Resources

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

Fresno Financial Advisor News: How To Help Maximize Social Security Benefits

By Soutas Financial | April 24, 2021 | Comments Off on Fresno Financial Advisor News: How To Help Maximize Social Security Benefits
Fresno Financial Advisor News: How To Help Maximize Social Security Benefits

There are good reasons to delay starting Social Security benefits, but there are also good reasons to begin them early. It really does depend on your circumstances.

If you claim earlier than your full retirement age (FRA), your benefit will be permanently reduced. The age to qualify for the full Social Security benefit varies by birth date, not only for beneficiaries, but also for surviving spouses who rely on the primary earner’s benefit:1

  • For people born between 1943 and 1954, FRA is age 66.
  • For people born between 1955 and 1959, FRA ranges from 66 and 2 months to 66 and 10 months.
  • For people born in 1960 and later, FRA starts at 67.
  • For surviving spouses born between 1945 and 1956, FRA is age 66.
  • For surviving spouses born from 1957 to 1961, FRA ranges from 66 and 2 months to 66 and 10 months.
  • For surviving spouses born in 1962 and later, FRA is 67.

Why would you claim earlier than FRA if your benefit will be reduced? One reason to start them early is if you want to retire early and need Social Security benefits to help cover your expenses. Or, if you want your investments to have a longer time to grow, you may want to begin benefits so you don’t have to draw from your retirement accounts — at least not until you have to take required minimum distributions (RMDs) at age 72.2 Taxable brokerage accounts can continue growing without distributions.

However, delaying benefits can have some advantages as well. The main one is that if you wait until FRA, you’ll receive a higher monthly payout by avoiding the permanent reduction in benefits before what would have been your full retirement age. And if you delay beyond FRA, your permanent benefit allows collection credits ranging from 5.5% to 8% (depending on your birth year) up to age 70.3 This may be a good option if you continue working through your 60s and/or have plenty of retirement assets you can start tapping for income when you retire. Also, bear in mind that the longer you wait, the higher the benefit will be for a surviving spouse who will rely on your benefit. The same applies if you have children who would be eligible for benefits.

Obviously, deciding when to start drawing benefits can be a big decision — one that should be determined based on your personal factors, such as your age, income, ability/desire to work, your spouse’s income, your health, your assets, possibly whether or not your mortgage is paid and even the lifestyle you want to enjoy during retirement. We can help you evaluate your entire financial picture to help you make this decision. Feel free to contact one of our experienced advisors.

There are a few more things you should know about spousal benefits. For example, a spouse can receive 50% of the higher-earning spouse’s Social Security benefit or the benefit based on her own work history — whichever is higher. A spouse can apply for benefits based on the primary earner’s work history only after the primary has already claimed benefits. Be aware that spousal benefits are available only after the couple has been married for at least one year. When a couple divorces, the ex-spouse can apply for benefits if the marriage lasted 10 or more years and once they have been divorced for at least two years.4

Here are a few other tidbits:5

  • In 2021, the average Social Security beneficiary will collect $1,543, according to the Social Security Administration.
  • In 2021, the maximum benefit anyone can receive is $3,895, which includes delayed retirement credits up to age 70.
  • For self-employed people who must pay both the individual and employer Social Security (FICA) tax, the maximum tax in 2021 is $17,707.20.

Fresno Financial Planner Takeaways 

As your Fresno retirement plan consultant we felt the following ideas were top notch: If you claim earlier than your full retirement age (FRA), your benefit will be permanently reduced. Why would you claim earlier than FRA if your benefit will be reduced? One reason to start them early is if you want to retire early and need Social Security benefits to help cover your expenses. However, delaying benefits can have some advantages as well. The main one is that if you wait until FRA, you’ll receive a higher monthly payout by avoiding the permanent reduction in benefits before what would have been your full retirement age.

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 Andrew Van Dam. The Washington Post. June 5, 2020. “The unluckiest generation in U.S. history.” https://www.washingtonpost.com/business/2020/05/27/millennial-recession-covid/. Accessed Oct. 5, 2020.

2 Richard Pew. Pew Research. April 28, 2020. “Millennials overtake Baby Boomers as America’s largest generation.” https://www.pewresearch.org/fact-tank/2020/04/28/millennials-overtake-baby-boomers-as-americas-largest-generation/. Accessed Oct. 5, 2020.

3 Kathy Koch. EY. March 4, 2020. “The Millennial Economy 2018.” https://www.ey.com/en_us/tax/the-millennial-economy-2018. Accessed Oct. 5, 2020.

4 Hillary Hoffower. Business Insider. Feb. 6, 2020. “How the American millennial is overcoming debt, the dollar, and the economy they were handed.” https://www.businessinsider.com/millennials-great-recession-student-debt-affordability-crisis-2020-1. Accessed Oct. 5, 2020.

5 Kathy Koch. EY. March 4, 2020. “The Millennial Economy 2018.” https://www.ey.com/en_us/tax/the-millennial-economy-2018. Accessed Oct. 5, 2020.

6 Realtor Magazine. Aug. 31, 2020. “Millennials Are Fueling Housing’s Rebound.” https://magazine.realtor/daily-news/2020/08/31/millennials-are-fueling-housing-s-rebound. Accessed Oct. 5, 2020.

7 Laura Bogart. Buzzfeed News. Sept. 28, 2020. “Millennials Are Trying To Shake The Stigma Of Moving Back In With Their Parents.” https://www.buzzfeednews.com/article/laurabogart/millennials-moving-back-in-with-their-parents-adulting?bftwnews&utm_term=4ldqpgc#4ldqpgc. Accessed Oct. 5, 2020.

8 Olivia Rockeman. Bloomberg. Oct. 1, 2020. “Free to Work Remotely, Young Americans Are Covid Road Tripping.” https://www.bloomberg.com/news/articles/2020-10-01/covid-news-remote-work-lets-young-americans-take-road-trips?sref=PJUU2CLn. Accessed Oct. 5, 2020.

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.

–860314 – 03/21

Fresno Retirement Advisor News: Global Recovery in a Post-Pandemic World

By Soutas Financial | April 22, 2021 | Comments Off on Fresno Retirement Advisor News: Global Recovery in a Post-Pandemic World
Fresno Retirement Advisor News: Global Recovery in a Post-Pandemic World

In 2020, the World Economic Forum published its annual Global Competitiveness Report, as usual. However, in light of the global pandemic, it put its long-standing Global Competitiveness Index rankings on hold. Instead, the report focused on priorities for recovery and revival instead of competition.1

Indeed, economic globalization over the past two decades, in many ways, seems to have made the world much smaller. The world seems to be more integrated, and some countries rely on each other for supply chain and production capabilities, geopolitical support and shared innovation and technologies.2

Moving past this latest pandemic, it would be beneficial to the world if countries worked together to ensure this virus, and others in the future, are more efficiently contained and do not impact the global economy in the manner in which COVID-19 has. The 2020 World Economic Forum report emphasized four main areas in need of transformation: the environment, human capital, financial markets and the innovation ecosystem.3

These four areas could apply to our own households as well. After all, some of us leaned on each other throughout the pandemic — neighbors shopping for neighbors, checking in on each other, making the extra effort to stay in touch with high-risk individuals to keep their spirits up. And while the country suffered through COVID, we simultaneously experienced the highest number of named storms on record, record levels of wildfires and the hottest day on record (129.9 F in Death Valley, California).4

Depending on circumstances, some people’s household finances have been transformed, leaving some with less income and others with more savings. We relied on and appreciated technology to keep us fed, clothed and connected with loved ones and colleagues. During this intervening time of recovery, we should not forget the lessons learned. Feel free to contact us if you are looking for ways to help protect your finances in the wake of future crises — whether global, national or household.

In other parts of the world, the new U.S. administration will likely foster a change in global relationships. The Biden presidency is expected to nurture relations with European countries and approach the China trade war with a more mutually beneficial exchange. Furthermore, as we return to more normal economic fundamentals in the new year, we could see a weaker U.S. dollar that may favor emerging markets in the short term.5

Fresno Retirement Advisor Takeaways 

Fresno portfolio advisor– Soutas Financial appreciated these points: Economic globalization over the past two decades, in many ways, seems to have made the world much smaller. Moving past this latest pandemic, it would be beneficial to the world if countries worked together to ensure this virus, and others in the future, are more efficiently contained and do not impact the global economy in the manner in which COVID-19 has. Depending on circumstances, some people’s household finances have been transformed, leaving some with less income and others with more savings. In other parts of the world, the new U.S. administration will likely foster a change in global relationships.

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 stop spend down as well as long-term care strategies designed to help accomplish those goals.

When searching for Fresno financial advisors, look no further than 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 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 Klaus Schwab and Saadia Zahidi. World Economic Forum. 2020. “How Countries are Performing on the Road to Recovery.” http://www3.weforum.org/docs/WEF_TheGlobalCompetitivenessReport2020.pdf. Accessed Dec. 29, 2020.

2 Ibid.

3 Saadia Zahidi. World Economic Forum. Dec. 16, 2020. “This is how countries can rebuild competitive economies for people and planet.” https://www.weforum.org/agenda/2020/12/how-countries-can-rebuild-competitive-economies-for-people-and-planet/. Accessed Dec. 29, 2020.

4 EcoWatch. Dec. 23, 2020. “The Top 10 Extreme Weather and Climate Events of 2020.” https://www.ecowatch.com/extreme-weather-climate-2020-2649628910.html?rebelltitem=1#rebelltitem1. Accessed Dec. 29, 2020.

5 Robert Horrocks. AdvisorPerspectives. Dec. 14, 2020. “CIO Outlook: Tailwinds for Emerging Markets.” https://www.advisorperspectives.com/commentaries/2020/12/14/cio-outlook-tailwinds-for-emerging-markets. Accessed Dec. 29, 2020.

6 Bloomberg. Dec. 24, 2020. “In Bullet Points: The Key Terms of the Brexit Deal Analyzed.” https://www.bloomberg.com/news/articles/2020-12-24/in-bullet-points-the-key-terms-of-the-brexit-deal. Accessed Dec. 29, 2020.

We are an independent firm helping individuals create retirement strategies using a variety of insurance and investment products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic financial planning strategies and should not be construed as financial or investment advice. All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.

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.

860314 – 03/21

Fresno Financial Consultant News: U.S. Weighs Student Loan Forgiveness

By Soutas Financial | April 19, 2021 | Comments Off on Fresno Financial Consultant News: U.S. Weighs Student Loan Forgiveness
Fresno Financial Consultant News: U.S. Weighs Student Loan Forgiveness

The current tab for student loan debt in the United States is $1.6 trillion. Most individuals don’t owe the federal government huge sums of money: 14 million borrowers owe $10,000 or less, while less than 3.5 million borrowers owe $200,000 or more. Many of those students in the latter group may have pursued a higher education degree en route to a high-earning career such as doctor or lawyer.1

This brings up an interesting conundrum, because according to some researchers, forgiving student loan debt may benefit wealthier borrowers more than low- and middle-income borrowers. A recent paper by two finance professors concluded that student loan balance forgiveness would be a regressive initiative. In other words, the top 10% of students who owe the most money would receive as much loan forgiveness as the bottom 30% combined.2
Students aren’t the only ones facing outstanding student loan balances. Parent Plus loans offer additional funds to parents to help pay for their children’s higher education. In 2016, more than 200,000 families who made less than $40,000 a year took out a Parent Plus loan (an increase of more than one-third since 2008).3 Some parents choose to pay their children’s student loans for them so they don’t have to start off adult life in debt. However, this can make it more difficult for parents to save for their own retirement.

If you’re caught up in this type of quandary or thinking about how you’ll help children pay for college while saving for your retirement, give us a call. We can explore insurance options that offer the flexibility for positioning assets for today’s expenses and tomorrow’s financial confidence.

The new presidential administration has signaled interest in moving forward with some form of student loan forgiveness. For now, President-elect Joe Biden’s plan proposes three steps related to federal student loans: 1) canceling up to $10,000 of federal student loan debt; 2) reducing the threshold for income-based repayment to 5% of discretionary income from the current 10%; and 3) extending the student loan forbearance deadline (presently set to end Jan. 31, 2021) due to the impact of the coronavirus.4

In the meantime, some companies are exploring ways to offer student loan repayment assistance as a benefit. After all, in the quest for a skilled and knowledgeable workforce, they recognize the need to maintain a pool of qualified workers. The benefit can be a sought-after perk and effective recruitment tool to attract top talent.5

Some employers are looking at other ways to help employees pay off student debt. For example, one hospital is allowing its workers to convert unused vacation time into cash value to pay down student loans. Instead of leaving paid-time-off (PTO) days on the table, workers can request their employer make a comparable contribution toward their student loan debt.6

As the U.S. wrestles with this question, the reality is that the cost of a college education has risen much faster than the cost of living and wages.7 Furthermore, when an entire generation of young adults must delay buying a house or even starting a family, this can slow down the normal level of consumerism that drives the economy.8

Fresno Financial Consultant Takeaways 

As your Fresno financial advisor we thought this was a good takeaway: Most individuals don’t owe the federal government huge sums of money: 14 million borrowers owe $10,000 or less, while less than 3.5 million borrowers owe $200,000 or more. Some parents choose to pay their children’s student loans for them so they don’t have to start off adult life in debt. However, this can make it more difficult for parents to save for their own retirement. In the meantime, some companies are exploring ways to offer student loan repayment assistance as a benefit.

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 strategic wealth management as well as retirement annuity designed to help accomplish those goals.

Are you trying to find an investment advisor? 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 Joy Wiltermuth. Marketwatch. Dec. 15, 2020. “Cancel student debt? This chart breaks down who owes what.” https://www.marketwatch.com/story/cancel-student-debt-this-chart-breaks-down-who-owes-what-11608064316.

Accessed Dec. 17, 2020.

2 Knowledge@Wharton. Dec. 15, 2020. “How Student Loan Forgiveness Could Increase Inequality.” https://knowledge.wharton.upenn.edu/article/how-student-loan-forgiveness-could-increase-inequality/. Accessed Dec. 17, 2020.

3 Meredith Kolodner, The Hechinger Report. NBC News. Nov. 19, 2020. “Parent Plus loans are burying families in college debt.” https://www.nbcnews.com/news/education/parent-plus-loans-are-burying-families-college-debt-n1125391. Accessed Dec. 17, 2020.

4 Brian O’Connell. Fox Business. Dec. 16, 2020. “These 3 big student loan changes could be in store under Biden.” https://www.foxbusiness.com/money/student-loan-changes-biden. Accessed Dec. 17, 2020.

5 Simon Coxeter. Mercer. Feb. 27, 2020. “5 Employee Financial Wellness Trends: What to Watch.” https://www.mercer.com/our-thinking/financial-wellness-trends-2019.html. Accessed Dec. 17, 2020.

6 Joanne Finnegan. FierceHealthcare. Aug. 1, 2019. “Hospital allows employees to exchange unused paid time off to help pay off student loan debt.” https://www.fiercehealthcare.com/practices/hospital-allows-employees-to-exchange-unused-paid-time-off-to-help-pay-off-student-loan. Accessed Dec. 17, 2020.

7 Dante Chinni and Sally Bronston. NBC News. March 17, 2019. “The real college crisis: Student debt drags down economy.” https://www.nbcnews.com/politics/meet-the-press/real-college-crisis-student-debt-drags-down-economy-n984131. Accessed Dec. 23, 2020.

8 Briana Boyington and Emma Kerr. U.S. News & World Report. Sept. 17, 2020. “20 Years of Tuition Growth at National Universities.” https://www.usnews.com/education/best-colleges/paying-for-college/articles/2017-09-20/see-20-years-of-tuition-growth-at-national-universities. Accessed Dec. 23, 2020.

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.

860314 – 03/21

Fresno Retirement Consultant News: Small-Business Prospects and Prognostications

By Soutas Financial | April 16, 2021 | Comments Off on Fresno Retirement Consultant News: Small-Business Prospects and Prognostications
Fresno Retirement Consultant News: Small-Business Prospects and Prognostications

Small businesses tend to have certain traits that may offer an advantage over large companies. For example, these traits may include the flexibility to try out new ideas, staff up or down quickly, and adapt nimbly to a changing market. There may also be the indomitable spirit, determination, confidence and optimism that is inherent among entrepreneurs who believe they can make a go of it. Now, in the midst of one of the most challenging times in U.S. modern history, that temperament is being put to the test.

Let’s face it — the coronavirus has taken both lives and businesses, and the numbers aren’t good. According to recent surveys, a full recovery in the small-business market could take anywhere from six months to five years or longer.1

However, the news isn’t all bad. A survey conducted last summer by MetLife & the U.S. Chamber of Commerce found that 86% of small businesses responded that they had either partially (34%) or fully (52%) reopened since the initial shutdown. The key for many is that they took proactive steps to pivot their business model. These changes included:

  • Launching an e-commerce site or increasing their use of e-commerce
  • Changing their point-of-sale (POS) technology and offering more digital payment options
  • Offering curbside pickup and/or delivery

The survey also found that despite the uncertain future, 75% of small businesses remain optimistic.2

Optimism can carry us far. If there is one trait that can help people get through tough times, it’s the hope that things will get better. One path toward renewed optimism is being better prepared for crisis situations. If you’d like some assistance in assessing your strategy and how insurance products may fit into that strategy, we’re here to help.

According to Harvard Business Review, some long-established business models have effectively pivoted to offerings that cater to today’s stay-at-home consumers while increasing profit margins. For example, some restaurants have narrowed their menus to a fewer number of meals that they can produce cost-effectively in volume, offering them at a flat rate for a set number of meals per week or per month. Some farmers, with the loss of commercial revenues, have begun selling direct to consumers. Not only do these types of pivots help generate sustainable profitability during the economic downturn, but some of these new channels of business may remain popular and profitable enough to continue post-pandemic.3

These pivots may point to a key indicator of success during an economic decline. Research shows that businesses with a track record of survival focus on reducing costs to reduce prices rather than downgrade the quality of their goods or services.4

Fresno Retirement Consultant Takeaways 

As your Fresno retirement plan consultant we felt the following ideas were top notch:  There may also be the indomitable spirit, determination, confidence and optimism that is inherent among entrepreneurs who believe they can make a go of it. A survey conducted last summer by MetLife & the U.S. Chamber of Commerce found that 86% of small businesses responded that they had either partially (34%) or fully (52%) reopened since the initial shutdown. Research shows that businesses with a track record of survival focus on reducing costs to reduce prices rather than downgrade the quality of their goods or services.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 problems sometimes associated with retirement such as stopping spend down and avoiding probate. In doing so we leverage strategic wealth management as well as retirement annuity 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 your top financial advisors in Fresno, Ca., 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 Rieva Lesonsky. U.S. Chamber of Commerce/CO—. Aug. 11, 2020. “4 Smart Ways to Pivot Your Business Model Now.” https://www.uschamber.com/co/start/strategy/pivoting-your-business-to-survive-pandemic. Accessed Nov. 30, 2020.

2 Rieva Lesonsky. U.S. Chamber of Commerce/CO—. Sept. 1, 2020. “Pivoting Helps Small Businesses Thrive During COVID-19 Pandemic.” https://www.uschamber.com/co/start/strategy/metlife-us-chamber-small-business-index-covid-19. Accessed Nov. 30, 2020.

3 Mauro F. Guillén. Harvard Business Review. July 7, 2020. “How Businesses Have Successfully Pivoted During the Pandemic.” https://hbr.org/2020/07/how-businesses-have-successfully-pivoted-during-the-pandemic. Accessed Nov. 30, 2020.

4 Michael Greiner and Scott Julian. Harvard Business Review. July 13, 2020. “Avoid Making This Strategic Mistake in a Recession.” https://hbr.org/2020/07/avoid-making-this-strategic-mistake-in-a-recession?ab=at_articlepage_whattoreadnext. Accessed Nov. 30, 2020.

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.

860314 – 03/21

Fresno Financial Advisor News: What’s Ahead for the Stock Market?

By Soutas Financial | April 13, 2021 | Comments Off on Fresno Financial Advisor News: What’s Ahead for the Stock Market?
Fresno Financial Advisor News: What’s Ahead for the Stock Market?

In November, the Dow experienced its best month since 1987, while the S&P 500 and Nasdaq indexes enjoyed their best month since April of this year.1

With the election behind us and a vaccine on the horizon, the stock market has plenty to celebrate. Many consumers used the pandemic period to shore up their savings, which bodes well for their prosperity in the coming year. There is a low chance of increased taxes or massive reforms given the divide in Congress, and while interest rates remain low, the home-buying market is poised to soar on renewed consumer confidence. All of these factors may be historically good news for investment markets.2

The stock market increases 82% of the time in the first year of new presidential terms,3 and the S&P 500 has averaged 11.7% returns in the first year of every presidential term since the end of World War II, regardless of party affiliation. Furthermore, the S&P 500 has averaged 15.6% returns with Democratic presidents compared 10% with Republican presidents. Industries like technology, health care, financials and industrials tend to thrive under a Democratic president.4

Despite jobs and economic growth taking a hit in 2020, that fortunately wasn’t reflected in the stock market. For more insight on how to plan for the coming year, feel free to reach out to one of our financial advisors for a review.

Fresno Financial Planner Takeaways 

When it comes to Fresno retirement planning Soutas Financial, the best financial advisors in Fresno, Ca, puts your future first. Don’t forget these great reminders: With the election behind us and a vaccine on the horizon, the stock market has plenty to celebrate. The stock market increases 82% of the time in the first year of new presidential terms,3 and the S&P 500 has averaged 11.7% returns in the first year of every presidential term since the end of World War II, regardless of party affiliation. Despite jobs and economic growth taking a hit in 2020, that fortunately wasn’t reflected in the stock market.

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 planner 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 Matt Egan. CNN. Nov. 30, 2020. “Trump said the stock market would crash if Biden won. The Dow just had its best month since 1987.” https://www.cnn.com/2020/11/30/business/stock-market-dow-jones-trump-biden/index.html. Accessed Nov. 30, 2020.

2 Jeremy Siegel. Knowledge@Wharton. Nov. 21, 2020. “Jeremy Siegel: What’s Ahead for the Stock Market?” https://knowledge.wharton.upenn.edu/article/siegel-markets-economy/. Accessed Nov. 30, 2020.

3 Mark Hulbert. Marketwatch. Nov. 28, 2020. “Opinion: Here are your odds that stock prices will be higher at the end of 2021.” https://www.marketwatch.com/story/here-are-your-odds-that-stock-prices-will-be-higher-at-the-end-of-2021-2020-11-24?mod=MW_section_top_stories. Accessed Nov. 30, 2020.

4 Savita Subramanian. Merrill Lynch. Oct. 8, 2020. “The Markets and Presidential Elections.” https://www.ml.com/articles/market-volatility-presidential-elections.html#financial-research-and-insights. Accessed Nov. 30, 2020.

We are an independent firm helping individuals create retirement strategies using a variety of insurance and investment products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic financial planning strategies and should not be construed as financial or investment advice. All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.

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.

860314 – 03/21

Fresno Financial Consultant News: Should You Purchase Flood Insurance?

By Soutas Financial | March 31, 2021 | Comments Off on Fresno Financial Consultant News: Should You Purchase Flood Insurance?
Fresno Financial Consultant News: Should You Purchase Flood Insurance?

If it rains where you live, it can flood at your house. Extreme weather, leading to hurricanes, storm surges, flash floods and rising bodies of water, is no longer a problem exclusive to coastal areas. Almost every home in America is potentially a flood zone.

A flood zone is simply a measure of risk. You may live in an area designated as low, moderate or high risk, but make no mistake: even low- and moderate-risk zones experience flooding. Between 20% and 25% of all flood claims come from low- to moderate-risk areas.The question is: What you can do about it?

Five inches of water in a 2,500-square-foot home can cause up to $45,000 worth of damage.2 Standard homeowner’s insurance policies do provide coverage for flood damage, so the best way to help protect your finances is to buy flood insurance to repair flood damage. It’s a good idea to learn which flood zone you live in to help determine whether or not to purchase insurance. To do so, enter your address at Realtor.com and check out the “Flood Factor” tool to gauge your home’s food risk on a scale of 1 to 10.

Premiums are determined by location, level of risk, design and age of the structure, amount of deductible, and extent of coverage. Policies renew annually, so be aware that new construction in your area can change the landscape and affect your flood plain and risk level.3 Typically, there is a 30-day waiting period before coverage begins, so don’t wait until hurricane season.

Basic flood insurance covers the building, built-in appliances, central heating and air conditioning systems, permanently installed paneling, wallpaper, cabinets and carpets. The garage is covered up to a 10% value of the total building. However, you may not be able claim personal property losses for inside your house or basement unless you also buy contents coverage.4

Here are a few tips to make it easier for you to make flood damage claims:5

  • Take photos and/or video of your important possessions and bring this documentation with you during an evacuation or keep it in a safe place, such as the cloud. These documents can help you expedite a full-flood insurance claim.
  • Once the flood has receded, take photos/video of any water in the house and residual water damage, including of personal property covered by your contents rider. It’s helpful to retain these items if you have a place to store them outside your home, as an insurance adjuster may request to see damaged items to begin processing your claim.
  • Create a list of damaged or lost goods, including their age and value. If available, attach receipts. Moving forward, retain receipts of big-ticket items and keep them with your insurance policy in a safe (and high) location.

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 841830 – 03/21

Fresno Financial Consultant Takeaways 

When searching for Fresno financial advisors, look no further than 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 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      814111 – 2/21

Other Fresno Financial Advisor Articles 

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

1 Alex Soojung-Kim Pang. The Atlantic. April 30, 2020. “To Safely Reopen, Make the Workweek Shorter. Then Keep It Shorter.” https://www.theatlantic.com/ideas/archive/2020/04/safely-reopen-make-workweek-shorter/610906/. Accessed June 2, 2020.

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.

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. 719276 – 12/20

Fresno Financial Advisor News: How Working From Home Can Help Couples

By Soutas Financial | March 29, 2021 | Comments Off on Fresno Financial Advisor News: How Working From Home Can Help Couples
Fresno Financial Advisor News: How Working From Home Can Help Couples

The recent pandemic created quite a dilemma for working parents when schools and daycare centers closed. Employees required to report to work were hard-pressed for child care. As parents adjusted to working from home, many also had to manage their children’s online classes and cabin fever since they weren’t able to see friends or engage in extracurricular activities.

However, some benefits have emerged from the crisis. Families ended up spending a lot more time together. After some initial fried nerves, many learned to adapt and even enjoyed the close proximity, which led to a remarkable increase in the sales of board games, crafts and puzzles.1 Additionally, more fathers became involved in parenting and household chores, which was a boon for working moms. Going forward, if more employers adopt remote work as a permanent employment model, parents will likely become more adept at juggling the demands of child care while working at home. This could lead to a wide range of benefits, including saving money on after-school care, enhanced work/life balance and closer-knit families.

Fresno Financial Planner Takeaways 

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 841830 – 03/21

Other Fresno Financial Advisor Articles 

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

1 Dell Technologies. 2020. “Future of Connected Living.” https://www.delltechnologies.com/en-us/perspectives/future-of-living.htm#tab0=2. Accessed Aug. 10, 2019.

2 Dell Technologies. 2020. “Future of Connected Living.” https://www.delltechnologies.com/en-us/perspectives/future-of-living.htm#tab0=1. Accessed Aug. 10, 2019.

3 Dell Technologies. 2020. “Future of Connected Living.” https://www.delltechnologies.com/en-us/perspectives/future-of-living.htm#tab0=0. Accessed Aug. 10, 2019.

4 Ibid.

5 Dell Technologies. 2020. “Future of Connected Living.” https://www.delltechnologies.com/en-us/perspectives/future-of-living.htm#tab0=4. Accessed Aug. 10, 2019.

Fresno Financial Advisor News: The Effect of Debt on the Global Economy

By Soutas Financial | March 26, 2021 | Comments Off on Fresno Financial Advisor News: The Effect of Debt on the Global Economy
Fresno Financial Advisor News: The Effect of Debt on the Global Economy

The national debt is a measurement of how much the federal government owes creditors, most commonly depicted as a percentage of gross domestic product (GDP). A high debt-to-GDP ratio is considered viable when the economy is expanding, because that growth allows the government to generate higher tax revenues to help pay down the debt. However, it’s not good when the economy is in decline, which is the current status not only in the U.S., but in many countries throughout the world.1

For context, the stimulus efforts and tax cuts that allowed the U.S. to emerge from the Great Recession significantly increased the national public debt. In 2010, the debt ratio was 52% of GDP, but by the end of 2019, it had risen to 79%, the largest increase in any decade since the post-WWII 1940s.2 But now, according to the Congressional Budget Office, the U.S. debt ratio is estimated to reach 98% by the end of the year.3

Speaking of debt, how has your household fared in the wake of this year’s economic decline? Has your debt-to-income ratio increased substantially, or do you have it under control with plenty of income to cover your expenses? It can be a challenge to balance your need to pay off debt with your need to invest for the future. It’s a good idea to maintain a balance so you can continue reducing debt while saving for the long-term. It’s also important to regularly evaluate your financial strategy to ensure it reflects your current goals and objectives, so please keep us in mind any time you’re considering making changes to your strategy.

At the recent Bloomberg New Economy Forum, there were calls for more government stimulus  support to boost consumer spending and keep the economy running, and not just in the U.S. Christine Lagarde, the president of the European Central Bank, warned that stimulus needs to continue playing a role until the virus is contained. Like many countries across the globe, Southeast Asia took a hit during the second quarter, rebounded in the third and has braced for increased outbreaks occurring in the final quarter of 2020.4

Wall Street analysts warn that it won’t take much for the U.S., Europe and Japan economies to contract again in the next two quarters, despite the bounce back last summer.5 Overall, economists expect the global economy to shrink by 5% in 2020, in part due to the 20% reduction in world trade.6

One idea to help rebuild economies is to retrain workers who have lost jobs during the pandemic in fields, such as cybersecurity, software programming and other technology positions.7

Fresno Financial Planner Takeaways 

When it comes to Fresno retirement planning Soutas Financial puts your future first. Don’t forget these great reminders: For context, the stimulus efforts and tax cuts that allowed the U.S. to emerge from the Great Recession significantly increased the national public debt. In 2010, the debt ratio was 52% of GDP, but by the end of 2019, it had risen to 79%, the largest increase in any decade since the post-WWII 1940s.2 But now, according to the Congressional Budget Office, the U.S. debt ratio is estimated to reach 98% by the end of the year.3 It’s a good idea to maintain a balance so you can continue reducing debt while saving for the long-term. It’s also important to regularly evaluate your financial strategy to ensure it reflects your current goals and objectives.

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 planner 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 

1 Andrew Van Dam. The Washington Post. June 5, 2020. “The unluckiest generation in U.S. history.” https://www.washingtonpost.com/business/2020/05/27/millennial-recession-covid/. Accessed Oct. 5, 2020.

2 Richard Pew. Pew Research. April 28, 2020. “Millennials overtake Baby Boomers as America’s largest generation.” https://www.pewresearch.org/fact-tank/2020/04/28/millennials-overtake-baby-boomers-as-americas-largest-generation/. Accessed Oct. 5, 2020.

3 Kathy Koch. EY. March 4, 2020. “The Millennial Economy 2018.” https://www.ey.com/en_us/tax/the-millennial-economy-2018. Accessed Oct. 5, 2020.

4 Hillary Hoffower. Business Insider. Feb. 6, 2020. “How the American millennial is overcoming debt, the dollar, and the economy they were handed.” https://www.businessinsider.com/millennials-great-recession-student-debt-affordability-crisis-2020-1. Accessed Oct. 5, 2020.

5 Kathy Koch. EY. March 4, 2020. “The Millennial Economy 2018.” https://www.ey.com/en_us/tax/the-millennial-economy-2018. Accessed Oct. 5, 2020.

6 Realtor Magazine. Aug. 31, 2020. “Millennials Are Fueling Housing’s Rebound.” https://magazine.realtor/daily-news/2020/08/31/millennials-are-fueling-housing-s-rebound. Accessed Oct. 5, 2020.

7 Laura Bogart. Buzzfeed News. Sept. 28, 2020. “Millennials Are Trying To Shake The Stigma Of Moving Back In With Their Parents.” https://www.buzzfeednews.com/article/laurabogart/millennials-moving-back-in-with-their-parents-adulting?bftwnews&utm_term=4ldqpgc#4ldqpgc. Accessed Oct. 5, 2020.

8 Olivia Rockeman. Bloomberg. Oct. 1, 2020. “Free to Work Remotely, Young Americans Are Covid Road Tripping.” https://www.bloomberg.com/news/articles/2020-10-01/covid-news-remote-work-lets-young-americans-take-road-trips?sref=PJUU2CLn. Accessed Oct. 5, 2020.

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.

03/21 – 841830

Fresno Retirement Advisor News: Troubled Mortgages

By Soutas Financial | March 23, 2021 | Comments Off on Fresno Retirement Advisor News: Troubled Mortgages

A lot of factors affect real estate prices, including interest rates, inventory, local foreclosure and short-sale rates, and even natural disasters. This year, as it was during the Great Recession, underwater mortgages and the potential foreclosure rate is a concern. Being “underwater” or “upside down” means that you owe more on your mortgage than the current value of your home.

This tends to happen during an economic downturn when home values drop significantly. However, being underwater on a mortgage is only a problem if you need to sell during the decline.1 If you can wait it out and keep paying your mortgage, you can pay down your principal balance. It’s also possible that home prices could rebound.

As many homeowners struggle during this difficult time, it’s important to understand that there are two main types of bankruptcy: Chapter 7 and Chapter 13. Chapter 7 is the most common, and it involves discharging all or a portion of outstanding debt through liquidation. This is usually because the filer does not have the income level to make it possible to repay their debts.

Chapter 13 usually involves coming up with a payment plan to pay a reduced percentage of debts based on earnings amount. A Chapter 7 bankruptcy will leave a mark on your credit report for seven to 10 years. A Chapter 13 bankruptcy is less onerous. If you work to pay down the debt according to the plan, and improve your credit score, you may be able to apply for an FHA, VA or USDA mortgage one year from the date the papers are filed with the court; two to four years for a conventional mortgage.Be sure to consult with a professional mortgage lender or broker to help decide what’s best for your unique situation.

COVID-19 has put a strain on the mortgage industry, and that is expected to continue in 2021. The bulk of the burden is on mortgage service companies. While they do hold reserve funds for expected defaults, those funds may not be sufficient for the number of workers displaced due to the pandemic. When homeowners stop paying their mortgage, servicers stop paying mortgage holders, and the entire system could be jeopardized.3

Interestingly, real estate analytics firm Attom Data Solutions reveals that, while more homes were sold this year in Republican districts, home prices were significantly higher in Democrat-heavy districts (avg. $245,000 vs. $429,000).4 Furthermore, only 4.9% of homeowners in Democrat counties were underwater, compared to 7.2% of homeowners in Republican counties. However, property taxes were lower in Republican districts (average $2,676 vs. $5,127), and Republican counties had fewer homes in foreclosure.5

Unexpectedly, mortgage fraud overall has gone down despite the pandemic. In fact, a recent study by CoreLogic found that mortgage fraud in the 12-month period ending in June 2020 decreased 26.3% nationally. This is attributed to high refinancing rates and low interest rates.6

Fresno Retirement Advisor Takeaways 

Fresno financial planning is our utmost concern here at Soutas Financial and we thought these takeaways were worth mentioning again: Being “underwater” or “upside down” means that you owe more on your mortgage than the current value of your home. As many homeowners struggle during this difficult time, it’s important to understand that there are two main types of bankruptcy: Chapter 7 and Chapter 13. Chapter 7 is the most common, and it involves discharging all or a portion of outstanding debt through liquidation. Unexpectedly, mortgage fraud overall has gone down despite the pandemic. In fact, a recent study by CoreLogic found that mortgage fraud in the 12-month period ending in June 2020 decreased 26.3% nationally. This is attributed to high refinancing rates and low interest rates.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 problems sometimes associated with retirement such as stopping spend down and avoiding probate. In doing so we leverage stop spend down as well as long-term care strategies designed to help accomplish those goals.

When searching for Fresno financial advisors, look no further than 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 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 Ellen Chang. Bankrate. July 10, 2020. “Underwater or upside-down mortgage: What to know and do.” https://www.bankrate.com/mortgages/underwater-mortgage-what-to-do/. Accessed Nov. 3, 2020.

2 Erik J. Martin. Bankrate. July 8, 2020. “Getting a mortgage after bankruptcy: What to know.” https://www.bankrate.com/mortgages/how-to-get-a-mortgage-after-bankruptcy/. Accessed Nov. 3, 2020.

3 Peter G. Miller. Bankrate. March 25, 2020. “Is now the time to get a mortgage? Advice on what to do during the pandemic.” https://www.bankrate.com/mortgages/is-now-a-good-time-to-get-a-mortgage/. Accessed Nov. 3, 2020.

4 Attom Data Solutions. Nov. 3, 2020. “Which Political Party is Better for Homeowners?” https://www.attomdata.com/wp-content/uploads/2020/10/Political-Infographic-2020.jpg. Accessed Nov. 3, 2020.

5 Otto Trading. Nov. 3, 2020. “Homeowners in Republican areas more likely to be underwater on their mortgage.” https://ottotrading.live/homeowners-in-republican-areas-more-likely-to-be-underwater-on-their-mortgage/. Accessed Nov. 3, 2020.

6 CoreLogic. 2020. “Mortgage Fraud Trends Report.” https://www.corelogic.com/insights-download/2020-mortgage-fraud-trends-report.aspx. Accessed Nov. 24, 2020.

We are not permitted to offer, and no statement contained herein shall constitute, tax or legal advice. Individuals are encouraged to consult with a qualified professional before making any decisions about their personal situation.

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.

03/21 – 841830

Fresno Financial Consultant News: Let’s Talk About … Bankruptcy

By Soutas Financial | March 20, 2021 | Comments Off on Fresno Financial Consultant News: Let’s Talk About … Bankruptcy
Fresno Financial Consultant News: Let’s Talk About … Bankruptcy

According to a recent paper by a Wharton Business School professor, one in 10 U.S. households have filed for bankruptcy at some point. Moreover, approximately 1 million file for personal bankruptcy each year. Yet, even in the wake of total household debt soaring to a record $14.3 trillion in the first quarter of 2020, the number of personal bankruptcy filings is at a 15-year low.1 However, it seems possible we might see that change soon.

Last spring, Congress passed legislation authorizing economic stimulus payments of up to $1,200 for qualifying taxpayers, as well as higher unemployment insurance payments for those who lost jobs due to the pandemic. However, months followed with no additional help from the government and many businesses flailing while millions of Americans sat out — or at least sat at home — and reduced their participation in the economy. This is the type of scenario in which many people may quietly file for bankruptcy.

Unfortunately, not only does filing for bankruptcy create a sinking feeling of defeat, but it also costs you. Court fees can cost around $300 and, if you hire legal representation, you could pay up to $2,000. If you had that money, you might be able to continue making minimum debt payments. It’s also important to consider the long-term effects of a bankruptcy filing. The act will place a mark on your credit report for seven to 10 years, and because many employers now check credit reports for prospective employees, it could harm your chances of landing a job.2

However, there are certain advantages to filing for bankruptcy. First of all, the act triggers an automatic stay so creditors must stop collection efforts, including repossessing property. It puts a stop to many evictions, foreclosures, wage garnishments and utility shutoffs, and ultimately the court may decide to discharge some your debt obligation and reduce future payment requirements. Unfortunately, some property could be seized by the bankruptcy court and sold to pay your creditors, and many credit card companies will automatically cancel your credit cards when you file for bankruptcy.3

In recent years, there’s been a significant marketing push for “debt relief,” which is generally one step short of filing for bankruptcy. These programs negotiate debt settlements that scale back money owed. However, they too can damage your credit score for many years.4

Other debt relief programs include restructured loans (often used for mortgages) and outright loan forgiveness programs — which has become a hot congressional topic with regard to student loans. But before entering any debt relief program, perhaps your best option is to speak with a qualified, nonprofit credit counseling agency for a free debt analysis. Make sure you select a legitimate resource which, by law, serves the clients’ best interests by recommending a debt solution that works best for you — not the agency.5

There is a popular opinion among economists that our economy will remain hamstringed as long as millennials and younger adults keep graduating from college with burdensome student loan debt.6 While following a normal path from entry-level job to mid-career positions, persistent monthly loan payments prevent or slow their ability to follow the normal path of buying a home, having children and all the other activities that lead to consumerism and economic growth. While so many young adults remain on the discretionary spending sideline, there is less capital available to fuel the economy.

Fresno Financial Consultant Takeaways 

As your Fresno retirement plan consultant we felt the following ideas were top notch:  In the wake of total household debt soaring to a record $14.3 trillion in the first quarter of 2020, the number of personal bankruptcy filings is at a 15-year low.1 However, it seems possible we might see that change soon. However, there are certain advantages to filing for bankruptcy. First of all, the act triggers an automatic stay so creditors must stop collection efforts, including repossessing property.  Other debt relief programs include restructured loans (often used for mortgages) and outright loan forgiveness programs — which has become a hot congressional topic with regard to student loans. There is a popular opinion among economists that our economy will remain hamstringed as long as millennials and younger adults keep graduating from college with burdensome student loan debt.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 problems sometimes associated with retirement such as stopping spend down and avoiding probate. In doing so we leverage strategic wealth management as well as retirement annuity 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 Knowledge@Wharton. Oct. 6, 2020. “What Drives Household Bankruptcy?” https://knowledge.wharton.upenn.edu/article/what-drives-household-bankruptcy/. Accessed Oct. 27, 2020.

2 Ibid.

3 Ken LaMance. Legal Match. Oct. 16, 2020. “Advantages and Disadvantages to Bankruptcy.” https://www.legalmatch.com/law-library/article/bankruptcy-advantages-and-disadvantages.html. Accessed Oct. 27, 2020.

4 The Black Chronicle. Oct. 25, 2020. “Credit Card Debt Relief Programs Guide: Which Solution Is Right for Your Financial Situation?” https://blackchronicle.com/credit-card-debt-relief-programs-guide-which-solution-is-right-for-your-financial-situation/. Accessed Oct. 27, 2020.

5 Mike Winters. Lifehacker. Oct. 2, 2020. “What Are Your Debt Relief Options?” https://twocents.lifehacker.com/what-are-your-debt-relief-options-1845256374. Accessed Oct. 27, 2020.

6 Chris Arnold. NPR. Nov. 25, 2019. “Forgiving Student Debt Would Boost Economy, Economists Say.” https://www.npr.org/2019/11/25/782070151/forgiving-student-debt-would-boost-economy. Accessed Oct. 27, 2020.

We are not permitted to offer, and no statement contained herein shall constitute, tax or legal advice. Individuals are encouraged to consult with a qualified professional before making any decisions about their personal situation.

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.

03/21 – 841830

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.