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Does Your Vacation Home Have the Right Insurance?

Posted By Lineweaver Financial Group
November 08, 2018 Category: Lineweaver, Vacation Home, Insurance

Vacation homes are often used in one of three ways: owner occupied, as a rental, or unoccupied. Many people carry either a homeowners or landlord insurance policy, both of which often have significant coverage gaps. You will want to make sure you’re covered for all three situations. If you vacation home is in the path of a named-storm, such as a hurricane, it’s possible that your home insurance deductible will increase. Many named-storm deductible clauses work by requiring a deductible that’s a certain percentage of a home’s value, which can be anywhere from one to ten percent. The hurricane deductible is designed to offer lower premiums, so the first thing you can do is to put aside that savings for damages. Be aware that hurricane deductibles only take affect if the home’s damage results from a storm officially named by the National Weather Service.  Remember, no insurance is perfect – and so it is usually a good idea to have an umbrella insurance policy. They fill in any gaps in coverage in case of damages over and above your normal liability insurance. You never know what’s going to happen, and you don’t get a second chance! Coordination is important for anyone, and having an experienced Financial Quarterback can save you time, money, and worry.  Whatever you decide, make sure your assets are fully-coordinated to avoid unnecessary taxes and fees, now or later, to your investments, retirement plans and

Savvy Social Security Planning

Posted By Lineweaver Financial Group
September 06, 2018 Category: Social Security, Financial Planning, Lineweaver

Savvy Social Security Planning: What Baby Boomers Need to Know to Maximize Retirement Income What you need to know before you apply for Social Security benefits. When should someone start collecting Social Security benefits? The answer is that there is no one "best age" for everyone and, ultimately, it is your choice. You should make an informed decision about when to apply for benefits based on your individual and family circumstances. We don’t know what the future holds, but Social Security is likely to continue as a source of some retirement income for baby boomers. From a planning perspective, any assumptions made about the impact of Social Security on retirement should be conservative. An individual’s full retirement age (FRA) is the age when he or she qualifies to receive the entire or "full" Social Security retirement benefit based on his or her earnings history. This age varies based on when he or she was born  Everyone who is qualified to receive Social Security retirement benefits can begin taking them as early as age 62 or delay up to age 70. Your monthly benefit amount can differ substantially based on the age when you start receiving benefits. If you decide to start benefits before your full retirement age, your benefit will be smaller but you will receive it for a longer period of time. At age 62, your monthly benefit is 25% lower than the benefit at full retirement age. (FRA)  If you decide to wait until your full ret

What is a Financial Quarterback, and Why Do I Need One?

Posted By Lineweaver Financial Group
August 23, 2018 Category: Financial Quarterback, Lineweaver

 In our increasingly complex financial world, it’s important to discuss the need to have an overall coordinated approach when it comes to financial affairs. Think of 11 players going onto the football field, and hiking the ball without taking the time to get into a huddle and have the quarterback call the play. The chances of these guys getting into the end zone are slim. Without overall coordination of your financial affairs, getting into the financial end zone may be difficult for you as well. Most people don’t think of all their advisors as a team, but it’s important to recognize that most of us already have a financial team; we are getting financial advice from a variety of sources. Your financial team is comprised of your different insurance agents, your CPA or tax preparer, your bank, any investment advisors with whom you are working, and your estate planning attorney.  Everyone has a financial team, and they all need a Financial Quarterback. Let’s look at some potential pitfalls of not having a Financial Quarterback. What happens if you take money out of an investment and by doing so you have income to report? Will the receipt of that income trigger taxation on your Social Security? Will it increase your Medicare premiums? You had better know the answer to that prior to making the change. If you have a good financial quarterback, you will know the outcome before you make the change. If not, you may be surprised when you go to file