Carolina Wealth Associates

Carolina Wealth Associates Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from Carolina Wealth Associates, Insurance Agent, 215 Iris Drive, Pamplico, SC.

10/03/2020

Ok, so I have been wanting to make this post today. I have been thinking about friends and family that have lost loved ones. I have been thinking about the ones that were financially devastated by the loss. Those who had to deal with losing a loved one only to have to face the financial hardships stacked on top of the mourning. Then I would think of those that did take the time to set up a financial plan that included insurance.

So here's what I would like those that are seeing this post to do, click the link below, please don't wait. The number one reason I hear for not buying insurance is "I don't have time." Well now you do, I want all reading this to click the link below answer a few questions, and get your quote instantly. If you like it click to buy your policy right away and get the coverage your loved ones deserve.

09/29/2020

In a new line of posts, I wanted to dive into why people don’t purchase life insurance. In the coming days, we are going to look at a few reasons people put off life insurance. Then we will see if we can help you get a better understanding of what life insurance is and why you might need it.

09/29/2020

Ok Now for 401K disadvantage number 2. The fees, the never-ending fees! Employer-sponsored retirement plans are heavily regulated. That’s a good thing. Your company can’t put vesting requirements on your withheld wages, for example. But it also means that the administration of your plan comes with high fees. They’re often baked into mutual fund expenses, but you may also see them as separate charges and itemized costs for administrative services.
Ideally, your employer did due diligence when choosing a plan administrator. That said, smaller companies may pay higher fees, since the economies of scale aren’t in their favor. If you think your plan is too expensive, again, you may want to contribute to it only up to your company match and then put the rest of your retirement savings in a different vehicle.
According to the Morningstar Investment Management group, the fees you pay can range between .37% to 1.42% depending on the size of the company you work for. This would mean that if your account has $500,000 in it your quarterly advisory fees could range from $1850 to $7100. In some cases, this could mean that the fees are wiping out the tax benefit.

09/24/2020

Ok so in this post we are going to look at 401k disadvantage number 1, higher taxes.

One of the main draws to 401k's are the advantage of tax free growth and the tax savings you receive on you income while working. This is wonderful until it's time to withdrawal the money.

- Many people find that when they get to retirement their tax situation has changed. We don't have the deductions that we might have had during our working years. We also could be in a higher tax bracket.

- Another disadvantage to the taxes being deferred is the uncertainty of future tax climate. While most of us would say taxes are HIGH now the could be worse in the future. With our governments endless printing of money and our debt rising, sooner or later that bill will come due The only way government can raise money is to tax us.

-When you pass away all of the money that you have stashed away is taxable. Your legacy to your heirs inheritance could be much small than you expect. The tax on your estate will range from 18% to 40%, but you can take steps to drastically lower this and leave the legacy you want to leave.

I hope this gives you something to ponder after reading this. Are you set up to retire with the smallest tax burden, or will Uncle Sam be deep in your back pocket in retirement?

We can help message us for more information!

Tomorrow we will talk about disadvantage number 2
"You could end up paying more in Fees"

09/23/2020

I wanted to take a little time to review some of the disadvantages to a 401k. Please understand I am by no means advocating that 401ks are wrong or evil. I do want people to know that other products exist that when paired with your 401k can make for a pretty sweet retirement.

1)You May End Up Paying More in Taxes
2)You May Be Paying More in Fees
3)You Can’t Easily Touch the Money Before You Retire

Over the next few days we will be going over these disadvantages in further detail. Stay tuned to our page!

09/22/2020

After a little hiatus we are back to helping families protect their retirements and their loved ones financial futures. Like and follow us for information and education you can use to help protect your retirement and legacy!

01/07/2015

Learn about Term Insurance with Living Benefits. That's right life insurance that let you use it while you are still living.

11/25/2013

Ask about 7702 plans! They can help you maximize your retirement income savings.

11/22/2013

Ok so the AEP is going to end in about two weeks, all of my friends who either have Medicare or have a loved one with Medicare make sure you have all of your changes locked in before Dec. 7th. If you need any help of advice please let me know.

05/17/2013

Ok I’m sorry I missed you guys yesterday but here is retirement pitfall number 3.
Health Care Cost
You might be saying wait isn’t this cover in pitfall number 2 (inflation) If could be if not for the fact that healthcare costs are rising at a rate of 8%-9% per year as opposed to the 2.5%-3% inflation rate. What is scary is most experts say that cost can’t keep going up but they still are. Health care is something that many pre-retires don’t think about because they are used to having employer sponsored plans that vanish in retirement, they are expecting Medicare to pick up the cost but it only covers about 80%. So what do you do? Either cover the 20% with your own funds or enroll in a Medicare Supplement plan or Advantage plan.
By the Numbers
If you select a Medicare Supplement plan you can project to spend $900-$1800 per year, per spouse to cover the 20% difference. Please keep in mind that these cost are getting higher yearly and will also rise with age. If you choose an Advantage plan you may have no monthly premium but you can plan to have and out of pocket max of $3000-$6000 per year, per spouse.
So you can see Health Care cost can take a major bit out of your retirement budget, but proper planning now can save you from having to make the decision in your 80’s of do I buy food or Medicine. Call or email ([email protected]) today to get a free retirement analysis plan run for you.

Address

215 Iris Drive
Pamplico, SC
29583

Telephone

+18439928638

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