February 28, 2020
personal insurance

Downsizing? Don’t Forget About Changing Your Insurance Coverage Too

Each cycle of life brings its own considerations when it comes to protecting your assets. If you are considering downsizing, you will want to talk to your insurance broker about what that change will mean to your insurance coverage. Whether you are buying a smaller home or renting, or selling valuables or gifting them to family, this new phase also brings new situations to consider. Renting vs Buying a Smaller Home If you are like our typical clients, you are selling a large family home to move into smaller, more manageable space. If you choose to buy one of the new homes popping up in this area, you are most likely spending 85% of the value of the home you sold. So, there is little savings when it comes to homeowner’s insurance. Renting is also an option for many downsizers, and in this situation, significant savings can be found. Renter’s insurance covers the contents of the home only – wall-to-wall, ceiling to floor. Most landlords require renter’s and liability insurance, which will still be less than insuring a large home. Fun Yet Expensive Toys The toys you once enjoyed with your kids and friends – wave runners, boats, motorcycles – are now sitting idle in the garage or storage. It may not make sense to keep these items around since they increase your overall liability and therefore your costs. And, if those toys are older, you may end up paying premiums higher than their value. You may want to consider selling rarely used items. You can always rent them for that annual family event. Jewelry Schedule Most likely you have a jewelry schedule attached to your homeowner’s insurance that has not been looked at for a long time. Perhaps you have given pieces away and no longer need to insure them. Or, as prices of gems and precious metals have changed, it may be that your special pieces are over- or under-insured. This time of change offers a good opportunity to reevaluate, ensuring you are appropriately covering what you still own. Antiques, Collections and Other Valuables Downsizing tends to lead to getting rid of things, some of which may be of value. If you are selling or gifting things like antiques, art pieces, silverware, or place settings, you no longer have to insure them! And, just like jewelry, you may be holding on to an article whose value has changed, leaving you over- or under-insured. Life Insurance Coverage The kids are no longer depending upon you, college is paid for, and the balance of your large mortgage has been significantly reduced. Do you still need a $1.5 million term-life policy? It may make sense to reduce that insurance coverage and therefore your premium. That way, you are still leaving wealth behind for your beneficiaries, but saving a bit more for enjoying your life right now. The downsizing phase of life is a significant moment of change, making it a good time to reevaluate if your insurance dollars are providing accurate […]
January 7, 2015
Saving for retirement

Four Changes to Retirement Savings in 2015

Do you make a New Year’s resolution to better manage your money in 2015? If so, we hope retirement savings will be a part of your plan. Retirement products continue to evolve, and it is important to understand how these changes will help you achieve your goals. The following are some of the changes to retirement savings in 2015: 1) myRA – There is a new Roth IRA account that is not connected to an employer. The program is available to individuals making under $129,000, and is fully insured by the federal government. Employees make make after-tax contributions through payroll deduction. 2) Increased Contribution Limits – In 2015 you may contribute $500 more to your IRA than in 2014. If you are over 50, your catch-up contribution can be upped by $500 as well. 3) More from (and to) Social Security – If you are currently collecting social security, your benefits will go up by 1.7%. However, if you are contributing to social security, the percentage of your taxed income has gone up by $1,500, or about 1.3%. 4) Increased Credit for Saving to Your IRA – Individuals with a gross income of under $30,500 per year can apply for a saver’s credit of up to $1,000 in taxes for saving to their IRA or 401K. This credit is up from $500 in 2014, and can serve as a great incentive to save toward your retirement this year. Questions on how to plan for your retirement? Send us an email, or give us a call at 317.663.4138
November 4, 2014

Women Are Gaining Ground in Retirement Savings

In a recent article on, Vanessa De La Rosa outlined the findings of a recent study on the gender gap in retirement savings. Women have historically trailed behind men in their retirement savings levels, but according to the 5th Annual Transamerica Retirement Survey, the disparity is narrowing. Click here to read the full article. offered the following revealing infograph. How do you feel about the state of your retirement savings?
September 17, 2014
Retirement Planning

10 Cities to Leave Off Your “I Could Retire There” List

Most of us at some point in our lives begin to daydream about that perfect retirement spot. For some it is located near grandchildren, for others the first priority is warm weather. Regardless of the details of your vision, choosing a place where you can afford to retire is imperative. WalletHub recently released a report based on its study of 150 American cities, ranking each area on retirement desirability based on criteria over five categories: affordability, activities, quality of life, health care and jobs. Click here to read more about the particulars of the study. The following turned out to be the 10 worst cities for retirees: 10 Cities to Leave Off Your “I Could Retire There” List 10. Jersey City, New Jersey 9. Baltimore, Maryland 8. Fresno, California 7. Worcester, Massachusetts 6. Stockton, California 5. Chicago 4. New York 3. Philadelphia 2. Newark, New Jersey 1. Providence, Rhode Island We certainly hope we have not just crushed your retirement dreams! What is it that you are looking for in a retirement destination?
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