Claim Your Social Security Benefits So As to Maximize Them. Carroll Ramer Explains

Social security benefits are becoming a primary source of income for baby boomers approaching retirement. How you claim those benefits can mean thousands of extra dollars. Financial advisor Carroll Ramer talks about how to approach this source of retirement funding in this report.

Social security planning is important, Ramer says. The difference between the best methods of claiming social security, and the worst, can be up to $100,000 in additional lifetime benefits for an individual. For a married couple, that amount could be as much as $250,000. Ramer points out that there are about 8,000 claiming strategies for married couples, underscoring the importance of social security planning.

Carroll Ramer

Carroll Ramer

Before claiming social security benefits, one should meet with a planner who can use advanced illustration software to show which strategy will produce the maximum benefits. Once you file for your benefits, you have only eleven months in which to make any change in your approach. If you don’t fix mistakes you have made, you are stuck with the choice you made.

Ramer says that 53% of married couples get more than half of their retirement income from social security. For unmarried couples, that number is 74%. “It’s a sign of our times. We aren’t saving as much.” That’s one of the reasons why it is so important for people to put together a solid financial plan well before they retire.

Ramer says that, of course, the longer you wait before claiming your benefits, the larger your monthly payment will be. But there is more to it than simply waiting, Ramer says, and that’s where a plan worked out with a financial advisor can be of real value.

Carroll Ramer is a financial advisor with the Silver Lake Agency in Kasson, Minnesota. Retirement News Today is a featured network of the Sequence Media Group.

Life Insurance Can Provide Tax-Free Retirement Income. Carroll Ramer Explains

As people near their retirement years, they become increasingly interested in the prospect of tax-free income. Financial advisor Carroll Ramer explains how this objective can be achieved with life insurance in this report.

Life insurance has become a retirement income tool. Ramer explains that life insurance addresses concerns about future tax liability, the erosion of purchasing power by inflation, and the increasing costs of care as people age. Life insurance is unique in this regard, and it has been embraced by the public.

Carroll Ramer

Carroll Ramer

Ramer says that his retirement plans are customized so that each one addresses the needs of a particular client. But having a tax-free revenue stream generated by life insurance can be useful to anyone. Ramer says that the insurance can be paid for by either qualified or non-qualified funds.

As far as risk is concerned, Ramer points out that no one can predict the amount that will be credited to a life insurance policy in any given year. However, giving up a little upside potential to guard against downside risk means that an investor doesn’t have to hit the jackpot every year in order to accomplish retirement goals.

Ramer points out that life insurance policies provide significant benefits and tax-free income. For example, there is tax-free long term care coverage and tax-free lifetime income. And, of course, there is the traditional benefit of providing financial security for loved ones. Ramer urges his clients to “Become your own beneficiary.”

Carroll Ramer is a financial advisor with the Silver Lake Agency in Kasson, Minnesota. Retirement News Today is a featured network of the Sequence Media Group.

Income Strategies for Retirees: Carroll Ramer Discusses the Issues

About 10,000 people are retiring every day. And all of them will need to have income to live on during their retired years. Financial advisor Carroll Ramer talks about some strategic considerations in this report.

Ramer agrees with White House advisor Dr. Jeffrey Brown that income is the outcome that matters most for retirement security. It comes back to the two phases of life: the accumulation phase and the distribution phase. During the accumulation phase, younger people can tolerate more risk in their investment decisions.

Carroll Ramer

Carroll Ramer

However, once they get within ten years or so of retirement, they are nearing the distribution phase of life. They will reach a point where they will be living on their accumulated assets, and it becomes important not to run out of money during those next twenty, thirty, or forty years of life.

So if you are planning for your retirement years, you need to take into account that Americans are now living longer than ever. Inflation is something you need to think about, says Ramer, because the Federal Reserve System has made a two percent inflation rate part of their monetary policy. You also need to be aware of stock market volatility and low interest rates.

Ramer explains that today’s investors are comfortable accepting lower rates of return in exchange for guaranteed income. The unpredictability of the stock market makes it a risky strategy to plan to live on returns from a stock portfolio. People are realizing that dipping into principal to live may cause them to run out of money. The old rule that you could spend four percent of your principal each year to support yourself is no longer true. CDs and money market accounts are nearly useless these days.

Carroll Ramer is a financial advisor with the Silver Lake Agency in Kasson, Minnesota. Retirement News Today is a featured network of the Sequence Media Group.