Category Archives: Uncategorized

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9 Ways to Approach Retirement Debt-free

Should you be worried about your existing credit card debts as you march on to retirement? Yes, you should because carrying debt in retirement is a no-no.

Your credit card debt can make your retirement life utterly miserable. The stress related to the debt along with the costly medical bills can ruin your life in retirement. Unfortunately, 70% of baby boomers are in credit card debt and not sure that they will ever be able to get out of it. Because they didn’t try to pay off their pre-retirement debt.


How can you ditch your outstanding credit card bills to enjoy debt-free retirement?


  1. Start living within your means

Most of the people are now living beyond their means. They consider credit card as a free money. To fulfill their wishes, they swipe their credit cards randomly and are not bother to pay the bills on time. As a result, they fall into credit card debt traps.

The habit of using credit cards recklessly prevents them to grow savings or make investments to secure their retirement.

Thus, people have no other choice to live with credit card debts and carry the debt to their retirement.

So, you should be careful about your spending nature right now. If you are nearing retirement, then ditch all the unnecessary expenses to save as much as possible. It will help you to make lump sum payments to your credit card debts.

By doing so, you can get out of your credit card debt before you retire. Isn’t it great!


  1. Avoid signing up for credit cards randomly

Credit card companies in the market sell their credit cards by featuring various offers and rewards. You shouldn’t sign up for multiple credit cards to grab the offers.

Shop around to compare the prices and interest rates between different credit cards before you decide to purchase one. This will help you choose the best credit card as per your needs.


  1. Avoid ignoring the credit card bills

The major drawback of using a credit card is that you are charged high-interest rate if you cannot pay off your outstanding credit card balances on time. Thus, it is important to pay the credit card bills in full and within the stipulated time. This habit will help you to stay debt free forever.


  1. Pay off your credit card debt as soon as possible

Try to pay off your existing credit card debts as early as possible before you retire. Ignoring credit card debt can damage your credit score and create many other financial issues.

You can either pay off your credit card debt by making larger payments or opt for a professional debt relief service.

You can also use your tax return to make larger debt payments to become credit card debt free sooner.


  1. Convince your creditors for lower interest rate


If you have maintained your credit card properly, you can qualify for a lower interest rate for your current outstanding balance. Try to talk to your creditor by saying the financial hardship that you are facing to get a reduced interest rate. It will help you to pay off your current debt easily.


  1. Take advantages of 0% interest rate card to pay off your debt


If you have excessive credit card debts to pay off, you can transfer your credit card balances to a card, which has an introductory 0% interest rate.

After you transfer your outstanding balance to that card, you should pay off the balance within the introductory rate period to avoid paying a high-interest rate.


  1. Review your credit card statements and credit report


You should check your credit card statements on a regular basis. It will help you to understand whether or not there is any sign of fraud or illicit purchase. If you notice any unauthenticated or mischevious charge, contact your credit card company as soon as possible. Equally, you have to check your credit report time to time.


A single error in a credit report can hurt your credit score. You should dispute the error with the 3 major credit bureaus (Equifax, Experian, and TransUnion).


  1. Cashing in your life insurance policy

If you are nearing retirement and drowning in debt, then you can consider borrowing from your cash-value permanent life insurance policy to pay off your existing credit card debts. However, to get the benefit, you must have a cash-value life insurance policy, not a term policy. You can utilize a part of the cash value to become debt free and still leave apart of cash accumulation balance for retirement income.


  1. Avoid using credit cards randomly


You should use your credit cards when you face an emergency situation. You should change the habit of swapping your credit cards every time you feel to do so like purchasing groceries, school supplies, and party supplies. This will result in increasing your debt problems.

Credit cards are said to be the essential needs of the people when you need cash in an unexpected situation. Avoid using it every time you have a shortage of cash.

Lastly, you should try to grow your savings to enjoy your retirement days wholeheartedly. Don’t rely on the Social Security benefit solely. Manage your money efficiently so that you can avoid falling into debt problems in your retirement.

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We Support Police Officers

Category : Uncategorized

All of the Advisors at Universal Retirement want to publicly express their support and sincere thanks to the police officers in Las Vegas, Henderson, across the state of Nevada, and across the country.

During the last several days we have witnessed brazen attacks against our police officers; those that risk their lives to protect us, and to ensure that each of us lives in a civil and safe community. Attacks on police officers have occurred across the country, but over the past few days those attacks have come into our community, again. Last year two of our finest were gunned down while peacefully eating lunch. This week, several officers were attacked while simply performing their duties of protecting our community.

Imagine a community without police officers; lawlessness and chaos would be the norm. None of us would be safe from criminals. Civil unrest would engulf our community. The place we all call home would be changed into a war zone.

I’m glad we have police officers cruising our streets, defending our schools, safeguarding our homes and businesses, chasing down criminals, and protecting our community.

Police Officers – you have our support and heartfelt appreciation.


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Benefits of a 403(b) Retirement Account

Category : Uncategorized

The 403(b) is a tax-sheltered pension plan that is available to employees that work in institutions that have certain aims; education, literary, charitable, scientific, public awareness or similar purposes are served through these organizations.  The 403(b) plan allows the employees to contribute a certain portion of their salaries to this employer sponsored supplemental retirement account.

The 403(b) plan is similar to a 401(k) as their benefits resemble each other. However, the 403(b) plan benefits are specifically designed for non-profit entities; such as a school district.  The question arises why should one contribute to such a plan? It is a smart choice to choose 403(b) plan and to give you a brief idea about it, some of the top benefits affiliated with it are mentioned below:

Contributions are tax-deductible!

Saving yourself from hefty taxes is always desirable by almost any individual. With a 403(b), the contributions you make are deductible for federal income tax purposes. This means that you can contribute to your retirement plan without paying any tax on it. This reduces the amount of income tax paid and will help the employee get more benefits by saving extra cash.

Increase your savings tax-free!

Another big advantage is that the interest, dividends or gains on your contribution to the plan are not taxed until you start withdrawing them. This is yet another advantage that allows a 403(b) plan to be distinctive from normal taxable brokerage accounts.

You can easily rebalance your earnings more often by regularly scheduled contributions throughout a calendar year. Also, it allows you to focus purely on maximizing your savings for retirement.

Loans can be taken against your retirement plan!

Most people are eligible to take loans out of their 403(b) plans depending upon the provisions of their particular contract document of the employer. This tends to cater to the needs of the employee as unexpected expenses often arise throughout ones career.

However, necessary precautions must be taken when taking a loan from a retirement savings account as it may reduce the earnings you will need during retirement. Therefore, it’s advised that you consult a retirement advisor, accountant, account manager, or even an attorney to learn about the ramifications a loan can have on your account. With a few exceptions, loans taken from a 403(b) account must be repaid. Any unpaid loans may incur I.R.S. taxes and penalties.

Contribution Limits are much higher than IRAs!

In 2015, the I.R.S. allows contributions of up to $18,000 into a 403(b) account. Catch-up contribution limits are increased to $23,000! These annual limits enable an employee to amass a large account balance that can grow tax-deferred. The more money you save on tax-sheltered basis, the better prospects you’ll have after retirement!

However, no matter what retirement plan you choose, it’s always recommended that you become well educated about your options. It will not only allow you to maximize your earnings, but maximize your enjoyment during your retirement years as well!  To learn more about how a 403(b) may be right for you, contact our office to schedule a free consultation with one of our experienced Retirement Advisors.

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