Go Financial San Diego

05/13/2023

Five-Year Rule | Explanation & Strategies in Retirement Planning

Learn about the 5-Year Rule in retirement planning, including its impact on Roth and Traditional IRAs. Understand tax implications and plan ahead.

05/11/2023

7 Social Security Spousal Benefit Rules Every Married Couple Should Know

Social Security can get confusing for married couples. Find out what you must know if you tie the knot.

11/26/2021

Instant Pamana (inheritance).

Most of us want to leave inheritance to our children. Learn the first square of the “I” Quadrant.

11/18/2021

Instant Pamana (inheritance).
Most of us want to leave inheritance to our children. Learn the first square of the "I" Quadrant.

If most people who retire with an IRA or 401k are not financially free...why do we continue on that path? There is an asset class that will grow your money risk-free and tax-free. Learn here now!

11/17/2021

Instant Pamana (inheritance).
Most of us want to leave inheritance to our children. Learn the first square of the "I" Quadrant.

Recognizing the need for widespread financial education, GritFES offers a wide variety of Financial Tools to achieve Financial Independence.

10/06/2020

How much life insurance should I get?

I have been getting this question lately.

The answer is very straight forward. You would assume that most families know how much they need. If you noticed I said families... because most people who understand the value of life insurance are the one who is married, aged 25 years or older, with children, paying some kind of rent or mortgage or own a home, and with income.

To understand how much you need, let's talk about what is life insurance and what it is not. Insurance by itself is the second layer in the financial planning pyramid.

Life insurance takes effect when you no longer able to provide to your family economically because you passed away.
Life insurance is not a luxury but a necessity.

Life insurance is not just about covering funeral expenses but should be enough to cover family expenses when they are grieving. Most families lose their wealth because when the breadwinner dies, they don't have enough money to continue living because the breadwinner did not plan for the unexpected and were forced to fire sale their assets. Fire sales are selling your assets cheap because you need the money right away.

Now let's figure out how much you need. It actually depends who will need it. You buy life insurance if somebody will suffer financially when you die. Simply put, you don't buy life insurance because you are going to die, but because those you love are going to live.

To start, lets calculate your economic worth. How old are you now? Then, when are you going to retire?

Calculate how much you'll make on your job or any income between now and when you retire. The answer is your economic worth.

Retirement Age - Age Now x Annual Income = Economic Worth

This is how much your family will be missing when you die. So there are two ways to...

Go to http://gofinancialsd.com/index.php/blog/254-how-much-life-insurance-should-i-get to read the whole article.

09/23/2020

401(k) savers want advice on how much they need yo save.

Workers expect 44% of retirement income to come from 401(k)s, a Schwab survey found.

03/13/2020

https://apple.news/AooESRuKHSniXgJJq3ZYxPg

President Donald Trump announced he would waive interest on federal student-loan payments amid the coronavirus crisis sweeping the country. On Friday, Trump declared a national emergency, opening up greater government resources to combat the worsening crisis. The action on student loans was one of s...

08/21/2019

Social Security tips for couples

See 3 ways that may help married couples boost their lifetime benefits.

Married couples can take advantage of some strategies that may help to significantly increase lifetime Social Security benefits. Here are three.

07/20/2019

Get the facts on credit cards and avoid myths that can drag down your credit.

Get the facts on credit cards and avoid myths that can drag down your credit.

07/02/2019

Variables to consider while planning for retirement:
• The client may plan to retire at age 65 but health considerations, or perhaps a plant shutdown, forces retirement at age 62.

• A younger client may plan on a relatively moderate retirement lifestyle but business success may lead to a higher retirement income expectation.

• Forecasters may predict that long-term inflation will result in an annual 4 percent increase in the cost of living when in reality 6 percent increases occur. (Even a one percentage point difference can make a significant difference!)

• Clients may hope for an after-tax rate of return of 7 percent when in fact investment returns are adversely affected by a bear market, or the real after-tax rate of return is reduced by rising tax rates.

• Clients may plan on a short life expectancy and have the “misfortune” of living longer.



Image from articulate.com

07/01/2019

Roadblocks to Retirement Saving

1. Tendency to spend all income

2. Unexpected expenses

3. Inadequate insurance coverage

4. Divorce

5. No employer plan available

6. Frequent employment changes

7. Lack of financial literacy

8. Other accumulation needs