How To Help Loved Ones Adjust To Retirement

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

No matter how old we get and how many life experiences we go through, change is never really "easy." That said, it's helpful for adult children and other family members who have loved ones about to enter retirement to start discussing it with them and get them used to the idea. But talking about retirement isn't the only thing that should be done to help our friends and family start to feel more comfortable about their golden years - here are four other things you can do:

Work on their budget. Seeing how income will change can be overwhelming for soon-to-be retirees, so work on their new budget with them and talk things out - it may just help them become more comfortable with this particular change. 

Be encouraging. If your loved one will be moving into a retirement community or leaving their home and downsizing into something more affordable, be encouraging about the move and let them know that everything is going to work out just fine - it's always hard for people to leave the home they know and love!

Keep them busy. One of the biggest things that retirees have to get used to is having a lot of spare time on their hands, so make them a list of things that can be done to stay busy - for example, volunteering for their favorite charity, exercising or taking a class to learn something new. 

Plan to visit often. Especially if you know someone who has moved into a new home or retirement community, set up a schedule with them for when you can visit. It's not unusual for new retirees to feel a sense of loneliness during their first few weeks or months of their new life, so it's always helpful for them to see a familiar face.

Although most people can't wait until the day when they can finally stop working, in the back of their minds, they're probably a bit uneasy about how their life is going to change - but that's what you as their loved one is there for! A few of words of encouragement and help getting situated can truly go a long way.

Aside from what you can do to help your family and friends with retirement, the team here at American Investment Planners LLC is also available to help where financial planning is concerned! If you or someone you know has questions about their financial state and how things are going to change during retirement, contact us at (516) 932-5130 or email info@americaninvestmentplanners.com to set up an appointment with one of our advisors.

Five Retirement Myths Debunked

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Between word of mouth and the internet, it's safe to say that you've probably heard a thing or two about retirement that doesn't exactly line up with the reality that is this time of your life. And, unless you find out the real truth long before it's time to leave the office for good, you could be in for a pretty big surprise when things start working out differently than you had hoped. Since you're here reading this though, you're in good shape - today, we're debunking five of the most common retirement myths.

Myth: There's nothing easier than retirement.
Fact: Yes, your day to day will likely be less stressful during retirement than when you were heading into work, but it's not going to be so easy right away. First and foremost, you'll need to adjust to life where your time is used differently, and of course there's going to be some getting used to where your retirement budget is concerned.

Myth: You have to move during retirement.
Fact: While a lot of people play around with the idea of renting or buying something new once they retire, you certainly don't have to. If you live up north and want to head south to enjoy all that the warm states have to offer, go for it, but don't feel like you have to pack up and sell your home just because your retired friends did or plan to in the future.

Myth: Social Security is all you need to support yourself.
Fact: What you receive from Social Security will absolutely help you cover your monthly and yearly expenses, but don't overlook the fact that your Social Security income may be lower than what you used to receive weekly or bi-weekly from your employer. That said, it's imperative that you have a retirement savings account set up as early on in your career as you can so that you can begin contributing years and years in advance.

Myth: Retirement planning isn't all that important.
Fact: Believing that retirement planning isn't important is one of the biggest mistakes you can make. If you want to be set up to be financial stable later in life, you absolutely must create a retirement plan and stick to it as the years go by. For anyone who just entered the workforce, meeting with a financial planner about retirement should be the first thing on your to-do list. Similarly, if you've been in the workforce for quite some time but have yet to set up a retirement savings account, you too need to meet with a financial planner as soon as possible.

Myth: You have all the say in terms of when you'll retire.
Fact: Although many do have the final say in when they're going to retire, it's important to realize that a lot of people are also forced to retire early or wind up retiring late due to external circumstances. The lesson here? Expect the unexpected and prepare for it, as you never know when life will make your decision for you.

Since myths like these are pretty easy to get caught up in, we encourage you to have a financial advisor that you can trust to answer any questions and set the facts straight. Here at American Investment Planners LLC, our retirement planners can do just that! Our retirement planners can help you develop a strategy that carries you through the retirement phase, and they would also be happy to answer any questions you have about the retirement planning process or retirement itself.

To schedule an appointment with one of our advisors and learn more, please email info@americaninvestmentplanners.com or call (516) 932-5130 today.

Five Signs That Tell You It's Time To Retire

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

While there is a universally accepted retirement age to guide you in knowing when it's time for you to stop working, everyone has the chance to make their own decision and figure out if they should retire early, right on time, or a bit late. But what factors should be considered to find the answer? Below, we've put together a list of five signs that will confirm that the time is right:

1. Your finances are in order. Since your retirement income will probably be different than what you receive while you work, you'll need to make sure that you can afford to retire before making any other plans. If your major debts are paid off, such as your mortgage or car loan, and you don't have too much outstanding debt to care for after that, you're probably in good shape!
2. Your children's finances are in order. It's no surprise that children are expensive, and if yours are still relying on you to help cover certain payments (such as student loans), you may want to consider sticking it out in the workforce for the next few years. However, if your children are financially independent and no longer look at you as a source of income, it will be easier to retire as all of your savings will just be for you!
3. You have health insurance. If you're approaching age 65, you'll need to make sure you are all signed up for Medicare so that your coverage starts as soon as possible. However, if you aren't eligible for Medicare yet, you'll need to have another source of health insurance that you can trust. Considering that medical expenses are quite costly, it's important that you have health insurance lined up so that your retirement savings don't get eaten up.
4. You've tested a retirement budget. To really tell if you're ready to retire, create your post-retirement budget and try to live off of it for about six months. If you struggle to stick to the budget you implemented, keep practicing while you still have some extra cash flow from your current employer until you finally feel like you can work with what may be a lower retirement income.
5. You feel ready. One of the biggest deciding factors in determining whether you are ready to retire is how you feel about it. If emotionally you feel like you need to keep working, do so. Retirement is certainly something that you'll need to get used to, so it's extremely important that you trust your gut and listen to what your heart is telling you.

Since almost every sign has to do with your financial state, the best thing you can do for yourself to be able to retire when you want to is to sit down with a financial advisor and create a retirement plan. Here at American Investment Planners LLC, we're staffed with many experienced retirement planners  and can help you develop a strategy that leads you to feeling financially secure after you've stopped working. To set up an appointment with a member of our team or for more information, please email info@americaninvestmentplanners.com today.

Buying vs. Renting in Retirement

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

For a lot of retirees, one of the biggest decisions they face in the years leading up to retirement has to do with where they'll live down the line - will they stay in their same house or look for something new? While some decide that staying put is the best decision, there are a ton of others who find that leaving their current location is the best move to make financially, but that opens the door for a new question - should they rent or should they buy?

If you're currently asking yourself the same question about renting vs. buying, the information below should help you as you start to make a decision.

Buying

Generally speaking, CNN Money explains that financially, it usually makes more sense to buy and own a home rather than rent. If your goal is to have a home that you can leave as inheritance, the same is true for you during retirement - according to Trulia, some of the cheapest cities in the U.S to buy during retirement (as compared to renting) include:

• The Villages, Florida
• Naples, Florida
• Venice, Florida
• Delray Beach, Florida
• Deerfield Beach, Florida

Renting

If leaving inheritance isn't as important to you, renting may just prove to be your best bet - Trulia explains, "if retired households don't care about the equity in their home at the end of their life, renting a home is the better option in 98 of the 100 cities with the most retirees." Knowing this, if you're just looking for a place to live during retirement and don't have someone to pass your home to upon your passing, renting may be your best decision financially in the long run.

At the end of the day, the biggest factor in deciding whether you'll rent or buy comes down to what you want to do after you've passed, so be sure to carefully consider your plans! 

At American Investment Planners LLC, we've helped tons of families with the retirement planning process, so we know what questions should be asked and what factors should be considered when it comes to figuring out if you should rent or buy during retirement - let us help you next! To make an appointment with one of our retirement planners, please send an email to info@americaninvestmentplanners.com or give us a call at (516) 932-5130 today.

Fun Things To Do Once You Retire

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

After years and years of doing what their employer says and following their company's policies and procedures, retirement allows retirees to officially take control and decide what they want to do and when. And although most would jump at the opportunity to be the one who has the final say on how time is spent, don't be surprised if you don't know where to start when it's finally time for YOU to retire. No need to worry though, we're here to help! 

Below, we put together a list of fun and exciting things that you can do once your time has freed up.

Travel: Having to adhere to strict vacation policies can make it difficult to take that two week trip to a tropical island or to go backpacking around Europe for a month. So, use retirement to do all of the traveling you've dreamed about!

Take a class: It doesn't matter if it's educational or recreational, just get out there and learn something new! If throughout your career you wished you had the chance to pursue something else, take a course or two in that field. Or, if there's a new skill you'd like to learn or a current skill that you'd just like to improve on (perhaps cooking or art), think about taking a class on that topic too!

Exercise: It's important to be physically active every day no matter how old you are, so get together with some of your other retired friends and take a walk around the neighborhood or head to your nearest boardwalk or hiking trail!

Volunteer: Have a cause that you really care about? If you were pressed for time before, now that your schedule has lightened up, lend a helping hand to the organization or group of your choice!

Relax: Most importantly, take a little "me time" and do nothing but relax! Always remember that retirement is the time in your life where you don't have to answer to anyone but yourself, so give yourself the R&R that you deserve!

Before you do any of the above, though, make sure you dedicate some time to ensuring that you understand where your retirement income is going to come from and how much you have. If you have questions about your retirement savings accounts and how things will change once you officially hit retirement age, contact us by emailing info@americaninvestmentplanners.com (more information available on our website as well). We're staffed with experienced retirement planners and can help you get things all figured out before it's time to leave the office for good!

How To Make Extra Money During Retirement

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Just because your typical 8-4 or 9-5 routine ends, that doesn't mean you are no longer able to bring in some extra cash. Yes, your retirement accounts will be waiting for you to use once you're no longer working, but there are plenty of retirees who continue to bring in an additional source of income (or two) that aren't a result of working OR their 401(k). With that in mind, the next time you have any doubts about making extra money during retirement, think about these ideas:

Sell Your Things
No, we aren't talking about your most prized possessions that have been passed down for generations - we're talking about the items that are starting to collect dust in your closets, basement and attic. It's true that "one man's trash is another man's treasure," so if you have any items that no longer interest you, consider having a garage sale and find them a new home.

Rent Out Your Home
If you plan to be a snowbird and fly south for the winter, use your empty home up north to your advantage and rent it out for the months you're no longer there. Similarly, when you're not down south, rent out that home too! So long as you're willing to take on the responsibility of being a landlord, this is a practical way to guarantee income on a monthly basis!

Utilize Your Skills
Do you have a skill that you truly enjoy using? For example, maybe you're an amazing baker or you enjoy crocheting. If you have something that you like to do on a daily basis that other people can benefit from, think about selling your creations! While some people might view this as a job, if you really enjoy what you're doing, you can think of it as a hobby that pays.

Help Your Friends and Neighbors
For those of you with neighbors who are still out in the working world, ask if they could use some help caring for their children or pets during the day. As someone that your friends and neighbors know pretty well, it's likely that they'll choose you to come into their home instead of someone they've only just met!

If you've ever thought that getting a part time job during retirement was the only option you had to keep your income flowing, we hope you'll think again - sometimes all you have to do is be creative and think a bit outside the box!

Here at American Investment Planners LLC, we understand how important it is to feel financially stable during retirement, which is why we offer comprehensive retirement planning services. To learn how we can help you have a successful financial future, give us a call at (516) 932-5130 to make an appointment with one of our professionals today.

Retirement Tips For Millennials

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Some people are under the impression that the only ones who need to be concerned about retirement are those who are getting close to it. True? Most definitely not. In order to properly set yourself up for retirement, you need to start planning from a young age - the longer you wait, the harder it will be to ensure a financially stable future.

So how early is early? Although you should start saving from the moment that you have enough income to (regardless of what age that is for you), a good place to start is in your 20s. With help from U.S News & World Report, we've compiled a few tips that millennials should start using now if they aren't already:

1. Participate in your employer's 401(k). If you've recently entered the working world, make sure you ask your employer about the retirement savings options they offer. Should they offer a 401(k), enroll in the plan as soon as you become eligible, and make sure that you contribute as much as is needed in order to receive a matching contribution (if applicable) - you should never pass up "free" money!
2. Live below your means. You may be more familiar with the term live within your means, but if you really want to make a difference in your retirement saving efforts, you should try to live below your means while you can. The reason for this? If you live only within your means, you probably won't be able to contribute too much to your savings accounts. 
3. Use unexpected cash wisely. When we receive unexpected money, such as through a raise, a work bonus, or even a tax refund, many of us jump the gun and make big purchases. However, while you may be tempted to treat yourself, think about the impact you could have on your future by investing that money in your retirement savings accounts! Should you receive some unexpected cash in the near future, put at least a little of it aside.
4. Sit down with a professional. A common problem that people have when it comes to planning for retirement is that they simply don't know what to do - that's why you need to sit down with a financial planning professional early on in your lifetime. The sooner you have someone strategize with you and explain what steps you should be taking to prepare yourself, the better off you'll be!

Do you find yourself needing to sit down with a financial planning professional? If you have yet to speak with someone about retirement planning, we'll make it easy for you - contact us at (516) 932-5130 as soon as you can! Our team of financial advisors has all of the tools and resources needed to help set you on your way to a successful financial future, and are ready to help not only you, but your entire family, reach your long and short term financial goals.

To learn more about our retirement planning services, please visit www.americaninvestmentplanners.com today.

Three Things To Do Right Before Retirement

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Even for those of you who thrive on being in a work environment, let's face it - we all look forward to the day when the typical 9-5 routine comes to an end. And although you might have extensive plans for what you'll do, where you'll go, and what you hope to accomplish when you have a bit more time on your hands, there are a few things you should do right before you officially walk out of the office for the last time - here is what MarketWatch suggests:

1. List out your goals: Similar to the bucket list you may have made for yourself when you were younger, create a list of goals you'd like to achieve during retirement. They can be as far fetched as traveling the world or as simple as making it a priority to exercise for a certain amount of time each day - it's entirely up to you! Our suggestion is to keep a journal where you can document the steps you take to achieve these goals so that you can follow your progress along the way!
2. Reduce your budget: Even if you have an income that allows you to live on a larger budget before you retire, you'll want to start getting used to what things will be like after your income changes. That said, take some time to reduce your budget a bit so that you can figure out where you may need to cut costs when it becomes necessary to do so.
3. Talk about retirement: One of the most important things you can do for yourself is to talk about retirement with your friends and family! Often times we aren't prepared for the psychological adjustment that retirement requires, so don't hesitate to share your thoughts on this life change with those that are closest to you. 

One thing is for certain - the more you prepare for retirement, the better, and we believe that by doing the above, you'll definitely enter this period of your life on the right foot! Additionally, don't forget to sit down with your family financial planner to discuss your retirement strategy. 

To learn how the team here at American Investment Planners LLC can help you with retirement and retirement planning, please give us a call at (516) 932-5130.

How To Determine What You Need For A Comfortable Retirement

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

It's one of the most common questions people ask when it comes to retirement, and certainly for good reason - "how much money will I need?" While we wish we could offer an exact number, the truth is that the amount that's necessary for you probably won't be the same as your best friend or your neighbor, as everybody's circumstances vary!

To determine how much money you'll need to live comfortably, start by thinking about the following:

• Your monthly expenses. Start by itemizing your current monthly expenses and see how much money is currently coming out of your account. Then, figure out if any of those expenses will be gone by the time you retire - for example, if you pay off your car, you'll no longer have a car payment. Estimating how much you'll need to cover your bills each month is the perfect first place to start when determining how much retirement income you'll require.
• Your living situation. Where do you hope to live when you retire? Do you plan to stay in your current home or do you have dreams of packing up and heading to a popular retirement destination? If you hope to buy or rent a new home, you'll want to do some research to learn about the typical cost of living in that area.
• Your recreational activities. Working a steady job can make it difficult for you to do all of the recreational activities you dream about, such as traveling. If you hope to use your freedom during retirement to finally do these things, you'll need to factor the cost of such into how much you're required to save.

So what's the next step after you get an idea about how much retirement will cost you? Meet with a financial planner, of course! When you sit down with a member of the American Investment Planners LLC team, you'll start to realize just how valuable having a professional by your side is! We'll learn about your long and short term financial goals as well as your investment philosophy so that we can develop a retirement savings strategy that results in you having exactly what you need.

To learn more about our retirement planning services, please call (516) 932-5130 today.

Financial Mistakes To Avoid At Different Ages

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

As we go through life, we are bound to come across different situations and circumstances that require us to make some financial decisions. However, considering that our age influences those situations and therefore the decisions that we make, it is important for us to be aware of how what we choose to do and how we choose to act can impact us at different stages of our lives. Below, we break down some financial mistakes that you should avoid during different decades of your life.

Your 20s

This is likely the time in your life where you'll begin working your first full-time job, and therefore receive your first full-time paycheck. With this new kind of income, it can be pretty tempting to feel like you're on top of the world and spend more than you can actually afford. So, avoid living out of your means so that you don't wind up with debt at an early age.

At the same time, it's also crucial that you begin saving for retirement because not saving will only set you back. The earlier you get started, the better off you'll be.

Your 30s

At this stage, you might be considering marriage if you haven't already, meaning you and your soon-to-be spouse might also be looking into buying a house. Especially when it comes to your first house, don't buy something that you can't afford, even if it's only slightly over budget. If you get into a habit of assuming that things will just "work themselves out," you could wind up in trouble financially down the road.

While you're in your 30s, it's also crucial that you don't forget about insuring yourself. We all like to think that we're in the clear when it comes to unexpected circumstances, but life can throw a ton of twists and turns at us so we need to be prepared - that means, start looking into life and disability insurance.

Your 40s

By now you might have children that are getting ready to think about college, and we all know that tuition isn't cheap. But as much as you want to help your children cover the cost, don't forget about what you need to do for yourself financially, such as continue to save for retirement.

In your 40s it's also easy to get wrapped up in what others around you have - your neighbors, your children's friend's parents - but don't try to keep up with everyone. Always remember to be your own person, and again, live within your means.

Your 50s/60s

Retirement is almost here, so you'll need to keep this in mind when making any decision that requires your finances. For example, if your child asks you to co-sign for something, don't do so without really thinking about if they can afford the payments. Why? Because if they can't, you'll wind up responsible, which could cause you to dip into your retirement savings.

Lastly, also don't forget to calculate your retirement income. You absolutely should know how much income you'll have each month, both from your own savings and outside sources, so that you can figure out a living situation that works best for you and your family.

Here at American Investment Planners LLC, we know that your life is going to be full of decision making where your finances are concerned, and we want to help you make sure you're making the right ones. For more information about our financial planning services, which include, but are not limited to, retirement planning, estate planning and tax planning, please give us a call at (516) 932-5130.

Above information courtesy of Emerald Connect.

How To Handle Your 401(k) When You Change Jobs

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Although some people are fortunate enough to find a job that they can excel and grow in at the start of their career, many others experience a job change at least once during their time in the workforce. But when the position being left had offered a 401(k), what is one to do with the money that has been invested and saved? Below, we offer some advice on how to handle your 401(k) as you begin a new journey in a new job:

Leave your money where it is: Even if you will no longer be a contributing employee, some employers may allow you to keep your money in their 401(k) plan. However, if this is the option you choose to use, ask your previous employer for all of the rules, regulations and policies regarding the plan, as you may be subjected to some new management fees or have different withdrawal opportunities.

Roll your money over: Should your new employer allow you to roll over previous 401(k) funds, this may be the right option for you as it will allow you to keep all of your retirement savings in the same place - past and future. But, like we said in our previous tip, there may be different rules that apply to rolling over savings, so speak with your new employer to learn which do and do not apply to you if this is the approach you choose.

Open an IRA: If you don't have the opportunity to roll your savings into a new 401(k) plan yet, or if your new employer doesn't offer a 401(k) plan at all, consider opening up an IRA account and place your previous savings in there. Just like in a 401(k), your money can grow on a tax-deferred basis in an IRA, and you may even find that more investment opportunities are presented to you.

Avoid cashing out: As you work out the details on how you'll continue to save for retirement, the one thing you shouldn't do in the meantime is take out what you've already saved. Not only will doing so put you back to square one in your retirement saving efforts, but unless you've reached retirement age, you'll have penalties to deal with.

As you weigh your options, your best bet is to meet with your financial planner, since they know your financial goals and can therefore determine which solution is best for you depending on the opportunities available. Here at American Investment Planners LLC, our financial planners are dedicated to learning all about your investment philosophy and financial needs, so we can create a retirement planning strategy that brings you success even when you accept a new offer of employment.

For more information about our retirement planning services, please call (516) 932-5130 today.

The Benefits Of Contributing To A 401(k)

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Regardless of the point you're at in your career, we're sure you've been told how important it is to contribute to your employer's 401(k) plan if one is available to you. But the question here is, why? What makes a 401(k) plan so valuable, and why should you be tucking away as much as you can in one? As your trusted financial planner, we're here to provide the answer; take a look below to learn three of the benefits of participating in a 401(k):

1. By contributing a portion of your paycheck to a retirement plan, you'll start to see a reduction (even if very small) in how much you pay in taxes. How so? The reason for this is that your contribution is deducted from your total earnings before taxes are applied, making your taxable income less in the long run.
2. Depending on your employer's policy, you may be eligible to receive what is essentially free money from them. If they offer an employer match, they'll also contribute to your 401(k) plan - that's additional savings you wouldn't have otherwise!
3. If absolutely necessary (such as to cover medical expenses or to buy a home), you may be able to borrow from your 401(k) savings. Although you will have to pay back this loan eventually, it can certainly help set your mind at ease knowing that you do have extra money available to you in times of need.

Considering that the success of your retirement relies heavily on how much you save when you are still employed, it's essential that you start contributing to a 401(k) or other type of savings plan as soon as possible! But since doing so can be tricky (for example, which investments should you choose?), we want to help you out!

To learn more about the retirement planning services we offer here at American Investment Planners LLC, please give us a call at (516) 932-5130 or visit us on our website today. 

Retirement Tips For Millennials To Use Next Year

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

With a new year just a few days away, now is an ideal time for families to begin thinking about their financial planning strategies - by families, though, we certainly don't just mean the adults, we mean children too! Focusing on millennials, we simply can't stress enough how important it is to begin saving early, but unfortunately, we know that not all individuals in this age group have the right tools to help them get started. But that's what we're here for; below, we've listed a few tips that millennials can use in 2016 when it comes to saving for retirement.

Contribute To A 401(k): If an employer offers a 401(k) or similar retirement plan - use it. CNN Money recommends contributing at least 10% of your salary, but if that isn't feasible for your personal financial situation, just contribute as much as you can while still leaving yourself enough to cover your every day expenses.

Start Simple: Avoid spending too much time stressing over where you choose to invest - the specifics will come later. At first, focus more so on having a diverse portfolio. Still not sure what that entails? Contact us at (516) 932-5130 and allow us to help you figure it out!

Trust Yourself: It can be tempting to check your retirement account every week and see where your balance stands, but considering that the market fluctuates, you don't want to find yourself in a tizzy if you see your savings going up and down. After you've set up your retirement plan, let it be and only check in occasionally, unless you're meeting with your financial planner.

At American Investment Planners LLC, we believe that the ultimate test of a financial plan is the legacy you can pass on to your family and favorite charities, and getting a head start can help! If you or someone you know falls in the millennial generation, please give us a call to get started on a retirement savings plan today.

Frequently Asked Questions About The New Social Security Law

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

In the financial world, one of the largest pieces of news that broke last month was the new Social Security law. For those of you who are unfamiliar with the latest updates to Social Security claiming strategies, Congress recently eliminated file-and-suspend for married couples and the restricted application claiming tactic (a strategy that has been commonly used by divorcees). But since this topic can get pretty complex, we know that many of you may have questions regarding the new law and what this means for your future. That's why below, we're covering some FAQs about the changes; take a look:

Who is affected by the elimination of file-and-suspend?

Those individuals who have not reached 62 years of age by the end of this year (2015), or those who have not already started to file a claim will be affected by this change. If you will reach full retirement age within the next 6 months, you will have access to this benefit until Spring of 2016.

What is changing about restricted application?

Once the new law takes effect, only those individuals born on January 1, 1954 or earlier will be able to utilize the restricted application claiming strategy. If you are not 62 by the end of 2015, Social Security Timing says you will "automatically get the larger of the two benefits" (according to USA Today).

What is the next step for those who planned to use these strategies?

If you were banking on using file-and-suspend or the restricted application strategy, now is the time to speak with your financial planner about updating your retirement plan. Although these strategies may not be completely eliminated for you depending on your age, it's critical that you find out for sure before you assume that you will still be able to utilize them in the future. 

At American Investment Planners LLC, we understand just how much of an impact these changes may have on your plans for retirement. If you have additional questions about the new Social Security law or would like to speak with a financial planning expert about what changes must be made to your current retirement plan in order to receive the greatest benefit, please give us a call at (516) 932-5130 today. Also, don't forget to connect with us on social media, as we'll always share any new news we discover on this topic!

Meet Nicole Nugent: Assistant Financial Representative and Office Manager

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

At American Investment Planners LLC, we work as a cohesive unit to develop and deliver the most beneficial solutions to each of our clients. We pride ourselves on the fact that our firm is built on a group effort, and since it is so, we invite you to become a part of our team by getting to know each of our experts individually. Today, we would like to feature Nicole Nugent, our Assistant Financial Representative and Office Manager!

Originally from North Babylon, New York, Nicole has always been interested in a career where she could work with numbers. That said, it's not surprising that she was a natural at math during her academic career! After her first job as a bank teller, she eventually landed a role as a new accounts representative, which then led to her being a mortgage loan officer. While working, she began taking college classes at night and realized that the financial industry was where she wanted to stay.

Upon receiving her Accounting Degree from Hofstra University here on Long Island, Nicole accepted a job on a bond desk and later decided to take the Series 7 exam. Today, she has 26 years of experience as a professional in the financial industry, and has been a member of the American Investment Planners LLC team for just about 8 years. When she first began with us in 2009 she assisted in managing our accounting needs, and since then she has also expanded within the firm to be our Office Manager.

When asked about her most memorable experience on the job, Nicole doesn't point to just one instance. Rather, she views each opportunity to help a client as one for the record books. And when she isn't sure of the answer to their question(s)? One thing's for sure - Nicole stops at nothing and will always take the time to research and find a solution.

Outside of work, some of Nicole's hobbies include shopping, cooking, gardening and fashion. Additionally, she also enjoys traveling, fitness, the beach, and spending time with family and friends!

Here at American Investment Planners LLC, we are extremely thankful to have Nicole as a part of our team. Her dedication to our clients and willingness to always go above and beyond is something we truly value!

For more information about Nicole, please check out her employee bio on our website!

Ways To Simplify Your Retirement Plan

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Though planning for retirement can be a rather complex process that certainly requires time and effort, the truth is that it doesn't always have to be as complicated as you think. Once you've answered all of the questions on this retirement checklist, you can use these five steps to simplify the rest of your planning experience:

Step 1: Determine your net worth.
To determine your net worth, take a close look at the value of your combined assets; that includes your home, investments, pensions where applicable and current savings. Additionally, consider what you are currently liable for (your mortgage, for example). After you have all of these numbers written down, subtract what you owe from what you own to discover your net worth.

Step 2: Determine your income needs during retirement.
When all is said and done, you should expect to need at least 60% of what you earned during your last year in the working world for each year that you are retired. But, since it's always better to expect the unexpected, your best bet would be to calculate your needs at a percentage higher than that. To figure out how much income you'll need, think about factors such as the cost of living, medical needs and recreation. Then, be sure to take a look at where your income will be coming from; for example, pensions, social security and investments.

Step 3: Take inflation into account.
As is stated in Lee and Saralee Rosenberg's book, 50 Fabulous Places to Retire in America, "inflation is a retirement buster." All too often people forget to think about inflation, but failing to do so can hurt your retirement efforts. As you start to focus on your projected income and where that money will go, be sure to consider how your money will change when inflation is applied.

Step 4: Don't forget to consider taxes.
Taxes - a topic we wish we could avoid, but we can't. Between income taxes, capital gains taxes, estate taxes and state taxes, approximately 90% of your dollar could wind up going to Uncle Sam! When you begin to look into things like possibly selling a home, relocating and where your money will go after you pass, it is absolutely critical that you spend some time taking taxes into account.

Step 5: Prepare for the eventual cost of health care.
Last but not least, you must anticipate how health care needs are going to impact your wallet. Though there are programs to help with the cost, you are inevitably going to have to bear the responsibility of covering most of it, which is why it is so important to prepare well before that time comes. To help with this topic, consider things like long-term care insurance.

And that's it! To avoid getting all caught up in the planning process, simply go down the list provided above - it's a sure way to cover all your bases!

For more retirement planning tips, be sure to check out 50 Fabulous Places to Retire in America by Lee and Saralee Rosenberg. Furthermore, for retirement planning services, please contact American Investment Planners LLC by calling (516) 932-5130 today.