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Hannah Hawley - Financial Planning

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Hannah Hawley - Financial Planning

Helping secure a financial future one family at a time

03/06/2024

If you look through my previous posts at all, you'll notice I focus a lot on retirement strategies and protecting your loved ones with life insurance. Both are great things to have, regardless of what stage of life you might be at. I bet you're thinking to yourself "I already have a retirement plan!" or "I have life insurance through my job, I'm set!" If you are having these thoughts, congratulations on prioritizing your financial future!

Something to keep in mind is that even though you may already have these provided through your work, what happens if you leave or get laid off? These benefits do not stay with you in those situations, so its always a good idea to have something to help supplement what you already have in place.

A service I am able to offer is to take a look at what life insurance or retirement plans you have in place, and then see if there's anything I can do to help supplement or improve your financial plans so you can reach your goals! Feel free to DM me for more information, or talk to a financial professional!

03/04/2024

Did you know that over 3.1 Trillion dollars have been left behind at old jobs?

Do you have a 401(K), 403(B) or 457(B) sitting with a previous employer? Answer by reacting:
❤️ - YES! Can you help?
👍 - No
🥰 - How can I find out?

Here's a friendly reminder that if you have a 401(K), 403(B), 457(B) or any other deferred compensation plan with a PREVIOUS employer laying around, you can move these funds into your own personal account. This is a process called a rollover, or a 1035 exchange. You could also be paying for hidden management fees by leaving your retirement plan with an old employer. If you roll money into a personal account, you can reduce or eliminate management fees completely, which means more money in your pocket instead of down the drain in fees.

If you're interested in more information, DM me with any questions you have or talk to a financial professional!

02/28/2024

77% of Americans do not have a formal retirement plan.
55% of Americans are worried they will outlive their retirement savings.

Do you know how much YOU need for retirement? Answer with the following reactions:

❤️ - Yes!
😢 - No, I need to figure it out!
👍 - How can I find out what I need?

If you want to see if you will have enough saved for your retirement, talk to your financial professional or DM me with any questions you have!

11/20/2023

Did you know that November is Long Term Care Awareness Month? Long term care can look like a variety of things, including nursing homes, adult day cares, or having a professional caretaker come to your home to help you!

So what constitutes as long term care? The simple answer is that if someone is unable to do at least 2 of the 6 things in the following list:

1. Bathing
2. Dressing
3. Using the toilet
4. Transferring (to or from a bed or chair)
5. Incontinence
6. Eating

Then they require additional help with day to day living and activities.

However, this can become expensive, and Medicare does NOT cover most of these sorts of expenses. With over 70% of people needing it in their lifetimes, how can you prepare for things like this? DM me or talk to your financial professional today and make sure you're prepared and protected!

10/13/2023

I know that a large percentage of my peers are either engaged or recently married, which is super exciting! For those of you who have been married for less than five years, have you thought about updating or creating a life insurance policy that protects both you and your spouse?
If you need help setting up and applying for life insurance, or want to have any questions answered, talk to your financial professional or DM me for a FREE consultation!

Credit:
https://www.instagram.com/p/CxqgLjYAW0-/?utm_source=ig_web_button_share_sheet&igshid=MzRlODBiNWFlZA==

10/11/2023

What is a 1035 exchange?

1035 exchanges can happen when a person who owns an insurance policy chooses to transition to a life insurance policy.

To quote Elite Strategic Solutions on Instagram, "The Internal Service Revenue, or IRS allows you to exchange an insurance policy that you own for a new life insurance policy, Insuring the same person without paying taxes on the investment gains earned on the original contract. This can be a substantial benefit."

There's several reasons for an exchange to happen. Some of the reasons include:

✅Transitioning from term to permanent insurance

✅A current policy expiring

✅Obtaining a lower premium and/or a better rate of return

✅ Protecting the cash value from market volatility

✅If a policy isn't taking care of all of your needs

How do you know if a 1035 exchange is a good fit for you? Talk to your financial professional or DM me to schedule a free consultation!

10/09/2023

Time is one thing that we can never get back, so make sure you’re not wasting it! Time is money, and if you’re wasting time, you’re wasting money! Even if you start saving small, your future self will not regret starting with something instead of nothing.

P.S. Note that the above savings amounts are based off of 8% growth, compounded annually. Talk to your financial professional about how to earn upwards of 8% on your savings funds, instead of keeping it in a savings account with your bank, that is currently averaging 0.01% as of August 2020 (according to bankrate.com).

10/06/2023

Most people can relate when I say there’s been so many instances when life was going great, and then all of a sudden, BOOM - life happens and an unexpected expense pops up! Whether it’s your car needing new breaks, your kid needing braces, your fridge decides to stop working, or an unfortunate medical emergency occurs. It can feel like the end of the world if you don’t have funds set aside for unexpected expenses. Start saving 10-15% of every paycheck into a separate account until you have at least 3-6 months’ of income saved for emergencies! You future self won’t regret it!

10/04/2023

I can’t stress enough how important it is to know and understand how interest rates affect your financial future! In August 2020, the average interest rate on a savings account was 0.01% (according to bankrate.com)! Yes you read that right -- 0.01%! That means the graph above is actually being generous showing 1% growth in a savings account. ⁣
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According the the DALBAR Study, equity funds have averaged 3.98% growth over the last 30 years, which is how many 401(k)’s, IRA’s, and brokerage accounts are invested.⁣
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While many people are familiar with 401(k)’s and IRA’s since they are usually offered through a place of employment, it is up to the consumer to explore all of their alternative options, including indexed accounts which have averaged between 8-9% over the last 30 years! Feel free to DM me for more information and education!⁣
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10/02/2023

They say only two things in life are guaranteed: death and taxes. While that might be true, it is up to YOU how much you end up paying in taxes. Make sure you maximize your tax-FREE strategies, before exploring tax-now and tax-later options. Talk to your tax and/or financial professional if you need help understanding the best options for you and your money!

09/29/2023

SOOO important to understand how tax-deferred compensation plans work! Your 401K and IRA are examples of Tax-Deferred Compensation Plans. This means that you DON’T get taxed when you contribute to your retirement fund, but when you take the taxes out in retirement, you DO get taxed. Simply put, you end up paying a larger amount of taxes since it’s off a larger amount of money. While a 401K or Traditional IRA may make sense for some individuals, consider this: wouldn’t you rather pay a smaller amount of taxes on the front end, that way you don’t get taxed on the hard-earned growth on the back end? 🧐

My DM’s are always open for questions! ✏️ Share our posts to help empower individuals to make better financial decisions through financial education & literacy!

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