Knowledge Is Power – Although you may think you have a good grasp of financial fundamentals, there may be a gap between a person’s perceived understanding and their actual knowledge of financial concepts. By learning or just brushing up on some fundamentals - such as the Rule of 72, paying down debt, the benefits of life insurance, -  you could have a better relationship with your money. Being financially prepared could make all the difference in how you live each day and what your plans are for your future.

How Financial Literacy Impacts Financial Resilience – Financial literacy and financial resilience may seem like the same thing, but they’re not. However, there is a correlation between the two. Financial literacy is your knowledge of financial concepts such as inflation and interest rates. Being financially resilient means you have used your financial knowledge to help create a stronger safety net to help you manage any unexpected events that may come up. So, if you’re more financially literate you could be more financially resilient, as well. Having financial goals and a backup plan does help prepare for the unexpected. Confidence that you can weather a financial hardship could help you feel more secure, especially during times of economic uncertainty.

You Can Improve Your Financial Literacy – Becoming more financially knowledgeable is possible for everyone. You can begin taking small steps today to improve your understanding of key fundamentals. You could take a few minutes weekly to educate yourself on effective debt management or how to build an emergency fund (safety net) designed to cover unexpected expenses. Before making any major financial decisions, it is strongly recommended, and makes wise fiscal sense to seek the advice of a professional to assist you in developing a successful wealth-building strategy.

What is Life Insurance? Are you planning to apply for life insurance for the first time ever? To some people, the entire concept of life insurance may seem strange. But life is unpredictable, and while we all hope for the best, it's essential to prepare for the unexpected, especially when it comes to safeguarding the financial well-being of our loved ones. This is where life insurance steps in as a backup plan to provide a financial safety net in times of need.

A life insurance contract between a policyholder and an insurance company is designed so that the policyholder’s beneficiary can have financial protection in the event of the insured’s death. Often, life insurance can help families meet their financial needs when one of the family’s breadwinners passes away unexpectedly. By paying a regular premium to an insurance agency, an individual can rest assured that their family will have the financial support they need.

How Much Life Insurance Do You Need? When it comes to the best type of life insurance for an individual, there is no one-size-fits-all. How much and what type of coverage is needed is based on the individual and their age, health, income (current financial situation) and number of dependents. Furthermore, the life insurance policy most suited for an individual may change over time. Major life events like getting married, divorced, having children, or changing your income can all influence your life insurance policy. Based on these considerations, a basic rule of thumb is to have enough life insurance coverage to provide approximately 10 times your annual household income. For example, if the current household income totals $50,000, consider having a total of $500,000 in life insurance protection.

Types of Life Insurance –

Term Life Insurance offers individual life insurance protection for only a specified number of years (i.e., term). This type of insurance is usually less expensive than permanent insurance with the same face value. However, term insurance does not accumulate cash value. If the insured person passes away during the term, the policy pays a death benefit to the designated beneficiaries. Once the term expires, the coverage ends unless the policyholder decides to renew the policy.

Permanent Life Insurance, including whole life coverage, remains in effect until the policyholder’s death as long as the premium payments are made, unless the policy lapses or is surrendered. The policy will usually provide a death benefit component for beneficiaries as well. Most permanent life insurance policies also have some type of savings component that can build cash value over the life of the policy. This means that part of the premium payments go into a cash value account, which grows over time. Policyholders can access this money through withdrawals or loans during their lifetime.

Accidental Death and Dismemberment (AD&D) Insurance is a type of insurance that provides coverage in the event of an accidental death or a serious injury resulting in specific types of dismemberment. In other words, if the insured person dies due to a covered accident or suffers severe injuries resulting in the loss of a limb, fingers, toes, or eyesight, the policy pays a benefit to the designated beneficiaries. The amount of the benefit varies depending on the specific loss, and policies often have a reference outlining the payouts for different types of dismemberment.

No Medical Exam Life Insurance, sometimes referred to as “No Exam Life Insurance,” this is a type of life insurance policy that does not require the applicant to undergo a medical examination as part of the evaluation process. Traditional life insurance policies often involve a thorough medical examination, including blood tests, urine tests, and other health assessments, to evaluate the applicant's health and determine the risk for the insurance company. Instead, these policies usually are only available to individuals in a certain age range to speed up the approval process. These individuals can expect lower coverage amounts and higher premiums.

Long-Term Care (LTC) Insurance is a type of insurance that provides coverage for certain costs associated with long-term care services. These services are often for seniors and may include assistance with daily activities such as dressing, eating and bathing, and other forms of home care and extended care. Long-term care insurance helps cover expenses that may not be covered by health insurance or Medicare for those thinking about retirement.

Universal Life Insurance is a type of permanent life insurance that provides flexibility in premium payments, death benefits, and the accumulation of cash value. Unlike whole life insurance with level premiums, universal life insurance allows policyholders to adjust the amount and frequency of their premium payments. These changes will also affect the death benefit that the beneficiary will receive. Similar to whole life insurance, universal life insurance can have a cash value component that accumulates over time. Universal life insurance is designed to provide policyholders with greater control over their insurance coverage and premium payments.

Why do I need life insurance? Life insurance can replace your income and ensure your family's financial needs are met even after you're gone. A policy may be necessary to pay off outstanding debts, such as mortgages, student loans, credit card debts, and medical expenses after passing. A good life insurance policy may also offset childcare expenses and provide for your children's education.

At what age should I apply for life insurance? Most people benefit from life insurance when they have financial dependents or significant financial obligations. But that doesn’t mean you don’t need it if you don’t have a family. Ideally, applying for life insurance as a young and healthy individual that need coverage will allow you to lock in a policy while premiums are lower. We encourage you to speak to an insurance agent before you get married, have kids, or buy a home.

How do I compare different life insurance policies? Deciding on a life insurance policy for the first time can feel overwhelming, but you don’t need to do it alone. Our life insurance agents at GS Solutions are here to help. Our licensed insurance agents are well-versed in the aspects of life insurance. They are happy to review the types of life insurance policies and the appropriate coverage amount based on your budget.

Functions of a Life Insurance Policy – Once an individual decides to purchase a policy, the insurance company usually determines the premium cost, based on factors like the insured’s age, health, occupation, and general lifestyle. Once this assessment is complete and the premium rate is set, the policyholder usually needs to start making regular premium payments on a monthly or annual basis to keep the policy in force (active). In the event of the insured's death while the life insurance policy is active, the beneficiaries named in the policy are entitled to receive the death benefit. This payment is typically used by the beneficiaries to cover various financial needs, such as funeral expenses, mortgage payments, debts, daily living expenses, or long-term finances.

What is a Beneficiary? When an individual sets up their life insurance policy with an agent, they’ll need to designate a beneficiary. A beneficiary is someone who will receive the life insurance payout that occurs in the event of the insured’s death. Beneficiaries are often other individuals, like family and friends, but can also be trusts or organizations.

What Does Life Insurance Cover? When one of the main breadwinners in your family passes away, some of the day-to-day expenses may become difficult to manage. Life insurance is designed to alleviate some of this burden. In addition to rent, car payments, and groceries, life insurance can also be used to pay for funeral and burial expenses.

How Much is Life Insurance Per Month? There are a number of contributing factors that may affect how much life insurance you’ll need and how much you’ll pay for it each month (or each year, depending how your policy is set up). Younger individuals typically pay lower premiums because they are statistically less likely to die prematurely compared to older individuals. Factors such as chronic health conditions, tobacco use, and family medical history can impact the cost of coverage. Certain lifestyle factors and habits (smoking and hazardous occupations) can also affect your premium.

What Happens When You Stop Paying Life Insurance Premiums? When you stop paying your life insurance premiums, several things can happen depending on the type of life insurance policy you have and the specific terms and conditions of that policy. Often a pause on payments results in a lapse in coverage, meaning that beneficiaries are no longer entitled to receive the death benefit if you pass away. Some insurance policies have a grace period, but this varies between policies.

Can You Have More Than One Life Insurance Policy? Yes, you can have more than one life insurance policy. People sometimes choose to have multiple life insurance policies to ensure a more adequate payout, allowing families to continue paying off significant charges and debts. In some scenarios, employers may even offer an affordable policy to employees. However, when it comes to supporting two policies at once, it’s a good idea to consider the combined monthly costs before making a decision.

Is Life Insurance Worth It? Applying for life insurance serves as a safety net whose value depends on an individual’s financial situation and responsibilities. Life insurance can provide valuable financial protection for many people, but it may not be necessary or suitable for everyone.

Weighing-In on Life Insurance – There’s much to consider before deciding on what type of life insurance is best for you and your loved ones. This decision requires careful thought and consideration, as the right policy can play a crucial role in safeguarding your family's future and meeting your financial goals. Before diving in head-first, taking a step back and evaluating what you need from life insurance is essential. Here is a short list of things to consider before buying life insurance.

What Kind of Life Insurance Do I Need? The type of life insurance someone needs often depends on their current circumstances and long-term financial goals. The most common types of life insurance are Term Life Insurance and Permanent Life Insurance, which last for different amounts of time, and each has its advantages. Term Life Insurance provides coverage for a specific term, such as 10, 20, or 30 years, and generally offers lower premiums than permanent life insurance. Permanent Life Insurance provides lifelong coverage as long as premiums are paid, and it may build cash value over time.

To determine the specific type of life insurance and coverage amount you need:

1) Consider your financial situation by reviewing your income, expenses, savings, and debts.

2) Think about who relies on your financial support, such as a spouse, children, aging parents, or other dependents.

3) Seek advice from a licensed agent or insurance professional who can help you select life insurance that aligns with your unique circumstances and goals.

You can learn more about the different types of life insurance here on our website.

Do Single People Need Life Insurance? Single people can still benefit from life insurance, but whether they need it depends on their financial goals. Even if an individual doesn't have a spouse or children, they may still have other dependents. When choosing a beneficiary, a single person can choose their parents, siblings, or other family members who rely on their support. Beneficiaries don’t even have to be relatives. You can also list close friends and colleagues. Your chosen beneficiary could even be a trust or an entity. You may use life insurance to leave a legacy or make a substantial donation to charitable organizations or important causes upon your passing.

Do I Need Life Insurance if I Have No Dependents? Life insurance is typically purchased to provide financial protection for dependents and loved ones in the event of the policyholder's death. If you have no dependents, the need for life insurance may be less immediate. However, there are situations where having life insurance can still be beneficial, even if you have no dependents.For example, funerals, estate planning, and related expenses can be costly. Life insurance can cover these costs, so your loved ones don’t bear the financial burden. Beyond that, life insurance can be a way to leave a financial legacy for loved ones, even if they are not dependents. You can name friends, family members, or charitable organizations as beneficiaries to provide for their financial well-being.

If I Have Life Insurance Through Work, Do I Need an Additional Policy? Life insurance coverage through your employer can provide valuable financial protection, but some families may benefit from an additional policy outside of work. Consider your current coverage amount to decide how much more life insurance you’ll need. Employer-provided life insurance policies often offer coverage based on your current salary. This coverage may not be sufficient if you have significant financial obligations or want to leave a more substantial financial legacy for your loved ones. Furthermore, you may lose this coverage if you change jobs or retire. A separate life insurance policy ensures you can maintain coverage regardless of your employment status.

Understanding Financial Strategies – Some financial decisions can have long-lasting impacts on our lives, so it’s never been more important to arm ourselves with financial knowledge. Whether navigating the early stages of your career, managing a family budget, or planning for retirement, having a financial strategy can help you manage through some of life’s most turbulent challenges. The "basics of financial strategy" can refer to several principles, but let’s dive into some of the most important concepts.

Basic Financial Literacy – Individuals can make more informed decisions with a solid understanding of some of the most fundamental financial principles. It seems like every single day, we’re overloaded with information about the economy, financial risk, insurance opportunities, banks, and credit. Financial literacy allows you to sift through this information and pick out key snippets relevant to your financial well-being. Furthermore, understanding the financial landscape can help individuals recognize and avoid scams. Protecting your assets and personal information can be a significant setback, so be careful with whom you share your personal information.

Reviewing Your Finances – One way to set yourself up for success is accountability for your assets. An essential part of budgeting is reviewing your monthly income and expenses. If you live in a dual-income household, add that number and compare it to your monthly expenses. Think about your house payments, car payments, grocery bills, monthly retirement investments, and every other recurring expense, then compare that number to your monthly income. By reviewing your finances regularly, you can set yourself up for success by creating a budget.

Basic Budgeting – Setting up a budget is essential for those that need to watch their spending. Outlining your monthly income and expenses enables you to allocate every dollar towards a necessity before shopping for luxuries. You can also budget for long-term goals by setting aside money for a down payment on a house, a vacation, higher education, preparing for retirement, or even paying off debt. Budgeting also forces you to take a closer look at your spending habits. With this insight, you can decide where to cut back.

Adapting to Financial Changes – Being flexible and ready to adapt your finances to life changes is crucial for maintaining long-term financial stability. Major life events such as marriage, parenthood, buying a new home, or changes to your job status can all affect your finances. Consider how it may affect your monthly spending habits when anticipating one of these changes in the coming months. At some point, life may even throw you a curveball via an injury, job loss, or a natural disaster. To alleviate the financial shock from one of these events, plan ahead by getting insured.

Seeking Professional Guidance – When in doubt, don’t guess with your finances. If you need assistance with how to proceed, a financial professional can help steer you in the right direction with a financial needs analysis. After years of training and experience, these pros can provide valuable insights tailored to your financial situation, helping you make informed decisions. Furthermore, a licensed agent typically has access to a wide range of resources and tools to to help create a financial strategy. Whether you're a financial novice or looking to brush up on your skills, try to take the time to review your finances and form good consumer habits. The complexities of one’s finances may vary over time. However, you still prepare for long-term success by reviewing and implementing a financial strategy.

Retirement Strategies – Coming up with a retirement savings plan of your own can be stressful. No matter how you plan to spend your years in retirement, you don’t want to worry about a lack of income. Retirement planning shouldn’t be an afterthought but rather a focus from as early as your 20s. If you want to get started on the right track contact one of our licensed agents, who can help prepare a retirement strategy designed to help secure your financial future.

Have you envisioned what your retirement will or could be like? Retirement planning is a crucial aspect of financial wellness. We all must pay attention to this step and avoid postponing it until it's too late. You may not be able to work for the rest of your life, but you’ll still need funds for food, rent or mortgage, and other expenses. While government programs can provide some support, a robust retirement savings strategy can be key for individuals who want to enjoy their retirement. Do you want to travel? Take up new hobbies? Simply relax and enjoy your time? Let’s discuss how to save for retirement and make the most of that savings when the time comes to retire.

Do I Need to Save for Retirement? Retirement should be a time to enjoy the fruits of your hard work. A robust savings account can help you maintain your lifestyle without making significant cutbacks or relying solely on family or government assistance. On top of that, having savings gives you more control over your retirement years. You can choose how and where you’ll live and the care you’ll receive without being overly dependent on others.

When to Save for Retirement – The best time to start saving for retirement is as soon as you can! As you may hear from the financial pros, the sooner you start saving, the more time your money has the opportunity to grow. That’s why it’s important to prioritize saving for retirement within your budget. Remind yourself that even small contributions can add up over time. Whether you're in your early twenties or late fifties, it's never too early to start planning for your retirement.

Starting a Retirement Plan with Your Employer – Many jobs across the United States offer employees some sort of retirement savings plan. These usually consist of a 401(k)/403(b), various forms of IRAs, and other custom contribution plans, which are all generally beneficial to the employee. Integrating a retirement plan with your employer into your retirement savings strategy is helpful because many employers offer a match to your retirement plan. This benefit can significantly boost your retirement savings, and not taking advantage of it is leaving money on the table. Just be aware that all 401(k)s come with built-in exposure risks to market volatility as well as substantial retirement tax obligations. There are, however, other alternatives such as IUL policies to mitigate these market risks and protect your wealth. And unlike 401(k) policies, IUL's offer proven strategies to maximize a tax-free retirement so you don't outlive your money. Our agents can explain all the options and benefits available to you.

Accessing Your Retirement Savings – While it may be tempting to tap into your retirement savings early (perhaps for a significant purchase or during times of crisis), it is often in your best interest to leave those funds alone. One of the main benefits of saving for retirement, especially in tax-advantaged accounts like 401(k)s and IRAs are tax advantaged. Withdrawing funds early can also interrupt the opportunity for growth, significantly reducing the amount of money you'll have at retirement. Furthermore, if a person withdraws money before retirement, they may incur penalties with some retirement accounts. Instead, try to make budget adjustments and build a small emergency fund to avoid tapping into your retirement savings.

Seek Professional Advice – A financial professional can help you create a personalized retirement plan that aligns with your goals and financial situation. At any point in your savings journey, a licensed agent from GS Solutions can review your retirement strategy and highlight some available opportunities. In addition to personalized recommendations, a financial professional can provide an objective perspective, helping you make decisions based on facts and long-term strategies rather than short-term emotions.

Questions You May Have –

1) How do I start saving for retirement?

2) Am I saving enough for retirement? How long will my retirement savings last?

3) What is the retirement age?

4) What role does Social Security play in my retirement planning?

5) How much do I need in my retirement savings?

6) What should I do if I haven't started saving for retirement yet?

7) How do I withdraw from my retirement accounts?

What We Offer – When you work with GS Solutions, one of our licensed agents will be able to design a retirement savings strategy that won’t impede on your current lifestyle. Find out how to save for retirement based on your place of residence!

In the United States, our product offerings include annuities, which you purchase from an insurance company in either a single payment or through a series of payments. Your payout can come in either in a lump sum or be paid out over time. Our life licensed agents can offer fixed and fixed indexed annuities from a variety of providers.

Emergency Fund: Goals & Finding the Right Amounts for You – Despite our best-laid plans, financial emergencies can arise seemingly at random. Sudden, mandatory expenses pop up for everyone sooner or later, so preparing for the unexpected is essential. Setting yourself up with a financial safety net is necessary, as these financial emergencies often cannot be avoided. An emergency fund can do just that. An emergency fund can help individuals prevent debt or rely on credit cards or loans to cover unexpected expenses. By employing this simple financial strategy, you can empower yourself to navigate life's uncertainties without fear.

What Is an Emergency Fund? An emergency fund is a financial safety net designed to cover unexpected expenses. An emergency fund is usually a bank account, usually a high-yield savings account. Try to leave your emergency fund alone unless it is your last resource. Any number of significant expenditures can arise in daily life. Suppose you must prepare for medical emergencies, car repairs, home repairs, job loss, or other unforeseen circumstances. In that case, it can cause you and your family great financial hardship. However, by setting up an emergency fund, you can rely on it.

How to Build an Emergency Fund – You can pursue several avenues if you’d like to start an emergency fund for you and your family. One of the most common is a savings account with your bank. Start an account offering a higher interest rate than a regular savings account, providing some growth on your emergency fund while still keeping it easily accessible. Another way to build up funds is through your employer. Ask your company if it can set up automatic contributions to a separate account. This measure is also a great way to prevent yourself from pulling money out for frivolous expenditures.

How Much Should Be in an Emergency Fund? The ideal amount in an emergency fund varies from individual to individual. However, there are a few steps to consider as you build yours up. A common recommendation is to aim for enough savings to cover three to six months' living expenses. Consider your income, monthly expenses, and financial obligations as you start contributing to the account. Try to calculate how long you’ll be able to live off of your emergency fund if you were unable to work. You should also consider how your life might change if you contribute too much to the emergency fund.Assess your comfort level with risk and uncertainty. Homeowners with families, for example, may want to avoid risk and save as much as possible.

Contributing to Your Emergency Fund – To ensure the success of your emergency fund, you’ll need to generate enough funds to set aside for a rainy day. Start by setting a goal. Determine how much you need to save for your emergency fund based on your monthly expenses and financial situation. Once you have that number in mind, track your income and expenses to identify areas where you can cut back and redirect funds toward your emergency fund. Whenever you receive unexpected windfalls such as tax refunds, bonuses, or gifts, consider putting a portion or all of it into your emergency fund rather than spending it on non-essential items. Once you have enough saved, remind yourself that one of the keys to success with an emergency fund is to leave the money alone. Only take cash out in the case of an emergency!

Why Is Debt Management Important? After attending university or making a major purchase, you may need to take out a loan and go into debt. Going into debt isn’t uncommon, even for moderately well-off families. However, properly managing your debt is essential, as it can directly impact your short-term and long-term financial health. Excessive debt can limit your financial freedom and prevent you from reaching your long-term goals, such as buying a home, starting a business, or saving for retirement. Simply put, by keeping your debt levels in check, you reduce the risk of defaulting on payments and facing financial hardship. Even if you start to generate large amounts of debt, effectively managing the debt can alleviate stress, knowing that you have a plan to pay off your debts over time.

Understanding Credit Scores and Their Impact – A credit score is a number that represents your likelihood of repaying borrowed money on time. An individual’s credit score can fluctuate based on their payment history, amounts owed, length of credit history, and several other factors. Having debt doesn’t necessarily mean that your credit score will decline. In fact, making timely payments on your debts can actually help improve your credit score. Making regular mortgage or auto loan payments is quite favorable for your credit score. However, on the flip side, regularly running late on your credit card payments can lower your score and indicate higher credit risk to lenders.

Debt Management Techniques – Now that you’ve built up debt, it’s important to start managing your payments. Whether it’s a new home, a new car, a college education, or a large amount of credit card debt, these tips and tricks can help you keep your debt in check.

Create a Budget – One of the first steps should be creating a detailed budget that outlines your income, expenses, and outstanding debts. This process may help you better allocate your funds and strategize to pay off the debt over time.

Monitor Your Spending – Take note of your monthly expenses to identify areas where you can reduce your spending. Making sacrifices in non-essential categories can free up more money for debt repayment, greatly accelerating the process. While working to pay off your existing debts, try to avoid taking on new debt.

Prioritize Your Debts – Make a list of all your debts, including the outstanding balance, interest rate, and minimum monthly payment. While maintaining minimum monthly payments, try putting any additional funds in accounts with higher interest rates. This method is sometimes called Debt Stacking.

Paying Bills on Time – Staying organized and paying your bills on time is a great financial habit that provides several benefits. It is a great way to reduce the chances of missing a payment, avoid late fees, and maintain a good credit score.

Consolidate Debt – One method of streamlining the debt payment process is consolidating your debt into a single loan with a lower interest rate. Not only does this make it easier to manage your debts by combining them into one monthly payment, but it can also save you money on interest.

Seek Professional Help – If you're struggling to manage your debt on your own, consider seeking help from a financial professional. They can provide advice to help you develop a debt repayment strategy that works for your situation

Rebuilding Your Credit – Even if you've had several months of financial challenges or missed payments, it’s still possible to rebuild your credit. Once you’ve reviewed your credit reports, start by making timely payments on all your bills and debts. Payment history is one of the most significant factors affecting your credit score, so consistently paying on time will gradually improve your credit score. During this time, also try to stay within your credit limit. Making purchases with a credit card and paying off your balance each month is a great way to help rebuild your credit slowly. Paying with cash or debit card on the other hand, will have no effect.

Saving Money for College – With rising tuition prices, getting a head start on education expenses is an important step for many families. Putting extra income, such as tax refunds, bonuses, gifts, or inheritance money, into a college savings account can be good ways to get started early. Remember that the earlier you start saving for higher education, the longer your money has the opportunity to grow. Seeking out scholarships and grants can also help mitigate some of the costs. Try to be vigilant for those opportunities in the time leading up to college.

Although students may be able to obtain grants, scholarships or other types of financial aid, without a proper education savings plan the cost of post-secondary education can put a strain on a household’s savings—partner with a GS Solutions agent to start outlining a plan for higher education costs today. GS Solutions agents can help create a college savings plan based on your family’s budget. Your agents are prepared to show how an educational plan can help support the cost of k-12 private tuition and fees for college.

Planning Ahead –

1) The cost of education remains a significant financial challenge for many families, and many underestimate the price.(1)

2) College tuition has steadily risen over recent years, and the 2023-2024 school year is no exception. The average in-state tuition at a public college is $10,662 and out-of-state is $23,630. Private college tuition is $42,162.(1)

3) Between 1977 and 2024: College tuition experienced an average inflation rate of 6.08% per year. This rate of change indicates significant inflation. According to the U.S. Bureau of Labor Statistics, prices for college tuition and fees are 1,502.25% higher in 2024 versus 1977 (a $300,450.36 difference in value).(2)

(1) “What You Need to Know About College Tuition Costs,” Emma Kerr and Sarah Wood, U.S. News & World Report, September 20, 2023.

(2) Consumer Price Index, U.S. Bureau of Labor Statistics, 2020

How a GS Solutions Agent Can Help –

• A licensed GS Solutions agent can help your family determine how much you’ll need to save for your kids’ education and design a plan that considers the type of college they plan to attend and the expected inflation rates.

• Our agents can educate families about different college savings plans available to them. GS Solutions can also help families review their financial aid eligibility and navigate the financial aid process.

• In addition to higher education planning solutions, our team can show you how to save for K-12 and other education expenses before college.

When should I start saving for my child's education? Start saving for your child's education as early as possible. The cost of a college education can be significant, and starting to save earlier allows you to take advantage of compound interest over time. Suppose your child is close to entering college and you need to save more. In that case, a GS Solutions agent can help you explore all available options, including scholarships, grants, and student loans.

How much should I save for education? The cost of a college education is quite variable depending on the type of institution your child will attend and the number of years they’ll need to complete their degree. When an independent agent from GS Solutions helps estimate the cost, we’ll factor in inflation and reassess the plan regularly to accommodate your financial situation, and your child's educational plans.

Can education loans be a substitute for saving? While education loans can provide a way to cover college expenses when you don’t have enough savings, they are not a one-to-one substitute. Relying solely on loans can lead to a significant debt burden after graduation and put a strain on your financial freedom after college. Furthermore, the interest on education loans can substantially increase the cost of your education overall.

How can I save for education while managing other financial goals? Balancing education savings with other financial priorities like raising a child, retirement, and buying a home is a common concern. GS Solutions agents know how to create a budget that considers your income, expenses, and long-term financial goals. With specific financial targets, it’s easier to plan out how you’ll allocate your spending from month to month.

Business Strategies help improve profitability and long-term value for an organization. A business strategy includes a clear set of plans, actions, and goals that outline how a business will compete. A clear roadmap helps define actions and prioritize steps and rules to form a solid business strategy.

As a new business owner, it takes more than passion and perseverance to grow your brand. For the small business owner, we provide financial strategies for you, your employees and your business, including:

• Insurance Strategies

• Retirement Strategies

• Executive Compensation (U.S. Only)

• Business Continuation Programs (U.S. Only)

Questions You May Have –

1) How do I begin pinpointing strengths/weaknesses within my company?

2) What information do I use to learn how to allocate resources properly?

3) How often do I need to review my business strategy to achieve long term stability and growth?

After setting up a business strategy, organizations should make decisions and allocate resources to accomplish critical objectives and remain competitive.

What We Offer – Drawing up a business development strategy can guide you, your team, and your business. GS Solutions Insurance Agents give you access to many financial products and the power to choose what’s right for you.

Retirement Strategies – It’s essential for a business owner not only to invest in the company but also in the employees who work there.

• Group Pension or Registered Retirement Savings Plans

Executive Compensation (U.S. Only) – These strategies can help you attract quality employees and retain key personnel. Life insurance can be a suitable way to fund executive compensation programs. Listed below are life insurance options to explore to find the one that may fit your needs.

• Deferred Compensation

• Executive Bonus

• Split Dollar

• Key Person Insurance

Business Continuation Programs (U.S. Only) – You’ve worked hard to build the business of your dreams, so ensure it’s protected. Some types of life insurance can help fund:

• Buy-Sell Arrangements

• Business Continuation Strategies

What is Estate Preservation? Estate preservation refers to a person's steps to manage, organize, and protect their assets and wishes while alive. At its core, estate planning applies to EVERYONE. Your estate consists of property, money, possibly one or more interests in business, investments, and any other assets you have acquired. Other factors would include care for minors or pets and any charitable trusts or donations a person would want to include. Anyone with property or goods of any size should investigate estate preservation and planning regardless of how much (or little) you may have.

Wealth preservation means protecting yourself and your heirs from losing all you have worked to gain and save. Circumstances are different for everyone, and each individual or family's situation is unique, so some wealth preservation approaches may work well for you. In contrast, others might not be the right fit. Nevertheless, your assets are worth protecting! It's a good idea for anyone with property or goods to investigate estate preservation.

Questions You May Have –

1) How do I begin to decide who gets what from my assets?

2) What are settlement costs?

3) How do trusts, gifts, and other options help my heirs?

4) Can life insurance help with estate preservation?

5) Do I consider health care when looking at Estate Preservation?

The greatest challenge is deciding what you want to accomplish with your estate; this is where GS Solutions agents can help. Agents can assist with evaluating your goals by working closely with you.

What We Offer – Simply put, estate preservation helps you protect your assets. By working with a licensed agent, you’ll have the opportunity to learn more about wealth preservation strategies and conserve your estate.

• Charitable Strategies & Trusts (U.S. Only)

• Life Insurance Trusts (U.S. Only)

• Wealth Replacement Trusts (U.S. Only)

With proper estate preservation strategy, you may be able to minimize costs so your nest egg meets your needs. Your agent can assist you in finding solutions to help you live well now and your loved ones can live well after your death.

Make sure to speak to your tax professional to determine the financial impact of these and other strategies and contact your legal professional for guidance regarding your specific circumstances and to draft wills, trusts or other needed legal documents. 

Please note that GS Solutions agents do not offer tax, estate planning or legal advice. These details are provided for informational purposes only and should not be construed as advice.

Home Investing – Saving money for a house (or any significant purchase) is complex and may take some time, but it is possible. You should also know you must save for more than the down payment. Other costs, such as closing costs and moving expenses, come into play, and you should plan for that recurring monthly mortgage payment. It will help if you determine how much you'll need to save to cover all possible factors, then create a monthly budget on how much you can put aside into savings for this purchase. For a down payment alone, homeowners typically must front 10% - 20% of the home's value.

Financial Planning & Saying "I do" – Getting married can transform a couple’s finances. Not only are there several expenses that may come hand in hand with marriage (new home, wedding, raising a child), but both parties might pool their finances, which can have some growing pains. Open communication about each other’s income, debt, and financial goals can help you budget for your future. Having an agreed-upon financial strategy between the two of you may save time, money, and frustration.

Saving Money for Growing Families – When expecting a child, finances might be the least of your worries. However, by the time your child is born, several factors may be at play that can affect your finances. While many have health insurance to help with childbirth costs, that's not where the expenses end. After childbirth, you may need to plan for parental leave and the possible loss of income that comes with it. If both parents are ready to return to work, childcare services are another significant financial expense that you should plan for every week.

Later, parents may be paying for extracurricular activities and helping their kids purchase a car. And then there’s college tuition to consider. You can be proactive by starting a college fund for your children and a savings account for significant purchases. While you may not be able to anticipate all the financial expenditures that may arise, the sooner you start saving for parenthood, the more financially prepared you’ll be.

An Indexed Universal Life (IUL) insurance policy can help you achieve a variety of financial goals such as asset protection, tax-free retirement, estate planning and so much more! The wealthy have quietly leveraged it for decades to:

• Grow their wealth tax-free, with zero market risk

• Access cash at any time, without penalties

• Turn every $1 million into $70K–$100K per year — completely tax-free, for life!

Banks use this strategy. The wealthy use this strategy. Now, you can too. As one of our flagship financial insurance product offerings, Indexed Universal Life (IUL) insurance is discussed in-depth and featured here on our website at the following link:

• Indexed Universal Life (IUL) insurance