Why you Should and Shouldn’t Invest in an Annuity

Investing in an annuity can be a suitable financial strategy for some individuals, but it’s essential to carefully consider your financial goals, risk tolerance, and personal circumstances before making such an investment decision. I recently purchased an annuity and gave some thought to why I should and why I shouldn’t have? If you’re considered investing in an annuity here are some reasons why you still might:

  1. Guaranteed Income: Annuities can provide a steady stream of income, which can be particularly valuable in retirement. Fixed annuities offer guaranteed payments for a specified period or for life, providing financial security.
  2. Tax-Deferred Growth: Many annuities offer tax-deferred growth, meaning you don’t pay taxes on your earnings until you withdraw them. This can be advantageous for individuals in higher tax brackets, as it allows your money to grow more quickly.
  3. Diversification: Annuities can be part of a diversified investment portfolio. They can provide a stable, low-risk component alongside riskier assets like stocks or real estate.
  4. Lifetime Income: If you choose a life annuity, you’ll receive payments for as long as you live, which can help protect against the risk of outliving your savings.
  5. Principal Protection: Some annuities, like fixed or indexed annuities, provide a degree of principal protection, ensuring that your initial investment is safe from market fluctuations.
  6. Legacy Planning: Annuities can also include options to leave a legacy for your heirs. While the primary purpose is income, you can set up certain annuities to provide a death benefit or pass on the remaining balance to beneficiaries.
  7. Predictable Returns: Fixed annuities offer predictable, guaranteed returns, which can be appealing if you’re risk-averse and prefer steady, known income.

However, it’s also crucial to consider the potential drawbacks and risks associated with annuities as well. Here are a few reasons you may not want to invest in an annuity:

  1. Lack of Liquidity: Many annuities have limited or no liquidity, meaning you may not access your money without penalties or surrender charges for a specified period.
  2. Fees and Expenses: Annuities often come with fees, including sales commissions and management fees, which can eat into your returns.
  3. Complexity: Some annuities, particularly variable and indexed annuities, can be complex and challenging to understand fully.
  4. Inflation Risk: Fixed annuities may not keep up with inflation, potentially eroding your purchasing power over time.
  5. Loss of Control: When you invest in an annuity, you’re relinquishing control over a portion of your assets, which may not be suitable for individuals who want flexibility and access to their money.
  6. Insurance Company Solvency Risk: Annuity payments are backed by the financial strength of the insurance company. While many are highly rated and stable, there is still a degree of risk associated with the insurance company’s financial health.

Before investing in an annuity, it’s essential to thoroughly research and understand the specific type of annuity you’re considering, the terms and conditions, fees, and the impact on your overall financial plan. Additionally, it’s wise to consult with a financial advisor who can provide personalized guidance based on your individual financial goals and circumstances. As with any of my posts, I would love to hear if you have invested in an annuity, how it’s going, or why you have decided not to invest in an annuity? Drop me a line or give me a call and until next time keep smiling cause it really does look good on you.

Things to Consider About Retirement Planning

It’s hard to believe that when I started this blog, I was a single dad not thinking much about my future or potential retirement. Granted I am still a ways off from retirement but as my kid enters his senior year the thought continues to cross my mind especially, as I start a new position within this same industry. Do find yourself asking if you are ready for retirement? Do you have the right plan in place? Will you be able to continue to live the lifestyle that your currently living? Have you done enough to get across the finish line? If you are like me the answer maybe somewhere in the middle between yes and no.

Just like everything in life these days retirement planning is a crucial aspect of ensuring financial security and a comfortable lifestyle during your retirement years. Here are some important things I’ve considered when it comes to my retirement planning and perhaps you should also give them some thought:

  1. Start Early: The earlier you start saving and investing for retirement, the better. Compound interest works in your favor, allowing your investments to grow over time. Starting late might require larger contributions to catch up.
  2. Set Clear Goals: Define your retirement goals and lifestyle expectations. Consider factors like where you want to live, travel plans, healthcare needs, and any hobbies or activities you want to pursue. Having a clear vision will help you determine how much money you’ll need.
  3. Calculate Retirement Income Needs: Estimate how much income you’ll need in retirement. Factor in living expenses, healthcare costs, inflation, and potential unexpected expenses. A common rule of thumb is aiming to replace 70-85% of your pre-retirement income.
  4. Consider Retirement Accounts: Take advantage of tax-advantaged retirement accounts, such as 401(k)s, IRAs, and Roth IRAs. These accounts offer tax benefits and can help your money grow more efficiently over time.
  5. Diversify Investments: Spread your investments across different asset classes (stocks, bonds, real estate, etc.) to reduce risk. Diversification can help protect your portfolio from market fluctuations.
  6. Regularly Review and Adjust: Your financial situation and goals may change over time. Regularly review your retirement plan to ensure it aligns with your evolving circumstances. Adjust your contributions and investment strategy as needed.
  7. Manage Debt: Aim to enter retirement with minimal debt, especially high-interest debt. Paying off debts before retirement can significantly reduce your financial burden during this phase.
  8. Plan for Healthcare Costs: Healthcare expenses tend to rise as you age. Consider purchasing long-term care insurance or factoring in potential medical costs when planning your retirement savings.
  9. Social Security Strategy: Understand how Social Security works and determine the optimal time to start receiving benefits. Delaying benefits can result in larger monthly payments, but you might need to weigh this against your overall financial situation.
  10. Prepare for Inflation: Inflation erodes purchasing power over time. Ensure your retirement plan accounts for inflation to maintain your desired lifestyle.
  11. Create an Estate Plan: Develop an estate plan that includes a will, healthcare directives, and power of attorney. This ensures that your assets are distributed according to your wishes and that you have someone to make decisions if you’re unable to.
  12. Seek Professional Advice: Consulting a financial advisor can provide personalized guidance based on your specific circumstances and goals. They can help you create a retirement plan tailored to your needs.
  13. Stay Informed: Keep yourself updated about changes in tax laws, retirement regulations, and investment trends. Staying informed allows you to make educated decisions that align with your retirement objectives.

Remember that retirement planning is a dynamic process. It’s essential to regularly reassess your plan and make adjustments as needed to ensure you’re on track to achieve your retirement goals. The most important thing is that you start. Like I mentioned, I’ve started a new position helping others plan and reconsider what they are doing for retirement, hence why this subject came to be. I hope you also take the time to evaluate what you are doing to prepare for the future and if not maybe you should start. If I can be of any help or if you have any additional advice, please feel free to reach out or share, as we all continue to help one another. Until next time and as usual keep smiling cause it really does look good on you.

Emerging Trends and Innovations in Healthcare: A Glimpse into the Future

Like many industries, the field of healthcare is ever-evolving, with advancements in medical technology, research breakthroughs, and innovative approaches to patient care that are helping shape its landscape. As we navigate the complexities of the modern world, healthcare continues to adapt and transform to meet the challenges and demands of today’s society. In this post I thought I would review some of the latest news and trends in healthcare that are shaping the industry and promising a brighter future for patient care and well-being.

1. Telehealth Revolutionizing Patient-Doctor Interaction?

Telehealth, the delivery of healthcare services through digital communication channels, has witnessed a significant surge in adoption over the past few years. This trend was accelerated by the COVID-19 pandemic, which highlighted the importance of remote healthcare delivery. As virtual consultations become more commonplace, patients have gained easier access to medical expertise, regardless of geographical barriers. With the integration of artificial intelligence (#AI) for diagnostics and remote monitoring, telehealth is poised to become an essential component of modern healthcare.

2. Genomic Medicine and Personalized Treatments

The rapid advancement of genomic research has opened up new avenues for personalized medicine. Genetic profiling allows healthcare providers to tailor treatment plans based on an individual’s genetic makeup, leading to more effective and targeted therapies. This approach is particularly promising in the fields of oncology and rare diseases, where individual variations play a crucial role in treatment outcomes. As costs associated with genomic sequencing decrease, the integration of genomics into routine healthcare is becoming more feasible.

3. AI and Machine Learning in Healthcare

Artificial intelligence and machine learning are revolutionizing various aspects of healthcare, from diagnosis to drug discovery. Machine learning algorithms can analyze large datasets to identify patterns that may not be apparent to human researchers. This has led to the development of AI-powered diagnostic tools that can detect diseases like cancer from medical images with high accuracy. Moreover, AI is being employed in drug discovery to identify potential drug candidates and predict their interactions with biological systems, significantly expediting the drug development process.

4. Virtual Reality (VR) for Pain Management and Rehabilitation

Virtual reality is finding its place in healthcare as a tool for pain management and physical rehabilitation. By immersing patients in virtual environments, healthcare providers can distract them from pain during medical procedures or aid in their recovery by engaging them in therapeutic activities. VR has shown promising results in reducing pain perception and improving patient outcomes in various scenarios, including burn wound care and physical therapy for stroke survivors.

5. Blockchain for Enhanced Data Security and Interoperability

Blockchain technology is making inroads into healthcare by addressing the challenges of data security and interoperability. With its decentralized and tamper-proof nature, blockchain ensures that patient data remains secure and private while allowing authorized parties to access relevant information seamlessly. Additionally, it enables efficient data sharing among healthcare providers, leading to improved care coordination and patient outcomes.

6. Mental Health and Digital Therapeutics

The recognition of mental health as a critical component of overall well-being has spurred the development of digital therapeutics. These smartphone apps and online platforms offer evidence-based interventions for conditions such as anxiety, depression, and insomnia. Digital therapeutics often incorporate cognitive-behavioral techniques and mindfulness practices to provide accessible and scalable mental health support to a broader population.

In the end…

About the Author:

David Dandaneau is a insurance agent that covers the insurance and financial services industry. He is known for his insightful analysis and comprehensive coverage of market trends and regulatory developments.

With Every Ending there is a NEW Beginning?

What is it they say? “With every beginning, there comes an end” or “with every ending new-beginningcomes a new beginning.” Just like I mentioned in a previous post “everything happens for a reason” or “it is what it is” I have to say that this so called all good things must come to an end also has to be true? Or is it? How do we know when things are coming to end then? What are the signs? Does this also apply to our relationships, education, career, etc.? Or is this saying just the cycle of life and products? Over the last week and if not the entire year, I have been asking myself this and many similar questions. Why? Well over the last year, I have started to pay greater attention to detail and the shelf life of many things including that of my relationships, career objectives, milk, groceries, vehicle, etc. Why if this saying isn’t true, do most things we purchase and consume have an expiatory date? It seems that YES, most things (if not all) have a beginning and an end? Or all good things must come to an end?

So how do we determine what exactly the beginning and/or end is? The obvious is we are born and then we die… YES? How about relationships or your career? If you are young or old you have probably noticed that, most relationships and your job, regardless of how you meet or the job you’re in all have trends. These trends usually go something like this… awesome beginning (honeymoon), an okay middle (comfort zone), and really bad endings (the dreaded unknown). In my life and regardless of whether in a relationship or career these trends seem to always go the same way but unlike the cycle of life (ending in death), I am still alive, kicking, and in the end have come out the other side as better person. I am a better father, a better man with the woman I love, and I am a better man in the job I am in. Does this then mean that we all should embrace change, new beginnings, and endings to things? Or is it just me? Do we need to give more chances to others, our partners, and career paths fostering and/or focusing more on the middle stage(s)?

uptown-girls

Let’s face it, the beginning of anything is downright scary just like my kid changing schools this year. On the flipside, the end is just as scary if not more! Starting something new or letting go of something you care about is extremely hard whether it is a relationship or your career. However, what I have learned over the years (especially raising my son, in relationships, and jobs) is that both beginnings and endings are a necessity of life, just as we are born and we die. In order for us to remain active, happy, and healthy, we must allow ourselves the opportunity for new beginnings in our relationships and jobs, just like we must allow ourselves the opportunity for endings, so we can create more beginnings. This my friends is what we must do because if nothing ever came to an end, nothing could ever begin. Without scary endings and new beginnings, I wouldn’t be the same person I am now just like I know you are. In fact, I couldn’t be happier at how things have turned out in my life with my son, my relationship, and career. Although I can’t say for sure how long I will be in this NEW middle part of my life (hopefully until I die), I can honestly say… For every ending, there is an even greater beginning. Don’t be afraid of endings and surely don’t let yourself be afraid of new beginnings.

Thoughts? If you have any, please feel free to leave your comments here, reach out to me online or in person, and/or through any of my other online mediums. Until next time my friends keep smiling, embrace those you’re with, do away with things stressing you out, and for heaven’s sake create some new beginnings already.

Things to Remember When Tagging People, Businesses, Products, and/or Services on Social Media Sites

Over the last several weeks, we have been experimenting and talking with customers/businesses about “Tagging” with social media sites such as Instagram, FourSqaure, and Facebook, which allow people or businesses to share photos with one another while tagging other people or businesses with you or them. What fun huh? This can be even more fun if you are looking to meet new people or even looking for or selling new products/services, as people and companies can tag you in them if you so choose.
Well, let’s think about that? People and companies can tag you in them if you so choose, as this is extremely important and if you do not change your settings sooner or later in these social network spaces, you will get violated and perhaps even pissed off at your friends, acquaintances, or favorite brands. So, while some social media sites such as Twitter still allow you to @username (much like tagging), which you can’t control, if you are using Instagram, FourSqaure, and Facebook, make sure you make it a point to set your personal or business accounts to private or change your settings to approve tags, communicators, and followers first. That way if you are using or with people or companies that want to display something on one of your social profiles, you dictate what it is or what it is not “APPROVAL” and/or who, what, when, or where you have been.
Here are some other things to remember when using Instagram, FourSqaure, and Facebook tagging :
1.   On FourSqaureyou can now tag location and people by using a person or businesses Twitter namespace. This is NEW, so you may not have tried it but FourSqaurewill even do an auto complete during your check-in, so if you use this make sure you are checking in with the right person just like with Facebook (ANOTHER reason to set this to approval)
2.   On Instagram you can use GeoTagging, which uses a version of “Tagging” powered by FourSqaure for location or the #Hashtag for popularity (Public Posts) in the caption field or a #Hashtag in the comment field for photos you already uploaded through Instagram 
3.   If you want a more target audience (friends, family, businesses) on Twitter make sure to set your feed to private that way those people and companies can’t @mention or @reply directly to you (essentially TAGGING you), which will cut down on direct messages and @connects

While tagging has been around for quite some time, with all the different/new social media sites, people and companies are/will continue to look for ways to communicate with you. “Tagging” or @username @mention @replies @connect are a couple of those ways. Long story short and if you use any of these sites, make sure you continue to check your settings and monitor your pages for tags of people, places, and things (sometimes you are even incorrectly tagged by accident), that way you can dictate what you want or do not want to see and/or promote. Also remember that if you want to promote someone or something to properly tag,  @username, or #Hashtag the other person or business that way they know you are thinking about them.
We sure hope this post helps some of you keep your social media privacy, while sharing with others (make sure they are the right ones) things you are doing, places you are at, and products, and services you love. Now get out there visit some people/businesses, snap some pictures, connect with others, and enjoy. Otherwise, and like usual play nice and don’t forget to keep smiling, as it really does look good on YOU!

David Dandaneau is a Consultant at [SevenTimesSeven]. He specializes in helping business owners “manage their business and not their processes!” For more connect with him via Twitter @ddandaneau or any of the other social platforms you may find him on.



3 Things to Jump Start your #SocialMedia or #Networking Campaigns

In this new age of networking (online and in-person) what is the one question you ask yourself and others most often? Think about it? If you are like me, you may think the one thing that annoys you most is “pushy people,” or more importantly pushy salespeople. Yes? Have you been to a local Chamber of Commerce or other Networking event and found yourself in the middle of (10) people all trying to sell you something before they even know your name?

Well, just like with many of my other posts through Seven Times Seven, I continue to report to our readers and followers some fantastic ways to get your message across without having to call, email, or text another person to death! Social Media sites such as Facebook, YouTube, Twitter, LinkedIn, Google+, EmpireAvenue, FourSquare, Quora, Redditt, Digg, Pinterest, Tumblr, Scoop-it, StumbleUpon, Etc all allow us to pull other works, ideas, and statements thus increasing you or your brands exposure, which hopefully results in sales if your message was received well. Ah, yes does this sound familiar… being social huh? Anyway, you get the idea and many of you may or may not have heard of the push and pull concept before. However, I am sure, if you are anything like me, that someone in a prior job or even in your family may have introduced you to this concept or was/has tried to sell you or have you sell something extra so they can benefit. The good’ol push and pull strategy, only in this post, I am trying to emphasize to everyone the pull strategy (in content not distribution) versus the annoying push strategies (again in content not distribution) that most of us hate!

 

So, as more people and companies look for additional ways to attract more friends, followers, likes, etc, let’s think about how we can use networking events or social media sites to help each other versus hinder one another, a brand, or company. Great, so how you ask? This week I would like you to think about three simple words (reason, connecting, and forming allies), so you can use these social networking clubs or sites to help another person or company pull their message across multiple platforms versus pushing a sale on them.

1. Reason
First, think about some of the REASONS you or your company might use the push and pull strategy(s). If you are still not familiar with these concepts, please see Push & Pull Promotional Strategy for a very simple explanation but remember I am talking about information and ideas in this post, so please also remember that. Now that you are familiar with the two strategies… what are the reasons you may want to use the pull strategy with networking or social media? Again, isn’t networking and social media about being social versus talking about yourself or selling something? Don’t friends and sales come from your ability to be social in these and other operating platforms? Besides who wants to always hear about you or something you may be selling right? Simply put, the reason you should be on any social media network or at a local networking event is to provide information, so you can give someone else another REASON to stay in contact, like, follow, or buy something from you at a later date. This is being the true industry expert and a main reason to pull people together not push them away!

2. Connect
While many of us find that CONNECTing with others often involves a phone call after a phone call, follow up email after email, and annoying direct messages (more like pushing), whereas connecting should really be about connecting to others with REASON for them to help pull your message or product along just like in the distribution channel processes. Does that make since? Since we are focusing on social media and networking in this post, moving forward in your campaigns start to think about ways that you can CONNECT (share, tweet, retweet, like, pin, +1, etc) with others to help them spread their message(s). Simply, connecting one person to another, basically means that you are trying to bridge a gap between someone in your network (business or personal) and someone else, so everyone sees the value in the engagement or new acquaintance. Thus, both parties should see more exposure, friends, followers, and/or sales. Sounds easy enough right? So why do people continue to look to connect to others for self or company gain instead of first trying to get a message across? Start today by helping to break this mold and pull more messages through your networking efforts or social media sites and see if you can actually CONNECT (pull) even more people into the conversation. Heck, curate something; re-pin, share, or retweet and see how that/these help expand your networks and/or connections.

3. Form Allies
Lastly and with any networking or social media strategy as I (Seven Times Seven) have been discussing let’s not forget about one of the most important parts in trying to pull your/someone else’s message across any channel. Regardless of what network you are using, remember again to equally share and help one another; otherwise, one party may feel as if the other party is not doing as much as they can to help the other. Consider this your marriage and form strategic alliances with allies that will help amplify your personal or business message. All too often this seems so easy but all too often it fails (just like marriage), as we forget to reinforce the value we bring to a local or online network. If more people and companies would stop competing for friends and business and start forming ALLIES, more friends and sales will surely follow. People and companies value partners and regardless if you are competing in the same industry or among the same friends just remember to create value that keeps people coming back for more. When value is created, more alliances are formed, and more pulling of messages will come.

Surely, by identifying a reason, connection, and ally you and/or your company will take the next step in building stronger relationships that ultimately results in more sales. As many of you know, I (Seven Times Seven) is a consulting agency and thanks again to our clients, friends, and followers, we were able to once again provide our readers with another piece of important information that you can also pass along to your friends, followers, partners, or acquaintances; thus, increasing ours (mine) and your own value. Until next week, I will look forward to also sharing your information and connecting more with you online and/or in-person. In the meantime, please contact David Dandaneau with additional thoughts or questions that I can help answer next week in Seven Times Seven’s weekly tip. Oh ya, don’t forget to KEEP SMILING!

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