Category Archives: Planning for Your Financial Future & Retirement

Set for Life: Tasks to Help Determine Life Insurance Needs

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For many people, life insurance is a key component of a comprehensive financial plan. Determining how much you need is a crucial step in ensuring financial security for your loved ones in the event of your passing. While there’s no one-size-fits-all answer and since September is Life Insurance Awareness Month, completing these planning tasks can help you figure out the right amount of coverage for your needs.

Assess your financial obligations. Determining your life insurance needs starts with evaluating your current financial obligations. Consider your outstanding debts, such as mortgage payments, car loans, credit card balances, and student loans. Additionally, factor in future financial needs like college tuition for your children.

Calculate income replacement. Determine how much income your family would need to maintain their standard of living if you were no longer around. A good rule of thumb is to multiply your annual income by the number of years your dependents would require financial support. Individual circumstances will vary, depending on the current age(s) of your dependents. If you’re just starting a family, for example, you might want to consider 20‒25 years multiplied by your annual income.

Consider your spouse or partner’s income. If your spouse or partner contributes to your household income, consider how their income would change in your absence. For example, they may need to reduce their working hours to take care of children or other family matters during this transition period. Life insurance can help replace their lost income or provide financial assistance for childcare if needed.

Evaluate existing assets and savings. Take stock of any existing assets and savings that could be used to cover expenses in your absence. This includes savings accounts, investment portfolios, retirement accounts and any other liquid assets. Subtract these from your financial obligations to determine the additional coverage needed.

Account for inflation in future expenses. As the past few years have shown, the cost of living will increase over time due to inflation. Make sure to factor it in when you project future expenses such as college tuition, healthcare costs and other living expenses when calculating your life insurance needs.

Consider special circumstances. If you have dependents with special needs or unique circumstances, such as a disabled child or elderly parent, you may require additional coverage to ensure their ongoing care and support.

Review regularly. Life insurance needs can change over time because of factors like marriage, childbirth, career advancements or changes in financial obligations. Regularly review your coverage to ensure it aligns with your current circumstances and adjust as needed.

Questions about this topic? Contact First Financial’s Investment & Retirement Center by calling 732.312.1534. You can also email mary.laferriere@lpl.com or maureen.mcgreevy@lpl.com

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First Financial Federal Credit Union (FFFCU) and First Financial Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using First Financial Investment & Retirement Center, and may also be employees of FFFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of FFFCU or First Financial Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are:

This information is not intended as authoritative guidance or tax or legal advice. You should consult with your attorney or tax advisor for guidance on your specific situation.
LPL Financial and its advisors are only offering educational services and cannot offer participants investment advice specific to their particular needs. If you are seeking investment advice specific to your needs, such advisory services must be obtained on your own separate from this educational material.

Kmotion, Inc., 12336 SE Scherrer Street, Happy Valley, OR 97086; www.kmotion.com

©2024 Kmotion, Inc. This newsletter is a publication of Kmotion, Inc., whose role is solely that of publisher. The articles and opinions in this newsletter are those of Kmotion. The articles and opinions are for general information only and are not intended to provide specific advice or recommendations for any individual. Nothing in this publication shall be construed as providing investment counseling or directing employees to participate in any investment program in any way. Please consult your financial advisor or other appropriate professional for further assistance with regard to your individual situation.

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What is a Power of Attorney and Why Have One?

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The topic of estate planning can be difficult to think about, but it is an important one. An estate plan will designate how you’d like your assets distributed, provide your healthcare directives, and will protect your loved ones by minimizing conflict and ensuring their financial security. In this article, we will be discussing the power of attorney (POA) component of estate planning and why it might be important to have one.

A power of attorney gives you a say now – in how you wish to handle your affairs in the future, should you become unable to do so.1 A POA is a legal document that ensures your wishes (typically having to do with your assets), are carried out in a manner that you as the principal – approve of. It gives a trusted person (often referred to as an agent), the legal authority to handle these wishes. The person you designate as a power of attorney doesn’t actually have to be an attorney. Anyone you trust – such as a family member or friend, can serve in this role for you. You can even designate more than one person, assigning different responsibilities to each. 2

The power of attorney can go into effect upon your incapacitation or any other triggering event you specify. Individual states have various power of attorney laws, so it’s important to become familiar with your state’s specific regulations to make an informed decision. 2

There are also several different POA designations, so it’s best to become familiar with what is involved with each one – as well as when a certain designation may be needed.

General Power of Attorney: An agent under this agreement can serve any needs, as your state allows. They can do things like sign checks, sell property, pay bills or make bank deposits and withdrawals. A key limitation of a general POA is that it is no longer effective if the principal becomes incapacitated. Due to this, a general POA might be most effective for short-term needs or specific tasks.

Durable Power of Attorney: A durable POA will remain in effect even if the principal becomes incapacitated, allowing the agent to continue to make decisions when the principal is unable to do so. A durable POA remains in effect from the day it is executed and through the principal’s incapacity. This type of POA can ensure a seamless transition in decision making should the principal become incapacitated.

Limited Power of Attorney: An agent under this agreement can serve specific legal needs for limited timeframes.

Healthcare Power of Attorney (HCPA): Also known as a medical power of attorney, this document appoints someone to make medical decisions for you if you are incapacitated and ensures that your healthcare preferences are respected – even when you cannot communicate them. A HCPA is typically a spouse or family member who you trust, and who would likely recommend a course of action you would agree with. A backup agent should also be identified, in case your initial choice is unavailable or unable to act at the time needed.

What are the benefits of a POA and why have one?

  • Protect your interests now: Since a POA can only be executed when you are of sound mind, you can tailor your POA to your specific requirements and designate matters to continue to be handled as you currently wish in the present.
  • Ensure someone you trust will handle your affairs: Establishing a POA allows you to select a trusted person as your agent, giving you confidence in how your affairs will be handled. The agent will be making critical decisions and advocating on your behalf, therefore you’ll want to choose someone who shares your values and who will act as you would have.
  • Ease the burden should the unexpected happen: A POA provides clear direction on how decisions should be made and who is responsible for making them, thereby reducing conflicts and feelings of uncertainty among family members. It also provides reassurance that the principal selected an agent who is capable of honoring their wishes and acting in accordance with their values.

Creating a power of attorney is an important aspect of estate planning that will protect your wishes and the assets you’ve worked hard to grow over the years. No matter what your age or your stage in life, getting your affairs in order and your records organized is an essential part of financial planning. Estate planning can be complex, and the specific documents needed may vary based on your individual circumstances. It’s wise to consult with an attorney who specializes in estate planning to create a plan that aligns with your goals and complies with local laws. You’ll also want to make sure your financial planner knows the details of your estate plan. By including these details in your financial plan, you can ensure your end-of-life wishes will work as you intended.

Should you be thinking about your financial future and retirement, as well as estate planning – the First Financial Investment & Retirement Center will be hosting an exclusive no-cost virtual seminar on the Transitions to Retirement featuring a bonus segment on Estate Planning, on Wednesday, October 8th at 6pm.

(697533-1 and 622155)

You can also register for this session by contacting Maureen McGreevy, LPL Financial Advisor at 732.312.1534 or emailing maureen.mcgreevy@lpl.com

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First Financial Federal Credit Union (FFFCU) and First Financial Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using First Financial Investment & Retirement Center, and may also be employees of FFFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of FFFCU or First Financial Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are:

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. For individual estate planning advice, consult with an estate attorney.

Sources:

1 Forbes.com, November 19, 2024

2 Investopedia.com, March 23, 2023

LPL tracking #’s referenced: 676252, 513868, 653950

Navigating Financial Conversations with Aging Parents

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Having a conversation with your parents about their finances can seem like a daunting task. However, it is an essential step in helping to ensure their financial well-being as they get older. Here are some practical tips to help you navigate these discussions.

Start the conversation

Talking about money can be difficult. However, it’s important to initiate a financial conversation with your parents before they become too ill or incapacitated. Your parents may be unwilling to talk to you at first because they are reluctant to give up control over their financial affairs, or they are embarrassed to admit that they need your help. It’s important to approach the topic sensitively and make it clear that you fully respect their needs and concerns.

If they are still hesitant to talk to you and are capable of managing their affairs for now, you may want to revisit the discussion later. Or you could suggest that they talk to another family member, trusted friend, attorney, or financial professional.

Organize financial and legal documents

Once the lines of communication are open, you can help your parents organize their financial and legal documents. Start by creating a personal data record that lists the following types of information:

Financial: Include all of your parents’ bank/investment account information, including account/routing numbers and online usernames and passwords. You should also list any real estate holdings, along with any outstanding mortgages. Do your parents receive income from Social Security, a pension, and/or a retirement plan? You will want to include that information as well.

Legal: Find out if your parents have had any legal documents drawn up, such as wills, trusts, durable powers of attorney and/or health-care directives. Locate other important documents too, such as birth certificates, property deeds, and certificates of title.

Medical: Determine what type of health insurance your parents have — Medicare, private insurance, or both. You should also have the names and contact information for their health-care providers, their medical history, and any current medications.

Insurance: List what other types of insurance coverage your parents have — life, home/property, auto, or long-term care, for example — along with the names of their insurance companies and policy numbers.

Store the data record and any other pertinent documents either electronically or in a secure, fireproof box or file cabinet.

Help with managing finances

You can help your parents manage their finances by examining their budget and finding out their monthly income and expenses. Track your parents’ spending to make sure that they are living within their means. You should also discuss ways to address any outstanding debts they may have.

Find out how your parents pay their bills and expenses. If they still use traditional methods, encourage them to set up safer and more convenient ways to bank such as direct deposit and making payments online, instead of mailing paper checks. If your parents are uncomfortable with electronic payments, remind them to mail all bills inside the physical post office and not to use outdoor mailboxes, which may be targets for mail theft.

Do your parents need additional support in managing their finances? There are ways for you to obtain the necessary authorization to assist them. One way is to become a joint account holder on certain bank accounts. This can give you direct access to manage transactions, monitor account activity, and ensure bills are paid. However, being a joint account holder may have certain legal and tax ramifications. Another option is for them to obtain a durable power of attorney, which is a legal document that grants you authorization to make financial decisions on their behalf, even if they become incapacitated. It may also be helpful for them to add you or someone else as a trusted contact for their accounts.

Discuss estate planning issues

If they haven’t already done so, make sure your parents have certain legal documents in place — such as wills and/or trusts — to ensure that their estate planning wishes are followed. In addition, they may need to have a durable power of attorney, health-care proxy, and living will in place so they have someone to manage their money and health-care issues if they become ill/impaired. Issues surrounding the care of an aging parent can be complex. Consider consulting a financial professional and/or elder law attorney who specializes in financial and legal issues that affect older adults.

Questions about estate planning? Contact First Financial’s Investment & Retirement Center by calling 732.312.1534. You can also email mary.laferriere@lpl.com or maureen.mcgreevy@lpl.com

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First Financial Federal Credit Union (FFFCU) and First Financial Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using First Financial Investment & Retirement Center, and may also be employees of FFFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of FFFCU or First Financial Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are:

The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal professional.

LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

CRPC conferred by College for Financial Planning.

This communication is strictly intended for individuals residing in the state(s) of CT, DE, FL, GA, MA, NJ, NY, NC, OR, PA, SC, TN and VA. No offers may be made or accepted from any resident outside the specific states referenced.

Prepared by Broadridge Advisor Solutions Copyright 2025.

Getting Married or Cohabitating Later in Life

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Sometimes life gets in the way of love, keeping people from “walking down the aisle” until later in life. If you’re middle-aged or older and are planning to get married or cohabitate with your partner, there are some potentially awkward issues you should probably talk about to make sure you’re on the same page.

Later-in-life marriages often come with strong tethers to people, places, accounts, and things that can complicate decisions and actions—whether it’s your ex-spouse, kids, grandkids, aging parents, debt, personal goals, or something else. It’s a good idea to be sure your trusted partner knows where you stand on these—and that your partner is willing to share similar information with you. Find a comfortable place to sit, chat, and share information about your assets, your goals and expectations. Also, talk about income, bills, and who will pay what—and when—while you’re living together.

Bowling Green State University’s National Center for Family & Marriage Research reports that 28% of 45-to 64-year-olds, and 31% of those 65 plus—are remarried.1 Whatever the reason, there are both advantages and disadvantages to getting married later in life—or to cohabitating, which increased 75% for those 50 and older between 2007 and 2017, according to Pew Research.2

The potential benefits of marrying later in life include:3

  • Problem solving: Your experience and maturity give you and your partner better problem-solving skills and a stronger understanding of the importance of working together to accomplish goals, and overcome difficulties.
  • Combined incomes: Combining incomes and assets—and potentially selling or renting your home or your partner’s home—can create a healthier financial situation.
  • Tax benefits: Getting married gives you and your partner substantial financial and tax benefits. Also, married spouses can receive an unlimited amount of assets from their spouse without having to pay estate taxes.
  • Longer lives: Single men and women don’t stay as healthy or live as long as their married counterparts, according to a study published in the American Journal of Epidemiology.4

The potential problems that can be created by marrying later in life include:5

  • Lack of communication and financial agreements: Some older adults are reluctant to share information about their assets out of concern that the information may influence their partner’s decisions—including about their own healthcare if they become severely ill or incapacitated. For this and other reasons—including the potential for a “gray divorce”—a prenuptial agreement and a well-thought-out estate plan can give you confidence.
  • Higher medical costs: Medical expenses rise as we age, and you will be responsible for your spouse’s debts. Eventually you and/or your spouse may need to go into an assisted living/nursing home.
  • Responsibilities for children from previous relationship: If one spouse has children from a past relationship, the other spouse might have to share the financial responsibility, as a couple.

Other Considerations for Older Couples

A growing number of older couples are choosing to cohabitate instead of get married. Between 2000 and 2020, cohabitation among couples older than 50 quadrupled.6 Reasons included their desire to pass their assets to their kids, and to be able to retain Social Security benefits or alimony from their former spouse.6

Because of potential financial complications for older couples, it’s a good idea to talk to a trusted advisor, accountant, and/or estate lawyer to help you and your partner navigate and avoid potential stumbling blocks that could send you down the road to “gray divorce.” According to the American Bar Association, couples 50 years old and older currently make up a 25% of all divorces, and those 65 and older make up 10%.7

Questions about this topic? Contact First Financial’s Investment & Retirement Center by calling 732.312.1534.  You can also email mary.laferriere@lpl.com or maureen.mcgreevy@lpl.com

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First Financial Federal Credit Union (FFFCU) and First Financial Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using First Financial Investment & Retirement Center, and may also be employees of FFFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of FFFCU or First Financial Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are:

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal.

Prior to investing in a 529 Plan, investors should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.

1. AARP, June 2, 2023: Financial Checklist for Remarrying After 50

2. Pew Research Center, April 6, 2017: Number of U.S. adults cohabiting with a partner continues to rise, especially among those 50 and older

3. and 5. Senior Care Lifestyles: The Pros and Cons of Marrying Later in Life

4. NBC News, August 18, 2011: Single people may die younger, new study finds

6. Time magazine, September 19, 2021: Why Older Couples Don’t Need Marriage to Have Great Relationships

7. American Bar Association, March 9, 2022: 70s are the new 50s: How Grey Divorce Differs from a Typical Divorce

This material was prepared by LPL Financial, LLC

Tracking #486571-1

529 Plans Can Help With More Than Just College

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529 plans were originally created in 1996 as a tax-advantaged way to save for college. Over the past several years, Congress has expanded the ways 529 plan funds can be used, making them a more flexible and versatile savings vehicle.

College – Plus Other Education Expenses

A 529 savings plan can be instrumental in building a college fund — its original purpose. Funds contributed to a 529 savings plan accumulate tax-deferred and earnings are tax-free if the funds are used to pay qualified education expenses, which now include:

  • College expenses: the full cost of tuition, fees, books, and equipment (including computers) and, for students attending at least half time, housing and food costs at any college in the U.S. or abroad accredited by the U.S. Department of Education
  • Apprenticeships programs: the full cost of fees, books, and equipment for programs registered with the U.S. Department of Labor
  • K-12 tuition expenses: up to $10,000 per year

If 529 funds are used to pay a non-qualified education expense, the earnings portion of any withdrawal is subject to ordinary income tax and a 10% penalty.

Estate Planning Tool

529 plans offer grandparents an opportunity to save for a grandchild’s education in a way that accomplishes estate planning goals, while still allowing grandparents access to those funds if needed.

Specifically, due to an accelerated gifting feature unique to 529 plans, grandparents (or other relatives) can contribute a lump sum to a 529 plan of up to five times the annual gift tax exclusion and avoid gift tax by making an election on their tax return to spread the gift equally over five years. In 2025, the gift tax exclusion is $19,000, so grandparents could gift up to $190,000 to a 529 plan for their grandchild ($19,000 x 5 years x 2 grandparents) and avoid gift tax. These funds are not considered part of the grandparents’ estate for federal estate tax purposes (unless one or both grandparents die in the five-year period, in which case special allocation rules apply). And if a grandparent is also the account owner of the 529 plan (529 plan rules allow only one account owner), then the grandparent will retain control of the 529 plan funds (even though the funds are not considered part of the estate) and can access them for health-care needs, an emergency, or any other reason (but the earnings portion of any non-qualified withdrawal will be subject to ordinary income tax and a 10% penalty).

Student Loan Repayment

Nearly 43 million borrowers have student loans, and the average loan balance is approximately $38,000.1 To help families who might have leftover 529 funds after college, Congress expanded the approved use of 529 plan funds in 2019 to include the repayment of qualified education loans up to $10,000 for the 529 beneficiary or a sibling of the beneficiary. This includes federal and private loans.

Retirement Builder: Roth IRA Rollover

As of 2024, 529 account owners can roll over up to $35,000 from a 529 plan to a Roth IRA for the same beneficiary. Any rollover is subject to annual Roth IRA contribution limits, so $35,000 can’t be rolled over all at once. For example, in 2025, the Roth IRA contribution limit is $7,000 (for people under age 50) or 100% of annual earned income, whichever is less, so that is the maximum amount that can be rolled over in 2025.

There are a couple of other caveats. For the rollover to be tax- and penalty-free, the 529 plan must have been open for at least 15 years. And contributions to a 529 account made within five years of the rollover date can’t be rolled over — only contributions outside the five-year window can be rolled over.

Questions about this topic? Contact First Financial’s Investment & Retirement Center by calling 732.312.1500, Option 2.

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First Financial Federal Credit Union (FFFCU) and First Financial Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using First Financial Investment & Retirement Center, and may also be employees of FFFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of FFFCU or First Financial Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are:

Participation in a 529 plan generally involves fees and expenses, and there is the risk that the investments may lose money or not perform well enough to cover college costs as anticipated. The tax implications of a 529 plan can vary significantly from state to state. Most states offering their own 529 plans may provide advantages and benefits exclusively for their residents and taxpayers, which may include financial aid, scholarship funds, and protection from creditors. Before investing in a 529 plan, consider the investment objectives, risks, charges, and expenses, which are available in the issuer’s official statement and should be read carefully. The official disclosure statements and applicable prospectuses contain this and other information about the investment options, underlying investments, and investment company and can be obtained from your financial professional.

The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal professional. LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial. Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. CRPC conferred by College for Financial Planning. This communication is strictly intended for individuals residing in the state(s) of CT, DE, FL, GA, MA, NJ, NY, NC, OR, PA, SC, TN and VA. No offers may be made or accepted from any resident outside the specific states referenced.

1) educationdata.org, 2024

Prepared by Broadridge Advisor Solutions Copyright 2025.

Life Insurance in Retirement

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What role can life insurance play in your retirement plan? Most of us think of life insurance as protection against financial loss should we die prematurely. But when we reach retirement and the kids are all self-sufficient, do we still need life insurance? The answer is maybe. Here are some situations where life insurance may make sense for retirees or those close to retirement.

Provide a Source of Retirement Income

While life insurance is designed to protect against unexpected economic loss, cash value life insurance also may provide a source of income during retirement. Earnings on the cash value accumulate tax-deferred, and in some instances, cash-value distributions can be received income tax-free. However, loans used to access cash values from a life insurance policy will reduce the policy’s cash value and death benefit, could increase the chance that the policy will lapse, and might result in a tax liability if the policy terminates before the death of the insured.

Help Pay for Long-Term Care

Some cash value life insurance policies provide multiple sources of protection. Along with the death benefit and potential cash value, these policies may also provide a long-term care benefit. Often, these policies allow for a portion or all of the death benefit to be “accelerated” if used for the payment of qualifying medical and long-term care expenses.

Provide for a Dependent Family Member

Sometimes, even in retirement, there are family members who depend on you for financial and/or custodial support. Should you die unexpectedly, life insurance may help provide funds needed to support dependent family members with disabilities.

Replace Income for a Surviving Spouse

While Social Security provides retirement income for many of us, at the death of a spouse, his or her benefits end, reducing the total benefits available to the surviving spouse. Life insurance can be used to replace the loss of income for the surviving spouse.

Pay Off Debt

While past generations often retired with little or no debt, it is not uncommon for today’s retirees to leave the workforce while still carrying a mortgage, car loan, and credit card debt. Life insurance can provide the cash to pay off these debts, which is especially beneficial for a surviving spouse.

Help Cover Final Expenses

Unfortunately, the expense of dying is often overlooked or underestimated. Uninsured medical bills, funeral costs, debts, and estate administration costs can add up. Typically, these expenses are paid in a lump sum, which can reduce savings for surviving spouses and dependent family members. Proceeds from life insurance can be used to help pay for these final expenses, which may help preserve savings for other needs.

Leave a Legacy

For many approaching retirement, as well as for those already there, a primary concern is having enough money to live comfortably. While conserving savings and keeping track of spending in retirement are important, all too often retirees will forgo spending on themselves in order to fulfill a desire to leave a legacy. Having life insurance can help you feel freer to spend more in retirement because you know you’ll be leaving something behind for your loved ones.

Life insurance provides protection for your family’s financial future should you die during your working years. However, life insurance may provide other benefits that can be useful during your retirement. Whether life insurance should be part of your retirement plan is best determined based on your individual circumstances and goals. You may want to talk with an insurance or financial professional before making this decision.

The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure that you are insurable. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely there may be surrender charges and income tax implications. Any guarantees associated with payment of death benefits, income options, or rates of return are based on the financial strength and claims-paying ability of the insurer.

Questions about this topic? Contact First Financial’s Investment & Retirement Center by calling 732.312.1534.

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First Financial Federal Credit Union (FFFCU) and First Financial Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using First Financial Investment & Retirement Center, and may also be employees of FFFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of FFFCU or First Financial Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are:

The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal professional. LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial. Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. CRPC conferred by College for Financial Planning. This communication is strictly intended for individuals residing in the state(s) of CT, DE, FL, GA, MA, NJ, NY, NC, OR, PA, SC, TN and VA. No offers may be made or accepted from any resident outside the specific states referenced.

Prepared by Broadridge Advisor Solutions Copyright 2025.