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What’s Your Long-Term Care Plan?

By Moe Ansari

There are a lot of things you don’t want to gamble with in life, like your retirement savings, how you raise your kids, or your health. Unfortunately, many Americans take one particular risk with their health, possibly without even realizing it, and that’s neglecting to make a long-term care plan. (1) Since 70% of people will need some form of long-term care during their lifetimes, it’s critical to have a plan to pay for these costs. (2)

When you are healthy and thriving, it’s easy to focus solely on building your savings to provide for your basic retirement expenses and forget about the potential need for long-term care as you age. But no matter what your health looks like today, creating a long-term care plan now will empower you to research your options and choose strategies that are the best fit for you.

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Our Mid-Year Economic Update

By Moe Ansari

We’re halfway through 2020…and I bet it’s been nothing like you expected. The world as we know it has been turned upside down by five letters and a number: COVID-19. While the coronavirus pandemic is at its core a health issue, the downstream effects of it on other aspects of our society have been significant, perhaps the greatest being economic. As we reach the mid-year point of 2020, let’s take a look at what is going on in the economy, most of which can trace its roots back to COVID-19.

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Your 2020 Social Security Guide

By Moe Ansari

Social Security is no doubt an important piece of your retirement income, but do you know how much you will receive? 86% of people don’t, (1) and what’s worse, 27% overestimate their benefit amount. (2) How can you plan for your retirement if you don’t know how much you will have to live on? That’s why it’s crucial for you to have a solid understanding of how your benefits work. 

There are a number of decisions you will have to make regarding Social Security that can have a great impact on how much you will receive. That’s why we’re answering the five biggest questions that everyone has about Social Security and helping you learn how to maximize your benefits. 

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5 Steps To An A+ College Plan

By Moe Ansari

You have bills to pay and a retirement to save for. Even if the thought of saving for your child’s education has crossed your mind, how can you make it happen amidst the never-ending financial pressures in life? It’s tempting to put saving for college on the back burner, but as anyone with kids knows, the days are long but the years are short. Regardless of whether your child is 2 or 12, you’ll be planning college visits and filling out applications before you know it. 

Don’t get caught unaware and unprepared for college. Your child’s education is one of the most important investments you can make, and with today’s costs, it pays to plan ahead. As we approach National 529 College Savings Plan Awareness Day, it’s a good time to ask yourself this question: Have you started saving for your child’s future education costs? If not, here are 5 steps to get started.

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Are You Maximizing Your 401(k)?

By Moe Ansari

We all know that hiding our money under our mattress or depositing it in a traditional savings account isn’t going to give us the growth we need to retire when we want, the way we want. In other words, we need a bit of help, something that gives us an edge. That’s what a 401(k) does. Employer-sponsored retirement plans give us a way to contribute to our future with a few added benefits thrown in. 

Unfortunately, many Americans are not taking advantage of these accounts, with 15% of those who have access to a 401(k) not participating. (1) And of those who are taking advantage of their 401(k), the average contribution rate is only 7.1%, and if you’re counting on it, that’s likely not enough to carry you through your retirement years. 

If you want to make the most of your 401(k), take a look at these 7 tried-and-true strategies. 

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Why I Became A Financial Advisor

By Moe Ansari

We often hear the phrase “Life is what you make it,” (1) but sometimes it’s hard to know what exactly you want to make it, or, just as importantly, how to get there. This challenge is exactly why I became a financial advisor more than 40 years ago. I saw the important role money played in people’s quality of life and determined to spend my days enhancing the life experience of others through the pursuit of financial security. 

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What We Do And How We Can Help

By Moe Ansari

Life is complicated, is it not? Add money to the picture and things get downright overwhelming. In previous decades, people often worked for the same company for most of their lives, lived a few years in retirement on Social Security and their pensions, and passed modest estates on to their children. 

That picture has drastically changed with increased longevity, changing demographics, and a more complex and volatile financial world. Now most people lose sleep over how they’re going to make everything work. Thankfully, it doesn’t have to be this way. 

At Compak Asset Management we strive to give our clients peace of mind as we create customized wealth management strategies. But we go a step further. We know you want more out of life than just a secure retirement plan, so we focus on helping you experience more life fulfillment and personal happiness through the process.  Read more