The Franco Suarez Agency - Blog #LegacyThe Franco Suarez Agency - Blog #Legacyhttps://www.francosuarez.com/blogs/tag/legacyMon, 23 Mar 2026 09:29:42 -0700http://zoho.com/sites/<![CDATA[When Disaster Strikes:  The Vital Importance of Securing Your Estate Planning Documents]]>https://www.francosuarez.com/blogs/post/when-disaster-strikes-the-vital-importance-of-securing-your-estate-planning-documentsHurricane Helene highlights the need to secure estate planning documents like wills, trusts, and power of attorney. Protect your legacy with digital backups, safe storage, and regular updates to prepare for emergencies. #EstatePlanning #DocumentSecurity #ProtectYourLegacy #EmergencyPreparedness]]>

What Hurricane Helene taught us about protecting 
​your legacy from the unexpected



In the aftermath of Hurricane Helene, we've all been reminded of how unpredictable life can be. When a natural disaster strikes, it’s easy to think of physical losses—homes, belongings, cherished keepsakes—but often overlooked are critical legal documents. Estate planning documents, such as wills, trusts, and power of attorney, are essential for securing your financial and legal wishes, and their loss can lead to significant stress for loved ones at a time of crisis.


Imagine the scenario: important papers are damaged or lost in the chaos, leaving families in turmoil when they need clarity and direction the most. This is why having a plan in place to secure estate planning documents is as crucial as the estate plan itself.


At Franco Suarez Agency, we emphasize the importance of keeping these documents safe and easily accessible, especially during emergencies. Here are a few proactive steps you can take to protect your estate planning documents:


  1. Digital Copies: Consider having your legal documents scanned and stored digitally in secure, encrypted cloud services. This ensures that no matter what happens physically, a backup exists that can be retrieved from any location.

  2. Safe Deposit Box: Storing physical copies in a bank safe deposit box is an option for added security. It provides peace of mind, knowing these vital documents are protected from both disasters and theft.

  3. Trusted Contacts: Ensure that a trusted family member, attorney, or financial advisor knows where your documents are stored and can access them in case of an emergency.

  4. Review and Update: Regularly review your estate plan and make sure all documents are up to date. Life changes like marriage, the birth of a child, or acquiring new assets can all impact your estate plan, and regular reviews ensure your wishes are properly reflected.


Hurricane Helene was a stark reminder that preparation is key. Don't wait for a crisis to realize the importance of securing your estate planning documents. 


Here are some examples of documents you need to safeguard:


  • Last Will and Testament: Specifies how your assets will be distributed and names guardians for minor children.
  • Living Trust: Helps manage your assets during your lifetime and ensures a smoother transfer of property after your death.
  • Durable Power of Attorney: Authorizes someone to handle financial decisions if you become incapacitated.
  • Healthcare Power of Attorney: Designates someone to make medical decisions on your behalf if you're unable to do so.
  • Advance Healthcare Directive (Living Will): Outlines your preferences for medical treatment in end-of-life situations.
  • Beneficiary Designations: Documents tied to retirement accounts or life insurance that direct asset distribution.
  • Deeds to Property: Proof of ownership for real estate and other significant assets.
  • Funeral Instructions: A document outlining your preferences for funeral arrangements.





At Franco Suarez Agency, we are here to help you put a comprehensive plan in place so that you can protect both your assets and your peace of mind, no matter what nature throws your way.

Your future is worth securing—reach out today to start the conversation!

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]]>Mon, 21 Oct 2024 12:58:42 -0600<![CDATA[In Times of Financial Hardship]]>https://www.francosuarez.com/blogs/post/in-times-of-financial-hardshipDiscover the impact of tapping retirement accounts in times of financial hardship. Learn why prioritizing long-term savings is crucial and how compounding plays a key role. Consult a financial advisor for alternative solutions. #RetirementSavings #FinancialHardship #CompoundingEffect]]>

The Impact of Tapping Retirement Accounts

 



In a recent video, financial expert Franco Suarez shares a concerning trend among Americans - the increasing number of individuals tapping into their retirement accounts for emergency funds. With high inflation rates and financial hardships on the rise, many are turning to their retirement savings as a last resort to cover expenses.


Despite a strong stock market and the potential for growth in retirement accounts, the current economic climate has left many facing challenges such as unemployment, medical expenses, and other unexpected costs. As a result, individuals are opting to withdraw funds early, potentially jeopardizing their long-term financial security.



Franco Suarez emphasizes the importance of considering alternative solutions before resorting to tapping into retirement accounts. While it may provide immediate relief, withdrawing funds prematurely can have a significant impact on the growth of your retirement savings over time. By prioritizing retirement savings and seeking guidance from a financial advisor, individuals can better navigate financial hardships while safeguarding their future financial well-being.


One powerful way to illustrate the impact of tapping into retirement accounts is through the concept of compounding. Compounding refers to the ability of an asset to generate earnings, which are then reinvested to generate even more earnings over time. By withdrawing funds early from a retirement account, individuals not only miss out on potential growth but also disrupt the compounding effect, resulting in a significant loss of long-term wealth.

To visualize this concept, consider the following graphical example:




In conclusion, while the temptation to tap into retirement accounts during times of financial hardship may be strong, it is crucial to weigh the long-term consequences and explore alternative solutions. Seeking guidance from a financial advisor can help individuals navigate challenging financial situations while preserving their retirement savings for a secure future. Remember, your retirement savings are meant to provide for you in your golden years, so it's essential to protect and prioritize them for long-term financial security



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]]>Tue, 16 Apr 2024 03:56:57 -0600<![CDATA[Attention Business Owners!]]>https://www.francosuarez.com/blogs/post/attention-business-ownersSecure your business legacy with a #BusinessWill from Franco Suarez Agency. Don't leave your hard-earned success vulnerable. Plan for the future today! #EstatePlanning #BusinessSuccession #LegacyProtection]]>

Secure Your Business Legacy: Why You Need a Business Will Now



As entrepreneurs, we pour our hearts, souls, and countless hours into building our businesses. Day in and day out, we focus on growth, success, and overcoming challenges, often without considering what happens to our businesses when we're no longer at the helm. It's a painful reality, yet one that many business owners overlook—the necessity of a business will.



Picture this: You've worked tirelessly to establish a thriving enterprise, but what if unforeseen circumstances suddenly prevent you from leading it? Without a clear plan in place, the fate of your business could be left uncertain, leaving your hard-earned legacy vulnerable to chaos and disputes.



The pains of not having a business will can be immense. From legal battles among family members and stakeholders to the risk of dissolution or acquisition by competitors, the consequences of neglecting this critical aspect of estate planning are far-reaching. Moreover, the emotional toll on loved ones and employees can be devastating as they grapple with uncertainty about the future of the company they've invested in and relied upon.



But fear not, for there is a solution: the Franco Suarez Agency. With our expertise in estate planning and business succession, we specialize in crafting comprehensive strategies to safeguard your business legacy. Our tailored approach ensures that your wishes are clearly outlined and legally protected, providing peace of mind for you and your loved ones.



By working closely with our team of experienced professionals, you can rest assured that your business will transition smoothly in the event of unforeseen circumstances. From identifying potential successors and implementing buy-sell agreements to minimizing tax implications and preserving the integrity of your brand, we'll guide you every step of the way.



Don't wait until it's too late to secure the future of your business. Take proactive steps today to ensure that your hard work and dedication endure for generations to come. Contact the Franco Suarez Agency and let us be the cure to your estate planning worries. Together, we'll create a legacy that withstands the test of time.
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Introducing a smart tax solution: 

Pay your taxes with a life insurance policy! With our innovative approach, you can leverage your policy to cover tax liabilities efficiently. Maximize your financial strategy and secure your legacy. Explore this tax-saving option today!

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Navigating life changes? Don't forget about your healthcare! With ACA, you can find coverage that adapts to your new job, address, marital status, or income bracket. Stay protected no matter what life throws your way. Explore your BEST options now!

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]]>Sun, 07 Apr 2024 23:41:07 -0600<![CDATA[Secure Futures: Estate Planning]]>https://www.francosuarez.com/blogs/post/secure-futures-estate-planningSecure your family's future with Franco Suarez Agency's #EstatePlanning services. Not just for the wealthy - protect assets, minimize taxes, and ensure smooth distribution for all. Gain peace of mind and plan for generations ahead. #FinancialSecurity #LegacyPlanning]]>

Expertise and Financial & Legal Tools by Franco Suarez Agency

Introduction:


Welcome to Secure Futures, where your peace of mind and your family's security are our top priorities. At Franco Suarez Agency, we understand the importance of effective estate planning regardless of your financial status. Our team brings together expertise in financial management and legal tools tailored to your unique needs, ensuring that your assets are protected and your wishes honored. Whether you're looking to safeguard your family's future, minimize taxes, or streamline the distribution of your estate, our comprehensive services have you covered. Trust us to guide you through the complexities of estate planning, empowering you to build a solid foundation for generations to come.


Estate planning is often associated with the wealthy, but it's essential for everyone, regardless of financial status. Here are five reasons why estate planning is not just for the wealthy:


1. Asset Distribution: Even if you don't consider yourself wealthy, you likely have assets such as a home, car, savings, or personal belongings. Estate planning ensures that these assets are distributed according to your wishes after your passing, avoiding potential conflicts among family members or legal complications.


2. Guardianship for Dependents: If you have children or dependents, estate planning allows you to designate guardians for them in case something happens to you and your spouse. This ensures their well-being and provides peace of mind knowing they will be cared for by someone you trust.


3. Healthcare Decisions: Estate planning includes documents like a healthcare directive or power of attorney, which specify your preferences for medical treatment in case you become incapacitated. This is crucial for everyone, regardless of wealth, as it ensures that your healthcare decisions align with your wishes.


4. Minimize Taxes and Expenses: Proper estate planning can help minimize taxes and expenses associated with transferring assets to beneficiaries. Even individuals with modest estates can benefit from strategies such as setting up trusts or gifting assets during their lifetime to reduce tax burdens for their heirs.


5. Avoiding Probate: Without an estate plan, your assets may go through probate, a court-supervised process that can be lengthy, expensive, and public. Estate planning can help bypass probate or streamline the process, saving time and money for your loved ones.


Overall, estate planning is not just about wealth distribution; it's about protecting your loved ones, ensuring your wishes are honored, and simplifying the process for those you leave behind. Everyone can benefit from having a comprehensive estate plan in place, regardless of their financial situation.


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]]>Wed, 20 Mar 2024 13:38:21 -0600<![CDATA[Unveiling the Path to Medicaid Eligibility]]>https://www.francosuarez.com/blogs/post/unveiling-the-path-to-medicaid-eligibilityUnlock Medicaid eligibility insights with Financial Advisor Franco Suarez! ]]>

A Financial Advisor's Guide




As a Financial Advisor, I am committed to empowering individuals and families to make informed decisions about their financial well-being. Today, I want to shed light on a topic that holds significant importance for many – Medicaid eligibility.



Medicaid can be a crucial resource for those with limited financial means, providing access to essential healthcare services. Understanding the eligibility criteria is key to ensuring that those who qualify can access the support they need. Here are some insights to help demystify the path to Medicaid eligibility:



1. Income Guidelines:

   - Medicaid eligibility is often determined by income, and the guidelines vary by state. In Texas, Medicaid may be accessible for individuals and families with incomes below a certain threshold. Familiarize yourself with the specific income limits set by the state.



2. Federal Poverty Level (FPL):

   - Income eligibility is commonly expressed as a percentage of the Federal Poverty Level (FPL). Knowing where one's income falls in relation to the FPL is crucial. In Texas, Medicaid expansion covers individuals with incomes up to 138% of the FPL.



3. Household Size Matters:

   - Medicaid eligibility considers household size when assessing income. Larger households may have higher income thresholds. It's essential to factor in all household members when evaluating eligibility.



4. Medical Necessity and Disability:

   - Medicaid also considers medical necessity and disability. Individuals with specific medical conditions or disabilities may qualify for Medicaid, even if their income exceeds general guidelines. Understanding these considerations is vital.



5. Children and Pregnant Women:

   - Children and pregnant women often have distinct eligibility criteria. Medicaid programs often provide expanded coverage for these vulnerable populations, ensuring access to essential healthcare services.



6. Outreach and Assistance Programs:

   - Community outreach programs, social service organizations, and nonprofit entities play a crucial role in identifying and assisting those who may qualify for Medicaid. Collaborate with these resources to enhance outreach efforts.



7. Stay Informed and Share Knowledge:

   - Regularly stay informed about changes in Medicaid guidelines and share this knowledge with your clients and community. Being a source of accurate information can make a significant impact on the lives of those who need assistance.



Remember, navigating the landscape of Medicaid eligibility can be complex, and people often rely on trusted advisors like you for guidance. By arming yourself with this knowledge, you can be a beacon of support for individuals seeking access to essential healthcare services.
MedicaidPlanningAssistance.org is a free service provided by the American Council on Aging

EligibilityMedicaid PlanningLearn about MedicaidMedicaid by StateAbout Nursing HomesVA Pension PlanningAbout Us
Income & Asset Limits for Eligibility

The three categories of Medicaid long-term care programs have varying eligibility requirements. Further complicating eligibility is that the financial criteria changes annually, varies with marital status, and that Texas offers multiple pathways towards eligibility.


 Simplified Eligibility Criteria: Single Nursing Home Applicant
Texas seniors must have limited income and assets, and a medical need to qualify for Medicaid long-term care. In 2024, a single Nursing Home Medicaid applicant must meet the following criteria: 1) Income under $2,829 / month 2) Assets under $2,000 3) Require a Nursing Home Level of Care.

The table below provides a quick reference to allow seniors to determine if they might be immediately eligible for long-term care from a Texas Medicaid program. Alternatively, one can take the Medicaid Eligibility Test. IMPORTANT: Not meeting all of the criteria does not mean one is ineligible or cannot become eligible for Medicaid. More.

2024 Texas Medicaid Long-Term Care Eligibility for Seniors
Type of MedicaidSingleMarried (both spouses applying)Married (one spouse applying)
Income LimitAsset LimitLevel of Care RequiredIncome LimitAsset LimitLevel of Care RequiredIncome LimitAsset LimitLevel of Care Required
Institutional / Nursing Home Medicaid$2,829 / month*$2,000Nursing Home$5,658 / month*$3,000Nursing Home$2,829 / month for applicant*$2,000 for applicant & $154,140 for non-applicantNursing Home
Medicaid Waivers / Home and Community Based Services$2,829 / month†$2,000Nursing Home$5,658 / month†$3,000Nursing Home$2,829 / month for applicant†$2,000 for applicant & $154,140 for non-applicantNursing Home
Regular Medicaid / Medicaid for the Elderly and People with Disabilities$943 / month‡$2,000Help with ADLs$1,415 / month‡$3,000Help with ADLs$1,415 / month‡$3,000Help with ADLs
*All of a beneficiary’s monthly income, with the exception of a Personal Needs Allowance of $75 / month, Medicare premiums, and possibly a Needs Allowance for a non-applicant spouse, must go towards nursing home costs. This is called a Patient Liability.

†Based on one’s living setting, a program beneficiary may not be able keep monthly income up to this level.

‡To be eligible for Regular Medicaid, a senior must receive SSI. Persons who are determined eligible for SSI are automatically eligible for TX Medicaid.

 



Feel free to share this information with your clients, and let's work together to ensure that everyone who qualifies for Medicaid can access the care they need.
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]]>Fri, 16 Feb 2024 04:58:43 -0600<![CDATA[Give Your Life Insurance a Makeover]]>https://www.francosuarez.com/blogs/post/give-your-life-insurance-a-makeoverIt's 2024, and guess what? Your life insurance policy is due for a checkup. Not the boring kind, but the kind that might save you a truckload of cash and keep your family protected in style.]]>

Because Policies Deserve Glow-Ups Too!





Ahoy there, savvy life insurance policy owner of the future! 
It's 2024, and guess what? 
Your life insurance policy is due for a checkup.
Not the boring kind, but the kind that might save you a truckload of cash and keep your family protected in style.



Time Flies, Policies Evolve: Your Insurance Needs a Glow-Up Too!

Remember when you first stashed away those policy papers? Well, honey, life insurance needs a glow-up every few years – just like your favorite influencer's wardrobe.

Your family's needs change, and so should your insurance. Fear not! A life insurance checkup can be quicker than scrolling through your favorite memes – just an hour or so, and you might discover a pot of gold (or savings) at the end of the policy rainbow.



Confused? Franco Suarez to the Rescue!

Let's face it, understanding your policy can be trickier than predicting the next viral dance craze. Do you have term, whole life, universal, or variable universal? If the answer is more confusing than a choose-your-own-adventure novel, don't panic. Ask Franco Suarez for an explanation – he's the Gandalf of insurance, guiding you through the policy wizardry.



Before You Dive In: Reacquaint Yourself with Your Policy Details

Term, Whole Life, Universal, or Variable? It's like picking your favorite ice cream flavor but with more financial significance.

- **How Much Coverage?** Chances are, you've forgotten. Franco Suarez can jog your memory and help you align your coverage with your current financial vibe.


Gather the Docs – It's Not as Painful as It Sounds!

For those with cash-value policies (the cool kids with whole life, universal, or variable life), whip out your annual statement like it's the hottest accessory. And hey, ask Franco for an in-force illustration – it's like getting a sneak peek into your policy's future.


Life Changes, Policies Adapt: Upgrade Time!

Now, let's play detective and assess your current coverage. Have you experienced a life event like a new bundle of joy, a fancy new house, a fat raise, or even a post-college freedom party? It's time to tweak that coverage to match your 2024 lifestyle.


🌟 **Adjusting is Easy! Call or message Franco Suarez, Your Insurance Style Guru**

If you find yourself drowning in more coverage than necessary, fear not. A quick call to Franco Suarez, your insurance style guru, and you're on your way to a lighter, trendier policy.



So, darling policy owner, it's 2024 – time to give your life insurance a makeover that would make even the trendiest influencers jealous. Call Franco Suarez, make those adjustments, and let your policy shine like the star it was meant to be! ✨📞
Check out your options risk free.
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]]>Fri, 05 Jan 2024 01:54:20 -0600<![CDATA[Protecting Your Legacy]]>https://www.francosuarez.com/blogs/post/protecting-your-legacyThe holiday season is a time for joy, celebration, and spending precious moments with loved ones. It's a season of giving and sharing, a time when we ]]>

Why Women Should Review and Update 
​Their Life Insurance Policies this Holiday Season



The holiday season is a time for joy, celebration, and spending precious moments with loved ones. It's a season of giving and sharing, a time when we reflect on the importance of family, friends, and the legacy we leave behind. As women, we play a pivotal role in the lives of our loved ones, and what better way to ensure their financial security and peace of mind than by reviewing and updating our life insurance policies this holiday season? This article is your guide to understanding the importance of this often-overlooked aspect of financial planning, and we aim to make it as intriguing and appealing as possible.


Why Women Should Prioritize Life Insurance

Women have unique financial needs and responsibilities. Whether you're a working professional, a stay-at-home mom, or somewhere in between, your role is essential in ensuring your family's well-being. Life insurance is a powerful tool that can safeguard your legacy, providing financial security and support to your loved ones in times of need.

1. Protecting Your Loved Ones: Your life insurance policy is a gift of security to your family. It can help replace your income, pay off debts, cover funeral expenses, and provide for your children's education. By updating your policy, you ensure that your loved ones are well taken care of, regardless of life's uncertainties.

2. Financial Independence: Life insurance offers a sense of financial independence. You can create a plan tailored to your needs, ensuring that you have control over your financial legacy. This control empowers you to make decisions that align with your values and goals.

3. Peace of Mind: Knowing that you've taken proactive steps to protect your family's financial future brings a sense of peace during the holiday season and throughout the year. It allows you to focus on the joy and happiness that the season brings.

4. Legacy Preservation: Your legacy isn't just about money; it's about the memories and experiences you create with your loved ones. Life insurance can help preserve your legacy by ensuring that your family can maintain their quality of life, even after you're gone.

5. Financial Empowerment: Managing your life insurance policy empowers you with financial knowledge and the confidence to make informed decisions. This knowledge can be an invaluable asset when planning for the future.




The Gift of Protection

This holiday season, consider giving yourself and your loved ones the gift of protection. Reviewing and updating your life insurance policy is an act of love that ensures the financial security of your family, both now and in the future. It's a gift that keeps on giving, providing peace of mind and preserving your legacy for generations to come.

Conclusion

Women have the power to create a legacy that transcends the material. It's about the love, care, and support women provide to our families. Reviewing and updating your life insurance policy this holiday season is an important step towards protecting that legacy. So, while you're decorating your home, wrapping gifts, and spending time with loved ones, take a moment to review your life insurance policy. It's a gesture of love that will resonate for generations, ensuring your family's well-being and keeping your legacy alive.




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Don't forget to review your health plan and see how big your subsidy can be.
For those who lost, were cancelled or were denied benefits, you may be eligible for subsidies, under the ACA.
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]]>Wed, 01 Nov 2023 15:06:09 -0600<![CDATA[Sienna Weir]]>https://www.francosuarez.com/blogs/post/sienna-weirSienna Weir, 23-Year-Old Miss Universe Australia Finalist, Passes Away After Horseback Riding Accident.]]>

Sienna Weir, 23-Year-Old Miss Universe Australia Finalist, 
​Passes Away After Horseback Riding Accident.

The tragic death of Sienna Weir, a young and promising Australian model, highlights the importance of having life and health insurance. Weir lost her life due to a horseback riding accident that occurred during a Sydney Jumping Association event. Despite being rushed to the hospital, she remained on life support for a month before being taken off of it and passing away on May 4. Her untimely death serves as a reminder that unexpected accidents can happen to anyone, regardless of age, health, or occupation. 


Having life and health insurance can provide financial protection for both the policyholder and their loved ones during difficult times like these.

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]]>Sun, 14 May 2023 18:10:46 -0600<![CDATA[A solo 401(k) plan]]>https://www.francosuarez.com/blogs/post/a-solo-401-k-planA solo 401(k) is an individual 401(k) designed for a business  owner with no employees .   In fact, IRS rules say you can’t contribute to a solo ]]>

Quick facts and who qualifies for a solo 401(k)

A solo 401(k) is an individual 401(k) designed for a business 

owner with no employees. 


In fact, IRS rules say you can’t contribute to a solo 401(k) if you have full-time employees, though you can use the plan to cover both you and your spouse.


The perks of self-employment are plenty, but there’s at least one significant drawback: the lack of an employer-sponsored retirement plan like a 401(k). Enter the solo 401(k), or what the IRS calls a one-participant 401(k). Designed for self-employed workers, a solo 401(k) mimics many of the features of an employer-sponsored plan, without the drag of working for the man.

Solo 401(k) contribution limits

The total solo 401(k) contribution limit is up to $61,000 in 2022 and $66,000 in 2023. There is a catch-up contribution of an extra $6,500 for those 50 or older in 2022 and $7,500 in 2023.

To understand solo 401(k) contribution rules, you want to think of yourself as two people: an employer (of yourself) and an employee (yes, also of yourself). Within that overall $61,000 contribution limit in 2022 and $66,000 in 2023, your contributions are subject to additional limits in each role:

  • As the employee, you can contribute up to $20,500 in 2022, $22,500 in 2023, or 100% of compensation, whichever is less. Those 50 or older get to contribute an additional $6,500 here in 2022 and $7,500 in 2023.

  • As the employer, you can make an additional profit-sharing contribution of up to 25% of your compensation or net self-employment income, which is your net profit less half your self-employment tax and the plan contributions you made for yourself. The limit on compensation that can be used to factor your contribution is $305,000 in 2022 and $330,000 in 2023

Keep in mind that if you’re side-gigging, employee 401(k) limits apply by person, rather than by plan. That means if you’re also participating in a 401(k) at your day job, the limit applies to contributions across all plans, not each individual plan.

Is Solo 401(k) tax deductible? Solo 401(k) tax advantages

The nice thing about a solo 401(k) is you get to pick your tax advantage: You can opt for the traditional 401(k), under which contributions reduce your income in the year they are made. In that case, distributions in retirement will be taxed as ordinary income. The alternative is the Roth solo 401(k), which offers no initial tax break but allows you to take distributions in retirement tax-free.

In general, a Roth is a better option if you expect your income to be higher in retirement. If you think your income will go down in retirement, opt for the tax break today with a traditional 401(k).

Because of these tax perks, the IRS has pretty strict rules about when you can tap the money you put into either type of account: With few exceptions, you’ll pay taxes and penalties on any distributions before age 59 ½.


Covering your spouse under your solo 401(k)

The IRS allows one exception to the no-employees rule on the solo 401(k): your spouse, if he or she earns income from your business.

That could effectively double the amount you can contribute as a family, depending on your income. Your spouse would make elective deferrals as your employee, up to the $19,500 employee contribution limit (plus the 50-and-older catch-up provision, if applicable). As the employer, you can then make the plan’s profit-sharing contribution for your spouse, of up to 25% of compensation.






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]]>Fri, 16 Dec 2022 06:34:40 -0600<![CDATA[52% of US workers behind on Retirement Savings]]>https://www.francosuarez.com/blogs/post/52-of-us-workers-behind-on-retirement-savings

Survey On Retirement Savings

Bankrate Survey On Retirement Savings

In the 2021 Bankrate survey, more than half of workers say they are behind on retirement savings. And the worst part is many of the accounts are moving in the wrong direction. Because workers have taken early withdrawals due to the pandemic.

The survey shows that 52% of US workers say their retirement savings are not where they need to be. And 16% are not sure whether they are on track. While only 21% say they are where they need to be. Only 11% said they were ahead of plan.

Many US workers have been forced to raid their retirement savings to stay afloat. Of workers with a 401(k) plan or (IRA), 51% have taken an early withdrawal. Including 20% who have taken one since the pandemic began in early 2020.

“Saving for both emergencies and retirement are vitally important to current and future financial security!” Says Greg McBride, CFA, Bankrate chief financial analyst. “Even a modest emergency fund acts as a buffer from early retirement account withdrawals. When unplanned expenses arise, an emergency fund allows the power of compounding to continue to work its magic.”

Surprisingly, nearly 36% of US workers said they’ve never had a retirement account such as a 401(k) or IRA.

  • More than half of households earning less than $100,000 annually are behind on savings. Including 58% earning less than $50,000 and 52% earning $50,000-$99,999.
  • But even 46% of households earning at least $100,000 annually claim to be behind where they should be.
  • Nearly 60% of Generation X said they were behind.
  • More than 56% of baby boomers said they felt behind schedule.

Bankrate surveyed 2,225 US working adults about their retirement savings.

There is a lot more to consider when putting money into retirement savings than just investing in the market. Is your advisor helping you to find the money to spend, save, invest, insure and plan wisely for the future! So you can “Live Debt Free and Truly Wealthy!“

Are you on time to reach your retirement savings goals? Is that something you should look at right now?

Use Cash Value Life Insurance For Tax-free Retirement Saving

Tax-free retirement strategies such as Roth IRA’s, Roth Conversions, Roth 401(k)’s, and a properly structured cash value life insurance contract, commonly referred to as a “LIRP,” or Life Insurance Retirement Plan are used in combination to structure a tax-free income stream. The key is to have multiple streams of tax-free income, none of which show up on the IRS’s radar as provisional income. But all of which contribute to you being in the zero percent tax bracket in retirement.



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]]>Fri, 03 Jun 2022 05:57:06 -0500