Vasilios "Voss" Speros Tip of the Day!

 Immediate Annuity

Vasilios "Voss" Speros

www.sperosfinancial.com 

You may choose to enter into an annuity contract with an insurance company to help pay for Long-Term Care services. In exchange for a single, the insurance company will send you an annuity, which is a series of regular payments over a specified and defined period of time. 

If you have an immediate Long-Term Care annuity, the insurance company will send you a specified monthly income in return for a single premium payment.

This option is available regardless of your current health status. If you do not qualify for Long-Term Care Insurance because of age or poor health or if you are already receiving Long-Term Care, you can still purchase an annuity.

The insurance company converts your single premium payment into a guaranteed monthly income stream for a specified period of time or for the rest of your life. How much you receive in income each month depends on the amount of your initial premium, your age, and gender. Since women tend to live longer than men, women generally receive a smaller monthly payment over a longer period of time than do men of the same age.

source:

Vasilios "Voss" Speros  602-531-5141 LinkedIn

www.sperosfinancial.com Tip of the Day!

UNREALISTIC EXPECTATIONS FOR RETIREMENT

Vasilios "Voss" Speros

www.sperosfinancial.com 

 

Consider the true costs of planning for retirement and be honest: What kind of lifestyle do you want? Draft a budget that's realistic and face the present reality of what you'll have to sacrifice to get there.

www.sperosfinancial.com Tip of the day!

PAYING OFF DEBT BEFORE SAVING

Vasilios "Voss" Speros

www.sperosfinancial.com

When faced with the prospect of saving for the future or paying down debt, many struggle with deciding which takes precedence. However, because time is so crucial when saving for retirement — even if it's a few decade off — it's best to devise a strategy that allows you to pay down debt while still making some headway, however minor, toward retirement.

www.sperosfinancial.com Tip of the day!

PRIORITIZING YOUR CHILD'S EDUCATION

Vasilios "Voss" Speros

www.sperosfinancial.cm

 

It's no doubt generous to save for a child's education; however, you should consider the costs and benefits of you versus your child saddling that burden, especially if you're behind on your retirement savings. There are a number of options your child can take advantage of to pay for part or all of college — and these options should be on the table. Ultimately, if you're short on retirement savings, you'll likely have fewer chances than your child will to cover expenses.

www.sperosfinancial.com Tip of the day

CARRYING DEBT WITH YOU

Vasilios "Voss" Speros

www.sperosfinancial.com

By its nature, retirement means transitioning to a fixed-income lifestyle. Carrying debt into retirement will be detrimental to your financial strength and eat away at your savings. Do your best to get all debt paid off before you stop working.