Viking Magazine - May 2015 - 12

Finance
} If I am near
retirement, how do
I know how much
insurance I need?
Even if your children
no longer depend
on you for financial
support and your
Maximize Your Meeting
Questions for your Financial Benefits Counselor
H
ave you met with a Sons of Norway Financial Benefits Counselor
(FBC)? These fellow members are knowledgeable agents ready to
assist you with financial planning. Perhaps you're making decisions
about protecting your family or planning for retirement. FBCs can help you
reach your goals. But what should you ask at your first meeting? Here, Len
Carlson, Director of Agencies for Sons of Norway, and FBC Ann Krause offer
some guidance on how to make the most of your meeting.
{ What can my money do for me?
We all have hopes and dreams for the future, not the least of which
is to have enough money in retirement and to protect your family if
tragedy strikes. Talking with a Sons of Norway FBC can help you
make the financial commitment needed to meet your dreams. The first
step is having a free financial review with an FBC.
| Why do I need a financial review?
Life changes. Even if you have a current
financial plan, there may be changes
needed since the last time you looked at it.
It could be as simple as needing to update
your beneficiaries or as complicated as
determining how much money you have
available each month in retirement. Working
through your plan with a second person can
help you spot things you may have missed.
12 VIKING MAY 2015
sonsofnorway.com
mortgage is paid, there are still reasons to
have a sufficient amount of life insurance. The
death benefit can supplement the income of a
surviving spouse who may experience a drop
in pension payments and loss of Social Security
income. The money can also be used to pay off
debts, final expenses, estate and other taxes.
If you have money that you plan to give to
your heirs, Carlson suggests it can be used to
purchase a single premium whole life policy as
a way to leave the money income tax-free.
~ How can I be sure I don't outlive my
money?
" As people live longer, that's a worry, " Krause
says. " With a financial checkup, we can look
at what you've got. It's like a jigsaw puzzle.
We look at it and fine-tune things to make the
right picture for your future. " Purchasing an
annuity provides a guaranteed payout as long
as the member lives and you get a check every
month. An annuity can be a good option to
supplement your pension, Social Security or
other retirement income.
How can I minimize taxes both now
and after I am gone?
An FBC can review strategies to help you
manage your money and minimize your taxes.
They can show you strategies for reducing
your tax obligations from withdrawals from
Qualified Retirement Plan (QRP) accounts,
like an IRA, 401k, 403b or 457, when
withdrawn are taxed as ordinary income.
Using this income to pay for tax-deductible
items, such as charitable contributions, other
taxes or deductible business expenses may help
Find an FBC in your state by
looking at the interactive map at
members.sofn.com/financialapps.
http://members.sofn.com/financialapps http://www.sonsofnorway.com

Viking Magazine - May 2015

Table of Contents for the Digital Edition of Viking Magazine - May 2015

Contents
Viking Magazine - May 2015 - Cover1
Viking Magazine - May 2015 - Cover2
Viking Magazine - May 2015 - Contents
Viking Magazine - May 2015 - 4
Viking Magazine - May 2015 - 5
Viking Magazine - May 2015 - 6
Viking Magazine - May 2015 - 7
Viking Magazine - May 2015 - 8
Viking Magazine - May 2015 - 9
Viking Magazine - May 2015 - 10
Viking Magazine - May 2015 - 11
Viking Magazine - May 2015 - 12
Viking Magazine - May 2015 - 13
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Viking Magazine - May 2015 - 15
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Viking Magazine - May 2015 - 19
Viking Magazine - May 2015 - 20
Viking Magazine - May 2015 - 21
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Viking Magazine - May 2015 - 23
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Viking Magazine - May 2015 - 27
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Viking Magazine - May 2015 - 30
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Viking Magazine - May 2015 - 42
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Viking Magazine - May 2015 - 45
Viking Magazine - May 2015 - 46
Viking Magazine - May 2015 - Cover3
Viking Magazine - May 2015 - Cover4
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