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I Need A Pension Plan

We know that for years that planning for retirement was a three legged stool.   Pension plans, social security, and then whatever personal savings and investment plans you could muster up over the course of your lifetime.   With a great deal of uncertainty looming over social security and pension plans dwindling away from large corporations, I continue to stress to people that retirement planning feels more like a pogo stick than it does a stool. Product companies understand that the greatest way to attract customer is figure out how to fill a void in the marketplace.   As investors struggle to figure out the best way to plan for retirement, a fairly new type of fixed product has been gaining traction called a Deferred Income Annuity (DIA).   A deferred income annuity is a newer type of annuity that is essentially a mixture of a single premium immediate annuity and a single premium deferred annuity. With a DIA, the idea behind the vehicle ...

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Take The Lump Sum Or The Pension?

You have spent 20 or 30 years working for the same company and now it is time to retire.    You have put money away in your 401(k) and some other savings, but your really large asset is the pension plan where money has been put away for you all of these years.     Your human resources or benefits department sends you this large packet of information telling you what options you have with your pension.   Unbeknownst to you, they tell you that you can either get one check in a lump sum or they offer you various options if you choose a lifetime pension.  So, what is the best direction to take with your pension plan? Part I- Taking The Pension The first option you have is to take the pension.   One of the things to consider up front is that taking the pension allows you to remove the stress of ever having to manage the money.  Essentially, you are turning ...

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Is Your Homeowner’s Insurance Going To Cost You More Than A Few Shingles?

If you live in the state of Georgia, you may notice a big jump in your Homeowners Insurance here in 2012.   Often, people don’t really look closely at their homeowner’s policies because their mortgage payments are tied together with their principal, interest, real estate taxes, and homeowner’s insurance all paid at one time.  Even though you might get a statement from your insurance company, I’ve seen people not reviewing these statements closely on a year to year basis.   This can be especially true as people quickly scurry to the refinance window trying to lock in the incredibly low long term interest rates. After rising steadily for the past few years, homeowner insurance premiums are expected to jump another 5% this year to $1,004, according to the Insurance Information Institute. That’s the biggest yearly increase since the market downturn and will mark the first time the national average premium is above $1,000. (source: www.wsj.com) Premiums will rise even higher in some ...

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Personal Finance 101 – Buy-Sell Planning: Trigger Events and Payment Terms For Buyout

The most fundamental detail of any Buy-Sell Agreement is defining what circumstances will trigger a buyout.  Buyout payment terms should be carefully tailored to each triggering event.  Here are a few common triggering events and some considerations for payment terms. Death. An untimely death is almost universally included in any Buy-Sell Agreement.  Despite being the worst of all possible triggering events, death is actually the easiest event to plan for in a Buy-Sell Agreement.  Life insurance policies in connection with a Buy-Sell Agreement allow an immediate source of liquidity to fund a buyout obligation without burdening the assets or ongoing cash flow of the business.  Given the immediate source of insurance proceeds, a death buyout often occurs as a lump sum payment within a certain time period after the death of the owner.  Immediate payment can also be important for estate tax purposes if the value of the business interest will be included in the deceased owner’s taxable estate and ...

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Atlanta-based oXYGen Financial Featured on Rock 100.5 The Regular Guys

oXYGen Financial, the premier boutique financial services company for generation X and generation Y is now featured every Thursday morning at 8am on Atlanta’s Rock 100.5 The Rock 100.5 Morning Show in a segment called “How NOT to Go Broke” with co-CEO Kile Lewis. Atlanta, GA (PRWEB) September 29, 2009 — Fresh off a recent one year anniversary, Atlanta based boutique financial services company oXYGen Financial is beginning to hit their sweet spot. Already featured on local Atlanta based 790 the Zone sports radio, they have now developed a new segment for syndicated radio show The Rock 100.5 Morning Show which airs in Atlanta, GA and Dallas, TX. “There is nobody teaching the next two generations about how to manage their personal finances,” says Kile Lewis, co-CEO and Founder of oXYGen Financial. “Our partnership with The Rock 100.5 Morning Show emphasizes how important companies believe that people need to be taught how not to make the same financial mistakes again ...

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Paying Too Much For Car Insurance?

How to Save Money on Your Auto Insurance You may have good reason to complain about the cost of your auto insurance, but have you tried to do anything about it? If you're resourceful and willing to do a little homework, there may be plenty of ways to lower your premium. And we're not necessarily talking chump change--a few simple steps can sometimes save you hundreds of dollars a year. ...

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My Beautiful Car and Its Insurance

Written By: Cristina Briboneria, CFP®, ADPA®, AWMA® Vice President, Private CFO® oXYGen Financial, Inc. Request a FREE consultation: www.oxygenfinancial.net Have you ever been in an accident? Do you have car insurance? Last Friday, I was in an accident in a Kroger’s Parking Lot. The driver was backing up in a one way drive and I was moving forward. As I honked my horn, hoping that she would stop—she ran right into my driver side front bumper. As I rushed out of my car and looked at the damage, I immediately asked for the driver’s insurance card, name, and phone number. The driver was frantic. I did not understand why she was—however, as I’m writing down her insurance information she tells me she has no driver’s license. The other driver had no car insurance. The name on the card was her brother’s name. Have you ever been in that situation? I called the police and they filed the report. They also ...

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