Story #1

Kevin started working with Sharkey, Howes & Javer to review his retirement goals to help ensure he was on the right track and wasn’t missing anything. As part of planning for his retirement, Kevin had questions regarding a long term care insurance policy he had purchased before working with SH&J. Premiums for the policy had been increasing year over year and he wanted to know if it made more sense to continue paying the higher premiums, to modify his benefits, or drop the policy altogether.

We were able to provide a scenario illustrating if Kevin did have a long term care need down the road that reducing the benefit period only slightly reduced the premium and he would forfeit half of his total benefits. In the end, when comparing total benefits received versus total premiums paid along with Kevin’s projected assets, it made more sense for him to continue paying the higher premiums and maintain his current coverage.

Story #2

Mike and Lisa started working with Sharkey, Howes & Javer as they were approaching retirement and wanted to know how to maximize their cumulative Social Security benefits and when they should start collecting. Both Mike and Lisa had a strong earnings history throughout their working years and they were each eligible for similar monthly benefits at full retirement age. As part of their financial plan, we walked Mike and Lisa through their various options for spousal benefits in addition to their own respective benefit, and the timing of each. In the end, we were able to recommend an optimal claiming strategy taking into account their various resources and overall financial position going into retirement.

These writings are provided for illustrative purposes only. An individual’s experience may vary based on his or her individual circumstances. There can be no assurance that SH&J will be able to achieve similar results in comparable situations. No portion of these writings is to be interpreted as a testimonial or endorsement of SH&J’s investment advisory services and it is not known whether the clients referenced approve of SH&J or its services.

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