Jim Sloan & Associates, LLC

Jim Sloan & Associates, LLC At Jim Sloan & Associates, LLC, we believe everyone should be able to live the retirement they’ve always wanted.

We can help you create a well-planned strategy to get you there and stay there.

06/01/2022

Harry N. Stout, author and podcast host at the FinancialVerse says that 2022 will be the year that consumers proactively reach out for information and advice to explore the solutions that annuity products can provide to address some of their financial challenges.

Here are the forces Stout says will shape the annuity market:

> The large number of individuals in or nearing retirement age. In fact, as our society ages, by 2024 we will reach “Peak 65”. This is the point in time when more Americans will turn age 65 than at any point in history, and the time they will likely end full-time work. These aging individuals have reached the pinnacle of the savings mountain and are looking to convert their accumulated nest eggs into income to fund their expected lifespans.

> Provisions of the 2019 SECURE Act take effect that require 401k and similar defined contribution workplace retirement plans to provide income estimates—referred to as “lifetime income illustrations”—to participants, giving savers “a realistic illustration of how much monthly retirement income they could expect to purchase with their account balance.” These income disclosures will, for the first time, highlight the importance of lifetime income to over 600,000 plans and 60 million individuals who participate in 401k plans. Participants will be introduced to the lesson that it is the income their savings will generate that is most important as they prepare for retirement. These disclosures will likely raise many questions and drive expanded requests for education on saving, investment and lifetime income.

Helping Consumers Understand Annuity Products. Consumers will find out the value annuities have to create lifetime, protected income.. "--Harry N. Stout VERO BEACH, FLORIDA, UNITED STATES, January 11, 2022/ EINPresswire.com/-- Harry N. Stout, author and podcast host at the FinancialVerse says that 2...

The end of the year provides a good opportunity for reflection. The past 12 months brought plenty of opportunities to ma...
06/01/2022

The end of the year provides a good opportunity for reflection. The past 12 months brought plenty of opportunities to make financial strides — and plenty of potholes and challenges.

A lot of Americans struggled with money issues, but others flourished. Whether your final ledger for 2021 puts you in the plus or minus column, these practices and behaviors can help going forward, especially if resurfacing pandemic pressures pose new money obstacles in the new year.

Whether your final ledger for 2021 puts you in the plus or minus column, these practices and behaviors can help going forward.

If you are considering buying an annuity to provide steady income during retirement, it’s important to understand the di...
06/01/2022

If you are considering buying an annuity to provide steady income during retirement, it’s important to understand the different types and how they work. Here’s a look at the fundamentals of annuities and what to consider before making a decision.

An annuity can provide steady income during retirement. But it's important to understand the different types and how they work before purchasing one.

Inflation is here. The most recent Consumer Price Index (CPI) inflation report showed that prices rose across the board ...
06/01/2022

Inflation is here. The most recent Consumer Price Index (CPI) inflation report showed that prices rose across the board in November. By a lot.

Overall, prices climbed 6.8% year-over-year, the largest increase since June 1982, and rose 0.8% over the past month. Higher prices were “broad-based,” per the Bureau of Labor Statistics (BLS), with substantial increases seen in the indexes for gasoline, shelter, food and new and used vehicles. The gasoline index alone rose 6.1% in November. Of course, those items are key to the basic financial life of normal Americans, thereby stretching their bottom line even thinner.

When you strip out volatile food and energy prices—so-called core CPI inflation—the picture was somewhat brighter. Prices rose by 0.5% in November, slightly less than the month prior, and climbed by 4.9% over the last 12 months. That’s well above the Federal Reserve’s 2% target, although the Fed prefers a different inflation gauge, PCE inflation.

Certain items contributed mightily to these historic gains, as any driver can attest. New vehicles jumped 1.1% over the past month, and are now 11.1% higher compared to 12 months prior. Grocery prices were 0.8% more expensive in November than in October, continuing an expensive trend. Over the past year, food is 6.1% higher. Shelter costs have risen by 3.8% during the same period, while energy is up 33.3%.

There were a few green shoots in the April Consumer Price Index (CPI) report, with the data showing that U.S. inflation hit pause last month. Analysts, however, warned not to read too much into the data—after all, inflation remains at four-decade highs. Here’s the good news: Annual CPI inflation

If you’re between 55 and 64 years old, you still have time to boost your retirement savings. Whether you plan to retire ...
06/01/2022

If you’re between 55 and 64 years old, you still have time to boost your retirement savings. Whether you plan to retire early, late, or never ever, having an adequate amount of money saved can make all the difference, both financially and psychologically. Your focus should be on building out—or catching up, if necessary.

It’s never too early to start saving, of course, but the last decade or so before you reach retirement age can be especially crucial. By then you’ll probably have a pretty good idea of when (or if) you want to retire and, even more important, still have some time to make adjustments if you need to.

If you discover that you need to put more money away, consider these six time-honored retirement savings tips.

If you plan to retire within the next 10 years, you still have time to boost your 401(k) contributions and make other moves to increase your savings.

Different phases call for different strategiesIf you’re physically healthy and financially prepared, your retirement cou...
06/01/2022

Different phases call for different strategies
If you’re physically healthy and financially prepared, your retirement could last for decades. During that time, it may go through several distinct phases, with changing levels of income and expenses that require different approaches to budgeting. Even with a shorter retirement, you’ll likely experience much the same stages, just in a condensed time frame. While experts give these phases a variety of names and sometimes number them differently, here’s what to expect, based on a four-stage model.

A retirement budget helps you manage your money after you stop working. Our guide shows you how to successfully budget for each stage of retirement.

Staggering your retirement date from your spouse may benefit you bothMany working couples dream of the day when they can...
06/01/2022

Staggering your retirement date from your spouse may benefit you both
Many working couples dream of the day when they can retire and sail off into the sunset together. However, couples should consider whether retiring at the same time is the wise choice. There are both financial and emotional ramifications to retiring simultaneously compared to having one spouse work longer than the other. It’s a good idea to start thinking about these issues earlier than you may realize, when there is still time for each partner to map out a trajectory of how and when they’d like to leave the workforce and how those two plans mesh.

Retirement is a complex phase of life, this article will compare the financial ramifications of a joint retirement account vs one spouse working longer.

You may be making plans for filing your 2021 income taxes, but in a few short weeks you’ll be living in tax year 2022, a...
06/01/2022

You may be making plans for filing your 2021 income taxes, but in a few short weeks you’ll be living in tax year 2022, and tax year 2022 will differ substantially from 2021. Your tax brackets will be slightly higher, for example, as will your standard deduction.

There is still time to reduce your 2021 tax bill, but for many deductions, the door slams shut on Dec. 31. If it looks like you’ll get a big bill on your 2021 taxes, knowing the tax brackets for 2022 can help you make adjustments in the New Year so you don’t get stung again.

There are some major differences for the 2022 tax year. Your tax brackets will be slightly higher, for example, as will your standard deduction.

Planning ahead is one of the best ways to prepare for a comfortable retirement. From keeping track of your savings to ad...
06/01/2022

Planning ahead is one of the best ways to prepare for a comfortable retirement. From keeping track of your savings to adopting strategies for generating income, a thoughtful approach can help you sustain your lifestyle as you move into the next phase of your life.

Below, we break down four key factors to consider—and how to develop a retirement plan that works for you.

Planning ahead is one of the best ways to prepare for a comfortable retirement.

You’ve looked forward to retirement for decades — the chance to slow down the pace, to live in a different place, to see...
06/01/2022

You’ve looked forward to retirement for decades — the chance to slow down the pace, to live in a different place, to see parts of the world you’ve only dreamed of, to spoil the grandkids just a bit.

But if your spouse or partner has a different vision, if you don’t agree on financial issues or avoid them completely, then conflicts are inevitable. Left unattended, these problems may become so serious that they threaten your relationship.

A survey of more than 1,000 individuals by The Cashlorette, a website owned by Bankrate.com, showed that 48 percent of those who were married or living with a partner admitted that they had such fights. Most involved spending habits, dishonesty about money, and a lack of agreement about who should pay which bills, forgetting to pay an important bill, or financial priorities. A 2018 study by TD Ameritrade showed that 41 percent of divorced Gen Xers and 29 percent of divorced boomers said they ended their marriage due to disagreements about money. Here are five mistakes couples make when planning for retirement.

Easy steps couples can take to avoid conflicts that often arise over differing visions or preferences for spending time and money in retirement.

What Is Financial Independence, Retire Early (FIRE)?Financial Independence, Retire Early (FIRE) is a movement of people ...
06/01/2022

What Is Financial Independence, Retire Early (FIRE)?
Financial Independence, Retire Early (FIRE) is a movement of people devoted to a program of extreme savings and investment that aims to allow them to retire far earlier than traditional budgets and retirement plans would permit.

Borne out of the 1992 best-selling book Your Money or Your Life by Vicki Robin and Joe Dominguez, FIRE came to embody a core premise of the book: that people should evaluate every expense in terms of the number of working hours it took to pay for it.

Financial Independence, Retire Early (FIRE) is a movement dedicated to living frugally in order to retire at a young age.

Financial health is a term used to describe the state of one’s personal monetary affairs. There are many dimensions to f...
06/01/2022

Financial health is a term used to describe the state of one’s personal monetary affairs. There are many dimensions to financial health, including the amount of savings you have, how much you’re putting away for retirement, and how much of your income you are spending on fixed or non-discretionary expenses.

The state and stability of an individual's personal finances is called financial health. Here are a few ways to improve it.

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The Woodlands, TX
77380

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