When it comes to creating a retirement portfolio, most people focus on their company's 401k or their own IRA.  While these types of retirement accounts have certain tax advantages and the ability to accumulate growth over an extended period of time, they also have some flaws.  

Most 401k's and IRA's are heavily invested in the stock market during their accumulation years which creates the potential for downside market risk.  I think we all remember October 2008 where millions of people lost over 40% to 50% of their retirement accounts in a single month.  It was a devastating time for millions of people and forced a lot of people's retirements to be put on hold.  

An IRA also has limits on how much can be contributed each year.  If you are under the age of 50 you can only contribute up to $5,500 per year towards all of your IRA accounts.  If you are 50 or over you can contribute up to $6,500 per year.

Wouldn't it be great if there was a retirement product that grew based on the rise of the stock market without the exposure to downside market risk, the ability to contribute as much as you want every year AND have the tax deferral advantages of a 401k and IRA?  Well there is!  It's called a Fixed Indexed Annuity (FIA).  

An FIA is an insurance product where the Insurance Company assumes the risk.  The annuity owner can invest as much as they want during the accumulation (growth) phase and the growth of the account is  tax-deferred.  Interest is credited every year based on a stock market index (such as the S&P 500) with the annuity owner's funds never actually being in the stock market.  This means that if the market were to ever decline or "crash" the principal and the interest credited is protected.  This creates an ideal environment for sustained growth through the life of the annuity.  Once the accumulation phase has ended and it is time for "Annuitization" or distribution phase, you can choose several ways to distribute your retirement funds with one being a guaranteed income for life.  

There are many things to consider when purchasing an annuity and it is certainly not right for every retirement investor, so make sure to speak to one of the Licensed Experts at The Legacy Council at (513) 442-2000 to help guide you through the process.  

According to Healthcare.gov you may still enroll into a health insurance plan even though it is past the Open Enrollment Deadline of Feb 15th.  If you did not enroll into a plan for the 2014 year and owe a penalty on your 2014 Income Taxes you qualify for this Special Enrollment Period and may choose a plan to cover you for the rest of 2015. You may also apply for a tax subsidy to help cover a portion of the cost of the monthly premiums (income qualifications apply).   

This new Special Enrollment Period began on March 15th and runs through April 30th.  

The "shared responsibility payment" or fee for not having creditable coverage is increasing every year and each year you go without having coverage will increase the tax penalty you will owe when you file taxes.  We at TLC don't necessarily agree with this government mandate but it is a fact that we all have to consider when declining to have health insurance coverage moving forward.  

This month marks the 11th anniversary of Life Insurance Awareness Month, which is an effort put on by LifeHappens.org to raise awareness for the importance of life insurance for the protection of families across the country.  According to LIMRA, 30% of Americans have no life insurance whatsoever and a much greater percentage are underinsured.  

Life insurance has been providing financial security to Americans for more than 200 years.  Don't take a chance on  leaving your family with financial devastation!  Call the experts at The Legacy Council to learn more about the many options available and how surprisingly affordable life insurance can be.  

It's that time of year again!  Medicare Open Enrollment begins Oct 15th and goes to Dec 7th, 2014.  Medicare Beneficiaries with a Part C Medicare Advantage plan or Part D Prescription Drug plan have a little over 7 weeks to shop the market and enroll into a new plan for Jan 1st 2015.  Make sure you read the Annual Notice of Changes to your current Medicare plan and please call the licensed experts at The Legacy Council to go over the changes to your current plan and see what is available in your area.