NewsTribune_Investment Directory_120623

2023

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2 December 2023 | Investment, Financial & Insurance Directory | A NewsTribune Publication

Contents

Investment, Financial & Insurance Directory 426 Second Street La Salle, Illinois 61301

(815) 223-3200 • (800) 892-6452 www.newstrib.com

4 Age-based financial goals to promote long-term security

General Manager/Advertising Director Jeanette Smith

6 The basics of long-term care insurance 7

jmsmith@shawmedia.com

Financial mistakes anyone can avoid Published by: est. 1851

Did you know Real estate remains an especially lucrative investment vehicle. According to the S&P 500 Index, the median return on investment in the United States property market is 8.6 percent. That’s an important consideration for investors who are considering adding income properties to their portfolios. Though the costs associated with income properties can be substantial, the potential rate of return on those properties is significant.

Individuals considering an income property investment are urged to speak with a financial advisor, who can shed light on various factors that must be examined prior to purchasing a property. For example, individuals counting on rental property income should familiarize themselves with how that income is taxed before investing. MM22C520

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is a national wealth management firm committed to client-first service and providing the investment advice you deserve.

David Claggett Senior Vice President – Investments and Branch Manager Scott Shirley Senior Vice President – Investments Chad Steinbach, AAMS® Associate Vice President – Investments 1701 4th St | Ste 101 | Peru, IL 61354 | P 815-220-0588 | TF 855-220-0588 | 2015-0655 Exp. 12/31/2024 Member SIPC | benjaminfedwards.com A NewsTribune Publication | Investment, Financial & Insurance Directory | December 2023 3

Age-based financial goals to promote long-term security The importance of saving for retirement is emphasized from the moment young adults enter the professional arena. Whether it’s parents urging their grown children to save or financial firms advertising their retirement planning services or employers sponsoring retirement investment vehicles, professionals need not look far to be reminded of the significance of saving for the day when they call it a career.

Despite the ubiquity of the message emphasizing the importance of saving for retirement, millions of people are behind in their retirement savings. A 2023 survey by the Healthcare of Ontario Pension Plan found that 44 percent of the 2,000 Canadian employees surveyed have not set aside any money for retirement in the past year, while 32 percent acknowledged they had not set aside any money for

retirement. The situation is similar in the United States, where a 2023 CNBC Your Money survey found that 56 percent of Americans feel they are not on track to retire comfortably.

Such figures can serve as a lesson for all professionals, but especially young adults who recently entered or are about to enter the professional arena. Each individual is different, and

those who aspire to retire early will need to save more at a younger age than those who plan to retire at age 70 or later. In an effort to help individuals ensure they save enough to enjoy their golden years, the financial experts at Fidelity® have designed an age-based system that can serve as a guideline for professionals who want to stay on track as they save for retirement.

These figures are based on retiring at age 67 and are intended to ensure such individuals can maintain their preretirement lifestyles. Individuals who want to retire before or after that age are urged to work with a financial advisor to meet their goals.

• Age 30: Fidelity® recommends individuals have at least 1x their salary saved by age 30.

• Age 35: This approach calls for individuals to have 2x their salary saved by age 35.

• Age 40: If retiring at 67 is the goal, having 3x your salary saved by age 40 can help make that a reality.

• Age 45: 4x your salary should be saved by age 45 to retire comfortably at age 67.

• Age 50: Fidelity® recommends individuals have 6x their salary saved by age 50.

• Age 55: 7x your salary is the suggested savings benchmark to reach by age 55.

• Age 60: Individuals who aspire to retire at 67 are urged to save 8x their salary by the time they reach age 60.

• Age 67: When the day comes to retire at 67, Fidelity recommends individuals have 10x their salary saved.

These figures are just a benchmark and are not intended to take the place of professional financial advice. Though these goals can serve as motivation to save, individuals should know that savings goals can exceed these recommendations as well. MM23C499

F I NANCIAL LI F E PL AN N I NG

Located at: 801 Jefferson St. Mendota, IL 61342 815.539.3437 • www.chris-eller.com Securities and advisory services offered through Commonwealth Financial Network®, member FINRA/SIPC, a Registered Investment Adviser. Fixed Insurance products and services, Tax Preparation, accounting, and payroll services are separate and unrelated to Commonwealth Financial Network.

4 December 2023 | Investment, Financial & Insurance Directory | A NewsTribune Publication

Benjamin F. Edwards 1701 4th St #101 Peru, IL 61354 (815) 220-0588 benjaminfedwards.com Chris Eller - The Retirement Specialist 801 Jefferson St. Mendota, IL 61342 (815) 539-3437 www.chris-eller.com Edward Jones - Financial Advisor Clint O’Brien Luke O’Brien Neal O’Brien 609 Main St. Mendota, IL 61342 (815) 539-2309

Eureka Savings Bank Member FDIC Peru (815) 223-9400 La Salle (815) 223-0700 Mendota (815) 539-5656 Oglesby (815) 883-3354 Wenona (815) 853-4333 Eurekasavings.com

First State Bank Mendota (815) 538-2265 McNabb (815) 882-2146 Peru (815) 224-4484 Ottawa (815) 433-3727 Princeton (815) 872-0002 LaMoille (815) 638-2398 www.firststatebank.biz

Financial Plus Credit Union 2813 Plaza Dr. Peru, IL 61354 (815) 223-6602 www.financialplus.org

Leffelman & Associates Sublette Location 111 West Main St. Sublette, IL 61367 (815) 849-5219

1905 13th Ave. Mendota, IL 61342 (815) 539-3444 www.financialplus.org

LaMoille Location 102 Main St. LaMoille, IL 61330 (815) 638-2171 Amboy Location 16 S. Jones St. Amboy, IL 61310 (815) 857-2125

Peru Insurance Center 1301 Peoria St. Peru, IL 61354 (815) 224-4242 Peru Waltham Insurance 1724 Peoria St. Peru, IL 61354 (815) 223-4414 www.perumutual.com Raymond James Financial Services James Spelich 1206 Shooting Park Rd. Peru, IL 61354 (815) 223-1891 www.raymondjames.com Wayland Financial Group 613 1st St. LaSalle, IL 61301 (815) 224-1889 Witek Wealth Management 613 1st St. LaSalle, IL 61301 (815) 223-3332 witekwealthmanagement.com

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Ottawa | Peru | Mendota | Morris | Diamond financialplus.org SM-LA2122401

Luke O’Brien CFP® Financial Advisor

Neal M O’Brien Financial Advisor

Clint M O’Brien CFP® Financial Advisor

PO Box 346 Mendota , IL 61342 815-539-3471

PO Box 346 Mendota , IL 61342 815-539-3471

PO Box 496 Mendota , IL 61342 815-539-2309

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A NewsTribune Publication | Investment, Financial & Insurance Directory | December 2023 5

The basics of long-term care insurance Many older adults get some peace of mind by taking steps to finance long-term care should they become incapable of living independently.

LT Care Consumer, a health care advisory company, says 70 percent of people over age 65 will require some type of care at some point in their lives.

Long-term care, or LTC, encompasses services and support that assist individuals with the activities of daily living. ADLs include bathing, eating, dressing, toileting, and more. In addition, LTC may support needs such as caring for pets, household chores, medicine management, and meal preparation.

LTC may be provided by specialized assisted living facilities or by in-home care workers.

The resource Long Term Care Primer advises that individuals typically must fund their own long-term care. Many facilities are not subsidized by government

assistance programs under Medicare in the United States. Medicaid may step in for certain individuals who are of limited means, but that assistance may be exclusive to those living in skilled nursing facilities. That means the bulk of paying for long-term care rests on the individual.

Long-term care insurance can pay for care to treat chronic health conditions and meet personal needs over an extended period of time. This is known as custodial care. Individuals who have habits or health issues that could result in the need for LTC in the future should look into LTC insurance.

LTC insurance also can be a sound investment for individuals who cannot afford extended nursing care out-ofpocket.

The Ohio Department of Insurance notes that policies may vary, but they typically include a deductible or elimination period, which is a time when the policy holder

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is liable for payment before the insurance begins. Policies typically include a daily benefit as well. This is the maximum amount the insurance company will pay toward each day in the nursing facility; the policy holder may be responsible for the difference.

Policies also include a benefit period, or the length of time the policy will pay the daily benefit, which can be a few years or a lifetime.

Individuals also have other options in regard to securing long-term care. Care. com says comprehensive LTC policies, combination policies and riders to current life insurance policies may help augment long-term care needs. Because LTC insurance — and paying for health care in general — can be quite confusing, people are urged to speak to professionals about their options and whether LTC insurance is necessary. A 2014 study by the Center for Retirement Research at Boston College

estimated that only 20 to 30 percent of people would benefit from a policy. Researchers concluded that, while many people do need long-term care, they may not need it for an extended period of time and may be able to cover their care with their own savings.

Individuals who purchase LTC insurance should know that medical underwriting for policies can be extensive.

Coverage may be denied for current or past health conditions. Most people find that the best age at which to buy LTC insurance is in one’s mid-50s. Healthy individuals may be eligible for discounts on LTC premiums.

Long-term care insurance is a consideration for older adults facing the potential for care assistance in the future. Because considerable cost is involved, potential policy holders should discuss their options with insurance and financial professionals.

TF21B504

SERVING OUR COMMUNITY SINCE 1885 SERVING OUR COMMUNITY SINCE 1885 SERVING OUR COMMUNITY SINCE 1885 SERVING OUR COMMUNITY SINCE 1885

The Best Place To Borrow, The Best Place To Save

perumutual.com

www.eurekasavings.com 250 Marquette St. LaSalle, IL 61301 815-223-0700

1300 13th Ave. Mendota, IL 61342 815-539-5656

6 December 2023 | Investment, Financial & Insurance Directory | A NewsTribune Publication

101 N. Columbia Ave. Oglesby, IL 61348 815-883-3354

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2959 Peoria St. Peru, IL 61354 815-223-9400

105 W. 1st South St. Wenona, IL 61377 815-853-4333

Financial mistakes anyone can avoid Earnings go a long way toward determining an individual’s financial security.

However, high wages do not guarantee long-term financial security any more than lower wages ensure a future marked by a lack of financial flexibility. Individuals are a unique variable in any financial equation, and those who can exercise and maintain some fiscal discipline are more likely to secure long-term security than those who cannot.

One way anyone can improve their chances at a secure and flexible financial future is to identify and avoid some common mistakes.

Avoiding the following mistakes can increase the chances individuals at various income levels enjoy a secure financial future.

• Delay saving for retirement: Conventional wisdom says it’s never too early to begin saving for retirement. Despite that, surveys indicate many adults are behind on saving. A 2022

survey from Bankrate found that 55 percent of respondents indicated they were behind on their retirement savings, while 35 percent reported being “significantly behind.” Though laws governing retirement contributions have made it easier for people to catch up, it’s still better to begin saving once you enter the professional arena, which for most people is some time in their early to mid-twenties. The longer you delay saving for retirement, the more precarious your financial future becomes.

• Spending beyond your means: The post-pandemic increase in cost-of-living has garnered considerable attention in recent years, when inflation has driven up the cost of just about everything.

There’s little consumers can do about the rising cost of living, but making a concerted effort to curtail spending is one way to combat the spike. However, surveys indicate many people earning

significant salaries are living paycheck-to-paycheck. For example, a 2021 report from LendingClub Corporation found that nearly 40 percent of individuals with annual incomes greater than $100,000 live paycheck to paycheck, with 12 percent reporting they are struggling to pay their bills. An assortment of variables undoubtedly contribute to that stark reality, and one might be a tendency for consumers to spend beyond their means. Individuals who are struggling to curtail their spending are urged to seek the help of a certified financial planner who can help them devise a budget and alleviate some of the stress and pressure associated with overspending or living paycheck to paycheck.

• Poor use of credit: Credit cards can be a financial safety blanket, but that blanket can soon smother consumers who don’t know how and when to utilize credit. Reserve

credit cards for emergency situations and resist the temptation to use them for daily expenses, such as groceries and gas. Credit card interest rates tend to be in the double digits, so unless card holders can pay their balances in full each month, they’re only exacerbating the already high cost of living by using credit for daily expenses.

• Buying too much house: Overspending on housing is another financial mistake, and arguably the one that’s the most difficult to avoid.

It can be hard to walk away from a dream home, but such a decision could secure your financial future. Unfortunately, data indicates far too many individuals are spending more on housing than conventional financial wisdom recommends.

Avoiding some common mistakes can help individuals be more financially flexible and secure over the long haul. MM23C497

Whether you are just starting out, entering midlife, nearing retirement, or are ready for retirement – Witek Wealth Management can assist you on every step of your life journey by creating a detailed plan to help you pursue your financial goals.

613 First Street, La Salle • 815.223.3332 • witekwealthmanagement.com Registered Representatives with and Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor. Member FINRA & SIPC SM-LA2122919

A NewsTribune Publication | Investment, Financial & Insurance Directory | December 2023 7

See what a Raymond James advisor can do for you.

Hey! You can see your company’s future from here.

Contact me to review your financial plan today.

James L. Spelich

Wayland Financial Group

Branch Manager Registered Representative with our office

613 First Street Suite 500 LaSalle, IL 61301 815-224-1889 Kathleen Wayland

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1206 Shooting Park Rd. Peru, IL 61354 james.spelich@raymondjames.com

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