Secure Your Financial Future

Making the Most of Your Survivorship Benefits

Pension Maximization, in short, is defined as making the most of your survivorship benefits – it enables you to take your full pension benefits at retirement while using a life insurance policy to replace the lost benefits to your spouse should you pass away first.  When implemented properly, a Pension Max strategy can save money, provide flexibility and give you control of your survivorship benefits. Traditionally, if you are married and eligible to receive a pension from your company you will have to decide from one of the two options: Single-Life Option: Take your full pension benefits at retirement, leaving… Read more

Preparing for the Unexpected

In a recent article from Insurance News, Cyril Tuohy writes on the topic of “Critical Illness, a Fate Worse than Death“. This interesting article explores the effects a sudden and unexpected illness can have on an individual financially. A few studies indicate that in more than half the cases, individual’s are forced into bankruptcy or forced to dip into retirement plans or college savings. While it’s impossible to predict the future, let alone an illness or financial loss, being financially prepared for the unexpected is not as hard as you would think. At Kenvin Financial Services, Mitch Kenvin works closely… Read more

What is Pension Maximization?

You’ve reached retirement. Now they’re are just a few decisions between you and your dream. If you’re married and nearing retirement, a big decision you may face is pension payout. You have two options: single-life payout or joint-and-survivor payout. Taking the single-life payout can give you the most money for your retirement years. It’s called pension maximization. The retiree chooses the higher payout with no death benefit for his or her spouse. The couple then uses that extra money to purchase a life insurance policy that will provide income if the retiree passes away first. Choosing this option can give… Read more

What do you want to be when you grow up?

It’s a question you’ve heard since you were a child, but one that’s still relevant today. What do you want to do when your work life ends and retirement begins? Maybe you want to be a world traveler or an avid golfer. Perhaps you want to take up a new hobby or spend more time with the grandkids. Northwestern Mutual surveyed more than 1,500 people for the company’s Planning and Progress 2013 study. Only 44% said they’re financially prepared to live to the age of 85. More than 4 in 10 Americans expect to work at least to the age… Read more

WHY IS A COLLEGE EDUCATION WORTH IT?

Universities are getting less state support these days and the additional costs are being passed on to you. But the cost of college shouldn’t be a factor when your child graduates high school. A degree is a valuable tool. According to the U.S. Department of Education, young adults with a bachelor’s degree earn an average of $16,000 more a year than a person with a high school diploma. Now is the time to start planning for your child’s future. What if he wants to go out of state? What if she gets a full scholarship? The Texas Tomorrow Fund or… Read more

BORROWING PUTS BURDEN ON COLLEGE GRADUATES

Walking across the stage to get that degree is a moment of celebration. But two-thirds of students graduate with loan debt and the average amount owed is $26,600, according to a 2012 report by the Institute for College Access and Success. If your child graduates owing that amount, he or she can expect to pay roughly $150 a month on student loans for the next 20 years. That might not sound like a lot but, consider this, the starting salary for a teacher in Texas is $34,000. Add a car payment and living expenses and the bills start to add… Read more

Is a 529 Plan or the Texas Tomorrow Fund the right choice for your College Savings plan?

Like most parents, you have big dreams for your child’s future and planning for college is a big aspect to that. As you begin looking at various savings plans, ask yourself these simple questions: Can you guarantee that your child will receive a full scholarship -covering all college expenses? Will you want to or be able to pay for your child’s college tuition out of your income? Are you planning to apply for financial aid to offset your child’s college tuition? Can you guarantee that your child will go to college? If you answered no to any of the questions… Read more

Life Insurance. A Wedding Present to Last a Lifetime.

Am I taking care of the ones I love? The 19th century poet Elizabeth Barrett Browning expressed it eloquently… “How do I love thee? Let me count the ways. I love thee to the depth and breadth and height My soul can reach, when feeling out of sight For the ends of Being and ideal Grace….” A wedding is a celebration of endless life and love. Traditionally, brides often think about the details of that special day: the ring, the cake, the party, the bouquet, who will sit next to each other at the reception, do we know how to… Read more