Speros Financial Gift of the day! 5 steps toward a Bright Future!

Speros Financial Gift of the day!
https://www.google.com/+VossSperos 602-531-5141

Five easy steps toward a bright financial future

Balance risk and reward and don’t skimp on education

It has been said that anyone who earns an income and pays bills does financial planning. True, perhaps, but only in the broadest sense. When you delve into the details, you find that long-term planning is really about balancing risk and reward and being an educated consumer. Here are five tips to consider:

1.       Plan, plan, plan
Most people spend more time planning their vacation than they do planning their financial future. To the extent most people do any planning, it’s typically on a piecemeal basis. Usually they receive advice from different people at different times, with no one connecting the dots. Have one person in your household act as coordinator and catalyst, and have one cohesive plan that you re-evaluate regularly

2.       Save, save, save
The general rule is to save 10% percent or more of your gross income monthly. After setting aside three to six months income in liquid assets or cash as a cushion for emergencies, a fixed amount should be saved for long-term needs such as retirement.

3.       Find more baskets
You know the old adage, “Don’t put all your eggs in one basket.” Diversify your assets and investments. Relying on any one investment for your financial well being is dangerous. Make sure you have a balanced portfolio with varying degrees of risk in investments for your life stage. Of course, diversification does not assure a profit or protect against market loss.

4.       Protect yourself
Your most valuable asset is your personal earning power. When you’re healthy, you are probably thinking of the next promotion, your dream vacation home or your child’s education. But an illness or disability can suddenly change everything. How will you pay your mortgage and medical bills if you can’t work? Group disability insurance—the one you get typically through your employer—is seldom adequate for a long-term illness and goes away if you lose your job. Individual disability insurance, which you buy yourself provides permanent protection and benefit payments are income-tax free under current tax laws*.

5.       Protect your loved ones
Only 44% of households have individual life insurance, with half of those saying they need more life insurance, and 30% having no coverage at all, according to trade group LIMRA, in 2010. None of us like to imagine our families without us, but it is a possibility that people all too often ignore. If you only have group life insurance through your employer, you may be at risk. If you lose your job, you are no longer insured, and life insurance becomes more costly as you age. Don’t put your family at risk.

Vasilios "Voss" Speros 602-531-5141

Spence Cassidy and Associates
#LifeInsurancePhoenix #RetirementStrategiesPhoenix
http://www.scaaz.com/
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vsperos@scaaz.com
85018

Speros Financial Life Insurance Gift of the Week!!

Speros Financial
#1 For Life And Retirement Strategies Tip of the day!
https://www.google.com/+VasiliosVossSperos 602-531-5141

Key tips for first-time life insurance buyers.

Looking to buy life insurance for the first time? If so, you're probably asking yourself questions such as "How much do I need?", "What kind of policy is best?" and "Which company should I buy from?" There's no question buying life insurance for the first time, like any other new experience, can be more than a bit daunting. Below are six important tips that we hope will make the process smoother, eliminating frustrating false starts and unnecessary bumps in the road.

1.                 Understand why you need it.

While most people may need life insurance at some point in their life, don't buy a policy just because you heard it was a good idea.

Life insurance is designed to provide families with financial security in the event of the death of a spouse or parent. Life insurance protection can help pay for mortgages, a college education, help to fund retirement, provide charitable bequests, and, of course, is a key element in estate planning. In short, if others depend on your income for support, you should strongly consider life insurance.

Even if you don't have any of these needs immediately, you still may want to consider purchasing a small "starter" policy, if you anticipate you will have them in the future. The reason: the younger you are the less expensive life insurance will be.

2.               Determine the amount of coverage you need.

The amount of money your family or heirs will receive after your death is called a death benefit. To determine the proper amount of life insurance needed. You can get a ballpark figure using any number of formulas. The easiest way is to simply take your annual salary and multiply by 20.

A more detailed method is to add up the monthly expense your family will incur after your death. Remember to include the one-time expenses at death and the ongoing expenses such as a mortgage or school bills times it by 12 months. Take the ongoing expenses and divide by .05. That indicates you'll want a lump sum of money earning approximately 5% each year to pay those ongoing expenses. Add to that amount any money you'll need to cover one-time expenses, and you'll have a rough estimate of the amount of life insurance you need.

As useful as calculators and rough estimates are, there are some things they don't do.

They cannot provide you with any final answers. Calculators only allow you to perform "hypotheticals," recalculating and generating new results as you make and input new assumptions. Using these tools and educating yourself on the workings of life insurance and other financial products, however, can help you feel more comfortable when discussing your needs with such professionals as a Spence Cassidy and Associates agent.

You can use any number of planning tools to get an idea of the amount of coverage you’ll need for your policy. Use a formula to figure out how much you need. An easy place to start is by multiplying your annual income by the number of years left before your retirement benefits kick in.

3.               Find the right type of policy.

Once you figure out how much coverage you'll need, you can think about the best kind of policy to meet your needs.

You have two main options: term life, for a more affordable premium, or permanent life, for more comprehensive coverage that can add cash value. But you have a lot of options to explore.

4.               Look at the quality of the provider.

An insurance policy is only as good as the company that backs it.

You want to make sure you to choose a company you can rely on to be around for as long as you'll need your coverage, and which invests your premium in a highly prudent manner in order to pay the claims of its policyholders.

5.                Consult a financial professional.

A financial professional can help you factor in financial considerations, your needs, and your family's needs.

Vasilios "Voss" Speros 602-531-5141
Spence Cassidy and Associates
#LifeInsurancePhoenix #RetirementStrategiesPhoenix
http://www.scaaz.com/
http://1lifeandretirementstrategies.blogspot.com/
https://www.linkedin.com/pub/vasilios-%22voss%22-speros/60/722/67b
vsperos@scaaz.com
85018

Speros Financial Life Insurance Gift of the Day!

Speros Financial
#1 For Life And Retirement Strategies Tip of the day!
https://www.google.com/+VasiliosVossSperos 602-531-5141

Why I purchased life insurance at 23.

Everyone’s situation is different.

Mine began recently with a bunch of firsts: my first job; my first apartment; my first life insurance policy. I am now a 23-year-old single individual, with no dependents, with some disposable income—and a life insurance policy owner.

How did this happen?

The conversation began at work. I asked Bill, a colleague, about his retirement future, and how he intends to plan for it. He rattled off the usual, in no certain order: a 401(k) plan, Roth IRA account, personally-held stocks and bonds, a money market account. And, life insurance.

I was surprised by that last one. Life insurance was a part of his financial portfolio? My understanding was that we received life insurance through our employer; so, basically, we were covered. And, I didn’t view life insurance as a part of any financial strategy.

Bill went on to say that life insurance has always been a part of his family’s financial blueprint, and was purchased primarily for the death benefit. The whole life insurance policy that his father purchased early in his own life actually helped pay for Bill's college education. And, now, Bill said that the whole life insurance policy he currently owns is now helping to pay off his student loan.

Bill’s Living Benefits.

I have always equated life insurance with death. Once a death claim is paid to a beneficiary, that person can use the proceeds as needed. Well, Bill quickly dispelled that notion for me. Here is what he said about some of the living benefits of whole life insurance:

“These are benefits available to you while you are still alive. Cash value accumulated in a permanent life insurance policy can help you pay for life’s anticipated, and perhaps unanticipated, events, such as buying your first home, education expenses, or a wedding. Once the need for death benefit protection has decreased, you can access the cash value in a the whole life policy via policy loans.” It’s true that accessing the cash value through policy loans and partial surrenders will reduce the cash value and death benefit, and loans require interest payments. Loans have to be structured properly with your Agent to avoid tax consequences.”

Bill took advantage of the living benefits of his whole life insurance policy to help pay off his student loan. He purchased his policy at 23, the same age I am currently. Now 34, he’s engaged to be married and plans to again borrow some of his policy’s cash value to offset costs of the wedding. He’s going to continue to fund his whole life policy so that when he retires, he can use some of the cash value to supplement his retirement income. Bill worked with his Agent to manage accessing the cash value carefully, because accessing the cash value carries a risk of contributing to the lapse of the policy.

As we got deeper into the conversation, the idea of buying a whole life insurance policy made more sense to me. Still, there were cost considerations. I, too, am paying off a student loan, and close to erasing my credit card debt. So, there was some lingering doubt.

The benefits of beginning early.

Bill understood and appreciated my point about cost—he had similar concerns before he bought his policy. What really sealed the deal for me, however, is when Bill recounted what his father said when he questioned becoming a policyholder in his twenties.

Bill said: “Basically, the younger you are, the lower the price will be to insure you. Also, you're in good health now, so your premiums will be lower than if you decided to get life insurance at my age, when your health status may change and put you at risk for being unable to obtain life insurance at an affordable cost or even at all. And, if you lock in your premium now, it will never increase—guaranteed.

“So, with a little belt-tightening now, by becoming a life insurance policyholder, you will have an important and secure financial-building block for your future.”

This has certainly been an eye-opening experience for me. What are the next steps? Start with a needs assessment by a professional life insurance Agent.

Vasilios "Voss" Speros 602-531-5141
Spence Cassidy and Associates
#LifeInsurancePhoenix #RetirementStrategiesPhoenix
http://www.scaaz.com/
http://1lifeandretirementstrategies.blogspot.com/
https://www.linkedin.com/pub/vasilios-%22voss%22-speros/60/722/67b
vsperos@scaaz.com
85018

Speros Financial Retirement Strategies Gift of the day!

Speros Financial
#1 For Life And Retirement Strategies Tip of the day!
https://www.google.com/+VasiliosVossSperos 602-531-5141

Many regaining optimism about retirement, but doubts persist

Despite gains, “Will I have enough?” remains a nagging question

When it comes to retirement, some folks are eagerly anticipating the long-awaited respite from decades of hard work, routine hours, and stress. Others are looking forward to exploring interests, pursuing hobbies, traveling extensively, and connecting with family and friends. But no matter how they spend it, much of the enthusiasm around retirement is tempered by a growing belief that additional assets will be needed to enjoy it fully.

Human resources consultant Aon Hewitt estimates retirees at age 65 will need 11 times their final salary if they want to maintain the same standard of living.¹ A Bankrate.com report published last August identifies a potential savings shortfall, with only 18% of working Americans saving more for retirement than in 2012, 17% saving less, and 54% about the same.

Majority of seniors and Boomers feel good about retirement.

On the upside, most seniors are surprisingly optimistic about the future, according to a recent survey of adults age 60 and older conducted by the National Council on Aging, UnitedHealthcare, and USA Today.² A reported 66% believe they can manage their monthly expenses, while many expressed excitement about living a longer life. Among the most anticipated events are watching their grandchildren grow and spending time with family and friends.

Baby boomers plan to retire sooner.

With several signs of economic improvement on the horizon, baby boomers are feeling increasingly positive about their retirement timeline. A 2013 Del Webb Boomer Survey³ conducted this summer revealed that a majority of employed baby boomers, aged 50-60, expect to retire earlier than planned just three years ago. Specifically, 57% intend to retire from their full-time professions at 65 vs a median age of 67 in 2010. This is in part due to their comfort with a rebounding real estate market and overall financial situation.

But it isn’t all roses.

Americans will rely on Social Security as their There are, however, substantial seeds of doubt. Over half of those surveyed are worried their life savings will not sufficiently support their retirement years, a legitimate concern, since 41% of older primary source of income during retirement. Additionally, 49% say their city or town was not doing enough to prepare for the incoming wave of baby boomers approaching retirement while 15% reported feeling isolated.

To work or not to work. That is the question.

Work is one way many plan to meet the expected retirement income shortfall. According to the survey, nearly 80% plan to work in some capacity during retirement, with 28% working on a part time or flexible basis. Some 51% plan to work full time in their current career or at a new job while 21% plan to give up working entirely.

It’s never too late to seek financial guidance.

Whatever your attitude toward retirement, there are a numerous products and strategies available for every life stage to help you achieve the comfortable retirement you’ve planned for. Voss Speros with Specne Cassidy and Associates can meet with you to review your situation to help you formulate a financial blueprint that’s right for you and your loved ones.

 1Huffington Post, “Study Reveals Most Americans Aren’t Saving Nearly Enough For Their Retirement,” Shelley Emling, 8/19/13 

2LifeHealthPro, Seniors optimistic about future. Michael K. Stanley, July 30, 2013 
3“Del Webb Survey Shows Boomers Looking To Retire Sooner,” PR Newswire, June 11, 2013

Vasilios "Voss" Speros 602-531-5141

Spence Cassidy and Associates
#LifeInsurancePhoenix #RetirementStrategiesPhoenix
http://www.scaaz.com/
http://1lifeandretirementstrategies.blogspot.com/
https://www.linkedin.com/pub/vasilios-%22voss%22-speros/60/722/67b
vsperos@scaaz.com
85018

Speros Financial Christmas giving!

Speros Financial Life Insurance Gift for the day!

Speros Financial-
#1 For Life And Retirement Strategies Gift of the day!
https://www.google.com/+VasiliosVossSperos 602-531-5141

A gift they never knew they wanted

That’s right. You can give life insurance as a gift to your children or grandchildren--for birthdays, graduations, weddings and all of life’s big moments. Or just because it’s always a good thing to do.

Just think about all the tech gadgets and kitchen gizmos you've given your children over the years (we’re including adult children, too). Sure, they had that immediate “wow” factor at first, but now all they do is collect dust.

The gift of life insurance, though not quite as exciting as a new video game system or spa gift card, is something that will one day leave your kids and grandkids wondering what they ever would have done without it.

Why life insurance?

·         Life insurance offers a lifetime of protection and financial security: Whether it's a gift for a child or young adult, the policy can provide a lifetime of financial protection, as long as the premiums are paid.

·         It’s a gift that can increase in value over time: with permanent life insurance, every year the premiums are paid, the cash value in the policy grows. Buy it for a young adult, and the cash value can grow to be accessed via policy loans* for a number of purposes, like funding their children's education, or, if there is no longer a need for the full death benefit, supplementing their own retirement income decades from now.

·         The cash value grows on a tax-deferred basis: The value that builds in your whole life policy is called cash value. This can accumulate considerably in the long term, especially since taxes on the cash value growth are deferred.

·         It protects the child’s future insurability: Once the policy is issued, coverage cannot be canceled as long as all required premiums are paid. And if you buy the policy with a Policy Purchase Option, no matter what the state of that child’s future health, he/she will be able to buy more life insurance and have at least some protection for his/her own family.

Remember, life insurance premiums are based on age. So if you buy a policy while the child is young, the less you will have to pay in premiums. Also, buying now locks in the rate on a permanent policy at the insured's current age for life.

How the policy works
If the insured is a minor, the policy is owned by the adult who purchases it until the child is no longer a minor. Ownership can be transferred at a later date. The beneficiary is generally a guardian or parent. With adults, the policy is generally owned by the insured, who selects the beneficiaries.

Premiums can be handled in one of two ways. You can either make a single lump sum payment to buy a single premium policy. The advantage is that no further premiums are required.

The second choice is to select the premium or death benefit desired. Then, make the scheduled premium payments. With both options, be sure to check with your tax professional for any tax consequences associated with gifting money.

Getting started
Talk with one of our agent to determine which policy best fits your needs


Vasilios "Voss" Speros 602-531-5141
Spence Cassidy and Associates
#LifeInsurancePhoenix #RetirementStrategiesPhoenix
http://www.scaaz.com/
http://1lifeandretirementstrategies.blogspot.com/
https://www.linkedin.com/pub/vasilios-%22voss%22-speros/60/722/67b
vsperos@scaaz.com
85018

#1 For Life And Retirement Strategies Tip of the day! Death Bed

Speros Financial
#1 For Life And Retirement Strategies Tip of the day!
https://www.google.com/+VasiliosVossSperos 602-531-5141
 
Its Impossible to get life insurance on your death bed. So make sure you have it in place before you get there, for your families sake!

Vasilios "Voss" Speros 602-531-5141
Spence Cassidy and Associates
#LifeInsurance #RetirementStrategies
http://www.scaaz.com/
http://1lifeandretirementstrategies.blogspot.com/
https://www.linkedin.com/pub/vasilios-%22voss%22-speros/60/722/67b
vsperos@scaaz.com
85018