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Office Hour: 09:00am - 5:00pm

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Category Archives: Retirement

Author By Matt Schiff Posted on Categories Corporate Owned Life Insurance, Deferred Compensation, Employee Retention, Executive Benefits, Owner Benefits, Retirement, Uncategorized

Employee Retention in 2024

As a business owner, how do you keep your best people and properly plan for yourself and your executives?  Well, Bud Schiff, past President of Mutual of New York (MONY), past president of NYLEX Benefits, managing director of Alvarez and Marsal gives his insight of over 50 years in this podcast about employee retention strategies.

If you want to find a way to "retain" your best employees in a post no "non-compete" environment, listen up, and then give us a call. It's easier than you think, and it costs more to retrain a new hire, than it is to retain your best employee.



 

Author By Matt Schiff Posted on Categories Corporate Owned Life Insurance, Deferred Compensation, Education, Employee Retention, Estate Planning, Executive Benefits, Owner Benefits, Retirement, Trust Owned Life Insurance

Collaborative Practice Meeting – May 15th/16th

Are you an Attorney, Accountant, TPA, Trust Officer, Insurance Agent, Property and Casualty agent? If you work with Business Owners, and their families, then you want to be at this meeting where you will hear about how to COLLABERATE with other professionals who work with your client.

We will spend the day on Thursday, May 16th at the Fitler's Club in Philadelphia sharing a case study that is VERY relevant in today's world. How do you handle the intricacies of the family while bringing together all needed advisors to work seamlessly?

Well, we will have 20-25 attendees from different professions, coming together to discuss the challenges that they are facing with their clients in 2024. Come join us, and network with some of the best in their fields.

P.S. The night before, we have a Box at Citizens Bank Park for the game between the NY Mets and the Philadelphia Phillies (@6:40pm).

Sign up below to save your spot.

Author By Matt Schiff Posted on Categories Deferred Compensation, Executive Benefits, Income Maximization, Retirement

How to Retire Happy – Regardless of your Age

We are thrilled to have Tom Hegna, past Senior Vice President of New York Life's Annuity division on to discuss how to Retire Happy, regardless of your age.  In the Third Episode, Tom gives you insights into what you should do, when you should do it, and what PRODUCTS, you should have to retire HAPPY.

P.S. If you want to learn more for your specific situation, click on the form to the right to have your "Perfect Plan" designed based upon your goals.

https://youtu.be/jQ7xGYpVHp0?si=yOWXs1To9Ba6N8yy

#RetireHappy #PerfectPlan #Income #IncomeAnnuity #Annuties #LifetimeIncome

Author By Matt Schiff Posted on Categories Income Maximization, Life Insurance, Owner Benefits, Retirement

Life Insurance as an Asset Class

You've heard the saying, "Buy Term and invest the difference, right?" Well, in this clip, Tom Hegna explains the BASICS about Whole Life Insurance.  When combined with other tax strategies, as well as a Long Term Care Rider which is now a "standard" rider that EVERYONE should add to your policy (if old enough), it becomes an Asset that you can use your WHOLE LIFE.

If you are in your 20's, the concept is compounding. A life insurance policy purchased when young, can do the following:


  • Tax Deferred Growth of your money

  • Lifetime Insurance Protection

  • Guaranteed ability to purchase MORE every few years (without a medical exam)

  • Provide a Long Term Care Benefit

  • Placed in a trust for "special needs" care of an individual

  • Used as a Buy/Sell in the future

  • Buy a house and use the cash as a down payment (with repayment to yourself)

  • Depending on the product, may also have guaranteed lifetime income (depending on carrier).

Author By Matt Schiff Posted on Categories Corporate Owned Life Insurance, Deferred Compensation, Employee Retention, Executive Benefits, Life Insurance, Retirement

Sample Phantom Stock Plan

In today's post COVID world, are you finding it hard to keep your best people happy, while making sure that you don't overpay the rank and file employees? Well maybe a Phantom Stock Plan, informally funded using key man life insurance, might be an answer.


Check out this sample program from one of our carriers, Guardian. It outlines these benefits in easy, simple to understand discussion pages, and then shows you the cash flow from the business, the benefits provided to the participant and his family in case of pre-retirement death, and the flexibility available to the company in funding this benefit, that, depending on the age and tenure of your employee, can provide a significant supplemental income at retirement that prevents them from leaving for a few extra thousand in compensation


Click on the following link for a copy of a Phantom Stock Sample.  Then, if you'd like to a have a custom design done for you or your company, give us a call at 610.292.9330 or send us an email at info@SchiffBenefits.com.



 


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