before the insured’s death due to terminal or chronic illness, and that benefit may be income-tax free

Tax-free exchanges

• The insured may exchange their existing life insurance policy for a new policy and the gains on the original contract may be tax free
• The insured may exchange their existing life insurance policy for an annuity and the gains on the original contract may be tax free

Policy cash values

• Cash values may grow tax-deferred during the insured’s lifetime
• Income from cash value, when properly structured, may not be subject to income taxes

We’re able to shop dozens of insurance carriers to find rates and products that fit your specific needs and goals. That means we’re not relegated to simply one line of products or one brand name like a captive agent. In addition, we offer complimentary reviews on your existing life insurance contracts.

Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Policy loans and withdrawals will reduce available cash values and death benefits and may cause the policy to lapse or affect any guarantees against lapse. Additional premium payments may be required to keep the policy in force. In the event of a lapse, outstanding policy loans in excess of unrecovered cost basis will be subject to ordinary income tax. Withdrawals are generally income tax-fee, unless the withdrawal amount exceeds the amount of premium paid. Policy loans are not usually subject to income tax unless the policy is classified as a modified endowment contract (MEC) under IRC Section 7702A. However, withdrawals or partial surrenders from a non-MEC policy are subject to income tax to the extent that the amount distributed exceeds the owner’s cost basis in the policy. Tax laws are subject to change. Clients should consult their tax professional. Keep in mind that most life insurance policies require health underwriting and, in some cases, financial underwriting.

Medicare and retirement health strategy.

While there is no shortage of things to prepare for in retirement, it’s critical to also address your health needs and concerns by crafting a comprehensive health care strategy. There are various ways to accomplish this, with Medicare being the most important for many Americans.

Medicare generally provides health insurance for most people age 65 and older, and others who have received Social Security disability benefits for at least 24 months, have end-stage renal disease or have amyotrophic lateral sclerosis (also known as Lou Gehrig’s disease). Medicare is similar to Social Security, since it is a federal program that you have paid into throughout your career. Just like Social Security, you want to maximize this benefit in retirement.

Medicare is split into four parts:

• Part A: Hospital insurance – covers the costs of health care at medical facilities. Offers coverage for medically necessary inpatient care at hospitals, skilled nursing facilities, hospices and some home health services.
• Part B: Medical insurance – covers the costs of health care outside medical facilities. Offers coverage for doctors’ services, hospital outpatient care, mental health and some preventative health care services.
• Part C: Medicare Advantage (MA) plans – policies you can purchase from certain private insurance carriers that provide the same (or more) coverage as Parts A and B.
• Part D: Prescription drug coverage offered through private Medicare-approved insurance companies.

Many people with Part A do not pay a premium because they have already paid enough into the system. As with Social Security, a certain portion from each one of your paychecks is deducted to pay for Medicare. When you’ve had Medicare tax withheld from you or your spouse’s pay for at least 40 calendar quarters, then you may be eligible for free Part A coverage.

The monthly premium associated with Part B is set according to income level, although most people will pay a standard monthly premium amount and a small yearly deductible. Individuals who have an annual income greater than $88,000 and couples who have a joint annual income greater than $176,000 will have an extra charge added to their premium due to their high income level. Parts C and D are provided via private insurance companies so the monthly premiums of these policies depend on the extent of their coverage and can vary between companies.

We are not affiliated with, or endorsed by, the Social Security Administration or any other government agency.
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.

Source: https://www.medicare.gov/your-medicare-costs

Prepare for a long and comfortable life with a plan for long-term care.

Long-term care refers to medical and support services for those who have difficulty in executing routine daily functions, or those individuals with prolonged or degenerative illnesses, cognitive disorders, old age and or other conditions. Nursing homes are probably what come to mind first when discussing long-term care, but long-term care can also include assisted-living facilities, continuing-care retirement communities and home healthcare, among others.

One reason long-term care planning warrants more consideration today than in decades past is because we’re living longer lives. According to the target=”blank”>U.S. Department of Health and Human Services, most people turning age 65 can expect to use some form of long-term care during their lives. Not having a plan can mean that costs fall on younger family members, causing a financial strain; or on a retired spouse, leading him or her to potentially deplete their own retirement savings.

As the baby boomer generation ages and the demand for long-term care increases, new methods of paying for long-term care have surfaced. In addition, individuals may look for assistance from life insurance and annuity policies that may include features that provide enhanced benefits if the policy owner becomes impaired (subject to certain requirements).

Since dramatic changes in our health can surface quickly and without much warning, it can be beneficial to have a plan to be able to fund long-term care, should you need it at any point in your retirement. We are here to help you prepare for a long and comfortable retirement.

Annuities are long-term insurance products generally designed for retirement income. Additional benefit riders may come included in the policy or may only be available at an additional cost. The type of benefits provided depend on the insurance carrier and the specific type of policy that is purchased. Life insurance may require health underwriting and, in some instances, financial underwriting.

¹https://acl.gov/ltc/basic-needs/who-needs-care