For more than two decades, certified retirement financial advisor and veteran financial planner Darcy Bergen has specialized in providing clients with conservative financial and retirement planning products. Darcy Bergen, president of Bergen Financial Group, also delivers professional advice on his weekly radio program, Smart Money. More than 50 percent of Americans continue to work part-time after they qualify for early Social Security and Medicare benefits. Depending on the amount of money retirees earn, part-time work may lower Social Security payments. As of 2018, the income cap for early retirees is just over $17,000 per year. Any income above that amount is deducted from Social Security payments at a ratio of $1 for every $2 earned. Older workers collecting Social Security must be meticulous about reporting their income to the Social Security Administration. Any overpayment of Social Security funds must be paid back.
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The president and founder of Bergen Financial Group, Darcy Bergen possesses over two decades of experience as a financial advisor. Darcy Bergen is also deeply committed to philanthropic work and serves as treasurer for his family’s Kenya-based charity Bergen Mission. The organization is one of many groups working alongside the children-focused nonprofit, Hope for the Nations (HFTN), which works with partner agencies throughout East Africa. Operating in the poverty-stricken Soweto area of Nairobi, the HFTN affiliate Hope Bright Future Centre has provided education and nutrition programs serving youth since 2002. The center partners with Emanuel Children’s Home, a local orphanage, and relies on volunteers to lead classes, fundraise, and organize school activities. Over 200 students between the ages of 3 and 15 years old benefit from the center’s programming. Alongside free schooling and after-school programs, the center runs an entrepreneurship curriculum focused on animal husbandry. All students are also provided healthy meals and are cared for by a supportive, qualified staff. Experienced financial advisor Darcy Bergen serves as president of Bergen Financial Group, with offices in Peoria and Phoenix, Arizona. As a retirement planning advisor, Darcy Bergen advocates for money strategies that reduce risk. Though market volatility is always a factor in investing, it becomes especially impactful for individuals nearing retirement. Diversifying a portfolio doesn’t go far enough for soon-to-be retirees who may need to rely on the return from their investments to pay for living expenses. Here are some considerations for managing a changeable stock market near retirement: Don’t Panic Historically, the market recovers within 16 quarters. However, selling stock due to fear during low times can result in huge losses. Experts advise following a sensible, individualized plan that considers years until retirement, money needed for living expenses, and the timeframe for the market’s recovery. Rely on Cash in the Short Term Experts advise having three to four years of living expenses in highly-liquid assets, such as savings accounts and certificate deposits (CDs). Access to this money can give retirees financial peace of mind and avoid withdrawing money on investments. Think of the Long Term Even the lowest-risk investment strategies are subject to inflation and reduced buying power. For this reason, retirees should always have some investment in higher-risk, but higher-return stocks. The ratio of low- to high-risk investments should increase with age. For example, people 55 or younger may put 100 percent of their investment in equities, while those three years or less from retirement age may reduce this to 70 or 80 percent and put the remainder in more stable bonds. Investment advisory services offered through Horter Investment Management, LLC, a SEC-Registered Investment Advisor. Horter Investment Management does not provide legal or tax advice. Investment Advisor Representatives of Horter Investment Management may only conduct business with residents of the states and jurisdictions in which they are properly registered or exempt from registration requirements. Insurance and annuity products are sold separately through *Insert Name*. Securities transactions for Horter Investment Management clients are placed through TCA by E*TRADE, TD Ameritrade and Nationwide Advisory Solutions. After completing the Series 65 exam, Darcy Bergen started providing financial consultation as president of Bergen Financial Group. A financial advisor, Darcy Bergen provides clients with advice on risk management, income planning, and life insurance. According to a study by the Life Insurance Marketing Research Association, less than half of Americans have individual life insurance coverage, the lowest level in half a century. One of the main reasons for this is that most workers opt for employer-provided group policies rather than individual coverage. Even though the employer benefit can be convenient, it is far better to maintain an individual life insurance coverage. The more obvious reason is to safeguard from employment uncertainties. Considering the employment market has its ups and downs, it is better to have an individual cover that remains active in the case of employment termination. The other less obvious reasons are the flexibility and benefits of an individual coverage. Individual life insurance policies can either be term or permanent. Term life insurance provides cover over a specified time period. The terms can go as long as 30 years. This policy gives policyholders several options. The payment schedules can be fixed or annually adjusted. Some plans have an option to extend the term or convert the coverage to permanent life insurance which provides a death benefit upon the death of the policyholder. With the permanent cover, payments are typically higher but the premiums remain the same. Insurers set aside a portion of these payments in tax-deferred, cash value accounts which grow at guaranteed rates. Policyholders can make withdrawals or take loans from these accounts, tax-free. Financial advisor Darcy Bergen is the president of Bergen Financial Group. Committed to helping people have financial freedom in retirement, Darcy Bergen encourages people in employment with 401(k) plans to take advantage of employer matching accounts. Saving retirement money in a 401(k) alone will not lead to a comfortable retirement for many Americans. A study by Boston College’s Center for Retirement Research reveals that most Americans’ balances are not enough to guarantee a financially secure retirement. So how can workers maximize their 401(k) contributions? By taking advantage of employer matches. Workers who fail to get their full employers match are leaving huge sums of money on the table. On average, workers leave retirement incomes worth $1,336 every year by failing to maximize employer matches. Taken over the course of a person’s employment, this amount really adds up. Paying $1,336 into a 401(k) earning a 10 percent return every year for 45 years will grow to a $960,000 retirement fortune. That’s enough to give you a comfortable retirement. Workers should take advantage of employer matches on 401(k) plans and invest the proceeds wisely to help grow their nest eggs exponentially over time. |
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