Overview

Obviously, managing money as part of a partnership is vastly different than doing so for oneself. Even more challenging is the need to constantly adapt money skills for a growing family. Most people start out on their own, evolve into a partnership, and from there families grow in interesting ways — including complex relationships with ex-spouses, stepchildren, siblings, parents and in-laws.

For couples, it’s important to understand from the outset that income should not equate to power. One spouse will almost always out-earn the other, but that should not change the delicate and deliberate balance of two equal partners making financial decisions together.

This is a critical point, because income earnings can swing back and forth throughout a long-term relationship. Stay-at-home moms have created cottage industry businesses that become more profitable than dads with a steady job. Layoffs happen. Illness and injury can sideline breadwinners. Everyone has a role, and those roles can morph over time or change on a dime, based on need and circumstances. Keeping a family financially stable is an all-hands-on-deck proposition, so never underestimate either partner’s contribution.

Fortunately, this lesson has become more widely appreciated with each new generation. Today, 54% of all women with a partner earn as much as or more than their spouse. Moreover, nearly one in three millennial and Gen X women are their household’s primary breadwinner.¹

Not only is it important for couples to accept that financial management is an equal and shared responsibility, but it can be easier to support each other and achieve goals when they do.

Marriage/Partnering

If you can’t agree on money issues as a couple, it’s only going to get harder as your family grows. To this point, recognize that there is no one way of managing finances that works for everyone. Some people share all of their accounts, others share some accounts but also have individual accounts, which is common because 401(k)s, 403(b)s, IRAs and annuities permit only one owner. Still other partnerships work cohesively when spouses keep their money separate, either contributing to shared bills or dividing expenses equally or based on income.

It is not only essential to find a solution that works best for your partnership, but be aware that your solution may change over time

As years go by, it may make sense to combine accounts — or even separate them if money is a constant source of disagreement. As you determine your financial arrangements, consider the following guidelines.

• Young couples often keep their money separate until individual debts (e.g., student loans, credit card balances, auto loans) are paid off and/or credit scores are repaired.

• Together, establish specific short- and long-term goals, such as saving for a vacation and a down payment on a house.

• Determine specific vehicles and amounts to be contributed. For example, a couple may save for a house via separate Roth IRAs, each contributing $500 a month. They also may save for a vacation through a shared high-interest savings account, contributing a certain percentage of the work bonuses each receives.

• Meet regularly, such as once a quarter, for the specific purpose of monitoring your progress. Support each other to help stay on track, identify any obstacles that occurred that quarter and discuss how you can avoid or compensate for them going forward. Celebrate when benchmarks are achieved — both individual (student loan paid off) or together (vacation goal met). Then set new goals.

• Agree on certain practices, such as how much to spend on entertainment and dining out. Who pays for what? Should you have a joint emergency fund? What is the limit either of you can spend before consulting the other?

“Households tend to divide and conquer. One spouse may take care of the day-today finances, while the other handles the longer-term investments. Both spouses, however, need to understand the entire picture of the household finances should something happen.”²

Children/Education

They say there’s no manual for raising children, but in reality, there are thousands — as a single Google search will reveal. It’s a good idea to read up and even meet with a financial advisor so you understand all of the potential financial needs and risks you take on when starting a family. The following are some basic tips. From there, you and your partner should develop a plan that meets your family’s specific requirements.³

• As soon as each child is born (adopted, joins the family by marriage, etc.), be sure to add them to your health insurance plan. For a newborn, most plans provide a 30- to 60-day window to enroll a new child, during which time the health plan may cover them automatically. This is a good thing to investigate before your child is born (or moved from an ex’s health plan), so you know your timeline to complete this task.

• Be aware that even with just one child, your household budget will continue to change as he or she grows. Young couples frequently are amazed at how much “stuff” they have to buy for an infant. However, that’s a mere microcosm of what’s to come as that child gets involved in extracurricular activities, develops a fashion sense and wants the same videogames and cellphones that his or her friends have. Recognize that whatever your thrifty ideals are at the beginning of parenthood, they will inevitably evolve.

• Before they start a family, a couple may have sufficient life insurance through their employer policies. However, when children come along, they generally need to buy additional coverage for each spouse. Consider expenses that would need to be covered if one or both spouses were to pass away. This includes money needed to continue making housing, utility and debt payments, as well as regular household expenses. It’s a good idea to consult with an insurance agent to help you consider all of your potential needs.

• College is expensive, so it’s best to start saving early. Contributing to a 529 college savings plan can give your money the opportunity to grow tax deferred, so it keeps working as you do. When withdrawn for qualified education expenses, those earnings are typically exempt from federal and, in most cases, state taxes. As your child approaches the end of high school, you may want to consider additional funding options such as scholarships, grants and student loans. However, the less you or your student has to borrow, the better for both of your long-term financial prospects.

• Accept that boomerang kids are a reality. In 2019 alone, 17% of young adults ages 25 to 34 lived with their parents, and that number increased substantially during the pandemic. In fact, in July 2020, Pew Research reported that more than half (52%) of 18- to 29-year-olds lived with their parents. Depending on your child(ren) and your situation, you can work out household contribution plans for things like housing, health insurance, food and family cellphone plans. Ultimately, recognize that parenting these days tends to harken back to the time when adult children lived at home until they got married. You can fight it, but it’s also good to plan for it — or at least don’t be surprised if/when it happens to you.⁴

Retirement/Estate Planning

Estate planning is not just for wealthy people — or even the elderly. Couples with families — particularly complex modern families — should consider what would happen to their “estate” should one or both spouses pass away. At any age, here are some tips:

• Update beneficiary designations on your financial accounts any time there are changes to your family dynamic, such as marriage, new children, divorce or death.

• Draw up basic documents such as a will, which should include a named guardian for your children, powers of attorney and health care directives.

• Work with qualified professionals to ensure you have adequate financial protection should one or both spouses pass away.

• Maintain a file or notebook for all of your legal documents, financial accounts and insurance policies, including login credentials, any auto-payment information and named beneficiaries.

Parents/Caregiving

Families don’t stop at children. At some point, they can restart with the care of one or more elderly relatives. In fact, a recent survey by T. Rowe Price revealed that approximately one out of three families that look after an aging relative spend at least $3,000 a month related to that care.⁵ Whether providing direct care for daily living activities or taking over a parent’s money management, the obligations of family finances do not usually stop when the last chick leaves the nest.

In preparation for this eventuality, it’s a good idea to start the conversation early on in your parents’ retirement. They will likely be reluctant to have this discussion, but mention that you are developing a plan for your own retirement so it’s important to understand any additional obligations you may have down the road.

Consider these discussion points:

• If it became necessary, would you consider moving to an assisted living community or do you have the funds to pay for care at home? Or is it your plan that I/we would take care of you?

• Discuss the potential for downsizing and/or living closer to you or your siblings.

• Ask about their overall financial situation, including savings, investments and other valuable assets such as whether they own their home outright, their Social Security income and any insurance policies — including long-term care or a policy with a long-term care rider.

• Inquire about any pending liabilities, such as mortgages or credit card balances.

• Include all appropriate family members, including siblings, in these conversations. This is not just to share responsibilities, but in case something happens to you before your parents pass away.

• Either you or your parents also should maintain a file or notebook with their legal documents, financial accounts and insurance policies, with login credentials, auto-payment information and named beneficiaries. Also include contact information for their doctors and financial advisors.

Final Thoughts

When a couple decides they want to share their life together, regardless of how their family may expand in the future, there are some basic tenets that can help navigate financial challenges:

1. Agree on shared financial objectives and how to achieve them.

2. Don’t keep secrets when it comes to money; be transparent about debt, credit scores, spending habits and separate accounts.

3. Make planning and saving a priority.

Recognize that money is often a catalyst that can end a relationship. By making money discussions a part of your ongoing dialogue, this enables each partner the opportunity to have a say in financial goals and decisions. While couples often divide and conquer household responsibilities, financial decisions should be made together.

This is no different than deciding if and when to have children; it’s that important. Talk often and freely, without judgment. It also can be helpful to develop a relationship with a financial advisor to guide you as your family grows and changes. Sometimes objective, third-party advice is what a couple needs to maintain perspective and prevent money from creating problems in their relationship.

Fresno Financial Planner Takeaways 

As your Fresno financial advisor we thought this was a good takeaway: For couples, it’s important to understand from the outset that income should not equate to power. This is a critical point, because income earnings can swing back and forth throughout a long-term relationship. If you can’t agree on money issues as a couple, it’s only going to get harder as your family grows. Estate planning is not just for wealthy people — or even the elderly. Couples with families — particularly complex modern families — should consider what would happen to their “estate” should one or both spouses pass away.

Diversifying your retirement assets among a variety of vehicles and alternatives—both insurance and investment oriented, depending on what is appropriate for your situation—may offer you a better chance of meeting your retirement income goals throughout your lifespan. We help our clients with problems sometimes associated with retirement such as stopping spend down and avoiding probate. In doing so we leverage Medicare long term care as well as risk management designed to help accomplish those goals.

When searching for Fresno financial advisors, look no further than Soutas Financial & Insurance Solutions Inc. your Fresno portfolio advisor is committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment strategies that focus on Asset Protection, Long-Term Care Strategies, Legacy Planning Tax-Efficient Strategies, IRA, 401(k) & 403(b) Rollovers, Life Insurance, Annuities, Medicare, we can help you develop an overall retirement income strategy specific to you and your family. We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to get your retirement plans on track for success!

Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Soutas Financial & Insurance Solutions, Inc. are not affiliated companies. California Insurance License # OK48173

Other Fresno Financial Advisor Articles 

Soutas Financial & Insurance Solutions Inc. 
333 W. Shaw Avenue Suite 106
Fresno, CA 93704 
(559) 230-1648 
Soutas.com 

Content prepared by Kara Stefan Communications.

1 Jacqueline Sergeant. Financial Advisor. April 1, 2021. “The Buck Increasingly Stops With Millennial, Gen X Women.” https://www.fa-mag.com/news/the-buck-increasingly-stops-with-millennial–genx-women-61202.html. Accessed April 11, 2021.

2 Judith Ward. T. Rowe Price. March 29, 2021. “Couples and Money: 6 Important Financial Promises to Make.” https://www.troweprice.com/personal-investing/resources/insights/6-financial-vowscouples-should-take-to-heart.html. Accessed April 12, 2021.

3 Mark Vandenburg. Vanguard. Sept. 3, 2020. “Preparing your finances for parenthood.” https:// investornews.vanguard/preparing-your-finances-for-parenthood/. Accessed April 12, 2021.

4 Judith Ward and Robert Young. T. Rowe Price. March 26, 2021. “How to Balance Your Needs With Those of Your Children and Parents.” https://www.troweprice.com/personal-investing/resources/ insights/managing-competing-financial-priorities.html. Accessed April 12, 2021.

5 Ibid.

This content is provided for informational purposes. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. None of the information contained herein shall constitute an offer to sell or solicit any offer to buy a security. The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by AE Wealth Management. Neither AEWM, nor the firm providing you with this report are affiliated with or endorsed by the U.S. government or any governmental agency.

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AE Wealth Management, LLC (“AEWM”) is an SEC Registered Investment Adviser (RIA) located in Topeka, Kansas. Registration does not denote any level of skill or qualification. The advisory firm providing you this report is an independent financial services firm and is not an affiliate company of AE Wealth Management, LLC. AEWM works with a variety of independent advisors. Some of the advisors are Investment Adviser Representatives (IAR) who provide investment advisory services through AEWM. Some of the advisors are Registered Investment Advisers providing investment advisory services that incorporate some of the products available through AEWM. Information regarding the RIA offering the investment advisory services can be found at https://brokercheck.finra.org/.

-939480 – 06/21

Gone are the days when employees worked for decades for one employer and received a decent pension and Social Security to fund a comfortable retirement. Retirement investing is now a consumer’s responsibility. Ultimately, financial decisions made during your life determine your retirement lifestyle. David Thomas, CEO at Equitas Capital Advisors in New Orleans, says, “From the World War II generation to the baby boomers, we saw the shift from Social Security to self-security. The problem is that all too few are providing for their self-security, and the ones that do are not doing enough.” Workers who depend solely on Social Security for their retirement face a challenge.

Most savers take an on-again, off-again approach to putting money away. They contribute what they can, when they can, and hope for the best. But consistent saving gets the best results, new research shows. This points up the value of strategies like automatic contributions and paying yourself first.

Putting all retirement savings in IRAs and 401(k)s

Investors enjoy the tax-deferral benefits of retirement accounts. But there’s no avoiding the tax man forever. Without additional funds, outside of a retirement account, a retiree withdrawing from a 401(k) is forced to pay taxes on that withdrawal with money from the account. “A better accumulation strategy would be to split savings into both pretax IRA, 401(k) plans and post-tax savings like a brokerage account invested in low-fee exchange-traded funds,” says Martin E. Levine, a chief financial officer at 4Thought Financial Group. That way, investors can increase the retirement account tax-deferral benefits by withdrawing funds at a slower pace.

Investing only in stocks and bonds

Real estate investment trust, known as REITs, and other real estate investments offer another diversification benefit to current retirees and those in the accumulation phase. “The Jobs Act of 2012 changed the game for many investors, opening new doors to diversify their portfolios with more real estate options rather than sticking strictly to stocks and bonds,” said Adam Hooper, CEO and founder of RealCrowd, a crowdfunding commercial real estate firm in Oregon. Real estate investment also tends to be less volatile than the stock market acting as a stabilizer within a portfolio with a strong opportunity for returns, Hooper adds.

Waiting too late to begin retirement saving

With all of the conversation surrounding returns, the most important factor in wealth accumulation is time. An investor who contributes $6,300 per year from age 25 to age 65 and earns 7% annually on the investment can retire with almost a $1.4 million nest egg. In contrast, an investor who starts investing $6,300 per year at age 40 and earns an average 7% annually will only reach $428,000 in savings by age 65. The first investor’s contributions grew nearly five times. This investor contributed a total of $252,000 for 40 years to yield a $1.4 million investment portfolio. While the second investor contributed a total of $157,000 to equal $428,000 at age 65.

Saving through thick and thin over a long period works. Most 401(k) plans make it easy through automatic enrollment, automatic pre-tax contributions and automatic escalation of contributions each year. Don’t opt out. If these features are not available in your plan you can approximate the strategy with automatic contributions to an IRA. In this long-term game, consistency makes the difference.

Fresno Financial Planner Takeaways 

As your Fresno financial advisor we thought this was a good takeaway: Avoid taking an on-again, off-again money saving strategy. It is a far better idea to remain consistent. Investors enjoy the tax-deferral benefits of retirement accounts. eal estate investment trust, known as REITs, and other real estate investments offer another diversification benefit to current retirees and those in the accumulation phase. And don’t wait too late to begin your retirement savings.

Diversifying your retirement assets among a variety of vehicles and alternatives—both insurance and investment oriented, depending on what is appropriate for your situation—may offer you a better chance of meeting your retirement income goals throughout your lifespan. We help our clients with problems sometimes associated with retirement such as stopping spend down and avoiding probate. In doing so we leverage Medicare long term care as well as risk management designed to help accomplish those goals.

When searching for Fresno financial advisors, look no further than Soutas Financial & Insurance Solutions Inc. your Fresno portfolio advisor is committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment strategies that focus on Asset Protection, Long-Term Care Strategies, Legacy Planning Tax-Efficient Strategies, IRA, 401(k) & 403(b) Rollovers, Life Insurance, Annuities, Medicare, we can help you develop an overall retirement income strategy specific to you and your family. We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to get your retirement plans on track for success!

Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Soutas Financial & Insurance Solutions, Inc. are not affiliated companies. California Insurance License # OK48173

Other Fresno Financial Advisor Articles 

Soutas Financial & Insurance Solutions Inc. 
333 W. Shaw Avenue Suite 106
Fresno, CA 93704 
(559) 230-1648 
Soutas.com 

via 7 Retirement Investment Strategies to Avoid

via How to Double Your Nest Egg for Retirement

We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic retirement income strategies and should not be construed as financial advice.

The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.

905978 – 05/21

Overview

The legislatively mandated minimum wage is the lowest hourly compensation an employer can pay a worker. Originally, it was introduced in 1938 to prevent factories from exploiting workers by paying them low wages that would keep them in poverty.

It is possible that some of those factories may have gone out of business because they were unable to sustain the higher mandated wage. However, companies with sustainable business models survived the new regulation, and the country thrived after passage of the Fair Labor Standards Act (FLSA).

Today, the federal minimum wage in the United States is $7.25 per hour; for workers whose compensation is partially funded through tips, their minimum wage is $2.13 an hour. However, 29 individual states have established a higher minimum wage, with others scheduled to incrementally increase their state minimum wage over the next several years.²

In fact, 42 cities also have passed legislation to increase the minimum wage above the current federal mandate. Among them, 22 are already requiring an hourly wage of $15 or more.³

President Joe Biden has proposed an incremental plan to increase the minimum to $9.50 this year toward the goal of $15 an hour by 2025. However, in light of lost revenues many businesses have experienced due to the pandemic, Biden recently conceded that perhaps the goal could be adjusted to $12 or $13 an hour by 2025. Thereafter, the plan is to index the federal minimum wage to the median U.S. wage, which is the middle point at which half of workers earn more and half earn less.⁴

Proponents of the minimum wage increase say it would be instrumental in reducing poverty, mitigating income inequality and boosting employee morale — which, in turn, could improve productivity. On the other side of the coin, opponents believe a mandated increase would cause higher prices and job losses, thus increasing the number of people living in poverty.

Inflation

There are two sides to the inflation theory. One is that when business owners have to pay their workers more, many believe they must raise the price of their goods and services to pay for the wage hike. However, economists say that wages are only one component of the price equation, and in many cases, heightened wages can be offset by higher morale/productivity and lower turnover costs.

The other side of the inflation theory is that if wages do not keep up with overall increases in the cost of living, more and more workers will likely sink into poverty. Less consumer spending reduces product demand, so companies may lose revenues.

The reality is that today’s wages have not kept up with gradual increases in the cost of living over the past decade. In fact, there has never been a lag of 10 years or more before increasing the minimum wage since the Fair Labor Standards Act was passed in 1938.

The last increase was in July of 2009. Since then, general inflation has increased by more than 20%, and the average rent across the country has increased by more than 30%. In short, workers who earn the current minimum wage ($7.25/hour = $15,080/year) can no longer afford a basic one-bedroom apartment (national average $1,470/ month x 12 = $17,640/year) — and that’s not including utilities, food, transportation and insurance.⁵

Jobs Many business models, especially small mom-and-pop shops, may not be able to sustain a higher minimum wage — even an incremental increase over several years. According to the Congressional Budget Office (CBO), the current proposal to raise the minimum wage to $15 by 2025 would essentially eliminate 1.4 million jobs due to staff cuts and business closures.

However, the CBO also projects that the mandated wage hike would likely increase the incomes of 17 million people, lifting 900,000 out of poverty. So, while there is never one solution that will benefit everyone, the CBO numbers suggest that the advantages of serving 17 million people outweigh the disadvantages of 1.4 million becoming jobless.⁶ And, consider that once the latter cohort does find other jobs, they too will benefit from the higher mandated wage.

Over the past 25 years, evidence-based research such as that established by the CBO has changed the mindset of many economists on this issue of lost jobs. This evolution started with a report published in 1993 when the state of New Jersey raised its minimum wage. The study compared the impact on 410 fast-food restaurants in New Jersey and in Pennsylvania — which did not raise the minimum wage. Despite having to pay higher wages, restaurants in New Jersey actually added more jobs than those in Pennsylvania.

The researchers concluded two reasons why New Jersey restaurateurs expanded: (1) a slight increase in prices did not dissuade patrons, and (2) happier workers were less inclined to quit, so the increased cost was mitigated by lower turnover and training expenses.⁷

“Research has shown that raising the minimum wage reduces poverty and has positive economic benefits for workers, their families, their communities and local businesses where they spend those additional dollars,” said Rosemary Boeglin, a White House spokeswoman.⁸

Economic Advantages To Raising Minimum Wage

Higher wages, particularly among lower-income households, tend to circulate back into the local economy. In fact, small-business owners rely on customers to earn enough income to be able to afford their wares — such as a local eatery, a farmer’s market or an auto mechanic shop. A higher minimum wage is likely to increase consumer spending, creating a higher demand for goods and services and, in turn, more jobs. Ultimately, higher wages can be a pro-GDP growth strategy.

Raising the minimum wage also has the potential to decrease government spending. Higher-earning workers get a lifeline out of poverty, which means less reliance on government welfare programs and tax subsidies. According to the Economic Policy Institute (EPI), if the federal hourly minimum wage is increased to $15 by 2025, the federal government would save between $13.4 billion and $31.0 billion on major public assistance programs.

For example, note the savings projected in the following programs:

• Earned income tax credit (EITC) and child tax credit (CTC) — between $6.5 billion and $20.7 billion a year

• Supplemental Nutrition Assistance Program (SNAP) — between $3.3 billion to $5.4 billion a year

Higher wages also lead to increased income taxes. The EPI projects that the $15 an hour minimum wage would raise an additional $7.0 billion to $13.9 billion in annual contributions to Federal Insurance Contributions Act (FICA) tax revenues, which go to support Social Security and Medicare benefits. Another study found that higher minimum wages give workers who are closing in on retirement a good reason to work longer and delay drawing Social Security benefits.

There are even health benefits associated with a higher minimum wage, presumably due to the ability to afford better health care, healthy food choices and more exercise options. A growing body of research correlates higher minimum wages with a lower incidence of smoking, reduced obesity, lower teen birth rates, fewer alcohol-related traffic fatalities, fewer suicides and higher infant birth weight. In turn, these positive health implications allow for reduced spending by Medicaid, Medicare and Veterans Affairs. And, of course, the healthier the national workforce, the longer people can continue working and contributing to income and payroll tax revenues.⁹

“Economists no longer reflexively oppose minimum wages, as most once did. Empirical work assembled over the past three decades has demonstrated that modest increases in the minimum wage typically have, at most, small negative effects on employment.”¹⁰

Global Competitive Landscape

The stronger the U.S. economy, the better we can compete on the national stage. At present, the U.S. lags other developed countries in the mandated minimum wage. Currently, we rank 12th in the world, but perhaps more importantly, the U.S. minimum wage represents 33% of the nation’s median earnings. This is last among the 31 countries in the Organization for Economic Cooperation and Development. By comparison, Canada’s minimum wage accounts for 51% of median income; France’s represents 62%.¹¹

Final Thoughts

Clearly, there are advantages and disadvantages to increasing the minimum wage. Given that it has been 12 years since the last change, companies may need to start considering how to accommodate potentially mandated increases as part of their staffing budget. The biggest variables are how much the minimum wage will increase and when.

On one hand, now may not be the ideal time for a large wage increase. After all, on the heels of the pandemic, many businesses lost revenues and would not be able to recover if they were required to pay minimum wage staff substantially more. It is worth noting, however, that the U.S. has increased the minimum wage during economic declines in the past. Most notably, the original Fair Labor Standards Act was passed following the Great Depression to help get the country back on its feet.

Just as businesses must make adjustments for operational expenditures, we should all continually monitor our household budget to identify rising costs. With a pending increase in the minimum wage, we may see higher prices for food, entertainment and other common expenses. Slight increases are not likely to break our budget, but all the same, cutting costs in order to mitigate higher outlays is what balancing a budget and long-term planning are all about.

Fresno Financial Planner Takeaways 

As your Fresno retirement plan consultant we felt the following ideas were top notch: Today, the federal minimum wage in the United States is $7.25 per hour; for workers whose compensation is partially funded through tips, their minimum wage is $2.13 an hour. The reality is that today’s wages have not kept up with gradual increases in the cost of living over the past decade. Higher wages, particularly among lower-income households, tend to circulate back into the local economy. Raising the minimum wage also has the potential to decrease government spending. Higher-earning workers get a lifeline out of poverty, which means less reliance on government welfare programs and tax subsidies.

Diversifying your retirement assets among a variety of vehicles and alternatives—both insurance and investment oriented, depending on what is appropriate for your situation—may offer you a better chance of meeting your retirement income goals throughout your lifespan. We help our clients with problems sometimes associated with retirement such as stopping spend down and avoiding probate. In doing so we leverage Medicare long term care as well as risk management designed to help accomplish those goals.

When searching for Fresno financial advisors, look no further than Soutas Financial & Insurance Solutions Inc. your Fresno financial planning consultant is committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment strategies that focus on Asset Protection, Long-Term Care Strategies, Legacy Planning Tax-Efficient Strategies, IRA, 401(k) & 403(b) Rollovers, Life Insurance, Annuities, Medicare, we can help you develop an overall retirement income strategy specific to you and your family. We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to get your retirement plans on track for success!

Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Soutas Financial & Insurance Solutions, Inc. are not affiliated companies. California Insurance License # OK48173

Other Fresno Financial Advisor Articles 

Soutas Financial & Insurance Solutions Inc. 
333 W. Shaw Avenue Suite 106
Fresno, CA 93704 
(559) 230-1648 
Soutas.com 

Content prepared by Kara Stefan Communications.

¹ The Economist. Jan. 30, 2021. “What would a $15 minimum wage mean for America’s economy?” https://www.economist.com/finance-and-economics/2021/01/30/what-would-a-15-minimumwage-mean-for-americas-economy. Accessed March 29, 2021.

² World Population Review. 2021. “Minimum Wage by State 2021.” https://worldpopulationreview. com/state-rankings/minimum-wage-by-state. Accessed March 29, 2021.

³ Paul Wiseman, Dee-Ann Durbin and Christopher Rugaber. PBS. Feb. 17, 2021. “How economists see Biden’s $15 wage proposal.” https://www.pbs.org/newshour/health/how-economists-seebidens-15-wage-proposal. Accessed March 29, 2021.

⁴ Ibid.

⁵ Aimee Picchi. CBS News. July 24, 2020. “It’s been a record 11 years since the last increase in U.S. minimum wage.” https://www.cbsnews.com/news/minimum-wage-no-increases-11-years/. Accessed March 29, 2021.

⁶ Paul Wiseman, Dee-Ann Durbin and Christopher Rugaber. PBS. Feb. 17, 2021. “How economists see Biden’s $15 wage proposal.” https://www.pbs.org/newshour/health/how-economists-seebidens-15-wage-proposal. Accessed March 29, 2021.

⁷ Ibid.

⁸ Ibid.

⁹ Ben Zipperer, David Cooper and Josh Bivens. Economic Policy Institute. Feb. 2, 2021. “A $15 minimum wage would have significant and direct effects on the federal budget.” https://www.epi. org/publication/a-15-minimum-wage-would-have-significant-and-direct-effects-on-the-federalbudget/. Accessed March 29, 2021.

¹⁰ The Economist. Jan. 30, 2021. “What would a $15 minimum wage mean for America’s economy?” https://www.economist.com/finance-and-economics/2021/01/30/what-would-a-15-minimumwage-mean-for-americas-economy. Accessed March 29, 2021.

¹¹ Paul Wiseman, Dee-Ann Durbin and Christopher Rugaber. PBS. Feb. 17, 2021. “How economists see Biden’s $15 wage proposal.” https://www.pbs.org/newshour/health/how-economists-seebidens-15-wage-proposal. Accessed March 29, 2021.

12 World Population Review. 2021. “Minimum Wage by Country 2021.” https://worldpopulationreview. com/country-rankings/minimum-wage-by-country. Accessed March 29, 2021.

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