Many retirees worry about the rising costs and uncertainty of accessibility to healthcare services, especially people who retire before Medicare begins at age 65. The Centers for Medicare and Medicaid Services estimate the cost of healthcare has been increasing at 6.5 percent annually and showing no signs of slowing down. According to EBRI’s annual healthcare in retirement study, the average retiree will have quite a hefty bill for health insurance and out-of-pocket expenses during retirement. The study estimates the average single male will need to accumulate $65,000 in his retirement investment portfolio by the age 65 to pay for his total healthcare costs for the remainder of his life.
The team at West Financial Advisors is happy and proud to announce Brian West passed the Chartered Financial Analyst (CFA) III Exam. The CFA III Exam, administered by the CFA Institute, had a pass rate of only fifty-three percent this year. The CFA is widely considered as the most difficult test taken by financial professionals. The Chartered Financial Analyst (CFA) charter is a professional designation established in 1962 and awarded by the CFA Institute. To earn the CFA charter candidates must pass three sequential, six-hour examinations over two to four years. The three levels of the CFA Program test a wide range of investment topics, including ethical and professional standards, fixed-in
Each year Morningstar researches and ranks college 529 plans across the nation. For people who live in Iowa, it is good to know that while the College Savings Iowa 529 Plan did not achieve the highest gold level ranking, it did receive a high bronze rating. Iowa’s 529 plan is an attractive college savings option, especially for in-state residents. Annual contributions up to $3,163 per taxpayer per beneficiary to the College Savings Iowa 529 Plan are deductible on your state of Iowa income tax return. Like all other 529 plans, contributions are not deductible for federal income tax purposes. But, as long as you draw the funds later for qualifying college expenses, earnings grow tax-free. T
The 5th annual YPC of Greater Des Moines Mentors & Mulligans golf outing was held at Waveland Golf Course. The event teams up young professionals with Des Moines area leaders for a round of golf and the opportunity to connect in a laid back environment. West Financial Advisors was proud to be a sponsor and our own Abby Belvin participated in this year’s event. Abby enjoyed networking and gaining interesting perspectives while playing one of her favorite pastimes!