ARTICLE: Bombshell dropped in the Middle of Lunch
BOMBSHELL DROPPED IN THE MIDDLE OF LUNCH
COVID has changed the financial outlook for many hard working Americans and for every young person that is paying taxes, things are looking grim. Today, CNBC reported that “Social Security trust funds now projected to run out of money sooner than expected due to Covid,” Treasury says.
It’s a great bombshell to drop in the middle of your lunch break!
What does that mean for you?
Social Security has been in the bubble for a long time and the time frame has shrunk leaving no time to waste! 2033 is the key number that the Treasury Department shared today.
At Engage Insurance Group, we believe that it’s imperative to have an understanding of your finances. Sitting down with an expert sooner rather than later to help build or modify a plan tailored to your needs is beneficial because there might be a chance that when retirement arrives, you won’t have much of a benefit to collect at an older age or you will probably have to work for a longer period of time to build your savings.
If your employer does not have a retirement plan, here are some tips of how to get started:
Save 15-20% of every check
Have a budget
Have Life Insurance
Make additional payments to your permanent life insurance plan
Contribute to your Roth IRA or Traditional IRA
Contribute to your 401(k) if your employer provides a plan
If you own a business:
Do you currently have a retirement plan for the company?
If not, based on the number of staff that you have there are several options:
SEP
Simple
401(k)
Solo 401(k)
Invest in a Tax-Advantage plan
If you do not have an expert (Risk Manager, Financial Advisor, Estate Planner), talking to one of our Professionals today can help you plan confidently for whatever challenges you may face in the future.
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