State Farm Wants to Quit Florida

State Farm, Florida’s largest private insurer, wants to quit the market for homeowners’ insurance.  In a plan announced Tuesday, State Farm proposes to exit the market within two years.

State Farm claims that they can no longer operate in the Florida home market profitably.  The state’s Office of Insurance Regulation has refused State Farm’s last request for a 47% average rate increase.

Florida Gov. Charlie Crist was quite stern in his reply to the announcement:

“They probably charged about the highest rates in the state anyway,”
Crist said. “I think that Floridians will be much better off without
them.”

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Watch Out for Those Scams!

Unfortunately, scams will always be with us.  As the recent Madoff scandal has proven, even old, well known scams like the Ponzi scheme are still around in one shape or another.  Because of the relative wealth of our current boomers and seniors, we are prime targets of today’s con artists.

Because we’re prime targets, we need to be even more vigilant.

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Baby Boomers and Retirement!

In a recent press release on “The New Retirement Survey”- James P. Gorman, president of Merrill Lynch Global Private Client Group relayed a couple of interesting finding on baby boomers and their impending retirement.

Mr. Gordon said, “Baby boomers fundamentally will reinvent retirement. With boomers living longer and remaining engaged and employed beyond age 65, many of the traditional financial assumptions regarding retirement need to be re-examined”.

Interesting points that emerged from the survey were:
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Wait! It’s Probably Worth It

Are you nearing that magic age of 62?  Are you one of the 50% planning on filing for Social Security as soon as you’re eligible?  If so, you may want to wait.  It’s probably worth it.

Taking your benefits at age 62 will cost you 25% of the benefit you would receive at age 66.  Let’s assume that you would be eligible for $1,000 per month when you reach 66.  By applying for your benefits at 62, you’ll only receive $750 per month.  If you’re like many of us, that extra $250 a month could come in handy. Read more

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Test Post – Money

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