If you're no longer working at the company where the old plan was, you can roll those funds into a new account at any time.
If you're still working at the company where the plan is, you'll need to ask your plan administrator or the HR person if you can do an in-service partial rollover to another plan.
In the world of retirement plans, everything is either a variable plan or a fixed plan.
Variable plans are exactly what they sound like. You can have gains, but you can also have losses up to 100%.
With fixed plans, you can have gains, but losses due to a market event are not possible contractually.
All we offer at Safe Money Retirement are fixed plans in every state we operate in.
Creating a solid plan for how much income you will need in retirement right away, and then in 10, 20, even 30 years in the future, is critical.
Once these amounts have been established, we can create lifetime guaranteed income plans that you and your spouse cannot outlive, along with additional smaller plans that will grow until you need them in the future to counter inflation.
It depends on your specific situation.
Term life is much more affordable, sometimes as much as 10 times more affordable, but the coverage will end at the end of the term, and you might have a hard time replacing it at that point.
Whole life will never be canceled as long as the payments are made and can be a good choice.
Our team can show you both and help you make a wise choice.
In general, we advise our clients to defer taking their payments as long as they can afford to because of the guaranteed growth for every year you defer, similar to a deferred income annuity.
But it depends on your specific situation. If you need the money, by all means, take it when you need it.
If you have other income from a job or annuity that can keep you where you need to be financially, then defer it up to age 70.
The entire process, from determining the best plan for you to completing your application, transferring the funds, and getting your new plan up and running, typically takes from 3 to 6 weeks.
Our team will be with you throughout the entire process to make it simple and easy.
Yes, you do.
Many of our Safe Money Retirement plans come with an added long-term care benefit built into the plan and have no medical exams or requirements.
These benefits can include full access to your account balance or multiplying your income payments in a long-term care situation.
First, our team will help you determine how much income you need right away in retirement.
Then, we will consider your income needs in 10, 20, and 30 years and help you develop a plan to get that income guaranteed for you and your spouse's lifetimes.
Next, we look at any remaining funds and determine what kind of growth plan you want to have them in based on your specific goals and vision for your retirement.
Your current pension might be the best option, but there could be a better one that pays significantly higher than your current plan.
Our team can help you determine if there is a better option or if your current plan is the best for you.
In most cases, you can get a higher payout from a new top-rated plan compared to a company plan, but not always.
This is the first step in our process that focuses entirely on you and your situation.
We will not discuss plans, companies, or rates. Instead, we will discuss your current situation, what your future goals are, and develop a plan to ensure you have the happiness you are looking for in your retirement.
We are completely independent, meaning we work with all of the top-rated companies in the independent marketplace in your state. Led by a certified financial fiduciary, we are obligated to act in your best interests and will show you the best plans available in your area.