There has been a worldwide increase in divorce rates since the pandemic began. Increased time together, social distancing from community, and global economic and health stress have put added pressure on relationships that may have already been struggling.
This is not a topic we enjoy covering, but it’s reality and we want to help.
If you or someone you know is going through a divorce, it’s important to understand that the financial assets of a couple, including their retirement assets, are often split. Unfortunately, if mistakes are made during this process, it can lead to one or both spouses paying unnecessary taxes and penalties, making their divorce even more stressful. From properly splitting retirement accounts to naming new beneficiaries, there are crucial steps that must be taken to ensure retirement assets are managed in the best way possible during a divorce.
Tune in and take control. The long-term effects of the pandemic are beginning to really set in for a lot of us.
It’s been more than 30 years since Dennis became a financial advisor. Prout Financial Design started with just a few class offerings, one staff member and very modest office space. It’s been an incredibly rewarding career … one that he doesn’t plan on leaving anytime soon. While most of his planning focus is spent on positive, profitable outcomes for his clients, Dennis must also have candid, matter-of-fact conversations with them and their families about facing diminishing capacity. It never seems to happen all at once, but over time the family starts to notice the signs of declining cognition – repeated conversations, missed or forgotten details, and various other memory impairments.
Today’s show is for anyone who is facing the same awakening and needs to know the proper steps to move forward. We all want the best for our loved ones, which includes assembling the proper team – and family – of support.
In 2021, an average of 65 million Americans received a monthly Social Security payment totaling more than $1 trillion in benefits. Nearly nine out of 10 people aged 65 and older received a Social Security benefit as of December 31, 2020. And Social Security accounts for nearly 30% of the income for elderly citizens. (source: ssa.gov)
Can you say, “Wow!”?
We have Bob Simpson from the Social Security office with us LIVE today for the entire hour. This is always a treat! We will answer as many of your calls as possible while updating you with the most current information. If you want to learn more before the show, click here.
First comes love … then comes the beneficiary updates! Naming the beneficiaries of your retirement assets may seem like an obvious task to complete as you plan, but it is often also one of the most overlooked. Failing to properly update your beneficiary forms can compromise the legacy you worked so hard to build.
To help ensure your assets are handled properly after your death, click here to download a “Beneficiary Form Checklist.” You can follow along on the show today, or simply call our office at 231-947-3992 for guidance from our advisors.