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Contact Judy Viccellio

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Please use the form on this page to ask questions to be answered publically. No names will be shared. If you need a more personal response please call or use the Contact Judy button at the top of the page.

I am a 60 year old single female, and planning on retiring in 5 years. I have a 401K ($400K), a savings account of ($50K), and my home is paid for. I do not have a pension. What do you suggest for a person in my position to protect my long-term financial security?

First, take about 1/3 to 1/4 of your 401K ($100-125,000) and create a guaranteed income with it that you will never outlive. Let it build, and turn on the faucet of guaranteed income in 5-7 years when the lifetime payout will be higher. Now, you have raised the floor of your guaranteed income with 2 sources: Social Security, and the guaranteed income you just created. (You will sleep better when you do this).
Second, re-allocate your 401k funds into a well-balanced, somewhat defensive position so you don't suffer a big market loss right before you retire, and Third, explore your options for Long Term Care Insurance.

What's the best kind of insurance to buy?

It's not an either/or kind of answer. Most clients will buy a lot of inexpensive term, and put a foundation of permanent insurance underneath. When the term is up, the permanent insurance will be there forever.

What are the different kinds of life insurance? Which one is best?

1) Term Insurance - only for a term of time, Ex: 10 yr, 20-yr, 30-yr
2) Universal Life - can last longer than term, but is based on interest rates. Can lapse over time if interest rates stay low.
3) Whole Life - guaranteed permanent insurance. Will be there to the age of 120. Will give bond-like returns over time, tax-free.

American Amicable
Lincoln Financial Group
Mass Mutual
Mutual Trust
National Life
North American Company