Saving, investing and making money with technology

Day: July 26, 2017

Life Insurance Isn’t Always About Death; It’s Also A Retirement Tool

Many Americans view life insurance policies as a key part of their financial planning. But they tend to think in terms of how the insurance will benefit their survivors after they are in the grave not how it might benefit themselves while they are very much alive.

If that’s the way they see it, though, they may be missing out on an additional way to help pay for retirement – something especially worth knowing if other investments go awry or a pension is non-existent.

“I think a lot of people are surprised to learn that their life insurance policy can help them handle expenses during retirement,” says Gary Marriage Jr., CEO of Nature Coast Financial Advisors (www.naturecoastfinancial.com). “They consider life insurance a death benefit. But it can be a lot more than that.”

How so?

Essentially like this, Marriage says: Over the years, a person pays premiums into a permanent life insurance policy with the intent to provide a death benefit as well as cash-value accumulation for as long as the policy remains in force.

If they reach retirement, and aren’t as concerned with the death benefit, they can withdraw from the insurance policy without paying taxes. Usually, you can withdraw up to the amount that you paid in premiums over the years, Marriage says.

Some other advantages include:

• Contribution limits don’t apply. The government puts a limit on how much money you’re allowed to contribute each year to an IRA. So your IRA is going to grow, but not to the degree that you would like. If you structure a life insurance policy so that it’s part of your retirement plan you don’t face those same dollar-amount limits, Marriage says.

• The cash value of the policy grows each year with interest, tax deferred. Investing in or purchasing a tax-deferred vehicle means your money can compound interest for years, free from income taxes, potentially allowing it to grow at a faster rate. And if you’re worried about the stability of the insurance company, the fact is insurance companies are some of the strongest financial institutions in the world.

• When you leave your children the money you’ve accumulated in an IRA, they have to pay taxes on it. But the beneficiaries of a life insurance policy don’t have to pay taxes.

• The federal government will penalize you if you withdraw money from an IRA or a 401(k) before you turn 59½. But if you need some of that life insurance money at an earlier age, you can withdraw without paying a penalty.  That’s a big advantage for those who suddenly find themselves in need of cash, but don’t want even more of their retirement savings to disappear into Uncle Sam’s coffers, Marriage says.

                    About Gary Marriage Jr.

Gary Marriage Jr. is the founder and CEO of Nature Coast Financial Advisors (www.naturecoastfinancial.com), which educates retirees on how to protect their assets, increase their income and reduce their taxes. Marriage is a national speaker, delivering solutions for pre-retirees, business owners and seniors on the areas affecting their retirement and estates. He is an approved member of the National Ethics Bureau, and has been featured in “America’s Top Hometown Financial Advisors 2011” and was selected to contribute to a book with Steve Forbes titled “SuccessOnomics: Power Principles” and became a “Best-Selling Author” as a result. Marriage is also the founder of Operation Veteran Aid, an advocate for war-time veterans and their families.About Gary Marriage Jr.

Continue Reading

Tips For Paying Attention To Inventory

When you’re a business manager or owner, one of the things that you’re going to pay attention to most closely is going to be inventory. How much of a certain thing you have? How much can you sell? Where do all of your physical products fit with respect to warehousing and distribution? These are extremely important questions, and if you don’t take the time to answer them consistently and cyclically, you may end up with unfortunate financial circumstances.

Invest In Inventory Management

One of the simplest solutions to help you get a bird’s eye view of your inventory at any given point is to invest in an inventory management system. Typically this is going to be a third-party software package that steps you through all of the processes to do your initial inventory, and then follow along with any sort of trends going into and out of your stock on a real-time basis. Many inventory management programs are largely customizable too, which helps in maintaining a certain degree of efficiency.

Check Your Financial Flow

When inventory comes and goes, each iteration should come with a gain or loss in terms of finances. These financial changes are going to be shown on your income and expense reports. So, if you want to pay close attention to inventory not just in a physical sense, but also in a practical sense, then make sure that at least someone in your company is in charge of checking and balancing inventory finances on a daily basis. If anything that looks out of sync at any point, it should immediately be brought to your attention in order to prevent loss along the way.

Factor In Maintenance

Depending on what your inventory is, you may have to factor maintenance into your typical equations. For instance, if you’re selling any kind of a product with moving parts, it may be that there is a shelf-life on basic mobility. For instance, you may have to have maintenance personnel that go through and oils certain parts to keep them from rusting while they’re in storage. There are all sorts of different situations where regular maintenance will keep inventory from going bad.

Make Sensible Warehousing Decisions

Not every company has the ability to store all of its own stock. This is where you have to make decisions about outsourced warehousing. There are plenty of companies that specialize in storing, packing, and even shipping products. It’s up to you to figure out if it makes more sense for you to have your own warehousing and distribution, or whether you want to outsource it to one of these specialist companies. There are almost an infinite number of factors that can go into making this decision, but whatever you eventually decide on can and will have a major impact on your eventual bottom-line financials.

Continue Reading

Back To School Tips to Kick Start the New Year and Get you Prepared for a Fresh Start

When starting school sometimes it can be very difficult. Your child will be afraid to go back to school. And going back to school is not only difficult for children, it can be kind of worrisome for parents, also. We all know that the children will be filled with excitement and will have first-day jitters, and the parents are filled with thoughts of Am I prepared enough?” But, To help eliminate these thoughts, and to help you and your child prepare for the new school year, all you need is a little organization and forethought.

From the cover of Young and Healthy, a mother gets her son ready for school

Here are some back to school tips to kick-start the new year and get you prepared for a fresh start.

  • Try to get back in to your sleep routine. To help get rid of those stressful school mornings, start a regular bedtime and morning time routine to help prepare your child for school. Begin your usual school sleep routine about a week or so before school starts.
  • You should shop for school supplies with your child. To get your child excited about starting a new school year, shop for supplies together. Make sure you let them to pick out their own backpack, lunchbox, etc. This way you will give them a little bit of responsibility, too!
  • Start a new school routine. Have your child practice getting back into the rhythm of their daily school routine. You can do this by having them wake up at the same time every day, and eat around the same time they would at school. And also about a week or so before school starts, let them do some outside activities where they have to leave and come home around the same time, they would if they were in school. Doing this will definitely help them be rested and ready for the big day.
  • Be sure and talk to your child early and often. Because It’s never too early to start talking with and listening to your children about the first day of school. Just ask them what they think school will be like and see if they have any specific concerns so that you’ll have time to talk it over the next couple of weeks. It’s totally normal to have first day jitters.
  • And go and meet the teacher. For the children that’s wondering if they’ll like their teacher is a big source of fear. And also if your child isn’t comfortable in the teacher’s classroom, he or she will be less likely to be ready to learn. But, most often many teachers will make themselves available for a phone call or will return an email if a visit isn’t possible.
Continue Reading