Eschels Financial Group: Recent Changes with Social Security

Mar 24, 2016 | Eschels Blog, Financial Solutions

 

March 2016

11

Eschels Financial Group

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      From the Desk of
Cyndi Stern
 
-Workshops
-Opportunities
-Ideas & Tips
  • Hello ,
  • If your clients rely on Social Security (or plan to rely on ) for a portion (or a large portion) of their income, there is some concern about what new changes 2016 has in store. It’s no secret that Social Security is feeling the strain of the Baby Boomer population drawing benefits larger than the program’s incoming funds. Lawmakers have proposed several rules to slow the bleed. The “File and Suspend” is going away. Here’s how that works: if you are 66 or older you could file for full benefits and then turn around and suspend them. For each year you suspend benefits up to age 70, you receive an extra 8% added to your check. By age 70, you’d see a 32% increase in your checks.  Why file in the first place? It entitles the person’s spouse – provided they are the lower wage earner- to receive spousal benefits even if the beneficiary suspends their payouts. This is going to change. Under the new law, starting April 30, 2016, if you file and suspend your spouse is no longer eligible for spousal benefits. Take a look below at  our detailed video piece on this important topic.

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Eschels Financial Group

Video: Get a Better Understanding of the Recent Changes with Social Security

 The federal budget signed into law late last year made changes in Social Security that you and your customers should be aware of. To get yourself up to speed, watch this on-demand recording of Protective’s recent Social Security webinar. Watch as Jody Harris, a Social Security Consultant who spent more than 34 years working for the Social Security Administration, provides an overview of how the Bipartisan Budget Act of 2015 will impact Social Security filing strategies and what that means for your clients. Watch now. 
To learn more please contact Eschels Financial today!
Cyndi Stern
Phone: (248) 644-1144
Email: cyndi@eschelsfinancial.net
http://www.efg-ida.com/

Upcoming Events

ØJoin us with Accordia Life Insurance Company and a Webinar on Thursday March 31, 2016 at 10am EST with Alex Duffy from Accordia as we discuss the Increased Participation for cash value growth within life insurance for a tax-favored addition to retirement monies.  Register here at:

 

When it’s time, join the meeting from here:

Join the meeting

When: Thursday, March 31, 2016, 9:00 am (1 hr), Central Daylight Time (Chicago, GMT-05:00).

Access Information

Meeting Number: 999 041 455

Password:(This meeting does not require a password.)

Audio Connection

1-515-393-3998 (External Access)

125000 (Internal Access)

Access Code:

999 041 455

When was the last time you truly prospected for Life Insurance, used a Fact Finder, and uncovered holes in a client’s planning? We’ve gotten smarter with the long tenure in this business but have we forgotten about what made us great professionals?

Eschels Financial Group is very excited and proud to present on Tuesday May 24, 2016  Edwin Hale JD, CLU, Assistant Vice President Advanced Markets with Accordia Life Insurance Company. Ed has 40 years of legal and insurance industry experience in the areas of Estate Planning and Business Succession Planning. He has been both a practicing attorney and a life insurance agent, with a focus on estate and business succession planning for the closely held family owned businesses.

Ed will spend a compelling 2 hours with us on:

ØNeeds Selling- How to approach a Business Owner

ØFact Finders- Estate Planning and uncovering the life insurance needs about which no one asks

ØJoint work with agents once they have obtained a Fact Finder, and assistance closing that sale (Yes, joint work and no commission split)

ØThis is a Workshop providing concepts and training, not a product discussion.

Please join us on Tuesday, May 24, 2016 from 10am -12 Noon in our office conference room at Eschels Financial Group 555 South Old Woodward Avenue  Suite 755, Birmingham, Michigan. There will be a light breakfast served at 9:30am. Call our office to reserve your seat for this rare event and opportunity at 248-644-1144.

The successful industry professionals are those that explore opportunities and continue to strive for greatness by investing in themselves- be that professional!

We look very forward to spending the morning with you, as you glean all that is available from Mr. Ed Hale.

  • Are you aware within Fixed Indexed Annuities and Indexed Life Insurance there are 100% participation in the various indices up to the caps? Are you aware there are uncapped (yes uncapped) index strategies allowing the client the full index performance less a spread?  Why is any of this important? Because clients have told this industry after 2008 that they no longer can endure the wild rides with their money. They have firmly said they are aware they need some exposure to the non-guaranteed  markets, but they now also know they must be more diligent with safety, as their individual lives are uncertain and when retirement happens often is not by choice but more by circumstance.

See the attached White Paper by Allianz Life Insurance Company “Reclaiming the Future”  

 

Insurance companies have answered the call and developed solutions to these concerns. Both Life Insurance cash values and Annuities provide what may be unfamiliar to you and your clients- ask us!

 

The Indexed Annuity Leadership Council has a recent video, which breaks down the guaranteed lifetime withdrawal benefit that offers a predictable income in retirement. Check it out!

http://indexedannuitiesinsights.com/video-guaranteed-lifetime-income-benefit/

Looking for the latest 2016 tax summary guide? Download here

  • How will you guide your clients and prospects this year with new ideas? As we have known and anticipated for the last several years, interest rates are now on the way back up, and retirement income will be affected if bonds are the primary source.  Have you  considered  the importance of showing a client what a guaranteed income would look like, one that has the opportunities to increase as the index performs?

And if that money is QUALIFIED money, One America Asset Care III can be the answer.  See the video below for details!

http://www.brainshark.com/oneamerica/vu?pi=zILzmaxVlzIT2dz0


The stock market can be an uncomfortable place for some clients. 

Consider these three recent bull markets*:

  1. 1997-2000: Up 100% before declining 86%
  2. 2003-2008: Up 90% before declining 53%
  3. 2009-2014: Up 142%… where do you think the market will go from here? Now could be a great time to exercise a “correction protection” strategy for your clients by investing in the Protective Indexed Annuity II.

If you have clients nearing retirement who are concerned about another decline, ,help them exercise “correction protection” by taking their gains out of the market and investing it in the Protective Indexed Annuity II. This solution provides protected growth, opportunities for higher returns, and even offers secure retirement income with SecurePay SE, an optional withdrawal benefit.

Contact me now for more information:

To learn more please contact Eschels Financial today!
Cyndi Stern
Phone: (248) 644-1144
Email: cyndi@eschelsfinancial.net
 http://www.efg-ida.com/
• • •
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Birmingham, Michigan 48009

 

 

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