Glass Financial Advisors

Are you underinsured? ?? While most people recognize the importance of having life insurance, many go through life with inadequate coverage. ?? Let’s face it—thinking about life insurance can feel overwhelming, and it often forces us to confront our own mortality. ?? Plus, there are other more “urgent” things that tend to take priority. But here’s the truth: Life insurance isn’t something you can put off. It’s essential to make sure you're fully covered, especially as you head into retirement. ???? Here’s a simple way to break down what you might need to be fully prepared: Life Insurance Needs Example: Final & Medical Expenses ??: $10,000 Outstanding Mortgage Balance ??: $140,000 Other Debts (like student loans) ??: $35,000 Education Expenses for Children ??: $50,000 Emergency Fund ??: $25,000 Estate Transfer Costs ??: $0 Replacement of Lost Income ??: $1,000,000 (if $50k/year for 20 years) Replacement of Lost Retirement Savings ??: $100,000 Total Cash Needed at Death: $1,360,000 Current Assets (401k): -$65,000 Current Life Insurance: -$150,000 (through employer) Additional Life Insurance Needed: $1,145,000 This is just an example, but it’s a great place to start! Ideally, your coverage should pay off debts like your mortgage, cover final expenses, and make sure you’re not leaving your loved ones with a financial burden. And don’t forget about replacing lost income and retirement savings! Each person’s needs are unique, but one thing is clear—make sure you’re fully covered to protect the ones you love. ?? It’s time to take control of your future. You’ve got this! ???? #LifeInsuranceMatters #RetirementPlanning #FinancialFreedom #ProtectYourLovedOnes #FinancialSecurity #SmartMoneyMoves ??

Is it possible to save on healthcare? ???? What if you could save money on healthcare? While rising medical costs can feel like a certainty, there are steps you can take to curb the costs and keep more in your pocket. ?? Here's how: 1?? Do Your Homework ???? There are many Medicare providers, each with different costs and coverage options. Do you need an Advantage plan? Can you keep the same doctor? By thoroughly researching your options before selecting a plan, you could potentially save thousands of dollars! ???? Sources like Medicare.gov can help you compare plans and understand the details. 2?? Compare Costs ???? Some medical facilities charge significantly more for procedures than others. Use tools like the Healthcare Bluebook ?? to compare average prices for services in your area. You might be surprised by how much you can save just by shopping around! ?? #SmartShopping 3?? Explore Savings on Prescription Drugs ???? Many pharmacies offer cheaper generic alternatives for prescription drugs. Don’t be afraid to ask if there’s a less expensive option available! Pharmaceutical companies often provide coupons or rebates to help lower the cost. Websites like GoodRx can help you find discounts. #PrescriptionSavings ?? If you're concerned about how you'll pay for healthcare costs in retirement, including long-term care expenses, it’s a good idea to talk to a financial advisor about strategies to protect your health and wealth. Visit https://lnkd.in/eajzVyjK to schedule a time to chat! ????? #HealthcareSavings #MedicareTips #PrescriptionDiscounts #RetirementPlanning #SaveOnHealthcare #SmartFinance #FinancialFreedom #MedicalCosts #MoneyMatters

5 Key Numbers You Need to Know ???? In the complex world of retirement planning, there are important numbers you should be aware of that could make or break your overall retirement savings. A recent USA Today article highlights ten numbers that could make or break your retirement. Here are our top five: 1?? 42% – This is the percentage of workers who say they (or their spouse) have tried to calculate how much money they should save to live comfortably in retirement, according to a 2017 Employee Benefit Research Institute’s Retirement Confidence Survey. ???? 2?? 50 – This is the age at which you can make catch-up contributions to your retirement savings. ???? 3?? 8% – Those who delay their retirement beyond full retirement age could increase their Social Security benefits by as much as 8% each year until full retirement age (FRA). ???? 4?? $1,360 – This is the average Social Security benefit of approximately 41 million retirees. Social Security benefits vary by the amount of time worked and your age when you start collecting benefits. ???? 5?? 4% – On average, this is the recommended percentage of assets you should plan to withdraw in retirement. This is a general rule of thumb to ensure your nest egg should last you at least 30 years. For example, if you’ve saved $1 million, you should plan to withdraw no more than $40,000 (or 4% of the balance). ???? While everyone’s situation is unique, these figures apply to everyone and give us a general guideline when preparing for decades of expenses, taxes, healthcare, and inflation. ???? If you have questions or concerns about your retirement strategy, give the office a call to schedule a time to meet. ???? https://lnkd.in/eFpzKxTt #RetirementPlanning #FinancialFreedom #SocialSecurity #SmartSaving #MoneyMatters #PlanAhead #RetirementReady #FinanceTips

Do I Really Need a Power of Attorney? ?? Ladies, let's face it: life can throw curveballs when we least expect it. ?? At some point, many of us will face a time when we’re physically or mentally unable to manage our own affairs. It’s not fun to think about, but it’s a reality. ?? That’s why it’s SO important to empower someone you trust to make financial and healthcare decisions on your behalf. ??? Enter the Power of Attorney (POA)—your financial and medical backup plan when you need it most! #PlanAhead #WomenInControl What is a Power of Attorney? ?? A Power of Attorney is a legal document that allows you to appoint someone (your agent) to make decisions for you, either in financial matters or medical situations. There are different types of POAs: Financial POA ?? Healthcare POA ?? And more depending on your needs! Having a POA in place gives you peace of mind knowing that someone you trust can legally step in during an emergency. It's like a safety net, but better! ?? #EmergencyReady Why You Need One: ?? In an emergency, your trusted agent can make decisions for you without the hassle of a court process. ?? Peace of mind for you and your family – because no one wants to be caught in a panic when life happens. ??♀? Avoid costly and lengthy delays in case of an emergency. #NoStress #SmoothSailing How to Get Started ?? Consider consulting with an attorney to figure out which legal documents you need. Having everything in place will ensure that your loved ones are ready to step up without confusion or delay. ???? #LegalEase Protect yourself and your family by setting up a Power of Attorney today. Don’t wait until it’s too late! ?? #SecureYourFuture #WomenTakingControl #POA

How Much Is Enough to Retire? ?? This question has so many components and the answer depends on many different variables.? 1. Take Stock of Where You Are Today Before you can figure out your retirement goal, it’s important to understand where you stand financially. Start by calculating your net worth – add up your assets (savings, retirement accounts, investments, etc.) and subtract any liabilities (debts like credit cards, student loans, etc.). This is your starting point, and trust me, knowing your numbers is the first step to retirement success! #StartSmart 2. Define Your Dream Retirement Lifestyle ?? The lifestyle you envision for your retirement will directly impact how much you need to save. Are you dreaming of world travel ??, volunteering, or indulging in hobbies? Each of these things has its own costs, so think carefully about what you truly want your golden years to look like! ?? #RetirementGoals 3. Plan for a Long Retirement ??? Life expectancies are climbing, and it’s not uncommon for women to spend 30–40 years in retirement. You’ll want to make sure your savings last as long as you do, not the other way around! Let’s aim for longevity in more ways than one. #LivingLong 4. Don’t Forget Inflation ?? We all know the pain of rising grocery bills ??. Inflation is real, and it’ll impact your savings. Make sure your money grows enough to keep up with it, so you don’t find yourself falling behind in retirement. #KeepUpWithInflation 5. Taxes, Taxes, Taxes! ?? Understanding taxes on your retirement accounts is crucial! Different accounts have different tax rules, and having a tax strategy can save you a ton. Start planning now so that you don’t get hit with a big tax bill down the line. ?? #TaxSmart 6. Healthcare Is a BIG Deal ???? This is one of the biggest expenses you’ll face in retirement! While Medicare is helpful, it doesn’t cover everything. Make sure you plan for premiums, deductibles, and co-pays so you can stay healthy and financially secure. ??♀? #HealthIsWealth 7. Pensions and Other Sources of Income ?? If you're lucky enough to have a pension, great! But make sure you know how much you'll get and when it starts. You might also consider working part-time or earning income from rental properties—extra cash never hurts! ?? #SideHustle 8. Is There a Gap? ?? Subtract your estimated retirement expenses from your projected income sources (like Social Security or pensions). If there’s a gap, that’s your savings target. For example, if your income is $40,000 and your expenses are $50,000, you’ll need an additional $10,000 per year. Multiply that by the years you expect to be retired, and boom—that’s how much extra you’ll need to save. #RetirementReality 9. Review and Adjust Regularly ?? Your financial needs and goals will change over time, so it’s essential to review your progress regularly. A little tweak here and there can make all the difference in achieving your retirement dreams! ?? https://lnkd.in/ebM8YyFg

Social Security Planning Starts Earlier Than You Think, Ladies! ?? In Your 20s: Start saving for retirement NOW – your future self will thank you! ?? Keep in mind that Social Security may look different by the time you retire, so it’s best to plan ahead. ?? Some people act like Social Security won’t be around for them, but don’t let that be you. Plan as if it’s part of your future! #WomenWhoPlan #FutureReady ???? In Your 30s: Take the time to make sure your wages are being reported correctly. Mistakes can cost you later, and we’re not here for that! ?? If you spot an error, get it fixed – your retirement depends on it! #NoMistakesAllowed #GetItRight ?? In Your 40s: Social Security uses your highest 35 years of earnings to calculate your benefits. Focus on ensuring those higher earnings replace any lower years. Your future bank account will thank you! #EarningsMatter #BossLadyMoves ?? In Your 50s: Take a good, hard look at your retirement income. Will it be enough to keep up with your lifestyle? ??? If not, it’s time to adjust – there’s no such thing as too early to plan! #RetirementGoals #LivingYourBestLife ?? In Your 60s: Time to decide when you’ll start collecting benefits. Age 62 is the earliest, but waiting could mean bigger benefits. Your full retirement age depends on when you were born, so check that out. Waiting past 70 won’t increase your benefits anymore – it’s all about timing! #SmartChoices #PlanLikeAPro ? The key to planning for your future is simple: Start as early as you can and save as much as you can. Your future is in your hands, and the more you plan now, the more you’ll have to enjoy later! #FutureSecure #SocialSecuritySmart

Roadmap to Retirement ????? The roadmap to retirement is actually a complex and ongoing process. ???? And it requires your attention on a regular basis. ???? Take time to consider each of these landmarks on the journey to a retirement filled with confidence and excitement! ?? 1?? What is your starting point? The first step on the roadmap is to take an honest look at where you are. ???? Once you have a clear picture of where you stand, you need to decide where you want to go. ?? 2?? What is your destination? This step involves setting goals for your retirement and envisioning your ideal future. ?? What does it look like? ??? 3?? Where will you live? Will you downsize your home? ?? Or do you need to make modifications to your current home so you can stay there? ??? 4?? What about Healthcare? The average couple age 65 retiring in 2022 may need $315,000 for healthcare expenses during their lifetime. ???? 5?? Travel and Leisure? Are you planning to travel extensively while you are healthy? ?? Will you pursue hobbies ?? or spend your time volunteering? ?? 6?? Healthy Lifestyle and Wellness. Remember to budget for health and wellness-related expenses in retirement. ???♀??? 7?? Entertainment? Everything we do for fun seems to be more expensive than it was before the pandemic. ????? Plan for entertainment expenses to ensure a fun-filled retirement! ?? 8?? Philanthropy or Causes Near and Dear to Our Heart. Are there any causes near and dear to your heart that you would like to support? ???? Once you have a clearer idea of your goals and how you would like to spend your golden years, you can begin to estimate your expected expenses in retirement. ?? This will give you an idea of the income needed to live the lifestyle you desire. ?? Your estimated expenses can be compared to what you are on track to have in retirement and determine if there will be a shortfall. ???? Armed with this information, you have several options: ? Increase your savings to ensure you have enough income in retirement to fund your needs and wants. ?? ? Work longer to save for a longer period of time. ??? ? Or, downsize your vision and plans for retirement. ?? Following a roadmap for retirement will help you make smart and informed decisions and work toward a comfortable and fun retirement! ?? #RetirementPlanning #RoadmapToRetirement #FinancialGoals #RetirementSuccess #HealthyRetirement #FuturePlanning #FinancialFreedom #RetirementSavings #SmartMoneyMoves #RetireInStyle #PlanAhead #WealthBuilding #RetirementJourney

Save for retirement or pay off the house? ???? One of the most common questions I get is: should I save for retirement or pay off the house? As with many things, the answer depends. Are you in the accumulation phase of your life and building up your wealth, or are you retired and using that wealth to create income? If you are working, what is your time horizon? How long do you have until retirement? What is the interest rate on your mortgage? ?? There are many factors to consider when deciding what to do with your hard-earned money. ?? Consider paying off your mortgage if: ? You are trying to reduce expenses for retirement. ? This is helpful if you will have limited income in retirement and if your mortgage payment is substantially high. ?? ? You value peace of mind and having your house paid will provide that. ? There is no other high-interest debt that you carry. ?? ? You want to save on the amount of interest paid over the life of the loan. If you want to pay off your house early, then the best time to make extra principal payments is at the beginning of the loan. ?? Why? This is when the amount of money that goes toward interest is highest, and the amount of money that goes toward the principal is lowest. Making extra payments during this time will give you the biggest bang for your buck. ?? You will end up paying considerably less interest over the life of the loan. ?? Focus on retirement, not on the mortgage, if: ? You need to catch up on saving for retirement. ?? ? Your employer-sponsored retirement plan offers a matching contribution. ? You need the tax deductions that you get from your mortgage interest to lower your taxable income. ?? ? You will pay pre-payment penalties for paying off your mortgage early. ? Your emergency bank account balance needs to be beefed up. ?? Aim to have one year of your basic living expenses in the bank in case an emergency pops up. ?? Cash tied up in your house is not easily accessible, whereas money in the bank is. ?? Turns out, there is a better approach. Save for retirement AND pay off your house. ?? With extra cash that you have, you can split the difference and fund both goals. You can allocate half of your excess cash toward retirement savings and the other half to paying down the principal balance on your mortgage. Thanks to the beauty of compound interest, money that you invest will grow and earn interest. And that interest will earn interest. This money will be worth more in the future than it is worth today. That is why you should start (and continue) saving for retirement as early as possible. By allocating excess money to your mortgage, even if it is a small amount, you will significantly decrease the amount of interest you will pay over the life of the loan and free up cash flow in retirement. Fortunately, we can find a balance between these two goals and make progress toward both!!! ?? #RetirementPlanning #MortgagePayoff #FinancialGoals

How much of your income do you need to replace? ???? Many benchmarks recommend replacing 70%-80% of your income in retirement. ?? Over the nearly two decades that I have been teaching people how to retire, never once did I hear someone say they only want to maintain 70% of their current lifestyle. ??♀???♂? They did not work for 30 or 40 years to only do a portion of the fun things they are currently doing. ???? Most people want to retire to the same lifestyle, if not a better one, as a reward for working so hard for so many decades. ???? Think of all the activities that you do during a weekend while you are working. ???♀???? You have the time and energy to go to dinner with friends, play golf, or go to the symphony. ?? Retirement is like a weekend that lasts forever. ??? Every day of retirement is a Saturday or Sunday. ?? You can vacation whenever you would like because you are not limited by the number of vacation days you have. ?? You can meet friends for Happy Hour ?? because you no longer work late. Golfing is now something you can do every day, not just on the weekend. ? When calculating how much money you need to successfully retire, most income replacement benchmarks leave to be desired. ???? Let me explain. ?? Income replacement benchmarks look at gross income, which is before taxes, savings, and other deductions are taken out. ?? However, most of us who earn income are thinking in terms of our “take home,” or the amount of money that we actually get to spend. ?? See the difference? One uses gross income, but as humans who live on this money, we think of net income. ?? Turns out there is a better way. ? 1?? Analyze your cash flow. ?? 2?? Calculate how much money it costs you to live today. ?? 3?? Factor in healthcare. ?? 4?? Don’t forget about taxes! ?? 5?? Add a cushion. ??? Remember, this is a starting point, and every person’s situation is different and unique. ??? At the end of the day, the more you have saved for retirement, the better! ???? #RetirementPlanning #IncomeReplacement #RetirementGoals #FinancialFreedom #FuturePlanning #RetireComfortably #MoneyMatters #FinancialSecurity #LiveYourBestLife #RetireWell #PlanForTomorrow

Questions to Ask a Financial Advisor ???? While numerous studies have shown that people who work with a financial advisor are less stressed and more optimistic about their financial future, most people have yet to seek out the advice of a professional. Money can be scary, and we all have our personal beliefs and complex relationships with it. Besides, can’t we just pick the best-performing investment and put our money in it? ??♂? That could work, right? Is there a better way? Finding a financial advisor who will serve as a trusted partner and offer insight when tough decisions need to be made can be of immeasurable value. ?? But how do you find that person who will co-create a plan with you that reflects your goals and be a lifelong problem-solving partner? Here are some questions you can use when interviewing different advisors. Use these as a starting point to guide you as you make one of the most important financial decisions: 1. Are you a Fiduciary? Always search for an advisor that is a fiduciary. Why? Because a fiduciary is legally bound to put your interests ahead of their own. ?? 2. What makes you qualified? Advisors with a Series 7 securities registration can sell stocks and individual bonds. Look for someone registered as an Investment Adviser Representative, as this indicates a higher skill level. Also, check for advanced training like CFP or CRPC. ??? 3. How do you get paid? Financial advisors can be compensated in various ways. Some may earn commissions, while others charge fees based on assets they manage or a flat hourly fee. Make sure they clearly articulate what you’re paying and why. ?? 4. What is your investment or financial planning philosophy? It’s crucial to understand how a financial planner approaches retirement planning. Why do they use certain investments? Are they planning with your income, protection, and retirement needs in mind? ?? 5. What services do you provide? Financial professionals offer a myriad of services. Look for one who can address your needs today and in the future. If you’re nearing retirement, an advisor focused on college planning may not be the right fit for you. ?? 6. How often will you interact with your advisor? Ensure you and your advisor have the same expectations. Do you want to meet yearly but talk quarterly? Choose a contact level that meets your needs for a successful advisor-client relationship. ?? 7. Do you feel comfortable with them? Ideally, your relationship with a financial advisor will be a lifelong partnership. Money can be complex and private, so it’s important to feel comfortable sharing your dreams and fears. The more open you are, the better off you’ll be. ?? If you’re looking for a trusted financial advisor, we would love to hear from you! We believe in honesty and transparency and want to help you in any way we can. Connect with us today at https://lnkd.in/eFpzKxTt ?? #FinancialAdvisor #InvestSmart #RetirementPlanning #MoneyMatters #FinancialWellness