Support Your Loved Ones With Texas Financial & Retirement
Preserve what you’ve built for your retirement and for the people who depend on you.
Growing your savings is only part of the picture. The other part is making sure what you’ve accumulated holds up against the things that can chip away at it: a long illness, an unexpected loss or a tax bill you didn’t plan for.
Those conversations aren’t always comfortable. But having them now gives your family a clear plan instead of hard decisions made under pressure. Here’s where we can help.
Our Services
As you move from earning to spending, the question shifts from how much you can accumulate to how much you can keep. We look at where your assets sit, what risks they’re exposed to and which fixed insurance products might help cover essential expenses so a market downturn or health event doesn’t derail your plan.
References to protection benefits, safety, security or lifetime income generally refer to fixed insurance products, never securities or investment products. Insurance product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance carrier.
Most people think of life insurance as something that helps their family after they’re gone. But that’s not the whole story. Permanent policies can also help build cash value you can access during your lifetime through policy loans and withdrawals, with no required minimum distributions and no contribution limits.
Term coverage works differently and costs less, but it lasts only for a set period and builds no cash value. Which one fits depends on what you’re trying to accomplish and how long you need the coverage to last. We’ll walk you through both options.
Policy loans and withdrawals will reduce available cash values and death benefits and may cause the policy to lapse or affect any guarantees against lapse. Additional premium payments may be required to keep the policy in force. In the event of a lapse, outstanding policy loans in excess of unrecovered cost basis will be subject to ordinary income tax. Life insurance policies are subject to medical and financial underwriting, contain fees such as mortality and expense charges, and may contain restrictions such as surrender charges. Life insurance agents do not give legal or tax advice.
Extended care is one of the larger expenses many retirees face, and traditional long-term care insurance has grown harder to find as fewer carriers offer it and premiums rise. Fortunately, some life insurance policies include riders that let you access benefits if you need chronic illness or long-term care support. We’ll help you weigh what’s available and what it would cost in your situation.
Long-term care benefits are optional and may involve additional annual charges. Long-term care riders are not a replacement for long-term care insurance. While permanent life insurance can provide many possible benefits, exercising one or more of them could mean reducing or eliminating other benefits.
Knowing when your income gets taxed is only part of the equation. You also need a sense of what the rate might be. We work with you on the timing and sequencing of withdrawals, and we can coordinate with your CPA or tax professional to look at how each piece fits together. When it makes sense, we’ll bring in one of the tax professionals or attorneys in our network.
Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions. Texas Financial and Retirement has a strategic partnership with tax professionals and attorneys who can provide tax and/or legal advice.
Let’s Talk About Your Family’s Plan
Every plan starts with a conversation. Schedule a meeting with our Tyler or Longview office, or give us a call at 903.534.5477.
