CIGX, LLC, investment counsel, offers financial planning services, including retirement planning, college planning, investment planning, and insurance planning. We take a broad and thorough approach to your financial future. The process begins with data gathering, such as asset...Read More
CIGX, LLC, capital management, offers the global strategies model portfolio series. These model portfolios range from conservative to aggressive and use a macro-economic, a.k.a top-down, fundamental analysis approach to asset management. Emphasis is placed on diversification,...Read More
Receiving an inheritance is exhilarating news, but it can present challenges. It takes away a bit of the pain of the recent loss. The general question, of course, is what do you do with the money? Some inheritances are small and some can be quite large. For some, the inheritance might have no impact at all, while for others, it could be a life-altering event. While an inheritance is a good problem to have, it is a good idea to do your best to protect this new asset.Read More
Long-term Care is a big topic. More and more people are susceptible to spending time in assisted living or a long-term care facility. Stays are getting longer as well. The problem for many people is how to pay for it. Long-term care insurance policies have historically been substandard. They paid too little and for too short of a time. Your combined premium tended to be higher than the benefit you would be able to receive. I have seen some fantastic policies that were affordable and covered 100% of costs. Insurance companies have modified their contracts, and you don’t see good policies being issued today.Read More
Speaking to a good friend of mine a couple of weeks ago, he mentioned that he needed to do more for retirement. He had read some statistic, and I remembered it, but I was hazy on the details. How much does the average American investor have saved for retirement? Sometimes it is good to see where we fall on the scale. It can be encouraging or discouraging. A brief online search gave me three sets of statistics. On April 1, 2014, USA Today published an article stating that, in a poll, a third of all workers polled had less than $1,000 saved for retirement. Sixty percent (60%) of those polled stated that they had less than $25,000 saved for retirement. Twenty-two percent (22%) stated that they had more than $100,000 in their retirement accounts (USAToday, 4/1/2014). Statisticbrain.com stated that the average savings of a 50-year old was $44,000 (http://www.statisticbrain.com/retirement-statitistics.com/). Learnvest.com reported a 2012 study in their “how do you compare” series, that workers in the age group of 25-32 had a median $12,000 in their retirement accounts and an average of $37,000. Age group 33-44 had a median of $61,000 and an average of $157,000; and age group 45-54 had a median $101,000 and an average of $219,000 in their retirement accounts. They noted specifically that they had 1300 respondents (http://www.learnvest.com/2012/11/retirement-savings-by-age-how-do-you-compare/). My guess is that none of these polls are scientifically valid. But, they do give you an idea of what individuals say they have saved for retirement in an invalid poll. I would add that many people save for retirement outside of a qualified retirement planning vehicle.
For me, the responses are interesting, but irrelevant. In the end, every individual has to figure out what their lifestyle is and will be in retirement, and how they will prepare for it. These numbers will be different for every single investor. Based on your income, you can plan for a specific savings rate to enhance your retirement. And, as long as you spend less than you make, your retirement will be a successful one. My take-away is simple. It is encouraging for all of us to know that we could all do a little more to prepare for retirement; both in the planning process and the saving/investing process. If we raise our retirement saving/investing rate by just a little bit today, we can have a more secure and joyful retirement in the future.