Arizona-based financial advisor Darcy Bergen supports the work of Bergen’s Mission, a charitable organization dedicated to improving the quality of life for people in East Africa. Darcy Bergen serves as the charity’s treasurer. The organization is a longtime partner of the Canadian nonprofit, Hope for the Nations.
To address a lack of access to education, Hope for the Nations established the Hope Gateway Education Center in the Sinai neighborhood of one of the Nairobi's biggest slums. Home to more than 200,000 people, Sinai has no public school system. Families must pay for private school if they want to educate their children.
To help break the cycle of illiteracy and poverty, Hope for the Nations partnered with a local agency to establish the Hope Gateway Education Center in 2005. More than 200 elementary school children attend the center at no cost.
Every pupil also receives two healthy meals and free school uniforms. With the help of high school students from British Columbia, the center was able to install an on-site pumping system to ensure that students have access to clean water.
In addition to leading the Bergen Financial Group for more than 15 years, financial planner Darcy Bergen shares professional investment advice through his workshops targeted to Arizona residents nearing retirement. Darcy Bergen advocates for conservative money strategies that reduce risk, including exposure to prolonged bear markets.
While it is normal for the stock market to go up and down, certain conditions can cause very large gains followed by steep declines. Since many retirement investment vehicles such as 401(k)s and mutual funds are linked with stock market performance, a deep market correction can lead to significant losses that many retirees will not be able to recover from.
For this reason, retirement planning advisors suggest several strategies for protecting savings when the first signs of a market downturn appear. One option is to move investments to more stable vehicles such as fixed annuities and fixed index annuities.
Paying off consumer debts and any mortgages as quickly as possible also protects a retiree’s standard of living in the case they must live off a smaller retirement pot. Other tactics include writing off losses to lower tax liabilities or converting a traditional IRA into a Roth IRA.
Experienced financial executive Darcy Bergen serves as the president of Bergen Financial Group, a company he founded in 2003. Well-versed in wealth management and financial planning, Darcy Bergen is a member of the Million Dollar Round Table (MDRT).
Established in 1927, MDRT is a global network of more than 66,000 insurance and financial professionals who excel in providing financial services to their clients. Every year, the MDRT hosts a global conference to tackle some of the pressing issues that face the financial services industry. This year’s event will be held September 1-4 at the International Convention Centre in Sydney, Australia.
The 2019 MDRT Global Conference will feature sessions on relevant topics, such as financial services, wealth management, retirement, work-life balance, and best practices in business. MDRT members will share the innovative solutions they have implemented within their organizations. Special sessions will be included for networking and socializing. To learn more about the event, visit www.imdrt.org.
Financial advisor Darcy Bergen possesses more than two decades of experience in financial planning. Darcy Bergen has also appeared on several media outlets to inform the public on retirement options, including viable alternatives to annuity products.
While fixed index annuities are reliable retirement savings vehicles, some clients may prefer alternative low-risk assets or wish to diversify their portfolio with similar options. Some alternatives to annuities include:
- Managed payout funds (MPFs). While both annuities and MPFs offer a predictable income, MPFs have lower fees and more liquidity since shares can be sold at any time. Unlike annuities, many MPFs have minimum yields that keep pace with inflation.
- Laddered bonds. In this strategy, clients purchase bonds with sequential maturity dates and reinvest the proceeds into new bonds. Bondholders receive steady returns and have the option to sell bonds on lower rungs of the ladder for liquidity.
- Variable life insurance. Though this strategy is not a savings vehicle, it is another option for retirees who want the stability of an annuity. In addition to a death benefit, variable life insurance policies have a cash value that can be invested.
The longtime managing partner of Bergen Financial Group, Darcy Bergen focuses on key retirement planning areas, including social security and risk management. Darcy Bergen organizes several financial workshops for seniors that discuss important insurance products, such as universal life policies.
Universal life insurance premiums go toward a death benefit, similar to a term-life policy, and investments. If a policy is purchased early in life, the investments may grow large enough to cover the premium costs, making the policy self-sustaining. The invested portion can be cashed out at any time and used for large purchases, such as college tuition or a house.
There are two different models for universal life policies. Traditional plans offer a guaranteed minimum interest rate that can rise depending on the performance of the economy.
Meanwhile, indexed plans are exposed to derivative market products. In a high-performing market, an indexed policy may pay out a high-interest rate, which usually ranges between 10 percent and 12 percent.