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Joe Lucey

4 Critical Things to Know Before Claiming Social Security

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Claiming Social Security is one of the most important financial decisions of your life. The choices you make can have a lasting impact on your retirement income, taxes, and even your spouse’s benefits.

If you’ve earned an average income over your career, you could receive several hundred thousand dollars in lifetime benefits. And if you’ve earned an above-average income, you could collect well over a million dollars. That’s a sum so significant you simply can’t leave it to chance.

But Social Security is complicated. There are thousands of rules, and even more rules about those rules. Many people make costly mistakes that reduce their benefits and increase their taxes. To help you make the most of your Social Security, here are four essential things you need to know before filing.

1. Don’t Rely on a One-Size-Fits-All Strategy

The timing of when you claim benefits affects more than just the amount you receive each month. Your decision could also trigger higher taxes, double your Medicare premiums, and cause you to forfeit a small fortune in spousal benefits.

Some retirees assume delaying benefits is always the best move, but that’s not necessarily true. In some cases, claiming your Social Security benefits early could yield far more income when you consider your benefits, taxes, etc. Depending on your tax situation, other income sources, and life expectancy, claiming earlier could result in more lifetime income. The right strategy depends entirely on your personal financial situation.

2. You Could Be Taxed on Up to 85% of Your Benefits

One of the biggest Social Security “gotchas” is taxes. Depending on how and when you claim benefits, up to 85% of your Social Security income could be taxable. That means the money you were counting on for retirement could be significantly reduced once the IRS takes its share.

Strategic tax planning can help minimize that impact. By coordinating withdrawals from tax-advantaged accounts or spreading out income sources, you may be able to reduce the percentage of your benefits subject to taxation.

3. Your Spousal Benefits Could Be at Risk

Most people don’t understand how to make the most out of their Social Security spousal benefits. And with so many variables at play, it’s no wonder! No matter your current marital status – married, divorced, or widowed – spousal benefits can significantly impact your total retirement income. The timing of when you and your spouse claim benefits matters. Be sure to consider all of your options before making a final decision.

4. Don’t Rely on the Social Security Administration for Advice

The Social Security Administration (SSA) provides a number of valuable resources, but their representatives simply aren’t financial advisors. They’re there to communicate facts and policies, not to help you maximize your benefits.

We’ve heard plenty of stories about people who file for benefits at the direction of the SSA and end up short-changing themselves or their spouses hundreds of thousands of dollars. It’s extremely unfortunate when this happens, and we want to do whatever we can to prevent things like this from happening. Financial professionals like Secured Retirement exist to lay out all the options. Make sure you understand yours.


Ensure You Make the Right Choice

Claiming Social Security is more complex than most people realize. Your decision impacts many other aspects of your financial game plan, like your tax liability, Medicare costs, and spousal benefits.

Rather than guessing about what you need, get a customized Social Security analysis from a qualified financial advisor, like Secured Retirement. Call us today and get started on your analysis: 952-460-3290.

The Market’s Ride into 2025 – The Latest Forecast

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Jake McCue here! I’m pleased to be contributing to Secured Retirement’s Market Forecasts and I couldn’t be happier to work with this esteemed group of professionals. I’m an Investment Strategist, Financial Advisor, CFA Charterholder, and Certified Financial Planner who’s been in the business for more than 10 years. I look forward to bringing you these updates so that you can stay informed, and understand what we’re following and what it could mean for your financial future. We want to provide insights that offer peace of mind – so you can get back to enjoying life. If you’re interested in digging into the details, my door is open to those who nerd out on this stuff. Without further ado, here’s my update on the current market. 

The Labor Market

As you may have heard, The Department of Government Efficiency (DOGE) is making waves at federal agencies with layoffs and budget cuts. Ultimately, the workforce reduction at federal agencies accounts for a small fraction of the overall workforce – something like 2%, per nonfarm payroll data. The labor market, along with inflation, remains an important component in Federal Reserve decision-making. At the January 29th press conference, Fed Chair Jerome Powell described the labor market as “stable” and “broadly in balance.”

It’s worth remembering that last year’s biggest rate cut followed a surprise uptick in unemployment data. If we see headcount reduction without other hiring – also known as market softness – that could move the needle and push the Fed to act this year, the Chairman explained. Meanwhile, the Core Personal Consumption Index is holding steady at 3.3%, a January 12-month increase, reinforcing the Fed’s current wait-and-see approach on rate cuts.

Earnings

Fourth-quarter earnings in 2024 surpassed estimates and, as of mid-February, investors witnessed year-over-year growth at levels not seen in years. With 70% of S&P 500 companies reporting, sectors like Communication Services and Financials are among the leading sectors, delivering earnings that surprise at above the ten-year average. Earnings growth has been broad, spanning nine of eleven sectors, though Industrials and Materials have seen revenue declines.

While this earnings season has been strong, we see valuations running high – forward price-to-earnings ratios sit above both five- and ten-year averages. The blend of actual and still-to-report estimates is quite strong for the quarter, but with no immediate support from the Fed and potential hurdles with earnings on the horizon, the next few quarters may bring new challenges.

Market Momentum

The S&P 500 has been trading in a narrow range over the last few months in what technical analysts call a “flag” pattern. A setup that often precedes a bull market breaking out through recent highs. However, momentum has been weak, with less than 60% of stocks trading above their respective 50-day moving average. We’re also watching small-cap stocks for signs of broader participation in the rally, but so far, they haven’t outperformed.

Administration Policy & Tariffs

With Donald Trump officially back in office, we’ve already seen a flurry of executive actions that will surely shape policy for years to come. One current unknown is the effect the administration’s stance on tariffs and international trade will have on markets. Their current position, threats, and delays to enacting tariffs all play into tactics that will flow to companies and ultimately, to the consumer.

During Trump’s first term, steel and aluminum tariffs had a limited economic impact, but broader protectionist policies, like securing control of the Panama Canal and key global trade routes, could reshape supply chains and set up wider advantage for goods from China, for instance. The trade deficit surged 25% in December over the previous month as companies rushed to stockpile inventory. GDP growth is still increasing over 2% annually.

At the AI Action Summit in Paris, Vice President JD Vance emphasized the administration’s focus on ensuring the most powerful AI systems are built in the U.S. with domestically designed and manufactured chips. These chips are the processors in much of our personal technology, like cell phones and laptops. Taiwan Semiconductor Manufacturing (TSMC) currently dominates the market for advanced chips, and rather than imposing tariffs, the administration may explore partnerships to strengthen domestic manufacturing, potentially involving firms like Intel. In fact, Intel just had its best trading week in 25 years, despite lagging the S&P 500 over the past year.

With regulatory and policy dynamics at play, the evolving trade and technology markets will be key to watch.

Final Thoughts

I look forward to getting to know our clients in the years to come.  What we do at Secured Retirement is always meant to be a benefit to your lifestyle, comfort, and happiness.  The families we serve are everything to us. Please chime in with your own thoughts when these topics resonate. We’re just a phone call away: 952-460-3290. All the best.

Jacob McCue

Investment Strategist/Advisor
Secured Retirement

The Most Romantic Gift You Can Give

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Well, another Valentine’s Day has come and gone. By now, the flowers are starting to wilt, the chocolates have mysteriously disappeared, and that expensive dinner is little more than a mark on your credit card statement.

I don’t mean to sound cynical! But it does make me wonder, what if there was a gift that didn’t fade away after a few days? What if there was a gift that lasted years, in fact? Decades even? A gift that truly says “I love you” in the most meaningful way?

Are you on the edge of your seat?! Ahem, drumroll, please! 

It’s. . . 

Life insurance! 

That’s right, folks. Life insurance, I’d argue, is one of the most romantic AND practical gifts of all. Not exactly what you had in mind? Let me make my case. 

It’s probably not the kind of thing you’ll find on the “Best Valentine’s Gifts for Her” list, true. But life insurance is a promise. 

It shows you’re thinking long-term, that you’re committed to protecting the people you love, and that your support will continue no matter what happens. 

Everyone has a slightly different reason for buying life insurance. But at the heart of it, insurance is about providing financial security for your loved ones. It ensures they won’t be burdened with debt, covering everything from mortgage payments to daily living expenses. And that kind of stability? Now, that’s romance, baby!

So, if you’re a little ho-hum about a lack of chocolate this year, or you just want to give a gift that truly lasts, consider life insurance next time around. 

It’s a gesture that means more than any bouquet ever could.

At Secured Retirement, we’re here to help you build a plan that protects your family, your future, and your legacy. Trust us – there’s nothing more desirable than financial security, especially in retirement. 

Lots of love,

Joe

Cup of Joe

CUP OF JOE

From Joe Lucey, Founder of Secured Retirement

There’s something about sitting down with a steaming cup of coffee that always kicks my day into high gear. And it’s not just because of the caffeine it sends coursing through my veins.

Throughout my career, some of my biggest revelations have come to me in conversation with my mentor over a cup of joe. Good conversation and personal connection can pick you up in a special way. It’s that feeling that I’m hoping to bring to you with my series, your Cup of Joe.

Why Diversifying Your Income is Critical in Retirement

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Financial headlines over the past couple years have painted a troubling retirement picture at times: Medicare’s trust fund is running out, Social Security has tapped into reserves, and the country’s experienced pension shortfalls. Unfortunately, these concern aren’t simply abstract – and while they are tomorrow’s problem, they may directly affect the stability of your retirement income.

For those relying on Social Security, Medicare, pensions, or stock market investments to sustain retirement, these uncertainties pose do serious risks. If these institutions do really continue struggling, a best-case scenario could require adjustments to lifestyle and spending. Worst case, it could mean delaying your retirement or (worst worst case) even returning to work.

You know by now that a secure retirement isn’t built on a single source of income. Diversification is key. Understanding how to generate income from multiple sources can help ensure financial stability, even when the economy is unpredictable. With proper planning, it’s possible to navigate challenges with Social Security and Medicare, create alternative income streams, and establish a resilient financial foundation.

Even more so than savings or total assets, income often determines long-term security in retirement. Market fluctuations are inevitable – they happen –, but a well-structured income strategy provides stability.

Without one, many retirees risk running out of money when they need it most. The solution is an income plan, a diversified one. Relying too heavily on any single source of income creates vulnerability. Instead, a mix of reliable income streams can provide both security and flexibility.

The most solid retirement income plans include a mix of these potential income sources:

  • Dividend Stocks – Established companies often pay dividends to shareholders, providing consistent cash flow.
  • Investment-Grade Corporate Bonds – Bonds issued by financially strong companies can offer steady income while balancing risk.
  • Municipal Bonds – Some municipal bonds provide tax advantages, exempting interest payments from certain taxes.
  • Real Estate Investment Trusts (REITs) – These funds generate income by owning and managing properties, offering an alternative to direct real estate investment.
  • Reverse Mortgages – Home equity can be converted into income while retaining ownership of the property.
  • Rental Properties – Investing in residential or commercial real estate can create ongoing revenue, especially if you have strong local market knowledge.

There’s no single strategy or combination that’s foolproof for all. Many factors shape the right approach for your situation. Differences in age, assets, risk tolerance, and life expectancy are all things that can shift the dial. Your personalized plan can ensure financial security, regardless of economic shifts, and with Secured Retirement, we can get you there.

Contact us today to plan your income in retirement: 952-460-3260.

Our Team Is Growing – Meet Our Staff

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There are some fresh faces around Secured Retirement; we’re excited to introduce them to you! It takes a dedicated group of professionals to keep our operation running smoothly – some behind the scenes and others front and center. You’ll likely meet with one of these folks in person, hear their voice on the phone, receive an email from them, or maybe even just spot them in our Christmas card. However you’re in touch, each team member is vital to fulfilling our mission of making a significant impact on the families we serve so they can live comfortably, spend confidently, and pay taxes consciously. 

Without further ado, here are some of our latest recruits!

Austin Bruno – Marketing Outreach

Austin works in our marketing department connecting interested parties with the transformative financial planning we provide. From website inquiries to seminar follow-ups to radio show write-ins, Austin fosters relationships with clients before they even step through our doors. 

Originally from Fort Myers, FL, Austin developed his client service skills in the insurance industry after graduating from college. We are excited he’s found his way to our team! Welcome, Austin.

Edgar Villegas – Paraplanner

Edgar’s joined the Secured Retirement team as a paraplanner. In his role, he works closely with our advisors to prepare, construct, and follow up on the financial plans they’ve outlined. Having more than 5 years of experience as a wealth advisor in his home state of Oregon, Edgar is immensely qualified for this position. We’re lucky to have him!

In addition to his degree in finance, Edgar furthered his education by obtaining his Series 66 and license to sell life and health insurance. He is motivated to help our clients achieve their financial goals.

Elan Chargo – Project Coordinator

As Secured Retirement’s project coordinator, Elan is a key part of making sure our processes, technology, and company goals are all working together. With a Master’s in project management from Northeastern and experience in operations, Elan is assuredly the right person for the job! He is excited to help our team as individuals and as a group best work together so that we can continue to serve clients with the top-notch customer service we’re known for. 

Born and raised in Minnesota, Elan says there’s no place like home and is excited to be furthering his career right here in St. Louis Park. Welcome aboard, Elan!

Welcoming new team members is always a rewarding experience as we continue to strengthen our core capabilities. To learn more about Austin, Edgar, and Elan, as well as the rest of the Secured Retirement team, visit the Our Team page.

Back To Basics In The New Year: 5 Go-To Financial Goals for 2025

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Have you made any resolutions this year? Are they still going strong? Whether or not they are, there are a couple things you can do to feel refreshed in the new year. It’s a natural time for a little reset! 

Maybe last year didn’t quite pan out as you’d hoped in terms of your personal finances. Perhaps you overspent or didn’t contribute enough to your retirement savings. Sometimes, just getting back to basics can help jumpstart movement in the right direction. In that spirit, we’re reminding you of 5 simple ways to improve your financial standing in the new year. If you follow even one of them, your financial health will improve. 

Let’s get started!

1. Get Organized

The first step to financial power is organization. Start by tracking your spending to get a clear picture of where your money goes each month. You might be surprised to see how much you’re spending on both essential and discretionary expenses.

Once you understand your spending habits, create a budget to stay on top of your expenses. A good rule of thumb is to allocate 50% of your income to essential spending, 30% to discretionary spending, and 20% to savings. Use tools like spreadsheets, budgeting apps, or your bank’s mobile app to help you monitor and refine your budget.

Reassess your expenses for potential savings. Look for ways to cut back, such as dining out less frequently or canceling unused subscriptions. Additionally, consider making your 2025 IRA contribution early to maximize potential long-term growth.

2. Build An Emergency Fund

With an understanding of your monthly expenses, start building up those emergency savings to protect your financial plan from unexpected disruptions, such as job changes or medical emergencies. Ideally, this is a fund with enough resources to cover three to six months’ worth of living expenses.

Set a target amount and decide how much you can put away each month to reach your goal. Automating deposits into a dedicated savings account can make this process easier. To take advantage of higher interest rates, consider a money market savings account.

3. Develop a Debt-Reduction Strategy

Carrying high-interest debt can hinder your financial progress. Start by focusing on accounts with the highest interest rates, such as credit cards, and aim to pay more than the minimum balance each month.

Consolidating debt into a single loan with a lower interest rate is another effective strategy. Simplifying your debt can make it easier to manage and reduce stress. If you’re expecting extra income, like a raise or bonus, consider using it to pay down balances faster.

4. Enhance Your Investment Contributions

Investing is a key component of long-term financial health. Increasing your contributions and taking a more sophisticated approach can improve your results. Start with your employer-sponsored retirement plan and ensure you’re taking full advantage of their matching programs.

For more diversified growth, consider allocating additional funds to traditional or Roth IRAs, keeping in mind their respective tax benefits and income limits. If you have an HSA, treat it as a dual-purpose account—a safety net for medical expenses and a tax-advantaged investment vehicle. Many HSAs now offer investment options, allowing your contributions to grow beyond a standard savings account.

Meet with one of our advisors to ensure your asset allocation reflects your current financial goals and time horizon.

5. Save for Something Special

What are you looking forward to in 2025? Setting aside money for a short-term goal, such as a vacation or a new car, can keep you motivated and reinforce positive financial habits. First, set a target amount and then a timeline. Decide how much to set aside from each paycheck. Consider automating these contributions into a separate savings account. And be sure to revisit your budget to ensure this goal aligns with your overall financial priorities.

Kick Off 2025 With Good Habits

Making a plan for your money doesn’t have to be overwhelming, and even these simple financial prep goals set you ahead of the millions of Americans flying by the seat of their pants when it comes to finances. If you can do even one, of these things that you haven’t done before, your financial wellness will grow. By staying organized, planning for the unexpected, and committing to your priorities, let 2025 be your year. 

Small, consistent steps can lead to significant progress. Secured Retirement is here to help you make even bigger leaps in financial wellness too. Use your resources and start making smarter financial moves today! Give us a call: 952-460-3260.

Danielle Christensen

Paraplanner

Danielle is dedicated to serving clients to achieve their retirement goals. As a Paraplanner, Danielle helps the advisors with the administrative side of preparing and documenting meetings. She is a graduate of the College of St. Benedict, with a degree in Business Administration and began working with Secured Retirement in May of 2023.

Danielle is a lifelong Minnesotan and currently resides in Farmington with her boyfriend and their senior rescue pittie/American Bulldog mix, Tukka.  In her free time, Danielle enjoys attending concerts and traveling. She is also an avid fan of the Minnesota Wild and loves to be at as many games as possible during the season!