At age 72 or older, IRA owners are required to take minimum distributions from their IRA even if they don’t need the money to meet current living expenses, creating an unwelcome and potentially significant tax liability.
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Fifty-one million workers in America are without disability insurance outside of the basic benefits available through Social Security, while a full 60% of U.S. households do not have enough liquid assets to cover three months of living expenses. It’s frightening how unprepared American workers are against the risk of disability.
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With strong sales to begin the year, LIMRA is projecting that annuity sales in 2022 could break the record-setting sales achieved in 2008.
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The retirement savings gap between lower income and higher income earners is well known. Providing retirement and investment education to employees has shown to raise contribution levels among lower paid workers, but it’s not enough.
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Disciplined savings and smart investing are the cornerstones of long-term wealth accumulation, but it could be all for naught in the event of a substantial financial setback due to a loss of property, death of a spouse or a personal liability judgment. It’s why insuring against these risks is so critically important for achieving long-term life goals. Use this risk management checklist to help individuals assess any gaps in protection against life’s risks.
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