Viking Magazine - September 2013 - 27

term insurance, you get a
large amount of coverage at
a low cost. However it does
not accumulate cash value
like permanent plans and has
a specific end date. For many
families, it may be a combination
of both kinds of policies-
enough term for immediate
coverage and a permanent policy
to guarantee insurability after the
term expires.
4
How can I maximize my
pension? (For those who
haven't retired yet)
Gather information from your
current pension plan at work to
look at different options. It may
be that an insurance policy can
provide a death benefit for your
spouse that is more affordable
than taking a reduced joint
survivorship option.
5
Do I have enough saved
for retirement?
First consider how much you've
saved through your 401(k),
other retirement accounts, and
expected income from Social
Security, suggests Mills. Then
it depends on how much you
need. Review your bills, how
much longer you will have a
house payment, and what kind of
retirement you envision. " People
often don't take into account
inflation, " says Mills. Add that to
the mix and your FBC can help
you come up with an estimate.
6
Where should I invest
my money?
" It depends on your risk
tolerance and on your age and
your time horizon, " says Mills.
Most people should diversify and
have more money in guaranteed
assets as they get older and less
in more volatile ones.
How should I approach
charitable giving?
After you've determined
what your family needs, there
are ways to leverage your
finances to make the most of
contributions to foundations,
your church, your alma mater
or community organizations.
You can name a charity such as
the Sons of Norway Foundation
as owner and beneficiary of a
life insurance policy, which,
according to the IRS, allows you
to deduct your charitable gift.
7
8
Should I keep my money
in the stock market
these days, or should I
take some out?
It depends on your age, comfort
with risk and when you plan to
retire. A good rule of thumb is to
use your age as a guide, suggests
Mills. For instance, an 85-yearold
should have about 85 percent
of his or her assets in low-risk,
guaranteed accounts, while a
25-year old may only want to
put 25 percent of a portfolio into
more conservative investments
other than the stock market.
9
What kind of programs
do you have for college
education savings?
Parents or grandparents can
purchase a permanent life
insurance policy on themselves
to help fund a child's or
grandchild's education. As the
cash value builds, money can be
borrowed from the account at a
low interest rate to help pay for
tuition and living expenses. And
if the parent or grandparent dies
before the grandchildren go to
college, the death benefit can be
earmarked for tuition or living
expenses, too.
10
Are your interest
rates competitive?
Sons of Norway products are
competitive and secure, with
interest rates that compete well
with similar products available
on the market. Sons of Norway
does this even though our
investment policy requires that
investments are made only in
highly rated bonds.
sonsofnorway.com VIKING SEPTEMBER 2013 27
Arlene Mills
Sons of Norway FBC
Maple Grove, Minn.
http://www.sonsofnorway.com
Viking Magazine - September 2013

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