Resources

Stay abreast of the stories and headlines that may impact you.

Fresno Retirement Advisor News: How the Pandemic Is Affecting the Real Estate Market

By Soutas Financial | August 17, 2020 | Comments Off on Fresno Retirement Advisor News: How the Pandemic Is Affecting the Real Estate Market
Fresno Retirement Advisor News: How the Pandemic Is Affecting the Real Estate Market

Research has found that over a 150-year period (1870 to 2015), owning a home has proved to be one of the most stable and secure holdings compared to other types of investments. While offering the added benefits of providing shelter and leaving it as a legacy, residential property is generally viewed as a financial asset able to withstand most crises — even a pandemic.1

For years, homeowners in many areas of the country have benefited from sustained high prices in the residential real estate market, largely due to the low sales inventory of existing homes. In early March, the housing market appeared poised for a solid spring, particularly in light of high demand and low mortgage rates.2

But all that quickly changed once the coronavirus broke out in the United States. In almost no time, the busy spring season for purchasing and selling homes was cut short by buyers hesitant to venture out — or risk their savings should they lose their jobs — and homeowners not wanting strangers traipsing through their homes. Open houses were canceled, and virtual tours became virtually the only way to check out an occupied property. Some in the industry expect this disruption and its subsequent impact on the economy to shift housing prices into a downward trend.3

For retirees, or workers planning for their retirement, owning your home can be an asset. You can sell it if you need the equity for retirement, assuming you find a cheaper place to live. Or you can draw from that equity if need be while remaining in your home. During this complex time, you have options, and it’s important that you consider all of them before taking any significant financial action.

One of the biggest problems brought on by the pandemic is that business closings, bankruptcies and job losses mean that millions of Americans do not have the money to pay their mortgage or rent. To help provide relief, some states including California, Texas, New York and Florida have temporarily banned evictions. On the federal level, a provision in the $2.2 trillion coronavirus relief package passed in March allows homeowners with government-backed mortgages to defer payments for up to a year.4

However, that doesn’t help the long-term plight of renters — or their landlords, for that matter. According to the National Apartment Association (NAA), the profit margin for many landlords is very thin, around 9 cents for every $1. Furthermore, about two-thirds of residential rental properties don’t qualify for the federal mortgage deferral because they were purchased outright or through private loans. If landlords can’t make their payments, they may lose the property and tenants could still get kicked out. And in the end, cities and counties lose property tax revenue.5

On the commercial side, the real estate market could be impacted by shelter-in-place workspaces. After all, even if things do return to normal, now that employers and employees have sampled remote work as a viable option, it could become more commonplace. This means companies may need less office space. Is it possible we could see a glut of empty office parks and skyscrapers in the future? The same could apply to brick-and-mortar retailers, as quarantining has exposed the value and convenience of online shopping to even the most diehard mall rat.

But, as usual, where there are holes in the market, there are opportunities for investors willing to take a risk. Well-capitalized commercial real estate owners may look to acquire some of these distressed buildings at bargain prices.6

Fresno Retirement Advisor Takeaways 

As your Fresno financial advisor we thought this was a good takeaway: In early March, the housing market appeared poised for a solid spring, particularly in light of high demand and low mortgage rates.2 But all that quickly changed once the coronavirus broke out in the United States. In almost no time, the busy spring season for purchasing and selling homes was cut short by buyers hesitant to venture out — or risk their savings should they lose their jobs — and homeowners not wanting strangers traipsing through their homes. One of the biggest problems brought on by the pandemic is that business closings, bankruptcies and job losses mean that millions of Americans do not have the money to pay their mortgage or rent. But, as usual, where there are holes in the market, there are opportunities for investors willing to take a risk. Well-capitalized commercial real estate owners may look to acquire some of these distressed buildings at bargain prices.6

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 the following…strategic wealth management and retirement annuity strategies to help accomplish those goals. 

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 products such as trusts, probates, charitable giving, estate planning, or tax-efficient strategies, 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! 

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 Ivan Anz. Utah Business. May 4, 2020. “Here’s what real estate investors should expect after COVID-19.” https://www.utahbusiness.com/real-estate-investors-covid-19/. Accessed May 29, 2020.

2 Jacob Passy. MarketWatch. April 6, 2020. “America’s housing market is showing the first signs of trouble from the coronavirus pandemic.” https://www.marketwatch.com/story/americas-housing-market-is-showing-the-first-signs-of-trouble-because-of-the-coronavirus-pandemic-2020-04-02. Accessed June 2, 2020.

3 Ana Durrani. Realtor.com. April 29, 2020. “What Your Real Estate Agent Wants You To Know About the Housing Market Right Now.” https://www.realtor.com/advice/buy/real-estate-agent-wants-you-to-know-housing-market-coronavirus/. Accessed May 29, 2020.

4 Prashant Gopal and Oshrat Carmiel. Bloomberg. May 12, 2020. “If Landlords Get Wiped Out, Wall Street Wins, Not Renters.” https://www.bloomberg.com/news/articles/2020-05-12/if-landlords-get-wiped-out-wall-street-wins-not-renters. Accessed May 29, 2020.

5 Ibid.

6 Ariel Maidansky. MarketWatch. April 29, 2020. “The future of commercial real estate – the weak get shaken out and the strong take over whole new markets.” https://www.marketwatch.com/story/the-future-of-commercial-real-estate-the-weak-get-shaken-out-and-the-strong-take-over-whole-new-markets-2020-04-29. Accessed May 29, 2020.

Our firm is not affiliated with the U.S. government or any governmental agency. 
 
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. 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 
 
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. Investing involves risk, including possible loss of principal. Insurance product guarantees are backed by the financial strength and claims-paying ability of the issuing company. Diversification cannot ensure a profit or guarantee against losses in a declining market. 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. 659682 – 6/20 

Fresno Retirement Consultant News: The Future of Retail Raises More Questions Than Answers

By Soutas Financial | August 10, 2020 | Comments Off on Fresno Retirement Consultant News: The Future of Retail Raises More Questions Than Answers
Fresno Retirement Consultant News: The Future of Retail Raises More Questions Than Answers

Will we learn to live with less? Some lessons were learned when the U.S. initially closed up shop and told everyone to stay home. For example, we can live without extra-soft, double-ply toilet paper and go a whole weekend without shopping at a store or eating at a restaurant — but we’d rather not.

Yet the question remains: Will the lessons of the pandemic be far reaching? For some American companies, yes. Stay-at-home orders hit many retailers in every direction: loss of foot traffic, loss of manufacturing and goods from China, workers who refused to go to work, less things consumers needed to buy and less money with which to buy them. The fallout has impacted brand-name retailers ranging from J. Crew and Neiman Marcus to Nordstrom and Victoria’s Secret.1

What about you? Are you living on less? Or did you spend your days sheltered-in-place shopping online and ordering take-out food? In some cases, people may have spent more than usual in their efforts to buy in bulk and support local restaurants. It’s a good time to calculate your retirement budget to see if it’s worth keeping any frugal habits you adopted for the long term. After all, if you can reduce your basic expenses in retirement, you don’t have to save as large a nest egg. If you’re looking for ideas to optimize your assets and secure reliable income for retirement, please give us a call.

Retail trends are expected to affect more than retailers themselves. While cashless transactions have been around for decades, they may become more prevalent as consumers try to reduce exposure to “dirty money.” Drones may become more predominant in those last few miles for deliveries to your home. Now that people know they can live with less, they may want the things they do buy to last longer, so sustainable goods may become an enduring trend.2

What about the country as a whole? With restaurants shuttered nationwide, farmers had to destroy millions of pounds of perishable food due to lack of demand.3 As the economy shuffles back into existence in a manner of fits and starts, will farmers and food manufacturers adjust their levels of production to avoid the potential for such waste in the future? If so, are we prepared to eat less, pay more or find alternate ways of producing our own food, like baking bread and cultivating backyard gardens?

How will the coronavirus impact where we meet, shop, eat, and how we travel? At least for a while, it’s reasonable to expect that some people will avoid crowded trains and buses, bars,  restaurants, theaters and stadiums in an effort to be mindful of health risks.4 Will only the young and healthy venture out in full-fledged support of the economy, and will their relatively low salaries and net worth be enough to sustain it? Will urban dwellers flock to rural environs to avoid the masses and seek a simpler life?

How about global trends? The goodwill of globalization and cross-trade agreements had already soured in the face of nationalism long before the pandemic left every country to fend for itself. According to the World Trade Organization, global consumer trade is expected to fall between 13% and 32% in 2020.5 The wide discrepancy is largely based on how quickly the outbreak can be contained and whether trade will return to pre-crisis levels. The concern is that current populist trends will take advantage of the opportunity to lay blame on China (a major manufacturer and labor market for most developed countries) which could curb the path back to growth.4 Without intercontinental trade, travel and investment, experts say the recovery will be slow. Poor cooperation will likely result in low economic growth as each country tries to rebuild alone.6

Fresno Retirement Consultant Takeaways 

Soutas Financial your Fresno financial planner would like to remind you of these points: Will the lessons of the pandemic be far reaching? For some American companies, yes. Stay-at-home orders hit many retailers in every direction: loss of foot traffic, loss of manufacturing and goods from China, workers who refused to go to work, less things consumers needed to buy and less money with which to buy them. It’s a good time to calculate your retirement budget to see if it’s worth keeping any frugal habits you adopted for the long term. After all, if you can reduce your basic expenses in retirement, you don’t have to save as large a nest egg. How will the coronavirus impact where we meet, shop, eat, and how we travel? At least for a while, it’s reasonable to expect that some people will avoid crowded trains and buses, bars,  restaurants, theaters and stadiums in an effort to be mindful of health risks.4

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 the following…stop spend down and long term care strategies to help accomplish those goals. 

Soutas Financial & Insurance Solutions Inc. your Fresno retirement planning advisor is committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment products such as trusts, probates, charitable giving, estate planning, or tax-efficient strategies, 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! 

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 Knowledge@Wharton. May 8, 2020. “How COVID-19 Will Change the Way We Shop.” https://knowledge.wharton.upenn.edu/article/covid-19-will-change-way-shop/. Accessed May 29, 2020.

2 Knowledge@Wharton. May 5, 2020. “From Apocalypse to Supernova: How the Pandemic Is Changing U.S. Retail.” https://knowledge.wharton.upenn.edu/article/apocalypse-supernova-pandemic-changing-u-s-retail/. Accessed May 29, 2020.

3 Knowledge@Wharton. May 19, 2020. “Will the Pandemic Cause Food Shortages?” https://knowledge.wharton.upenn.edu/article/will-the-pandemic-cause-food-shortages/. Accessed May 29, 2020.

4 Knowledge@Wharton. May 13, 2020. “The Post-COVID-19 World Will Be Less Global and Less Urban.” https://knowledge.wharton.upenn.edu/article/post-covid-19-world-will-less-global-less-urban/. Accessed May 29, 2020.

5 DG Azevêdo. World Trade Organization. April 8, 2020. “Trade set to plunge as COVID-19 pandemic upends global economy.” https://www.wto.org/english/news_e/pres20_e/pr855_e.htm. Accessed June 10, 2020.

6 Felix Richter. World Economic Forum. May 29, 2020. “The COVID-19 economy: does it mean the end of globalization?” https://www.weforum.org/agenda/2020/05/globalisation-covid19-gdp-drop-2008-financial-crisis. Accessed May 29, 2020.

Our firm is not affiliated with the U.S. government or any governmental agency. 
 
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. 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 
 
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. Investing involves risk, including possible loss of principal. Insurance product guarantees are backed by the financial strength and claims-paying ability of the issuing company. Diversification cannot ensure a profit or guarantee against losses in a declining market. 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. 659682 – 6/20 

Fresno Financial Advisor News: Are the Stock Market and the Economy Out of Sync?

By Soutas Financial | August 3, 2020 | Comments Off on Fresno Financial Advisor News: Are the Stock Market and the Economy Out of Sync?
Fresno Financial Advisor News: Are the Stock Market and the Economy Out of Sync?

In normal times, the stock market is often a reflection of the economy. But these are not normal times. Even though April was marked by a global shutdown of businesses, rampant unemployment and low economic growth, the S&P 500 Index ended the month up 12.9%. This represented the highest one-month gain since 1987 and posted the fastest recovery of the fastest bear-market decline in 90 years.1

It’s been a difficult time for investors, faced with the question of whether they should sell or “stay the course.” A lot depends on where you are in your timeline for achieving financial goals. You may have lost money and then regained it. You may have lost money and chose to sell. If you are near or in retirement, and unsure what you should do now, give us a call. We have many different options available to help you pursue your goals, and will help you create a financial strategy designed for your individual situation.

While the stock market and economy have an enormous influence on each other, it’s important to recognize stock prices often are driven by irrational emotions. Moreover, stock prices are forward looking, meaning they bet on future corporate profits, which do not necessarily take into account a correlation with organic growth. A good example of this was demonstrated by the 2017 corporate tax cut. Many companies used the increase in corporate earnings to buy back stocks and/or pay out dividends rather than invest in growth or worker income.

Recent volatility in the stock market is largely a result of investor optimism that the economy will survive the pandemic, followed by pessimism that it may take longer than hoped. Much of this is driven by government actions, such as the unprecedented consumer stimulus and small business “grants,” as well as the various closing and reopening phases of economies on a state-by-state basis.2

Stimulus actions may provide short-term relief, but also present a long-term drag on the economy. Reduced demand of common products and services may help ward off inflation, but the risk of deflation is just as damaging. Deflation is caused by a sustained period of falling prices, in which lower spending causes businesses to reduce staff and wages — as if that isn’t already a problem. Since consumer spending is one of the key drivers of the U.S. economy, this could lead to a long road to recovery.3

This brings us back to the stock market, with its eccentric performance that appears driven more by investor superstition, optimism and uncertainty rather than actual fundamentals. Longer term, asset prices will presumably begin to reflect the future fortunes (or losses) of corporations. It’s hard to see a scenario in which a wide swath of companies will thrive in the near term, with certain exceptions (like whichever pharmaceutical companies develop a COVID-19 vaccine).

For now, it’s important to view your portfolio within the scope of your financial goals and timeline for achieving them, as well as your risk tolerance. It’s easy to fall under the spell that a high-performing stock market will continue despite occasional blips, or that we’re in for negative returns for the foreseeable future. Regardless of which side of investor sentiment you fall on, stock market data is the same for everyone. The only differentiation is your own personal view of what will happen next.4

Meanwhile, health experts warn of a potential ramp up of contagion in states that reopen too quickly and/or in the fall when flu season commences. Given this possibility, any moves you take right now may be short-term; your view may change again if and when this actually happens. It’s possible we could have a short-term recovery, and long-term investors may want to stay in the market for exposure to that. But no one can accurately predict when the stock market could drop precipitously again, so bear that in mind.5

Fresno Financial Planner Takeaways 

When it comes to Fresno retirement planning, Soutas Financial puts your future first. Don’t forget these great reminders: In normal times, the stock market is often a reflection of the economy. But these are not normal times. It’s been a difficult time for investors, faced with the question of whether they should sell or “stay the course.” While the stock market and economy have an enormous influence on each other, it’s important to recognize stock prices often are driven by irrational emotions. For now, it’s important to view your portfolio within the scope of your financial goals and timeline for achieving them, as well as your risk tolerance. It’s easy to fall under the spell that a high-performing stock market will continue despite occasional blips, or that we’re in for negative returns for the foreseeable future.

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 the following…long term care and Medi-Cal strategies that can help you accomplish those goals. 

Soutas Financial & Insurance Solutions Inc., your Fresno financial planner, are committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment products such as trusts, probates, charitable giving, estate planning, or tax-efficient strategies, 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! 

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 John Persinos. Investing Daily. May 4, 2020. “Economy Down, Stocks Up: Why The Disconnect?” https://www.investingdaily.com/55655/economy-down-stocks-up-why-the-disconnect/. Accessed May 5, 2020.

2 Barbara Kollmeyer. Marketwatch. May 5, 2020. “This is the trap awaiting the stock market ahead of a grim summer, warns Nomura strategist.” https://www.marketwatch.com/story/this-is-the-trap-awaiting-the-stock-market-ahead-of-a-grim-summer-warns-nomura-strategist-2020-05-05. Accessed May 5, 2020.

3 Paul Davidson. USA Today. May 3, 2020. “Besides millions of layoffs and plunging GDP, here’s another worry for economy: Falling prices.” https://www.usatoday.com/story/money/2020/05/03/coronavirus-us-deflation-falling-prices-new-economic-risk/3070084001/. Accessed May 5, 2020.

4 Knowledge@Wharton. Jan. 14, 2020. “How Superstition Triggers Stock Price Volatility.” https://knowledge.wharton.upenn.edu/article/wachter-superstitious-investors-research/. Accessed May 5, 2020.

5 Matt Egan. CNN. April 16, 2020. “The stock market is acting like a rapid recovery is a slam dunk. It’s not.” https://www.cnn.com/2020/04/16/investing/stock-market-dow-jones-recession/index.html. Accessed May 5, 2020.

Our firm is not affiliated with the U.S. government or any governmental agency. 
 
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. 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 
 
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. Investing involves risk, including possible loss of principal. Insurance product guarantees are backed by the financial strength and claims-paying ability of the issuing company. Diversification cannot ensure a profit or guarantee against losses in a declining market. 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. 659682 – 6/20 

Lose Home If You Use Medi-Cal?

By Soutas Financial | July 23, 2020 |
Fresno Financial Advisor Video-Will You Lose Home If You Use Medi-Cal?

Will You Lose Home If You Use Medi-Cal?

If you or a loved one uses Medi-Cal, will the state put a lien on your home? It’s true that all your benefits paid to a person 55 years old or older by Medi-Cal is like a loan and they have the right to ask it back when you’re gone. It’s also true with proper planning that all your assets can pass on to your beneficiaries and not the state.

Schedule a complementary strategy visit with us and learn what your rights and options are.

Soutas Financial & Insurance Solutions Inc.
333 W. Shaw Avenue Suite106 Fresno, CA 93704
(559) 230-1648
Soutas.com

Fresno Retirement Consultant News: The Perks and Pitfalls of Self-Employment

By Soutas Financial | July 22, 2020 | Comments Off on Fresno Retirement Consultant News: The Perks and Pitfalls of Self-Employment
Fresno Retirement Consultant News: The Perks and Pitfalls of Self-Employment

Sole proprietors in the U.S. caught a huge break in April. The Paycheck Protection Program, borne out of the economic hardship caused by the COVID-19 pandemic, became available to solo entrepreneurs and independent contractors on April 10, 2020.1 

According to a 2017 survey, 36% of U.S. workers are part of the gig economy.2 With so many sole proprietors contributing to today’s economy, it stands to reason that the federal government would recognize these contributions through the Coronavirus Aid, Relief and Economic Security (CARES) Act’s small-business loans and unemployment insurance provisions. 

Retirement planning can be difficult when you work for yourself, especially when it comes to navigating the various retirement plan options. If you’d like help creating a strategy for income in retirement, please give us a call. We’ll work with you to craft a plan that is designed to match both your needs and business model. 

One of the silver linings of the recent crisis may be a greater focus on the needs of independent workers. Following the lead of recent federal government legislation, individual states are getting in on the act. California, New York and Washington already offer paid family and medical leave benefit programs in which the self-employed can participate. Meanwhile, Massachusetts, Connecticut, Oregon and the District of Columbia also are working to establish family and medical leave programs.3 

Given the recent rise in unemployment numbers, it would be no surprise to see more people consider self-employment once the economy recovers. Many people don’t like having to rely on government benefits to see them through hard times, but recent experiences have shown that traditional employment may not always be reliable either. However, there are a mountain of considerations when it comes to becoming a full-time sole proprietor. 

For example, it takes a broader set of business skills. Not only do you provide the product or service that you’re good at, but you also have to learn to manage the administrative functions of your business, including accounting, marketing and sales. Some of the sad truths of self-reliance are that there are often no financial safety nets, you might work long hours — even if you are sick or caring for a sick family member — and may not be able to enjoy vacations since you are “on call” nearly 24/7, 365 days a year.4 

There are perks to being self-employed, however, such as the opportunity to earn unlimited income. There are also tax deductions that self-employed individuals may qualify for and potential household budget savings on things like professional business clothes and commuting expenses.5 

Fresno Retirement Consultant Takeaways 

As your Fresno portfolio advisor Soutas Financial appreciated these points: The Paycheck Protection Program, borne out of the economic hardship caused by the COVID-19 pandemic, became available to solo entrepreneurs and independent contractors on April 10, 2020.1 One of the silver linings of the recent crisis may be a greater focus on the needs of independent workers. Given the recent rise in unemployment numbers, it would be no surprise to see more people consider self-employment once the economy recovers. Many people don’t like having to rely on government benefits to see them through hard times, but recent experiences have shown that traditional employment may not always be reliable either. Some of the sad truths of self-reliance are that there are often no financial safety nets, you might work long hours — even if you are sick or caring for a sick family member — and may not be able to enjoy vacations since you are “on call” nearly 24/7, 365 days a year.4 

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 the following…retirement annuity and stop spend down strategies to help accomplish those goals. 

Soutas Financial & Insurance Solutions Inc. your Fresno financial advisor is committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment products such as trusts, probates, charitable giving, estate planning, or tax-efficient strategies, 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! 

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 Elaine Pofeldt. CNBC. April 10, 2020. “Paycheck Protection Program aid opens for sole proprietorships and independent contractors.” https://www.cnbc.com/2020/04/10/paycheck-protection-program-opens-for-sole-proprietorships.html. Accessed April 30, 2020. 

2 Lisa Hogan. Bloomberg Law. Sept. 17, 2019. “The Gig Economy Could Change How Employers Gear for Next Recession.” https://news.bloomberglaw.com/us-law-week/insight-the-gig-economy-could-change-how-employers-gear-for-next-recession. Accessed April 30, 2020. 

3 Michelle Andrews. Kaiser Health News. March 19, 2020. “Gig Economy Workers Hurt By Coronavirus Eye New Federal Funds For Relief.” https://khn.org/news/gig-economy-workers-hurt-by-coronavirus-eye-new-federal-funds-for-relief/. Accessed April 30, 2020. 

4 Holly Johnson. The Simple Dollar. April 8, 2020. “Seven Truths About Self-Employment.” https://www.thesimpledollar.com/make-money/seven-truths-about-self-employment/. Accessed April 30, 2020. 

5 Greg Johnson. Dough Roller. Dec. 2, 2019. “11 Financial Benefits of Being Self-Employed.” https://www.doughroller.net/small-business/11-financial-benefits-self-employed/. Accessed April 30, 2020. 

Our firm is not affiliated with the U.S. government or any governmental agency. 
 
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. 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 
 
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. Investing involves risk, including possible loss of principal. Insurance product guarantees are backed by the financial strength and claims-paying ability of the issuing company. Diversification cannot ensure a profit or guarantee against losses in a declining market. 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. 659682 – 6/20 

Fresno Retirement Advisor News: Beware of Coronavirus Scams

By Soutas Financial | July 20, 2020 | Comments Off on Fresno Retirement Advisor News: Beware of Coronavirus Scams
Fresno Retirement Advisor News: Beware of Coronavirus Scams

After a press conference in which President Trump mentioned scientists were testing the potential of using disinfectants as a coronavirus cure, poison control centers across the country reported a spike in calls. In Maryland alone, the Emergency Management Agency fielded more than 100 calls asking about the president’s suggestion. In less than 24 hours of the briefing, the poison control center in New York City responded to more than 30 cases in which people were exposed to disinfectant as a possible treatment.1 

The most important thing to remember in a crisis situation is to seek out credible, vetted information. It is unfortunate that the president’s mere observation of an untested theory was misinterpreted by so many people living in fear of having COVID-19. And yet, the need to verify information and advice goes for any crisis, and even when the crisis is over. Please remember that we are here for you to provide guidance and the most up-to-date information for your insurance needs. 

Be aware that the disinfectant snafu isn’t the only type of misinformation out there. Ever since the start of the pandemic, the World Health Organization (WHO) reports there has been a dramatic increase in cyberattacks and email scams targeting the public at large. In fact, there are even fraudsters impersonating the WHO itself, sending emails requesting donations to a fictitious fund that’s supposed to help respond to the virus.2 

The most prominent coronavirus-themed campaign has been aimed at people in Japan. Emails appearing to be from a Japanese disability welfare provider contain a leading malware called Emotet. Recipients are encouraged to open an attached document to learn in what areas the infection is spreading the fastest. Once opened, Emotet can automatically download onto their computers.3 

Other scams include fraudulent websites that claim to help you work from home, emails selling products that claim to prevent the disease, fake test kits for sale and even scammers taking advantage of the market decline, promising “safe” investments to “get rich quick.”4 There is even a COVID-19 blackmail scheme in which scammers threaten to infect victims with the coronavirus if they don’t pay a ransom upfront.5 

Another recent fraud has successfully scammed people out of money after they called a phone number they thought was the IRS to check on when they’d receive their Economic Impact Payment. The IRS has issued a warning about these scams, cautioning people not to give out any personal or banking information or sign over their Economic Impact Payment check to someone else.6 

Because these scam artists move quickly and focus on the biggest fears of the day, the government and other regulatory agencies have not had enough time to track them down or prevent them from preying on consumers. It is very important, especially during this stressful time, that everyone be hyper-vigilant about opening suspect emails or clicking on links making an offer that sounds too be good to be true. Remember, if there is a cure or effective treatment or even a vaccine, you will hear about it from your local television news station and read about it in your local newspaper. 

Be sure to follow advice and information from only reliable sources about COVID-19 and other health issues. 

Fresno Retirement Advisor Takeaways 

Fresno financial planning is our utmost concern here at Soutas Financial and we thought these takeaways were worth mentioning again. The most important thing to remember in a crisis situation is to seek out credible, vetted information. And yet, the need to verify information and advice goes for any crisis, and even when the crisis is over. Ever since the start of the pandemic, the World Health Organization (WHO) reports there has been a dramatic increase in cyberattacks and email scams targeting the public at large. The most prominent coronavirus-themed campaign has been aimed at people in Japan. It is very important, especially during this stressful time, that everyone be hyper-vigilant about opening suspect emails or clicking on links making an offer that sounds too be good to be true. 

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 the following…risk management and strategic wealth management strategies to help accomplish those goals. 

Soutas Financial & Insurance Solutions Inc. your Fresno retirement plan consultant is committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment products such as trusts, probates, charitable giving, estate planning, or tax-efficient strategies, 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! 

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 Peter Aitken. Fox News. April 26, 2020. “States see spike in poison control calls following Trump’s comments on injecting disinfectant.” https://www.foxnews.com/us/states-spike-poison-control-calls. Accessed April 30, 2020. 

2 World Health Organization. April 23, 2020. “WHO reports fivefold increase in cyber attacks, urges vigilance.” https://www.who.int/news-room/detail/23-04-2020-who-reports-fivefold-increase-in-cyber-attacks-urges-vigilance. Accessed April 30, 2020. 

3 Check Point Software Technologies. “January 2020’s Most Wanted Malware: Coronavirus-themed spam spreads malicious Emotet malware.” https://blog.checkpoint.com/2020/02/13/january-2020s-most-wanted-malware-coronavirus-themed-spam-spreads-malicious-emotet-malware/. Accessed April 30, 2020. 

4 James Royal. Bankrate.com. April 17, 2020. “3 types of coronavirus scams to watch out for.” https://www.bankrate.com/personal-finance/common-coronavirus-scams-to-watch-out-for/. Accessed April 30, 2020. 

5 Lachlan Cartwright. The Daily Beast. April 29, 2020. “Cyberscammers: Pay Up or We’ll Infect Your Family With Coronavirus.” https://www.thedailybeast.com/new-coronavirus-scam-threatenspay-up-or-well-infect-your-family-with-covid-19. Accessed April 30, 2020. 

6 Bryant Maddrick. KSHB-NBC News. April 30, 2020. “Couple warns of stimulus scams after reportedly losing hundreds of dollars.” https://www.kshb.com/news/coronavirus/couple-warns-of-stimulus-scams-after-reportedly-losing-hundreds-of-dollars. Accessed April 30, 2020. 

Our firm is not affiliated with the U.S. government or any governmental agency. 
 
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. 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 
 
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. Investing involves risk, including possible loss of principal. Insurance product guarantees are backed by the financial strength and claims-paying ability of the issuing company. Diversification cannot ensure a profit or guarantee against losses in a declining market. 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. 659682 – 6/20 

Must “Spend Down” – Use Up All Your Savings?

By Soutas Financial | July 19, 2020 |
Fresno Financial Advisor Video-Must “Spend Down” – Use Up All Your Savings?

What if you or a loved one had to go into a nursing home and couldn’t be cared for at home any longer?

Many have heard confusing things about Med-Cal. That you must spend down or use up all of your life savings investments even your properties before getting any benefits?

For us in California this doesn’t have to happen.

Schedule a complementary strategy visit with us and learn what your rights and options are.

Soutas Financial & Insurance Solutions Inc.
333 W. Shaw Avenue Suite106 Fresno, CA 93704
(559) 230-1648
Soutas.com

Fresno Financial Consultant News: How to Deal With Financial Stress

By Soutas Financial | July 15, 2020 | Comments Off on Fresno Financial Consultant News: How to Deal With Financial Stress
Fresno Financial Consultant News: How to Deal With Financial Stress

A recent survey by the National Endowment for Financial Education found that almost 90% of Americans were feeling anxious about their money situation.1 

  • 39% were worried about job security 
  • 48% worried about paying bills 
  • 28% didn’t know if they could pay their utilities 
  • 41% were worried about not having enough emergency savings 
  • 23% were worried about having enough saved for retirement 

Even before the COVID-19 pandemic, subsequent mass layoffs and other hardships, a U.S. Bureau of Labor Statistics study revealed that 40% of adults did not have enough cash on hand to cover an unexpected $400 expense.2 

Obviously, a home foreclosure or auto repossession can generate a snowball economic effect on a household, but everything from medical expenses to utility bills to parking tickets can coalesce into a high degree of financial distress, causing mental and physical health problems. 

If you find yourself in financial stress during this difficult time, there are a couple of ways we can help. First, we understand what you’re going through, so your problems are very real to us. Second, we have access to a variety of different financial vehicles that may help address your unique issues. Please contact us to learn more. 

Even in normal situations, financial stress can take its toll on a marriage. A pair of recent studies suggests that partnerships best able to weather financial distress are those in which spouses make a proactive effort to practice “relationship maintenance behaviors,” such as respecting and showing love and affection for each other.3 

If you find yourself succumbing to the rigors of financial stress, follow some of the widely touted tips to help — because they work. Better yet, many ways to manage stress are easy and free. For example:4 

  • Get regular exercise, particularly in nature. 
  • Learn and practice relaxation techniques, such as meditation or yoga. 
  • Laugh — watch old movies or TV shows that make you laugh out loud. 
  • Eat healthy, well-balanced meals on a regular basis. 
  • Learn to manage your time effectively, making time for hobbies, interests and down time. 
  • Set limits appropriately and say no to things that cause you stress. 
  • Seek out social support and spend time with people who put you at ease. 

Fresno Financial Consultant Takeaways 

Soutas Financial, your Fresno financial planner would like to remind you of the following points: A recent survey by the National Endowment for Financial Education found that almost 90% of Americans were feeling anxious about their money situation.1 If you find yourself in financial stress during this difficult time, there are a couple of ways we can help. First, we understand what you’re going through, so your problems are very real to us. Second, we have access to a variety of different financial vehicles that may help address your unique issues. If you find yourself succumbing to the rigors of financial stress, follow some of the widely touted tips to help — because they work. Better yet, many ways to manage stress are easy and free. 

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 the following…Medi-Cal and Medicare long term care strategies that can help you accomplish those goals. 

Soutas Financial & Insurance Solutions Inc. your Fresno retirement planning advisor is committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment products such as trusts, probates, charitable giving, estate planning, or tax-efficient strategies, 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! 

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 Michelle Fox. CNBC. April 16, 2020. “Coronavirus is causing financial stress for nearly 9 in 10 Americans.” https://www.msn.com/en-us/money/personalfinance/coronavirus-is-causing-financial-stress-for-nearly-9-in-10-americans/ar-BB12J4J7?li=BBnbfcN. Accessed April 20, 2020. 

2 Knowledge@Wharton. April 9, 2020. “What Contributes Most to Consumer Financial Distress?” https://knowledge.wharton.upenn.edu/article/what-contributes-most-to-consumer-financial-distress/. Accessed April 20, 2020. 

3 University of Arizona. April 21, 2020. “What helps couples weather financial storms.” https://www.eurekalert.org/pub_releases/2020-04/uoa-whc042020.php. Accessed April 20, 2020. 

4 WebMD. 2020. “Stress Management Tips.” https://www.webmd.com/balance/stress-management/stress-management. Accessed April 20, 2020. 

Our firm is not affiliated with the U.S. government or any governmental agency. 
 
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. 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 
 
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. Investing involves risk, including possible loss of principal. Insurance product guarantees are backed by the financial strength and claims-paying ability of the issuing company.  Diversification cannot ensure a profit or guarantee against losses in a declining market. 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. 659682 – 6/20 

Fresno Financial Advisor News: Ways the Pandemic May Change the Future of Employment

By Soutas Financial | July 13, 2020 | Comments Off on Fresno Financial Advisor News: Ways the Pandemic May Change the Future of Employment
Fresno Financial Advisor News: Ways the Pandemic May Change the Future of Employment

About 8.5% of U.S. households are headed by a self-employed person. While self-employed households tend to earn higher income than salaried households, research shows they also tend to take the biggest hit during an economic downturn.1 

The emergence of independent contractors and the gig economy helped make self-employment a more viable option for Americans after the 2008 recession. Now, steps are being taken to help self-employed workers weather another economic struggle. For the first time, Congress passed legislation providing unemployment benefits for self-employed workers, including up to 39 weeks of coverage and an extra $600 a week through the end of July.2 

The COVID-19 pandemic and its effects have been a difficult experience for everyone. Let us know if you need help creating a household budget during this unprecedented time. 

One of the biggest detriments of losing a job is the possibility of losing health insurance, or at least being unable to afford higher premiums charged by COBRA. Because this recent crisis is a health care issue, the nation may consider the idea of de-coupling health insurance from employers. This would enable more workers to start their own businesses, and generate significant overhead savings for companies.3 At the very least, loss of income would not mean loss of health care coverage for the millions of Americans who receive employer-sponsored insurance. 

Many companies have resisted allowing employees to work from home because of questions about productivity, logistics and technology challenges. However, the COVID-19 requirements for social distancing may push businesses to fully embrace the concept of off-site workers long term. According to Global Workplace Analytics, an employer can save about $11,000 a year per worker who telecommutes 50% of the time.4 

Unfortunately, the 2018 Tax Cuts and Jobs Act eliminated the unreimbursed employee expense deduction for those now working from home. Therefore, even if your employer requires that you work from home for the rest of the year, you are currently unable to claim this tax deduction. Only the self-employed who work from home will be able to write off qualified expenses from their business income.5 

However, working from home may be able to generate savings on some of your household expenses, such as work clothes, dry cleaning, lunches out and commuting to work. According to a study by FlexJobs, remote workers can save as much as $4,000 a year by working at home.6 

There are other benefits, as well. For example, the average employee’s commute to work takes 26 minutes each day, adding up to four and a half hours in the car each week. If Americans reduced their commute by just one day a week, that would result in a 16% reduction in the U.S. carbon footprint. Plus, imagine how that newfound time could be put to better use.7 

A month or two ago, working from home may have appeared to be a dream job, but many now forced into this arrangement may recognize its challenges, such as working longer hours; more distractions; and having a tougher time focusing on productivity, technology challenges, and juggling work and family life. The key is to find productivity during breaks from work, doing things like laundry, getting meals started, and taking time to exercise, all without even having to shower to go back to work. 

America, and the world, will get through this pandemic, but in the meantime, we might as well learn from the experience and take away as many lessons as we can going forward. 

Fresno Financial Planner Takeaways 

As your Fresno financial advisor, we thought this was a good takeaway: The emergence of independent contractors and the gig economy helped make self-employment a more viable option for Americans after the 2008 recession. Now, steps are being taken to help self-employed workers weather another economic struggle. Many companies have resisted allowing employees to work from home because of questions about productivity, logistics and technology challenges. However, the COVID-19 requirements for social distancing may push businesses to fully embrace the concept of off-site workers long term. There are other benefits, as well. For example, the average employee’s commute to work takes 26 minutes each day, adding up to four and a half hours in the car each week. 

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 the following…stop spend down and long term care strategies that can help you accomplish those goals. 

Soutas Financial & Insurance Solutions Inc., your Fresno portfolio advisor, are committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment products such as trusts, probates, charitable giving, estate planning, or tax-efficient strategies, 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! 

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 Karen Kaul and Laurie Goodman. Urban Institute. Jan. 14, 2019. “The mortgage market is not meeting the needs of self-employed workers.” https://www.urban.org/urban-wire/mortgage-market-not-meeting-needs-self-employed-workers. Accessed March 31, 2020. 

2 Brittany Hoke. WTAE Pittsburgh. March 30, 2020. “Self-employed workers eligible for unemployment for the first time.” https://www.wtae.com/article/self-employed-workers-eligible-for-unemployment-for-the-first-time/31984815. Accessed March 31, 2020. 

3 Phil Galewitz. Kaiser Health News. June 7, 2019. “Why Some CEOs Figure ‘Medicare For All’ Is Good For Business.” https://khn.org/news/a-large-employer-frames-the-medicare-for-all-debate/. Accessed March 31, 2020. 

4 Lindsey Jacobsen. CNBC. March 23, 2020. “As coronavirus forces millions to work remotely, the US economy may have reached a ‘tipping point’ in favor of working from home.” https://www.cnbc.com/2020/03/23/what-coronavirus-means-for-the-future-of-work-from-home.html. Accessed March 31, 2020. 

5 Darla Mercado. CNBC. March 26, 2020. “Stuck working from home? It won’t save you much on your taxes.” https://www.cnbc.com/2020/03/26/stuck-working-from-home-it-wont-save-you-much-on-your-taxes.html. Accessed March 31 2020. 

6 Aimee Picci. USA Today. March 23, 2020. “If you’re working from home, chances are you’ll save money.” https://www.usatoday.com/story/money/2020/03/22/working-home-likely-save-you-money/5024967002/. Accessed March 31, 2020. 

7 Science Times. March 31, 2020. “How COVID-19 Could Change the Future of Work.” https://www.sciencetimes.com/articles/25152/20200331/how-covid-19-could-change-the-future-of-work.htm. Accessed March 31, 2020. 

Our firm is not affiliated with the U.S. government or any governmental agency. 
 
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. 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 
 
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. Investing involves risk, including possible loss of principal. Insurance product guarantees are backed by the financial strength and claims-paying ability of the issuing company. Diversification cannot ensure a profit or guarantee against losses in a declining market. 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. 659682 – 6/20 

Fresno Retirement Consultant News: Health Care Woes Predicted Long Ago

By Soutas Financial | June 23, 2020 | Comments Off on Fresno Retirement Consultant News: Health Care Woes Predicted Long Ago
Fresno Retirement Consultant News: Health Care Woes Predicted Long Ago
Fresno Retirement Consultant News: Health Care Woes Predicted Long Ago

“The federal pandemic influenza plan and public health experts predict that should the H5N1 influenza virus mutate in such a way that human-to-human transmission can easily occur, approximately 30 percent of the U.S. population could develop the disease. An influenza pandemic of some type could occur in the next few years … It is expected that there would be serious shortages of health care facilities, equipment, pharmaceuticals and personnel. The public health system and hospitals will be quickly overrun if even some of the estimated number of people become sick. It is important to realize that victims of this disease will, by default, need to be cared for in home-care settings, and we must plan accordingly.”

This might sound familiar to our current situation in 2020, but these conclusions are actually from a report published by the National Institutes of Health in 2007.1

The possible effects of a pandemic like COVID-19 were not entirely unexpected. Since the report above was released, the U.S. had more than 13 years to better prepare for a widespread illness by addressing problems in the nation’s health care system. Although the media continues to report health care is the top priority for Americans, the large, structural changes necessary to provide quality, affordable health care resources nationwide have not surfaced.

No retirement strategy is complete without addressing the costs of health care and long-term care. Retirees are living longer and health care expenses continue to rise.2 If you feel your retirement strategy may be inadequate to help cover medical expenses in the future, please give us a call. We can discuss insurance products, such as life insurance and annuities, that can provide various options that may help meet your financial needs.

To be fair, 80% of Americans are mostly concerned with their own out-of-pocket health care costs.3 However, just offering individuals a financial “Band-Aid” does not address the underlying causes of growing costs related to health care government policies.4 A 2017 study found the U.S. spends $812 billion a year in administrative costs alone, as they relate to insurance companies and overhead associated with medical practices managing the claims processes.5

The problems have been identified, but unfortunately, no universal solution has been agreed upon. Republicans and Democrats are on opposite sides of the debate — less versus more government intervention — and there’s even a diverse range of policy proposals within the Democratic party. Meanwhile, the wide partisan divide continues in Washington, D.C., and the stalemate continues for 13 years and counting.6

If health care wasn’t a commanding issue in the country before the COVID-19 pandemic, it certainly is now.

Fresno Retirement Consultant Takeaways

Soutas Financial your Fresno financial planner would like to remind you of these points. The possible effects of a pandemic like COVID-19 were not entirely unexpected. Although the media continues to report health care is the top priority for Americans, the large, structural changes necessary to provide quality, affordable health care resources nationwide have not surfaced. However, just offering individuals a financial “Band-Aid” does not address the underlying causes of growing costs related to health care government policies.4 A 2017 study found the U.S. spends $812 billion a year in administrative costs alone, as they relate to insurance companies and overhead associated with medical practices managing the claims processes.5

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 products such as trusts, probates, charitable giving, estate planning, or tax-efficient strategies, 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!

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 Peter J. Levin, Eric N. Gebbie and Kristine Qureshi. National Institutes of Health. Sep-Oct 2007. “Can the Health-Care System Meet the Challenge of Pandemic Flu? Planning, Ethical, and Workforce Considerations.” https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1936949/. Accessed March 16, 2020.

2 Milken Institute of Public Health. April 6, 2018. “The Growing Cost of Aging in America Part 1: An Aging Population and Rising Health Care Costs.” https://publichealthonline.gwu.edu/cost-of-aging-healthcare/. Accessed March 16, 2020.

3 Adam Cancryn. Politico. Feb. 9, 2020. “POLITICO-Harvard Poll: Health care costs are top priority heading into elections.” https://www.politico.com/news/2020/02/19/poll-health-care-election-115866. Accessed March 16, 2020.

4 Jim Probasco. Investopedia. Oct. 16, 2019. “Why Do Healthcare Costs Keep Rising?” https://www.investopedia.com/insurance/why-do-healthcare-costs-keep-rising/. Acessed March 16, 2020.

5 Joanne Finnegan. Fierce Health care. Jan. 7, 2020. “How can U.S. healthcare save more than $600B? Switch to a single-payer system, study suggests.” https://www.fiercehealthcare.com/practices/how-can-u-s-healthcare-save-more-than-600b-switch-to-a-single-payer-system-study-says. Accessed March 16, 2020.

6 Julie Rovner. NPR. Jan. 29, 2020. “U.S. Elections 2020: Understanding What’s At Stake For Health Care.” https://www.npr.org/sections/health-shots/2020/01/29/800652075/u-s-elections-2020-understanding-whats-at-stake-for-health-care. Accessed March 16, 2020.

Our firm is not affiliated with the U.S. government or any governmental agency.

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. 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

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. Investing involves risk, including possible loss of principal. Insurance product guarantees are backed by the financial strength and claims-paying ability of the issuing company. 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. 628462 

Our firm provides links to third-party articles in an effort to assist users in locating information on topics that might be of interest to them. Information presented has not been verified and is not guaranteed, nor can we attest to the accuracy of information provided. Linking to an article or website does not constitute a representation of the services offered by our firm, nor does it constitute an endorsement by our firm of the sponsors of the site or the products presented on the site. The information 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.