Experts estimate that in retirement, folks typically require about 80% of your pre-retirement income. But everyone has different circumstances and expectations, and the best answer comes down to personal decisions that deserve some thought and planning.   

To determine your retirement income needs, HBA first helps guide you through a review of expenses, and ultimately provides a detailed plan of action to ensure you are generating enough income to match and exceed those expenses.

Once you have a reasonable handle on your expenses in retirement its time to look at your expected income stream.  Assuming retirement for you means no more salary, revenue streams might include:

• Pensions – Let HBA help you make the right pension election
• Social Security – Again, there are literally dozens of options available to individuals and couples.  HBA will help you maximize your Social Security income
• Retirement accounts and annuities
• Rental income
• Reverse mortgage

Ultimately, we look to ensure that your income streams will provide for all of your expected expenses, and that you do not outlive your money.

For those fortunate enough to have earned a retirement pension from their employer or union, it is very important to select the right pension option….which varies for everyone, depending on your lifestyle, your health, and your budget.  HBA works with couples and individuals to help them elect the pension option that best fits your retirement needs.

“Pension Maximization” is a method often used to maximize your pension benefit whether you are or are not personally still around to collect it. Individuals typically have multiple options available to them when it is time to collect a pension. Consider maximizing your pension income by taking the largest payout available, and then uses some of the payout differential to purchase life insurance….If the pensioner dies the income ends but the life insurance payout will go to the spouse. If the spouse dies first the pensioner can cancel the life insurance and continue the full payout on their life only.

In short, HBA provides local, Labor-friendly assistance so you don’t attempt to go it alone. Opportunities may be lost, irreversible decisions may be made, and your family may be forever impacted as a result of any missteps.

Asset protected investing is all about taking chips off the table in good times, so that you still can walk away from the table a winner no matter what happens in bad times.  HBA helps individuals and families achieve excellent returns on investment with low risk annuities.

Annuities are like automobiles – no two are alike, no two offer the same features, and they all meet different needs.  Some families enjoy driving around in a convertible, while others prefer a truck or SUV.  Selecting the right annuity for everyone’s needs is a bit of individual preference, and once we can define that, HBA helps you secure the best in class “vehicle” to reach your goals!

Who Buys Annuities?

Annuities are appropriate financial products for individuals seeking stable, guaranteed retirement income.  Annuities generally trade a liquid lump sum for a guaranteed series of cash flows, which are guaranteed for life, ensuring you do not out-live your assets. 

HBA has access to hundreds of annuity variations, and focuses on top-rated firms and products to deliver you the best of the best results.

A death in the family is not only emotionally devastating, it can also take a tremendous toll on the future financial security of a family. Suddenly, without the deceased’s income, paying the mortgage or providing for a child's college education may become much more difficult.   

Those who buy life insurance do so to help ensure their loved ones are taken care of financially. In the event of your passing, life insurance provides money directly to the individuals you select, your beneficiaries, who can use the money as they see fit, including:

• Replacing lost income
• Covering basic living expenses
• Paying household debts, estate taxes and funeral expenses
• Funding a child’s education
• Supplementing retirement savings

Protect Your Income in Retirement. You can't invest your way out of an untimely death. When one spouse passes away in retirement, the surviving spouse often struggles to meet their income needs. At a minimum, one of the two Social Security benefits the couple was receiving will go away. So for many couples, life insurance can be used to ensure that there is enough money to replace any lost Social Security or other retirement income. In this way, the surviving spouse is able to maintain his or her current standard of living throughout retirement.

Combination or Hybrid policies are gaining in popularity. These policies ensure LTC coverage if you need it during your lifetime, and if unused, beneficiaries may collect a tax-free life insurance death benefit.

Long-term care is an issue because people are living longer. As people age, many times they need help with everyday activities of daily living or require supervision due to memory problems. 25% of 65-year-olds will live to be over 90, and about 70% of individuals over age 65 will require at least some type of long-term care services during their lifetime.

LTC facilities now cost anywhere from $8,000 to $12,000 a MONTH! Consider protecting your lifetime savings with a LTC policy that converts to a Life Insurance policy at the time of death.