Retirement Planning

Retirement Planning

Retirement Planning Professionals

Your Future Starts Now

Worried about retirement?  It's natural to get caught up in working and making ends meet.  The professionals at Millsaps & Associates can help you stay focused on your savings and investment plan as you build what you need for the retirement life you want.

Let's Get Started Together

Having a retirement plan, even a simple one, can help you start where you are and stay in charge of your retirement along the way.

  • First - determine how much you will need to retire
  • Second - build and maintain a good credit rating with all of the credit rating agencies
  • Third - keep an emergency fund and protect yourself with the right mix of insurance policies
  • Fourth - pay yourself first by saving
  • Fifth - review your financial preparedfness, life, disability, long term care…
  • And, invest in a 401(k), SEP, Simple Plan or other retirement instrument

Planning and Preparing for Retirement

Preparing for Retirement 

At what age do you want to retire?  What do you want to do after retirement? Do you want to work part time after retirement to supplement your retirement income?

When you are considering your choices, evaluating your options and making decisions for your retirement, remember that expenses such as prescription medications, long term care, etc. may increase in the years following retirement.

Planning for Retirement

Planning for retirement is complex, but it doesn't have to be overwhelming.  You may need retirement income that's 70 to 90 percent of your income right before you retire to maintain your current lifestyle.

Let the retirement professionals at Millsaps & Associates help you to identify how much you'll need for retirement.  We will provide you with a complete detailed analysis.  We'll guide you every step of the way, and as your circumstances change, so will your plan.

Build and Maintain Good Credit

Establishing a positive credit history makes it possible to get better loan rates, leaving you with more money to save.

The amount of money you can borrow and loan interest rates is in large part determined by your credit rating.  Review your credit score and reports with credit rating companies to get an overall view of your credit worthiness, and fix what needs fixing now.

Let the experts at Millsaps & Associates guide you in choosing the best way to establish and maintain a good credit rating.

Keep an Emergency Fund

Be Prepared!  Emergencies happen all the time.  We all will face some sort of financial emergency during our lifetime.  It's not easy to pay for these unexpected expenses .  That is why having an emergency fund is important.

Consider maintaining at least six months' salary in a Savings Account or Money Market Savings account.  Disability Insurance and/or health insurance are also valuable when facing a medical emergency.

Millsaps & Associates agents can guide you.  Make it a priority - see us to get started now!

Preparing for Retirement - Start Saving for Your Future

It's never too early to begin saving for retirement.  Selecting the best retirement investment plan depends on your financial goals and market conditions.

At Millsaps & Associates, we're committed to providing you with the answers you need to make confident, well-informed choices when it comes to your future.

What are Some of the Choices I should be Considering?

We can help you select the right products and make the right choices for the future determined by the retirement goals you have established.

  • Annuities
  • IRA's
  • Roth IRA's
  • Life Insurance
  • Mutual Funds
  • 401(k), SIMPLE Plan, SEP Plan

Paying Yourself

Establish a Money Market Savings Account and put money into it as often as you can.  Even small amounts may pay off big.

There are many tax-advantaged ways to save for retirement too, such as with a retirement plan and Individual Retirement Accounts (IRA's).  Let a Millsaps Insurance professional guide you through the process of establishing an IRA or a ROTH IRA.

By working with our experts, you may be able to maximize your investments in coordination with your company's retirement or pension plan.  Some plans will automatically deduct contributions from your paycheck before you have a chance to spend it.  In some cases, employers match your contributions.

Invest in a 401(k)

Contributions to a 401(k) can be automatically deducted from your paychecks.

This is an easy way to save.  Many employers even match some contributions.

Even though you'll probably find information at work about how to start saving, we are here to help, too.

Long range planning can feel daunting, but at Millsaps & Associates we are your trusted partner for years, even decades, to come.

Annuities

Fixed annuities are low-risk investments that can help you reach your goals.  The wonderful thing about annuities is that the income builds tax deferred and could be very tax favorable when the policy is annuitized.

Planning is essential here to make sure the right choices are made.  Contact us and let one of our licensed agents explain the process and products. Ask for some free information.

  • Immediate Annuities
  • Deferred Annuities
IRA or Roth IRA?

Having a disciplined attitude about investing for retirement gives you the opportunity to accumulate money over time to be better prepared for retirement.  IRA's are designed to help people save for retirement.  One such tool is an IRA.

There are two types of IRA - Traditional IRA and Roth IRA.  What is the difference?  The main difference is how they are taxed.  With a Traditional IRA, contributions may be tax deductible, but you pay taxes on those contributions and earnings when you withdraw the money at retirement.  With a Roth IRA, contributions are not tax deductible but withdrawals are not taxable, if certain conditions are met.

Let the professionals at Millsaps & Associates guide you when deciding about investing in an IRA.

Life Insurance

Life insurance can do more than protect your family with a permanent death benefit.

Life Insurance also has the ability to build cash value that could grow over time to provide added funds to your retirement income.

And don't forget, the cash buildup is tax deferred until you withdraw above what you pay into the policy.

Don’t forget now is a good time to consider either a Single Premium Life policy or a Limited Premium Life Policy for yourself and for your spouse, as well as gifts to children and grandchildren.

The major benefit of purchasing life insurance on children is that you lock in their insurability for the term of the policy should they later become un-insurable. It happens! Talk to us.

Types of Policies

  • Universal Life
  • Whole Life
  • Term Life
  • Single premium
  • Key Employee Insurance
  • Buy Sell Agreements funded with life insurance
  • Pension Life for the Marital Deduction Penalty

As an independent agent, the professionals at Millsaps & Associates can search the market place to assist you in identifying the best policy to meet your short-term and long-term plans.

Disability Insurance

Where will the money come from if you are disabled?  Many people believe they will be covered by Social Security or worker’s compensation if they became disabled,  but don’t ignore these facts:

  • Less than 10% of disabling accidents and illnesses are work related.
  • 90% are not covered by worker's compensation
  • Only 35% of workers applying for Social Security DI benefits in 2009 were approved

Most disability plans that we offer give you 24 hour coverage and on and off the job accident and illness coverage with many different benefit periods.

As a business owner, this can also be an employee benefit.

See a Millsaps & Associates Disability Specialist for more information today.

Long Term Care Insurance

When planning for retirement, this important coverage cannot be forgotten as this is a budget breaker in and out of retirement.

As your retirement plan’s goal is independence, not planning for the chance you will need help caring for you or a spouse is equally important.  Not having long term care insurance can be devastating to a plan.

When you are under long-term care, whether it’s at an outside facility or in your own home, you want to know that your finances are protected.  Long Term Care Insurance allows you to transfer some of the financial risk of these costs so you can protect yourself.

Sickness/Accident Policies and Named Illness Policies

The benefit of having an accident policy is that it pays you, not the hospital. You pick an amount and it pays directly to you so you decide where the money goes.

Specific named illness policies pay for certain conditions such as cancer. It also pays you and not the hospital.

Something very important to investigate is that many companies allow you to purchase these kind of policies through a payroll deduction pre-tax plan called an IRS Plan 125 or Cafeteria Plan.

Ask us today about these plans.

It is better to plan today, for tomorrow...


Millsaps & Associates - The Insurance Professionals

Does your retirement plan need reevaluation?  Are you interested in assessing the value of adding annuities, pension plans, or insurance for your retirement plan?  Find the right retirement plan for your specific goals with Millsaps & Associates, Inc.

Find the right insurance policies to include in your retirement portfolio, to protect you and your personal assets, and experience the courteous, respectful and resourceful customer service at Millsaps & Associates, Inc.

Get the policy you need.  We are the insurance and retirement professionals.

Earning your trust and confidence
is our formula for success

Frank Millsaps, B.S., CIC, CISR, CGA
President, Millsaps & Associates, Inc.