Reasons People Don't Change:

• Lack of motivation. People may not be motivated to change their financial behavior because they don't see the need for change. They may be comfortable with their current financial situation, or they may not believe that they can change their behavior.
• Fear of failure. People may be afraid to change their financial behavior because they are afraid of failing. They may have tried to change their behavior in the past and failed, or they may have heard stories of other people who have failed to change their financial behavior.
• Ambivalence. People may be ambivalent about changing their financial behavior. They may see the benefits of change, but they may also see the costs of change. For example, they may want to save more money, but they may also enjoy spending money on things that they don't need.
• Habits. People's financial behavior is often habitual. They may have been spending money in a certain way for years, and it can be difficult to break those habits.
• External factors. People's financial behavior can also be influenced by external factors, such as their income, their expenses, and their personal circumstances. These factors can make it difficult to change financial behavior, even if someone is motivated to do so.

Increase Your Chances of Success:

• Set specific goals. People who want to change their financial behavior should set specific goals. For example, they might set a goal of saving a certain amount of money each month, or they might set a goal of paying off their debt within a certain period of time.
• Make a plan. Once people have set their goals, they need to make a plan to achieve them. This plan should include specific steps that people need to take, and it should also include a timeline for achieving their goals.
• Find support. People who are trying to change their financial behavior may find it helpful to find support from others. This could include talking to a financial advisor, joining a financial support group, or asking friends or family for help.
• Be patient. Changing financial behavior takes time and effort. People should not expect to see results overnight. They should be patient and persistent, and they should not give up if they have a setback.

Changing financial behavior can be challenging, but it is possible. 

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Telton W Hall, CFP® is a husband, father, retirement planning expert, small-town-boy at heart, nationally published author, sought-after speaker, former college basketball player, founder/owner/team member of Utah based Advanced Financial Planning LLC, hiking enthusiast, Jesus follower, business leader, team builder, and to the core Telton is an educator.

Here are some considerations about paying tithing during retirement:

·       Your income sources. In retirement, your income may come from a variety of sources, including Social Security, pensions, retirement savings, and investments. You will need to decide how you want to tithe on these different sources. Some people choose to tithe on their gross income, while others tithe on their net income after taxes. You may also want to consider tithing on the earnings from your investments, even if you have not yet withdrawn them.

·       Your financial situation. Your financial situation may also affect your decision about how much to tithe. If you are on a tight budget, you may need to adjust your tithing amount. However, if you are financially comfortable, you may want to consider increasing your tithing. Ultimately, the decision of how much to tithe is a personal one.

·       Your beliefs. Your religious beliefs will also play a role in your decision about tithing. Some people believe that tithing is a biblical mandate, while others believe that it is a personal choice. If you believe that tithing is important, you may want to continue tithing in retirement even if your income is reduced.

Here are some additional tips for tithing in retirement:

·       Talk to your financial advisor. Your financial advisor can help you determine how tithing will affect your retirement budget. They can also help you set up a tithing plan that fits your needs.

·       Be flexible. Your financial situation may change over time, so you may need to adjust your tithing amount accordingly. Be prepared to make changes as needed.

·       Don't forget the spiritual benefits. Tithing is not just about money. It is also about giving back to your community and supporting your faith. Don't forget the spiritual benefits of tithing when you are making your decision.

Ultimately, the decision of whether or not to tithe in retirement is a personal one. There is no right or wrong answer. However, by considering your income sources, your financial situation, and your religious beliefs, you can make a decision that is right for you.

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Telton W Hall, CFP® is a husband, father, retirement planning expert, small-town-boy at heart, nationally published author, sought-after speaker, former college basketball player, founder/owner/team member of Utah based Advanced Financial Planning LLC, hiking enthusiast, Jesus follower, business leader, team builder, and to the core Telton is an educator.

Whether or not to tithe on retirement funds is a personal decision. There is no right or wrong answer, and it is important to do what feels right for you.

Some people believe that tithing is a way of showing gratitude to God for all that they have, including their retirement funds. They believe that by tithing, they are returning a portion of what God has given them.

Others believe that tithing should only be done on income that is earned while working. They believe that retirement funds are already a form of tithing, as they represent the fruits of one's labor over a lifetime.

Ultimately, the decision of whether or not to tithe on retirement funds is a personal one. 

If you are considering tithing on retirement funds, there are a few things to keep in mind.

First, you will need to decide how much you want to tithe. There is no set amount, and it is up to you to decide what you feel comfortable with.

Second, you will need to decide how you want to tithe. You can tithe directly to your church, or you can tithe to a specific ministry or cause.

Third, you will need to decide how often you want to tithe. You can tithe once a month, once a quarter, or once a year.

Here are some additional things to consider when making your decision:

• Your financial situation. If you are struggling financially, you may not be able to afford to tithe on your retirement funds. However, if you are financially stable, you may want to consider tithing a portion of your retirement funds.
• Your faith beliefs. If you believe that tithing is important, you may want to tithe on your retirement funds, even if you are financially struggling.
• Your church's policy. Some churches have a policy of requiring members to tithe on their retirement funds. If your church has such a policy, you will need to decide whether or not you want to tithe in accordance with the policy.

If you are still unsure about whether or not to tithe on your retirement funds, you may want to talk to your pastor or a financial advisor. They can help you to make the decision that is right for you.

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Telton W Hall, CFP® is a husband, father, retirement planning expert, small-town-boy at heart, nationally published author, sought-after speaker, former college basketball player, founder/owner/team member of Utah based Advanced Financial Planning LLC, hiking enthusiast, Jesus follower, business leader, team builder, and to the core Telton is an educator.

Life insurance that can be transferred to an annuity is called a life insurance annuity. It is a type of life insurance policy that allows the policyholder to convert a portion of the death benefit into an annuity. The annuity will then pay out a regular income stream to the policyholder during their lifetime.

There are two main types of life insurance annuities:

• Immediate annuities start paying out income immediately, either as a lump sum or in regular payments.
• Deferred annuities do not start paying out income until a later date, such as retirement.

Life insurance annuities can offer a number of benefits, including:

• Tax-deferred growth: The cash value of a life insurance annuity grows tax-deferred, meaning that the policyholder does not have to pay taxes on the investment earnings until they start receiving income from the annuity.
• Regular income stream: A life insurance annuity can provide a guaranteed income stream for the policyholder during their lifetime.
• Death benefit: In the event of the policyholder's death, the death benefit will be paid out to the beneficiaries.

However, there are also some potential drawbacks to life insurance annuities, including:

• High fees: Life insurance annuities can have high fees, which can eat into the investment earnings.
• Surrender charges: If the policyholder surrenders the annuity early, they may have to pay surrender charges.
• Complexities: Life insurance annuities can be complex, and it is important to carefully read the terms and conditions before purchasing one.

If you are considering a life insurance annuity, it is important to speak with a financial advisor to discuss your individual needs and circumstances. 

Here are some of the factors to consider when deciding whether to transfer a life insurance policy to an annuity:

• Your financial goals: What are your financial goals for retirement? Do you need a guaranteed income stream? Do you want to maximize your tax benefits?
• Your age: If you are nearing retirement, you may want to consider converting your life insurance policy to an annuity to provide a guaranteed income stream.
• Your health: If you are in good health, you may be able to get a higher annuity payout than if you are in poor health.
• The fees: Be sure to compare the fees of different annuities before you make a decision.

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Telton W Hall, CFP® is a husband, father, retirement planning expert, small-town-boy at heart, nationally published author, sought-after speaker, former college basketball player, founder/owner/team member of Utah based Advanced Financial Planning LLC, hiking enthusiast, Jesus follower, business leader, team builder, and to the core Telton is an educator.

This week we get a little nerdy. Who am I kidding. We get A LOT nerdy.  We chat about fixed annuities vs. variable annuities.
Fixed indexed annuities

• Offer a guaranteed minimum interest rate with the potential for additional growth based on the performance of a market index, such as the S&P 500.
• Are less risky than variable annuities, but they also have the potential for lower returns.
• Have surrender charges that may prevent you from accessing your money early.

Variable annuities

• Invest your money in subaccounts that track different types of investments, such as stocks, bonds, and mutual funds.
• Offer the potential for higher returns than fixed indexed annuities, but they also carry more risk.
• Do not have surrender charges, so you can access your money at any time.

Guaranteed lifetime income

Both fixed indexed annuities and variable annuities can be used to provide guaranteed lifetime income. However, the specific features of these income options vary from product to product.

• Fixed indexed annuities typically offer a lifetime income rider that guarantees a specified monthly income for life. The amount of the income is typically based on the amount of money you invest in the annuity and the interest rate that is credited to your account.
• Variable annuities also offer lifetime income riders, but the amount of the income is not guaranteed. Instead, it is based on the performance of the subaccounts that your money is invested in.

It is important to compare the features of different indexed annuities and variable annuities before you decide which type of annuity is right for you. Consider your financial goals, risk tolerance, and time horizon when making your decision.

Here are some additional things to consider when comparing indexed annuities and variable annuities:

• Fees: Annuities can have high fees, so it is important to compare the fees of different products before you buy.
• Surrender charges: Some annuities have surrender charges that can prevent you from accessing your money early. These charges typically decrease over time, so it is important to understand the surrender schedule before you buy.
• Death benefit: Some annuities offer a death benefit that will pay out a death benefit to your beneficiaries if you die before the annuity matures. Other annuities do not offer a death benefit.

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Telton W Hall, CFP® is a husband, father, retirement planning expert, small-town-boy at heart, nationally published author, sought-after speaker, former college basketball player, founder/owner/team member of Utah based Advanced Financial Planning LLC, hiking enthusiast, Jesus follower, business leader, team builder, and to the core Telton is an educator.

No. AND. Yes.

No, your Social Security benefit will not go up once you begin to withdraw it. Your benefit is calculated based on your earnings history and your full retirement age. If you start taking benefits before your full retirement age, your benefit will be reduced. If you start taking benefits after your full retirement age, your benefit will be increased. However, your benefit will never go up after you start taking it.

For example, let's say you have a full retirement age of 66 and you earn an average
of $50,000 per year over your lifetime. If you start taking benefits at 62,
your benefit will be reduced by 30%. If you start taking benefits at 70, your
benefit will be increased by 32%. However, if you start taking benefits at 66,
your benefit will be the same no matter how long you take it.

Itis important to note that your Social Security benefit is not the only source
of income you will have in retirement. You may also have income from a pension,
savings, investments, or other sources. It is important to consider all of your
sources of income when planning for retirement.

Yes. Social Security benefits are adjusted for inflation each year. This is called a cost-of-living adjustment (COLA). The COLA is calculated based on the Consumer Price Index (CPI), which measures the prices of goods and services.

The COLA for 2023 is 8.7%. This means that Social Security benefits will increase
by 8.7% in January 2023. This is the largest COLA since 1982.

The COLA is important because it helps to ensure that Social Security benefits keep
pace with inflation. If benefits did not increase with inflation, they would
lose purchasing power over time. This would make it more difficult for retirees
to meet their basic needs.

The COLA is calculated using a formula that is set by law. The formula takes into
account the average change in the CPI between the third quarter of the previous
year and the third quarter of the current year.

The COLA is an important part of Social Security. It helps to ensure that benefits
keep pace with inflation and that retirees can maintain their standard of
living.

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Telton W Hall, CFP® is a husband, father, retirement planning expert, small-town-boy at heart, nationally published author, sought-after speaker, former college basketball player, founder/owner/team member of Utah based Advanced Financial Planning LLC, hiking enthusiast, Jesus follower, business leader, team builder, and to the core Telton is an educator.

An assumed IRA is an IRA that has been inherited by a spouse. The spouse can treat the IRA as their own, and they can continue to make contributions to the IRA. They will also have to take required minimum distributions (RMDs) starting at age 72.

An inherited IRA is an IRA that has been inherited by someone other than a spouse. The beneficiary of the IRA must take RMDs starting at the end of the year following the death of the account owner. The RMDs are calculated based on the beneficiary's life expectancy.

The main difference between an assumed IRA and an inherited IRA is that the spouse of the account owner can treat the IRA as their own, while other beneficiaries cannot. This means that the spouse of the account owner can continue to make contributions to the IRA and they will not have to take RMDs until they are 72. Other beneficiaries will have to take RMDs starting at the end of the year following the death of the account owner.

It is important to speak with a financial advisor to discuss the best options for your specific situation. Please reach out if you have any questions. 

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Telton W Hall, CFP® is a husband, father, retirement planning expert, small-town-boy at heart, nationally published author, sought-after speaker, former college basketball player, founder/owner/team member of Utah based Advanced Financial Planning LLC, hiking enthusiast, Jesus follower, business leader, team builder, and to the core Telton is an educator.

I'm amazed that as I read my wife's journal about 12 years ago, how much is similar to today.  

The economy is a complex system that is constantly changing. It is influenced by a variety of factors, including consumer spending, business investment, government spending, and global events. As a result, the economy goes through periods of expansion and contraction, which are known as economic cycles.

An economic cycle is a period of time during which the economy grows and then shrinks. The four stages of an economic cycle are:

• Expansion: This is the period of time when the economy is growing. During expansion, businesses are investing and hiring, consumers are spending more money, and the unemployment rate is low.
• Peak: This is the point at which the economy reaches its highest point of growth. At this point, businesses are producing as much as they can, and unemployment is at its lowest level.
• Contraction: This is the period of time when the economy is shrinking. During contraction, businesses are cutting back on investment and hiring, consumers are spending less money, and the unemployment rate is rising.
• Trough: This is the point at which the economy reaches its lowest point of growth. At this point, businesses are producing very little, and unemployment is at its highest level.

“The stock market is a device for transferring money from the impatient to the patient.” ~ Warren Buffet

“The best way to measure your investing success is not by whether you’re beating the market but by whether you’ve put in place a financial plan and a behavioral discipline that are likely to get you where you want to go. In the end, what matters isn’t crossing the finish line before anybody else but just making sure that you do cross it”
~ Benjamin Graham

“Waiting helps you as an investor and a lot of people just can't stand to wait. If you didn't get the deferred-gratification gene, you've got to work very hard to overcome that.” ~ Charlie Munger

Are you getting what you want or are you putting yourselves in a position someone could try and get the better of you?

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Purchase The Secure Solution: Creating a High-Quality Retirement in a Low-Interest-Rate World

Telton W Hall, CFP® is a husband, father, retirement planning expert, small-town-boy at heart, nationally published author, sought-after speaker, former college basketball player, founder/owner/team member of Utah based Advanced Financial Planning LLC, hiking enthusiast, Jesus follower, business leader, team builder, and to the core Telton is an educator.