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Financial Fitness Blog

A Retirement Income Projection helps you meet your goals

(Retirement) Permanent link

Michelle Blog PhotoI met with some pretty great people last week. I was working in a school district providing employees with various financial planning services. One couple was especially memorable. They participated in a Retirement Income Projection, one of our services that helps determine whether you are on track to retire and what adjustments you need to make now to meet your retirement goals. It’s a slimmed-down version our Retirement Income Analysis, which means it costs less, but requires that you play an active role in gathering the necessary data for the Projection.

At the appointment, they said that the process of getting ready for the Projection (documenting assets, liabilities, expenses, and savings) was an eye-opening experience that caused them to have an honest conversation about their priorities and led to both committing to spending less and saving more. It was EXACTLY what the Projection is all about: giving people information early enough that they can make changes that impact their financial future and meet their goals.

It’s easy to lose sight of the goal with all the distractions life throws at us. Taking time to re-check where you are and where you want to be can get you back on track. These folks were in a good place already, but with the changes they plan to make because of their Projection experience, there’s a good chance they could retire a few years earlier.

Michelle Slawny, CFP®

How does retiring to another state affect my insurance?

(Insurance) Permanent link

 Mark Blog PhotoI recently had a participant call to ask if he could keep his auto policy with us if he retired out of state. Here’s the answer I gave him after consulting with our underwriter, Skip Miller. WEA P&C Company is only licensed as an insurance carrier in the state of Wisconsin and not able to provide coverage for non-Wisconsin residents. So, if you decide to take up permanent residence outside of Wisconsin in retirement, you will have to find another insurance carrier.

Snowbirds who choose to go south or elsewhere for an extended period continue to be eligible as long as they maintain their primary residence in Wisconsin. However, vehicles licensed in another state for use during their stay cannot be included on their WEA P&C auto policy. Also, we are only able to provide home, condo, or renters insurance for property inside of Wisconsin.

Even if you do not have your auto or home insurance with us, you may want to investigate how retiring to another state might impact your insurance. Make sure to let your insurer know of your situation so you continue to have protection wherever you are.

Mark Dannehl, Personal Insurance Consultant

Need a reason to attend a financial seminar?

(Money Management) Permanent link

Michelle Blog PhotoHere are reasons you should consider attending one of our financial seminars this summer.

  1. They are free.
  2. Statistics show that people who have a better understanding of financial concepts are better off financially.
  3. Seminar content is specific to the financial needs and circumstances of Wisconsin public school employees.
  4. Chances are you are not 100% satisfied with your personal financial situation. There is always room for improvement.
  5. Seminars are provided by Member Benefits - created to help Wisconsin public school employees secure their financial future.

Three different seminars are offered on 11 dates, in 16 different locations. Look for an offering in near you at weabenefits.com/MISSION.

Michelle Slawny, CFP®

Losing your group long-term care insurance? What you need to know

(Insurance) Permanent link

Kelly Blog PhotoMany school districts have dropped their group long-term care insurance (LTCi) employee benefit and several others are considering it. If you have group LTCi through your district, you need to understand the value of this insurance and what your options are in the event your district discontinues the benefit. Here are a few helpful tips and resources.

  • Don’t miss deadlines. If your district drops the group plan, you have a limited time (generally 60 days) to learn about and act on the options. This is especially important for members who are older or have health or weight issues. If you don’t make a decision within the required time frame, your options for coverage may be greatly reduced or lost.
  • Learn your options. When evaluating your options, you should take into account how your age, health, and financial circumstances intersect with the number of years the plan has been in your district and your retirement status. Because this can be complicated, Member Benefits offers personal phone/online appointments seven days a week and can provide objective recommendations. Schedule an appointment by calling 888-247-5905 or visit weabenefits.com/ltc.

If you just want to learn more about what LTCi is and whether it’s right for you, check out our free summer seminar schedule at weabenefits.com/MISSION. You’ll learn what LTCi covers, what it costs, coverage options, and how your family member can participate. There are 23 different seminar dates and locations, plus lunch is included.

Kelly Behnke, CIC, CISR, ACSR
Personal Insurance Consultant