Last month my friend Dr. Nelson Bulmash asked me to appear on his radio show to talk about what I do. His show "Health Matters" focuses on all things from a health, inspiration, and spirituality point of view and from what I understand has been attracting a fast-growing loyal base of followers.
Little did I know that I would not only be on the radio, but also on the live video broadcast! Also I didn't realize that I would be the only guest and that we would talk for the entire hour about retirement planning.
So here's the result. I hope you enjoy it!
"So What Do I Do With My AT&T Pension Buyout Offer?"
It seems like every year several of my clients let me know that they just "got offered money to go away" by AT&T.
In other words, the bean counters are hard at work trimming corporate liabilities off the books and an easy way to do that is to lower pension obligations.
So what companies like AT&T will occasionally do is pick several hundred or several thousand pensioners and offer them a lump sum of cash in exchange for not having a guaranteed paycheck for life.
Many times taking the buyout offer is the right move because, as many of my clients tell me, they don't want to take their first pension payment, die in a car wreck next week and have nothing go to their family. We're talking about tens or even hundreds of thousands of dollars typically that would just go back to the pension fund to pay everyone else.
Recently I've had a number of you let me know about AT&T's most recent round of pension buyouts. The money is on the table, and the clock is ticking...
Once you've decided to take the offer, then what? It's not wise to put it in the bank, as these are qualified rollovers and fully taxable if you do that. So we look at each situation to see what's best for you.
In The News Today
From a recent report on ABC News... Atlanta is being hit particularly hard with phone scams, most aimed directly at seniors. The most prevalent scams to take note of are:
1 - You have been selected to receive $9000 in Federal Grant Money....
2- Alert, your Social Security Number has been identified with possible fraud activity...
3-Call our officer immediately to prevent your arrest...
4- We have driven by your property and wish to make a cash offer...
Check out AARP for information on the latest scams, how to report them and how to stop those annoying calls!
Isn't This "Tarriff-ic"
It's been a bumpy May so far with all the talk of trade wars and tariffs playing havoc with the market.
How concerned should we be? Here's the most recent market update from Derek Prusa, of FormulaFolios.
What a turbulent ride we have going on in the market these days! After the recent holiday scare in the stock market, we've seen a continuous surge to start off the new year.
Will it continue? Is it time to reevaluate your portfolio allocation? Should some of your investment winnings come off the table, or do we let it ride?
These are the kinds of things people are wondering about as we review their retirement plans.
Here's an article that breaks down what's been happening in the markets.
Are You Covered?
Did you know that more than 68% of people over the age of 65 will need Long Term Care and that LTC costs are expected to double every 15 years?
For our clients who have questions about Long Term Care Insurance we are excited to have Belen Hickman available. Belen brings many years of experience working with A-rated carriers with long-term care planning. She can meet with you in-person or via webinar, whichever you prefer.
Another thing Belen offers is Medicare Supplement Insurance planning. She helps many of my clients shop for appropriate Medicare Supplement plans. She can even access competitive individual health insurance plans for you early retirees who need it to bridge the gap between employment and turning 65.
Please email me if you would like a pdf of our Long Term Care information sheet that explains options, risks and how you can save on LTC insurance.
"I just want to thank everyone again for the continued referrals of your friends and family members. There is no greater honor than being recommended as someone who can make a difference in their lives!"
Welcome To 2019!
New Year, New Tax Season
For years many of you have asked me if I knew a good CPA to help with your taxes. I'm pleased that Bill Cleary has made himself available to our clients for tax planning and preparation services. Concurrent to his private CPA practice, he mentors and educates the next generation at Kennesaw State University as Adjunct Professor of Accounting. For years, Bill actually has taught tax preparation classes to train tax preparers.
As a Navy veteran, Bill had a long and distinguished career at Price Waterhouse and Equifax, among other organizations, prior to moving to the world of academia.
One resolution I have for this new year is to ensure that all of my clients have access to Bill's personal tax preparation services.
A MESSAGE FROM FRANK
I was pleasantly surprised to see that my Forbes.com article about retirement planning has already received more that 10,000 views since it launched right after Christmas! The general tenor of the feedback has been that the reader experiences a little of what it's like to meet with me to talk about their retirement plan. If you haven't seen it yet, here is the link:
STOCK MARKET UPDATE
Merry Roller Coaster!
* We had one of the most volatile Decembers in history. In case you missed it, the stock market plunged on Christmas Eve, only to rebound in record-setting fashion on Boxing Day (fyi...that's December 26th).
* With all the talk of trade wars, Fed interest rate hikes, and political showdowns, it's a wonder we haven't seen even more swings.
* Even so, the U.S. Economy continues to hum with strong growth indicators across the board.
For The New Year:
This holiday season when you have your family gathered around you, take a moment to reflect on how you have planned for their future. It's been said that the greatest gift you can give your family is the gift of estate planning. Ensuring that your legal documents are in place and up-to-date with your current wishes, that your finances are arranged, and that everything you've worked hard for benefits the ones you love.
One resolution I have for the new year is to ensure that all of my clients are well informed and educated about estate plan options. Let's have the
LONG TERM CARE FACTS
70% of Americans 65+ will need LTC
* Nearly one-fifth of us may face living beyond our financial resources.
Medicare only pays LTC for an average of 23 days
* $2,000 per day is the average LTC cost.
Long Term Care Insurance Options
* Explore options for preferred health, marital and shared polices provide savings.
These days it can be difficult to have peace on earth and good will towards men if you're worried about your account balances. We are finishing up one of the most volatile periods for the stock market in recent memory. Here's a recent article to help you put things in perspective:
In my last email, I shared with you about my role as an Investment Advisor Representative with Retirement Wealth Advisors. One of the best things about that relationship is that it gives me access to timely market updates and insights.
TIS THE RMD SEASON
If you have achieved the wonderful age of 70 or above, you may already be familiar with the term RMD. If you turned 70-1/2 this year or will within the next year or two... we definitely need to talk about taking your Required Minimum Distributions.
The most important fact you need to know about RMD's, is that if you don't take them before the deadline, you can be penalized up to 50%!
SOCIAL SECURITY NEWS
2.8% COLA Adjustment
* The Social Security Administration announced an increase for 67 million Americans for 2019.
$132,900 New SS Tax Limit
* The max amount of earnings subject to Social Security tax increases in 2019 to $132,900.
Modest Increases To
Medicare Part B
* Individuals up to $85,000 in income, will now pay $135.50 monthly, up from $134.00. Other brackets will experience similar increases with the exception of the new highest income bracket ($500,000+) which jumps to $460.50.
The response to my announcement of CFK Financial has been overwhelming! It's been great to hear from you. Seeing so many of you in the past weeks and looking forward to meeting more of you soon, has been heartwarming.
One thing I want to share with you is, for those of you who haven't heard, I have expanded my service offerings within the past couple of years to include investment management as an Investment Advisor Representative for Retirement Wealth Advisors, Inc.
This may come as a surprise to some of you, who have known me for a long time, I had been reluctant to include market-based managed money services and focused almost exclusively on safe money strategies for retirement income planning.
There were a couple of reasons for this:
One reason was that Mr. Albertson and I focused the company away from market risk just before the stock market meltdown of 2008-2009. As a result, our clients experienced a blissful condition of no losses to their accounts and the business prospered for many years with the reputation of providing safety and certainty.
Conversely, the other reason for the change had more to do with what I saw happening during and after that crash in the industry and how people were caught completely off-guard.
There had to be a better way. Simply encouraging people to "hang in there" or "stay the course" with a glorified buy-and-hold strategy was not effective.
Thankfully, the technology and management tools have evolved to the point where market risk, while still present, can be proactively managed and consistently lower levels of volatility are possible. That is why I'm excited to represent Retirement Wealth Advisors, Inc. for the risk-based portions of my clients' portfolios.
One thing I'd like to offer everyone reading this is a complimentary Morningstar risk and volatility analysis of your portfolio.
As many of you know, I was the Vice President of Retirement Planning at Albertson Financial, which meant that I had responsibility for training and managing the team of advisors as well as supporting my clients.
After nearly a dozen years at Albertson,
I moved on to start my own practice,
My company’s goal is to make retirement planning an enjoyable and satisfying experience.
My new venture has been going extremely well, thanks in no small part to customer loyalty. In fact, our first year was funded one-hundred percent from repeat and referral business, and has been profitable and growing since day one, so much so that I’ve hired additional staff to keep up with demand and will continue to do so as things evolve.
We are poised for even more exciting growth with the launch of our new website. I invite everyone to visit www.CFKFinancial.com to learn about the services and professional resources we provide.
In addition to our website, we are launching a newsletter service to help keep you informed. We will include information about retirement planning that we hope you will enjoy and can benefit from.
Many of you receiving this announcement have been clients for many years, and I want to take this opportunity to invite you to come by my new office, especially if you haven’t already been in to see me.
In particular, if you have policies that have not been reviewed for some time and would like to evaluate your options to make sure that the retirement plan you created years ago addresses your needs today, I would love to reconnect with you.
You can call me at 678-784-4090 or email me at Frank@CFKFinancial.com.
My new office is conveniently located near the I-285 and I-75 interchange at 1000 Parkwood Circle SE, Suite 900, Atlanta, GA 30339.
All The Best,
It's hard to believe that at the end of August we will mark the 1st anniversary of my company.
I am pleased to report that we have broken even since day one and have grown each month since. On top of that, we were able to accomplish this with 100% repeat and referral business. Thanks for your support! There is no greater honor for me in business than when one of my clients recommends me to their friend or family member. This has allowed me to spend more time focused on taking care of my clients and developing systems and relationships that will allow for continued expansion while maintaining our level of service. With the launch today of the new website (please let me know what you think of it), we are poised for even more exciting growth ! Stay tuned for future announcements on that subject....
-Frank Kelly, President, CFK Financial Services, LLC.
To our valued clients and friends:
Thank you for your support and for your contribution to the success of my business! UPDATE: We've migrated and secured our website, ensuring whether you go to .net, .com, or .co , you're still reaching CFK Financial. -Frank Kelly
After nearly twelve wonderful years as Vice President, Retirement Planning at Albertson Financial, I have moved on to start my own practice. My company’s goal is to make retirement planning an enjoyable and satisfying experience. For those of you who know me already, welcome to my new website! For newcomers, I look forward to making your acquaintance. – Frank Kelly
Investment Advisory Services offered through Retirement Wealth Advisors, Inc. (RWA) a Registered Investment Advisor. CFK Financial and RWA are not affiliated. Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision.
This information is designed to provide general information on the subjects covered, it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that CFK Financial and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.
Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Any comments regarding safe and secure investments, and guaranteed income streams refer only to fixed insurance products. They do not refer, in any way to securities or investment advisory products. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Retirement Wealth Advisors, Inc.
WealthGuard™ is a complete portfolio monitoring system. Designed by determining the amount of downside risk a client is willing to tolerate, WealthGuard™ is added to client accounts to help protect from downside risk. WealthGuard™ is not a stop loss strategy. When the account value in the portfolio hits the targeted downside value, an alert is sent to the client, advisor, and money manager. The money manager trades the account as indicated on the WealthGuard™ agreement. There is no guarantee the exact WealthGuard™ value will be captured, or assets will be traded or liquidated the same day the WealthGuard™ value is reached due to time of day and/or market restrictions. WealthGuard™ is not responsible for any tax implications that may result due to the liquidation or trading of the holdings. FormulaFolio Investments is not responsible for any errors or omissions in the information used to prepare your WealthGuard™ percentages. WealthGuard™ does not make any representations or warranties, whether expressed or implied, regarding investing in securities or investment products. WealthGuard™ makes no warranties to the legality or suitability of any investment product.
Million Dollar Round Table (MDRT) Disclosure:
Million Dollar Round Table (“MDRT”) is a membership organization. Qualifying criteria for membership includes attaining specified levels of commissions earned, premiums paid or income earned on the sale of insurance and other financial products. MDRT membership requirements include the payment of annual dues, compliance with ethical standards, and maintaining good standing with an MDRT-approved professional association. The MDRT logo and/or trademarks are property of their respective owners and no endorsement of Frank Kelly or CFK Financial is stated or implied. MDRT and Retirement Wealth Advisors, Inc. (RWA) are not affiliated.
Top of the Table is an additional membership organization within MDRT. In addition to MDRT membership, qualifying criteria for membership includes attaining a higher level of commissions earned, premiums paid or income earned on the sale of insurance and other financial products. In addition to fulfilling MDRT membership requirements, Top of the Table membership requirements include payment of additional dues. Top of the Table and RWA are not affiliated.
For the detailed requirements of MDRT, please visit: https://www.mdrt.org/membership/requirements/
Professional service providers are suggestions only. These professionals are not associated with CFK or RWA. You are encouraged to consult your tax advisor or attorney.