Covering Health Care Costs When Retired

ST. CROIX INSIGHTS

Covering Health Care Costs When Retired

BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC

If you’re like many Americans, you’re eyeing retirement with apprehension. When my clients come to me, no matter the reason or the stage of life, there are always two questions that they ask me. “Will there be enough money?” and “Will everything be okay?”

As with any other situation in your life, planning and being prepared ahead of time is key for retirement planning. Making sure you cover your bases and manage potential factors before they arise is key. And one factor that weighs in is the cost of health care coverage.
The rising costs of health care (especially as we age) is enough to strike fear in the hearts of many approaching retirement. Health care costs can eat up a sizable chunk of retirement savings, especially given the hit that many retirement accounts took in the last decade.

“I know and can prove that if you pay attention to your money, you actually have more money than you think. “

Outliving one’s retirement assets is becoming a real fear for those approaching retirement, as people are living longer and being forced to spend diminished retirement income on rising health care expenses.

You shouldn’t be forced to spend your retirement worrying about whether or not you’ll be able to qualify for Medicaid or if your retirement nest egg will run out too soon. You should be enjoying these golden years of your life. This can be accomplished through the peace of mind that sound financial planning provides and you have many options for health care coverage as well as retirement savings and investing.

If you’re like the 62% of Americans in pre-retirement age (50-64) who are not at all confident that you will have enough savings to weather their health care costs in retirement, I encourage you to contact St. Croix Advisors today to get a financial plan in place. Don’t waste another second of your life worrying about the future that you could be looking forward to.

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Financial Leakage – You’re Making $250,000 a Year & Live Check to Check!

ST. CROIX INSIGHTS

Financial Leakage – You’re Making $250,000 a Year & Live Check to Check!

BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC

It’s not surprising; it’s something I hear on a regular basis. Just change the dollar amount for how much your household makes. I bet most of us can relate, especially when you have a couple of kids, mortgage, car payment, are saving for retirement, etc.

What is Financial Leakage?

Over my vast experience in the financial services world, talking with hundreds of people, it’s generally not the mortgage or the car payment, but rather just everyday life that really gets us. It all adds up. $5 here, $50 there, $250 here – it all adds up to real money each month. It’s financial leakage. We all have it, yet, some of us are better than others at controlling it.

Financial leakage

It all adds up. $5 here, $50 there, $250 here

Understanding Your Financial Goals, Objectives & Position require Financial Planning

I suspect most families don’t track their spending on a daily or monthly basis. St. Croix Advisors clients have access to iAdvise– the most advanced financial planning software. It allows us to track their spending and help establish a monthly budget.

“I know and can prove that if you pay attention to your money, you actually have more money than you think. ”

This leads to living the lifestyle you want and making the impacts you’d like to make along the way. If you’d like to discuss over a cup of coffee how St. Croix Advisors can help, drop me a note.

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Essentialism – The Disciplined Pursuit of Less

ST. CROIX INSIGHTS

Essentialism – The Disciplined Pursuit of Less

BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC

It’s not the pursuit of less. It’s the exact opposite of what you’d think. It’s more. “An Essentialist produces more – brings forth – by removing more instead of doing more!” Now that’s cool!

Essentialism Defined

Essentialism – The Disciplined Pursuit of Less by Greg McKeown is a book I just finished. It was recommended by a client of St. Croix Advisors. He thought I’d connect and relate to its message, and boy did I. Here’s why I connected with its message: It’s about “learning to filter through all those options and select only those that are truly essential.”

Essentialism in Financial Planning

Essentialism

The Disciplined Pursuit of Less by Greg McKeown

When you start to contemplate that, you realize it’s a powerful opportunity we can implement in our daily lives.

3 Areas to Apply Essentialism

We can start to apply essentialism to three primary parts of our lives:

  1. Work
  2. Family
  3. Financial Planning

It’s not about getting more and more things done. I think we’ve all tried that and probably failed. We’ve also heard ‘work smarter not harder’; been there, done that. Instead it’s about investing in “the right activities”. In other words, Essentialism is a disciplined systematic approach for determining where our highest point of contribution lies, and then with little effort execute on those things.

A great question an Essentialist will ask is “what are the trade-offs I’m willing to make?” A trade-off isn’t a negative.

We can apply this to our daily lives and our financial lives. We can have more. I’m not talking about more stuff necessarily, but instead perhaps less financial stress. Having clarity on our goals and envisioning what our retirement will look like, for example, will cause us to make different or better decisions today to achieve our goals sooner.

If you’d like to chat about the book or talk about making decisions or even financial simplicity, give me a call.

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Recruit, Reward & Retain Your Employees

ST. CROIX INSIGHTS

Recruit, Reward & Retain Your Employees

BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC

One in three Americans are now over the age of 50, with the expectation of living longer than their parents. Planning for the future and retirement is more important now than ever. By including financial planning and supplemental benefits in the overall benefits package, companies can assist their employees in preparing for the future beyond profit sharing and 401ks. Companies benefit from adding individual financial planning by fostering an environment that recruits, rewards and retains employees until they’re ready to retire.

President of St. Croix Advisors, Brett Anderson, spoke yesterday at The Twin Cities Chapter of The International Society of Certified Employee Benefit Specialists (ISCEBS) yesterday held at the Golden Valley Golf and Country Club. His presentation “Recruit, Retain & Reward Your Employees Until They’re Ready to Retire” was part of Contemporary Issues in Employee Benefits Spring Seminar.

Brett Anderson, Hudson Financial Advisor

Brett Anderson speaks on a variety of financially related topics upon request. If you are looking for speaker for your group, email info@stcroixadvisors.com for more information.

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“The Number”

ST. CROIX INSIGHTS

“The Number”

BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC

“THE NUMBER” What is it? What does it mean? Is it easy to find? Does it change?

Some call it their “walk away number” while others more boldly call it their “!@%& you number”.  Whatever you want to call it is up to you, but the concept stays the same.  How much do money do you need to live comfortably for the rest of your life (a.k.a. retirement) and how do you get there? 

 

Some people calculate their own “number” and others seek advice from a professional to utilize every strategy to get there (which we strongly advise). However you do it, it involves time and effort on your part. If you’re married, you will also need your spouse’s participation to come up with a number that will be carry you and your spouse for the rest of your lives. When you find “the number” everything else falls into place, but please note, as you work your way up to your retirement years, re-visiting “the number” is strongly advised. With so many variables and life changing events, you might laugh at your number you thought was sufficient 10 years ago and raise eyebrows at the number you propose 20 years from now.

 

Your Tax Number

For a more in-depth look, pick up the book The Number- What Do You Need for the Rest of Your Life, and What Will it Cost by Lee Eisenberg. In this book, you’ll find a key of answers to all the questions you should be asking yourself and your spouse about the rest of your lives.

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