CG Financial Group, LLC is a financial services firm that has the #1 goal of helping our clients achieve their financial dreams. In order to do this, we have three guiding principles at CG Financial Group, LLC.
1. We do not apply high pressure sales tactics with our clients. Instead, we educate our clients in a simple, jargon-free style.
2. We follow through on our commitments and we do what we say we will do. We meet and exceed expectations.
3. We always do what is in the best interest of our valued clients. We will never recommend any product or strategy that is contrary to this goal.
“Simplifying Financial Security” for retirees and pre-retirees requires a thorough understanding of the economy, retirement planning, taxes, social security, life insurance, long-term care and business planning. With over two decades of experience in financial services, we at CG Financial Group, LLC have this knowledge.
If you are either planning for retirement or already in your retirement years and are confused, you are not alone! Times are different than they were in the 1980's and 1990's when the stock market consistently delivered double digit returns, interest rates were much higher and cost of living was lower.
On top of the adverse investing conditions that consumers have experienced in recent years, education costs and healthcare costs continue to rise.
Furthermore, increased life expectancies add a new complexity to retirement planning. All of these factors coming together at one time are creating "The Perfect Storm" for those planning their retirements.
Our experience with consumers is very consistent with what nationwide retirement statistics show. The statistics show the top four retirement concerns are:
1. Paying for healthcare
2. Saving enough money
3. Maintaining a lasting income stream in retirement
4. Having too much debt
Healthcare costs in retirement is the #1 concern with 28 percent of people being worried that medical expenses will be too high. This concern is warranted as a 65-year-old couple retiring in 2017 will spend $275,000 on healthcare, according to a fidelity study. This is a significant dollar amount and can derail a retirement plan! Watch our CEO's video on the Long-Term Care risk by clicking here.
Today, a 65 year-old male will live to age 85 on-average. A 65 year-old female will live to age 88 on-average. One of a 65 year-old couple will live until age 92 on average. As a result, it is no surprise that outliving their money is a close #2 concern that Americans have.
According to a bankrate.com survey, many Americans are concerned that Social Security income will not be adequate enough to cover some expenses in retirement. As a matter of fact, many Americans lack confidence that Social Security will continue to exist. Accordingly, 18 percent of the survey participants are worried they won’t be able to afford day-to-day expenses in retirement.
Debt is a significant concern as seventeen percent of Americans are concerned they won’t be able to make minimum payments on credit cards in retirement. This concern is backed up by a 2017 New York Fed Consumer Credit Panel that shows that the average 67-year-old in 2015 had 169% more debt than in 2003. Debt increased by roughly 60 percent for all borrowers between 50 and 80 years old.
If any of the above statistics are consistent with your concerns, contact us today to schedule your complimentary financial consultation.
This site is dedicated to serving the insurance needs of our wonderful clients. For securities and investment advisory services, CG Wealth Management Group is our affiliate company. For more information on CG Wealth Management Group, call us at 515-986-3065