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Cathy DeWitt Dunn of DeWitt & Dunn, LLC, is the driving force behind Women Money & Power. With decades of experience in the financial services industry, Cathy has dedicated her practice to educating clients on how to take maximum advantage of financial solutions that are not available in traditional brokerage houses. Cathy is proud to be on the forefront of innovative financial solutions for the individual investor.

Plus, let’s assume you could save $15,000 a year for each of those 5 years. The extra savings would help boost the plan balance to $1,360,000, or about 36% more than at age 65.

 By waiting five years to retire, you have the opportunity to increase your retirement assets and potential retirement income by a pretty good percentage

Most women will agree that living longer is a blessing

 Life expectancy rose rapidly in the twentieth century due to improvements in public health, nutrition and medicine. It’s likely that life expectancy of the most developed countries will slowly advance and then reach a peak in the range of the mid-80s in age.

Women almost always have higher life expectancies than men. Currently, the worldwide life expectancy for males is 62.7 years, and for females life expectancy is 66 years. Newly released publications from the Centers for Disease Control have updates on the health of Americans. The average life expectancy of American women has gone beyond 80 years and that for American men to 75 years.

 The results of two surveys by the Society of Actuaries show that pre-retirees and retirees misunderstand the likelihood of living to older ages and the need for planning to do so. Over 40% of pre-retirees and retirees underestimated population average life expectancy. Only about 25% of respondents had addressed longevity risk to the extent of having purchased an annuity that provides guaranteed income for life.

One powerful option to help you take control of your life and secure your future is purchasing an annuity. Women, Money and Power helps fill in knowledge gaps and builds dialogue between women about the importance of planning for the future. We are experts who can show you how to:

• eliminate market losses,
• enjoy tax deferred portfolio growth,
• protect your principal, and
• generate retirement income you can’t outlive.

Another benefit of purchasing an annuity is that you no longer have to pay federal income tax on an annuity’s proceeds if you use those proceeds to pay for long-term-care coverage. In regular long-term-care insurance policies, payments are forfeited to insurance companies even if services aren’t utilized. But with an annuity, unspent funds belong solely to the account holder and can eventually be withdrawn. These funds may also pass to beneficiaries in the event of death. In addition, if you’re too ill to qualify for a regular long-term-care insurance policy, you might have an easier time getting coverage through a long-term-care annuity because there are fewer hoops to jump through.

As a woman facing a longer life expectancy, you will also want to consider the economic impact this could have on your family. Most of us do not want our children to have to pay for our day-to-day living expenses, especially if long-term-care is needed. The loss of control would be devastating. Another consideration is that most us will want to leave a legacy to our heirs. A fixed index annuity can help pass your wealth on to the next generation.

To discuss whether a fixed index annuity may be an appropriate solution for you, contact us today, and let us do the work of navigating through the many companies and products that are out there to find the best options for you.

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Cathy DeWitt Dunn of DeWitt & Dunn, LLC, is the driving force behind Women Money & Power. With decades of experience in the financial services industry, Cathy has dedicated her practice to educating clients on how to take maximum advantage of financial solutions that are not available in traditional brokerage houses. Cathy is proud to be on the forefront of innovative financial solutions for the individual investor.

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Cathy DeWitt Dunn, President of DeWitt & Dunn, LLC, is the driving force behind Women Money & Power. With decades of experience in the financial services industry, Cathy specializes in helping individuals and families strengthen their retirement outlook with lifetime income solutions not available from traditional brokerage houses. She has helped countless investors start their personal journeys towards a stronger retirement with strategies designed to protect principal, generate retirement income that can’t be outlived, and eliminate market loss.

1. Learn the rules of the job market- sign up on a social media site.

2. Build your technical skills

3. Consolidate the work experience on your resume – the last 15 years is the most critical.

4. Prepare yourself for age-related questions – be positive, yet vague!

5.  Attitude is a key selling point!

Believe it or not – your age is a great positioning tool to be used to your advantage. Many employers see it as a resource, so do not shy away from the years of experience you have to offer an employer. Watch the video to gain more insight on how to market yourself, to the best of your ability, to land the next job of your dreams.

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Cathy DeWitt Dunn, President of DeWitt & Dunn, LLC, is the driving force behind Women Money & Power. With decades of experience in the financial services industry, Cathy specializes in helping individuals and families strengthen their retirement outlook with lifetime income solutions not available from traditional brokerage houses. She has helped countless investors start their personal journeys towards a stronger retirement with strategies designed to protect principal, generate retirement income that can’t be outlived, and eliminate market loss.

The reality is that fixed index annuities can offer many advantages. Unfortunately, there are lots of myths out there that cloud the message. We’ve put together the following to help clear up the misconceptions.

Once you get more comfortable with the reality of annuities, we’d love to show you how one can work in your retirement portfolio. Order your custom ‘Income for Life’ Illustration and take the guesswork out of retirement income planning.

MYTH: Annuities are very complicated to understand and own.

REALITY: The concept of a fixed index annuity is very simple. In return for a lump sum purchase of an annuity contract, an insurance company promises to pay you (at some specified point in time) an income stream…for as long as you live. Or, you can use a fixed index annuity just as a wealth accumulation vehicle where your money can grow tax-deferred. While you own your contract, you enjoy 100% principal protection plus the opportunity to participate in stock market gains. But, as they say, the devil is in the details. The annuity contract itself can be very complex. There’s a wealth of information available that can help you better understand your annuity purchase. To get you started, here’s a link to our sister site www.annuitywatchusa.com with questions to ask when reviewing an annuity opportunity. And, we’re only a phone call away to discuss any questions you may have.

MYTH: When you die, the insurance company keeps all of your money.

REALITY: Most of today’s annuities, including fixed index annuities, provide death benefits. For annuities that offer an immediate income stream, if you pass on before the full contract value is paid out, your beneficiary will receive any remaining principal in your account. On deferred annuities, the death benefit includes any money left in the contract, plus any interest that has accrued prior to death. You have the option of purchasing contract riders that increase the death benefit of your annuity.

MYTH: Fixed index annuities don’t provide any advantages over other financial products.

REALITY: It’s true that you can accomplish a wide variety of retirement planning objectives using other financial products. However, fixed index annuities provide a distinct combination of advantages including principal protection, tax-deferred compounding, and death benefits. Some features of annuities — such as providing predictable guaranteed lifetime income — are non-existent in other investment products.

MYTH: Annuities are for much older people or exceptionally conservative investors.

REALITY: Fixed index annuities may be appropriate for individuals facing a wide variety of  retirement planning scenarios. The lifetime income component is especially important to individuals in or near retirement. But, they can also answer some concerns of younger investors. Fixed index annuities have proven to be an excellent alternative to the stock market by providing exposure to market-based gains while eliminating losses.

MYTH: Annuities have a lot of hidden fees and charges.

REALITY: In most standard fixed index annuities, no direct fees are involved. The only fees that might be incurred are those that cover optional value-added riders, such guaranteeing a specific amount of income or providing an enhanced death benefit. A surrender charge may apply for cashing out an annuity early.

MYTH: Surrender charges only benefit insurance companies.

REALITY: Including penalties for closing your annuity early allow annuity providers to take a longer-term approach to making your money work for you. A surrender charge discourages you from withdrawing before a specified term. It’s important to understand what restrictions your contract stipulates for surrendering early. In some cases, contracts will allow you to withdraw up to 10% of your balance after the initial year of purchase without penalty. In addition, you may be able to take a loan against your annuity without suffering any surrender penalties.

MYTH: The returns on a fixed index annuity are low.

Reality: With a fixed index annuity, the returns are directly tied into an external index’ performance, such as the S&P500. If the market does well, your annuity has the opportunity to do well. If the market is down, your principal is protected against any loss. The amount of interest credited to your annuity account is determined by the crediting method or methods you chose when you first purchase your annuity. You may change crediting methods each year on the anniversary of your contract. You may learn more about the most common types of crediting methods by clicking here.

MYTH: Crediting methods are designed solely to increase insurers’ profits.

Reality: Insurance companies don’t experience a windfall effect if the market or interest rate outperforms expectations. They purchase hedges to fund the index credits (interest) paid to you in the event of stock market gains. The cost of those hedges determines the limits that are set for each annuity. The costs incurred by the insurance company are also behind the reason why you do not receive all of the market’s upside. In exchange for promising to protect your principal and provide you a guaranteed stream of income for as long as you live, the insurance company keeps a portion of any stock market gain.

MYTH: Fixed index annuities can’t keep up with inflation.

REALITY: Whether you’re retiring tomorrow or ten years from now, inflation can erode the purchasing power of a dollar…regardless of where that dollar is invested. Inflation fears may force people into risky investments that can gain value even faster than the inflation rate. Or, people may look to putting their money into low-risk, low-reward investments that at least hold their own. Fixed index annuities are low-risk retirement income solutions that pay a fixed rate of interest over a specified period of time. However, they also provide an added bonus of allowing investors to benefit from stock market gains while shielding them from market losses.

If you’re still concerned with inflation, you may consider an inflation-indexed annuity. An inflation-indexed annuity is a single premium annuity that removes inflation risk from your retirement planning and provides you with income for life. You can receive the income on a monthly payment, and its great benefit is that it adjusts the monthly payment upward based on the annual inflation rate. Most fixed index annuities are tied into an inflation indicator, such as the Consumer Price Index. An inflation-indexed annuity will increase your monthly payment each year based on a CPI increase during the prior year…but not decrease the payment if the CPI declines. A decrease in CPI will be used to offset any future annual increases.

MYTH: I don’t need an annuity because I have a 401(k) or IRA.

Reality: 401(k)s and IRAs are wonderful retirement savings tools. However, they don’t provide the opportunity to protect your principal while still achieving market linked returns with the ability to convert your savings into a guaranteed lifetime income stream. In addition, 401(k)s and IRAs have annual contribution limits. While some annuities may set internal limits for how much you can invest, the IRS does not limit the amount you can contribute to an annuity. This allows you to enjoy more tax-deferred savings power to help build your retirement nest egg.

MYTH: An annuity is “risk free” and guaranteed safe.

Reality: An annuity is backed by the full faith and credit of the insurance company that issues it. Most insurance companies also purchase “reinsurance” to provide further safety. In addition, each state offers additional protection up to a specified limit. When choosing an annuity, it’s important to go with top rated carriers and deal with experienced annuity professionals.

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Cathy DeWitt Dunn, President of DeWitt & Dunn, LLC, is the driving force behind Women Money & Power. With decades of experience in the financial services industry, Cathy specializes in helping individuals and families strengthen their retirement outlook with lifetime income solutions not available at traditional brokerage houses. She has helped countless investors start their personal journeys towards a stronger retirement with strategies designed to protect principal, generate retirement income that can’t be outlived, and eliminate market loss.

Divorce can have dire consequences for women and their retirement. During years of marriage, many women have focused on the day-to-day career of raising a family…instead of focusing on building any personal wealth.

If you’ve spent your life taking care of family while your spouse earned the income, here’s something you need to know – QDRO. A QDRO is a “Qualified Domestic Relations Order ” that provides a legal mechanism for receiving a portion of the retirement benefits earned by your spouse during the years of your marriage. It requires the employer to pay the non-employed spouse retirement benefits as a result of the divorce. Learn more here.

For many women, retirement savings may be the main source of income generation after a divorce is finalized. For some, retirement savings are the ONLY source of funds that can generate an income during retirement. Obtaining a QDRO can make the difference between a more secure retirement and a desperate situation in the golden years.

If you find yourself a divorce’s door, ask your attorney about the option of enacting a QDRO into your settlement.

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Cathy DeWitt Dunn, President of DeWitt & Dunn, LLC, is the driving force behind Women Money & Power. With decades of experience in the financial services industry, Cathy specializes in helping individuals and families strengthen their retirement outlook with lifetime income solutions not available at traditional brokerage houses. She has helped countless investors start their personal journeys towards a stronger retirement with strategies designed to protect principal, generate retirement income that can’t be outlived, and eliminate market loss.

A myth is a widely held but false belief. And, unfortunately, there are some myths out there that are a lot more dangerous than a random Big Foot sighting…such as myths surrounding how you’ll live during your retirement years.

While some advisors may tell you that you’ll probably be spending less money in retirement than what you’re spending now, we don’t believe it. We think this is a myth…and we want to make sure you’ve got an income plan in place that allows you to continue to live the lifestyle you want to live.

Take a look at the following. When you look towards your retirement years, will these be myths or reality?

1. You will spend less

2. You will travel less

3. You will be less active

The truth is you might not do ANY of the above. What we are seeing is that our baby boomer clients, more often than not, dream of doing the direct opposite.

If you’re like today’s retirees and future retirees, you have a healthy outlook on life and want to cherish your golden years.

When assessing your retirement planning strategies, consider these questions:

1. Do you see yourself spending less? On the subject of family, have you looked at your family tree lately? If it’s like most in America – it looks more like a bush. There are birthday presents, Bar Mitzvahs, Christmas presents, private tuition to help with… you name it. In addition, medical expenses will rise as you age. Be sure you factor in all spending variables when planning.

2. Do you want to travel less? When the grandkids are born, are you going to be content with Facebook photos and phone calls? Or, do you want to be with in arms reach of that newborn? We know where we’d want to be…and we’re betting that you’re no different. Make sure you have an income strategy in place that lets you move/drive/fly as you desire.

3. Are you planning on being less active? Yeah right!! You didn’t work all those years to sit on the couch to watch the Food Channel all day long. There’s church activities, bridge club, tee times, Zumba at the fitness club, yoga at the Y, theatre with friends…and your list goes on and on.

Don’t be fooled into thinking you will be sedentary during your retirement years…and don’t find yourself in a position of having to settle for a less active lifestyle. Knowing exactly how much guaranteed lifetime income you’ll enjoy in retirement is an important step for proper retirement planning. As annuity experts, we can help you put a retirement income strategy in place that helps you live the way you see yourself living in retirement. Give us a call, drop in for a visit…or, request your free Income for Life Illustration today!

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Cathy DeWitt Dunn, President of DeWitt & Dunn, LLC, is the driving force behind Women Money & Power. With decades of experience in the financial services industry, Cathy specializes in helping individuals and families strengthen their retirement outlook with lifetime income solutions not available at traditional brokerage houses. She has helped countless investors start their personal journeys towards a stronger retirement with strategies designed to protect principal, generate retirement income that can’t be outlived, and eliminate market loss.