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News and Announcements – November 2016

News and Announcements – November 2016

Keep Saving after Retirement

Just because you’re retired doesn’t mean you should stop saving. Carefully managing your money and looking for ways to save will help ensure you remain financially fit during retirement. Consider these tips:

  • Construct a financial plan. Create a financial plan detailing how much money will be obtained from what sources and how that income will be spent. Review your plan annually to ensure you stay on course.
  • Consider part-time employment. Especially if you retire at a relatively young age, you might want to work on at least a part-time basis. However, if you receive Social Security benefits and are between the ages of 62 and full retirement age, you will lose $1 of benefits for every $2 of earnings above $15,720 in 2016.
  • Contribute to your 401(k) plan or individual retirement account (IRA). If you work after retirement, put some of that money into a 401(k) plan or IRA.
  • Try before you buy. Want to relocate to another city or purchase a recreational vehicle to travel around the country? Before you buy a home in an unfamiliar city or purchase an expensive recreational vehicle, try renting first.
  • Keep debt to a minimum. Most consumer loans and credit cards charge high interest rates that aren’t tax deductible. During retirement, that can put a serious strain on your finances. If you can’t pay cash, avoid the purchase.
  • Look for deals. Take the time to shop wisely, not just at stores, but for all purchases. When was the last time you compared prices for auto or home insurance? Can you find a credit card with lower fees and interest rates? When did you last refinance your mortgage?

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This site is for informational purposes only and is not an offer to sell or a solicitation of any offer to buy any securities or investment advisory services which may be referenced herein. We may only offer services in states in which we have been properly registered or are exempt from registration. Therefore some of the services mentioned may not be available in your state, and if not, the information is not intended for you. ALMEA Insurance, Inc. is not a registered broker/dealer or investment advisory firm. Bill Wilson is licensed to offered securities through KMS Financial Services, Inc. ALMEA Insurance and KMS Financial Services are not affiliated and there is no common ownership or control. | Member FINRA / SIPC