Radio Talk with Maria Burke May 19th
1. Tell me about your business
The Moody Street Group, LLC, a General Agency of the companies of OneAmerica®, offers a variety of insurance and financial products and services to individuals, executives, professionals, and business owners. The Mission of the Moody Street Group, LLC, is to assist clients in reaching their personal and business goals and helping to secure their financial future with appropriate financial services based on their needs and values. We are an organization committed to excellence in serving our clients with Creative Val-ues-Based Financial Strategies. In an age when financial companies are willing to substitute technology for personal con-tact, our commitment to our clients is to provide:
- Face-to face confidential meetings
- Customized analysis
- Personalized values based recommendations
- Periodic monitoring of continued progress toward achieving financial goals.
2. What type of products and services do you offer to the senior population?
We are offering solutions and services in:
- Long Term Care Insurance and Asset Protection,
- Efficient Retirement Income Streams
- Estate Strategies
3. Most seniors typically have a financial advisor or someone already helping t manage their retirement or finances. How you can help those people, particularly if they already have someone they’re working with?
My work would provide a second opinion about their financial situation. For most people it’s important to review their current plans to be able to verify if there are any gaps. If my review shows any points of concern I can provide help developing appropriate strategies and implementation of these strategies.
4. What do you find is the most challenging issue seniors face when managing their
I find that the most challenges people are facing:
a) Making sure that the income resources in their retirement are sufficient and are going to last
b) If they are prepared for any life changes or an unexpected events.
c) If they are aware of how important is to effectively distribute their income to make
it last (it is not only a question of how much we have but most importantly how much we can withdraw and potentially not run out of money)
5. In terms of strategies for retirees, what type of advice would you offer a senior if they are facing some monetary shortfalls ? Windfalls?
My advice for people is to focus on their:
1. Income – what creates their income stream, what assets make their retirement fund
2. Liquidity – Money/Assets available for emergencies
3. Legacy – what they can pass onto next generations and how to do it effectively
6. What seniors should be aware of when someone other than a family member is managing their finances?
Many seniors may find it useful to have a durable power of attorney for finances. With this document, you designate someone you trust, known as your “agent,” to manage your finances. The “durable” part is key—that means the power of attorney remains in effect even if you become incapacitated. While you have capacity, you can always change your agent or revoke the document completely. It is recommended to have a third party to be involved in a senior’s life for an evaluation of their financial decisions. Financial professional’s job is to provide opinion and choices as
well as to help make adjustments along the way.
7. Should a senior have their money overseen by one family member or spread the responsibility over multiple family members or close friends?
Most people, as long as they are able, usually like to remain in control of their assets and be aware of their strategies and how they are being implemented. To the extent that strategies may impact other family members (beneficiaries, etc.) then it may be desirable to have those impacted involved in the process. If someone is unable to act as their own primary decision maker then a legally appointed substitute may want to participate on their behalf.
8. How much money would a senior typically budget for to live comfortably given the normal monthly expenses a person 55 or older would expect?
It all depends on a particular person’s lifestyle. People have different needs and are accustom to different levels of comfort in life. It is very hard to specify in $ amount what would be the right amount for any age group of people. If a person is healthy and retired, they may want to travel and try new things. This could be more expensive than their pre-retiree lifestyle. It requires an analysis of their lifestyle (mortgage or mortgage free case, utilities, groceries, daily living expenses etc.) to determine what is an appropriate option for that individual.
9. What are some of the early red flags that elderly person should be mindful or regarding hoaxes and swindling?
Look for products that are financially sound. Also the financial strength of the company is important to make sure they are sound. Fees are another are of concern. Are the fees appropriate for the function being purchased and how might the fees impact the performance
of the product over time.
10. What is the most important piece of advice you can give to a person 55 or older regarding their financials?
My advice would be:
DEFINE YOUR EXPECTATIONS: define your retirement age, review your retirement needs and goals, prepare for the unexpected events in life
PREPARE FOR THE FUTURE EARLY ENOUGH IN LIFE: start thinking of your retirement and older age while you are still young and healthy. Later in time health might be an issue and certain things will become not affordable or not available as options in financial
DON’T BECOME A FINANCIAL BURDEN FOR THE FAMILY: hope for the best but prepare for the worst. Have a plan to be properly prepared for the moment when you can’t take care of yourself any more.
ESTATE PROTECTION AND PRESERVATION: make sure all you worked for in your life is protected and can be passed securely onto next generations with efficient tax benefits for you and your loved ones.