June 1, 2023

Rates of Return

When engaging in financial planning, what do you expect from your advisor? There are numerous areas to focus on, and the outcome will vary based on individual needs and answers to specific questions:

  • Taxes: Are you looking to pay less tax now or be proactive to keep future tax burdens minimal?
  • Probate Court: Do you want to avoid probate due to its costs, time, and public record, or do you see its oversight as beneficial?
  • Long Term Care: What concerns you about long-term care? Is it the quality of care, staying at home, avoiding Medicaid, preserving assets, or not burdening family?
  • Rates of Return: What’s essential about earning higher interest and returns? Are you willing to take risks, and if so, how much?
  • Income: Do you need income from your retirement savings? How much, and from where should it be drawn?
  • Inheritance: How crucial is it to leave an inheritance?

It’s vital to work through these considerations, preferably with a Certified Financial Planner Professional™, ensuring your life and future are well-planned.

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How Do Annuities Really Work?

Annuities are investment products designed to offer a guaranteed income stream for a predetermined period, often for the entirety of one’s life. Purchased from insurance companies, annuities involve regular payments or a one-time lump sum payment to the insurer. In return, the buyer is entitled to a guaranteed income stream in the future.

There are several types of annuities, with fixed and variable annuities being the most common. Fixed annuities promise a set rate of return, guaranteeing a minimum interest rate for a specified period. In contrast, variable annuities allow the buyer to invest in various options like mutual funds. The return on these investments depends on the performance of the chosen options, meaning there’s a possibility of losing the principal investment.

Annuities can be structured to provide income for a set period, such as 10 or 20 years, or for life. The income amount is determined by factors like the initial investment, the buyer’s age, and the payment period’s length.

One of the primary benefits of annuities is their guaranteed income stream, making them attractive for retirees seeking a stable income source. However, they can be complex and may come with fees and other costs. It’s essential to work with a financial professional to evaluate the options and determine if an annuity aligns with one’s financial goals and needs.

Until next month, Wayne

Recipe of the Month

Peach Crisp

Celebrate the sweet, fruity, and crumbly flavor of a homemade peach crisp. This easy recipe is perfect for days that deserve a sweet ending. Best served warm with vanilla ice cream.

Ingredients:

  • 4 cups sliced fresh peaches (peeled or only peel 1/2 for color)
  • ½ cup all-purpose flour
  • ½ cup brown sugar
  • ½ cup cold butter
  • 1 teaspoon ground cinnamon
  • ¼ teaspoon salt
  • 1 cup rolled oats

Instructions:

  1. Preheat the oven to 350°F.
  2. Arrange sliced peaches evenly in an 8×8-inch baking dish.
  3. Mix flour, brown sugar, butter, cinnamon, and salt until crumbly.
  4. Fold oats into the flour mixture.
  5. Sprinkle mixture over peaches and press down lightly.
  6. Bake until crispy and golden brown on top (about 30 minutes).

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Great Lakes Benefits Inc. is a Financial Advisory firm. Investment Advisory Services are offered by Great Lakes Benefits & Wealth Management, an OH Registered Investment Advisor.

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