Craig Colley, Author at Coliday | Courses & Coaching
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3 Cost-Cutting Strategies for Work From Home Insurance Agents

3 Cost-Cutting Strategies for Work From Home Insurance Agents

It's Not All About Income | By Craig Colley

In this blog I will show you the realities of income vs. expenses in a WORK FROM HOME insurance business, but from a different perspective.

I will reveal:

•Overhead & Expense Savings
•Fees, Subscriptions, Licenses and Tax Elimination
•Risk, Liability and Insurance Reduction


With an itemized list of your current overhead and expenses based on your current situation, I will illustrate how much value cutting costs from your bottom line can do to help you scale your work from home insurance business.


I’m going to show one example of how I made an extra 40k by simply cutting 3 areas of expenses listed above.


First a little back story…

For decades I had brick & mortar offices, production studios, a chain of retail stores, various leased office space for employees/productions… and a great deal of overhead, maintenance costs and PROBLEMS. I was also traveling to every appointment and even worse, sitting in traffic trying to get there and back.


When I finally cracked the lock with the right combination of services, products, hardware and know how, I was overly excited because I knew I could now work from home and really from anywhere, anytime.


If I plan an extended vacation, a working vacation, or just keep maintaining the automated virtual work from home machine I created, no problem. If I have connectivity to cell or internet service, I am good to go. In the world we live today that is easy to do.


And yes, I did the same exercise myself. When I added up all the costs I was incurring, day after day, month after month and year after year it was an astronomical amount of money.


Depending on the circumstance, my daily expenses ranged from $500 to $1000 A DAY just to keep the doors open!

That is a lot of money going to someone else! I was basically working 2 to 4 and sometime 6 months a year for the privilege of putting all that money in someone else’s bank account.

It was, however, a big fat motivator to find another way. And the other way I found was going virtual by working from home.

The problem was technology had not progressed as fast as my vision for what could be. All of that has changed in the last five years and will only get better as time goes on.

My dream of work 100% from home is now a reality.


Now I am going to share how I made that extra 40k.

First let’s take a look at actual expense reductions.


These numbers are estimates of operation costs for one of my brick & mortar business locations.


Monthly Expenses Changes When Working From Home:
(This list does not include labor costs)


•Office $2000 mo. to Zero
•Business Utilities $600 mo. to Zero
•Business Liability Insurance $125 mo. to Zero
•Business Telephone $160 mo. to Zero
•Business Use Property Tax $125 mo. to Zero
•Business Internet Service $110 mo. to Zero
•Office Cleaning Services $100 mo. to Zero


Estimated Savings: $3320 a month - $39,840 a yr.

HONORABLE MENTION: (Not included in estimate above)


•City & Fire codes / misc. annual charges - cut by 90%
•Equipment and Office Maintenance - cut by 90%
•Travel Expenses reduced by 85%


Here is a Breakdown of the 3 Cost​-Cutting Strategies:

Overhead & Expense Savings

> Rent & utilities are no longer on your accounting ledger. And you should be able to receive your deposit back if you have left the leased area in the same condition as when you enter into your leasing agreement. (This will seem like a bonus check when it arrives!)

Fees, Subscriptions, Licenses and Tax Reduction / Elimination

> Canceling unneeded subscriptions, city & fire license and some tax requirements eliminated when you are no longer operating a business in a public facility.

•Risk, Liability, and Insurance Reduction

> A business is always vulnerable to lawsuits in an office, industrial or retail setting. The liabilities are simply higher. Insurance coverage and their premiums stop when exiting your brick & mortar facility.

Current estimated monthly operating cost for my virtual business runs about $200 a month. And that is based on maintaining a massive work from home insurance business system and marketing machine.

True, your work from home insurance business will have costs, but they will be significantly lower when compared side by side.

Comparison before & after going virtual:


•Brick & Mortar annual cost of Operations: $40.000
•Virtual Business Cost of Operations: $2400.00

That’s a about a 99% reduction!

Conclusion:

You don't have to be an accounting wizard to figure out how much cutting out brick and mortar expenses saves on an annual basis.


In reference to the 40k I made, it was a direct correlation to the 40k I saved by going 100% virtual and work from home.

Another way to look at this:

1)If you are saving 40k a year, like this example, that is 40k you do not have to work to make just to operate your business.


2)Re-purpose the 40k into creating and marketing your work from home insurance business.


At
GO Agent GO and the Eazy VB Online Course, I show how you can start a work from home insurance business for about $15 to $30 a month and build from there.

I have years of experience and speak the language of the insurance business. I am looking forward to working together to help you create and close more insurance business. 

Craig Colley
TEXT (949) 216-8459 for more info.

Learn More about GO Agent GO 
Tech Tips & Tools you need to create and close more insurance business

At GO Agent GO I want to equip you with the latest tech tools and tips so you can create and close more business - period. That's our MO here at GO Agent GO.

If this is the first time reading my blog/vlog or watching one of my videos, welcome!
 

ASK ME ABOUT ONE-ONE-ONE CONSULTATION/COACHING

SCHEDULE AN ONLINE MEETING

Coliday Course & Coaching:

Learn More about GO Agent GO Tech Tips & Tools for Work From Home Insurance Agents
Click here to Learn More about Eazy VB An Online Course to Help you Scale Your Virtual Business

100 Ways To Boost Your Work From Home Insurance Business

HOT 100 WAYS’ Insurance Agent CHECKLIST

From the GO Agent GO & the Eazy VB Online Course

The
‘HOT 100’ ways, items, tasks listed below are benchmarks of GO Agent GO and Eazy VB. Your knowledge, application and implementation of every item will help you scale your insurance business.

If any of the items on the list below are unfamiliar, there is a good chance you are missing valuable opportunities to advance your business practice, increase productivity and boost your bottom line

🎯 As a work from home insurance agent, whether you are working your insurance leads, mortgage protection, final expense telesales, life insurance sales, Medicare, long term care or annuities, this GO Agent GO and the '100 Ways' maybe just what you've been looking for.

 ❤️ This system was created by an insurance agent and designed specifically for work from home insurance agents to share many secrets of success, tech & tips and workarounds.

With GO Agent GO you’ll learn how to:

WEBSITE:
1.Create/update a responsive https (secure site) WordPress website with clear messaging and multiple ‘call to action’ buttons
2.Create framework, color, fonts, graphics, videos and personal brand
3.Create a headline or opening statement that clearly defines your business, what problem it solves for your customer and identifies you as the ‘go to’ authority
4.Brands you as an expert without boasting about yourself and your services
5.Create SEO descriptions (the text Google search displays about your website), targeted content, analytics, pixels, keywords, phrases and hashtags used by Google to index and rank your site
6.Pop-up messaging to collect lead generation emails, i.e. free download, link to video, newsletter and automate to email drip list campaign
7.Chat box for instant communication/problem solving, relationship building and lead generation

EMAIL:
1.Deliver emails that stand out in a sea of mediocre messaging
2.The best way to use a thesaurus and targeted copy for better content creation
3.Clean an email list before uploading to your email service (verify email)
4.Warm up IP addresses and avoid getting blacklisted for spam
5.Automated email campaigns with auto responders, tracking and re-send capabilities
6.Automatically send 5-way email subject line testing & deliver the winning email automatically
7.Add emails from your inbox to your drip list that usually go un-used
8.Create sophisticated email auto-flows; 5, 10, 15 in succession and drip list
9.Use Zapier for communication between different email, web, CRM services
10.How to use multiple email services at the same time and why
11.What to do with email opt outs
12.Use private proxies and why

CALENDAR:
1.Automate appointment setting
2.Automate reminder and follow up emails/text messaging
3.Add time frame to appointment
4.Blackout dates
5.Link to your Google, iPhone, etc. calendar automatically
6.Get reminders on your computer / devices

TELEPHONE COMMUNICATION:
1.Add a 2nd, 3rd or even 4th line to your cell phone using your existing account. Separate calls/text messaging (business / personal). Also useful for market research.
2.Add contacts using the ‘Eazy VB Proprietary Digital Filing System’

SMS: (Text Messaging)
1.Track results: receive SMS notice when your email has been opened and clicked in real time
2.Once notified, do instant follow up with engaged prospects - call, text, email, send personalized follow up video
3.Use SMS group blasts messaging with tracking & opt out option
4.Share a link from your email blast, video, newsletter, website page or blog

NEWSLETTERS, SURVEYS AND QUIZZES:
1.Create meaningful and concise content
2.Create simple templates that are eazy to re-use, update, maintain and track
3.Create graphic headers that help your messaging
4.Get eyeballs on your messaging via a headline, survey, quiz, video, image, GIF or quote
5.Auto re-send follow ups to opens, clicks and video plays & non-opens in groups or one on one
6.Automate welcome message for new prospects / clients
7.Create call to action links that get clicked and tracked
8.Ask questions that get answered via emails, SMS, html inserts and hyperlinks on your website and social media pages on surveys and quizzes
9.Track and use results for precise follow up conversations and future marketing

SOCIAL MEDIA:
1.Create site headers (banners at top of page) and simple templates for ads with multiple versions for all social media platforms
2.Automate posting to Facebook, Instagram, Twitter, LinkedIn, Pinterest
3.Add and automate 1st comment to Instagram
4.Send to all platforms simultaneously
5.Hashtag resources and applications

VIDEO EMAILS:
1.When, where and how to use video messaging in text, emails and posts
2.Create videos that help your open & click engagement
3.How to look and sound better in your one-off videos
4.Record video emails on my phone, tablet or computer, send and have the capability to receive, track and instantly follow up in real time via text, phone call and email
5.Record video on your computer/phone for immediate delivery/ follow up with the capability to receive, track and instantly follow up in real time via text, phone call and email
6. Upload and save videos for future use
7.Make videos in formal and informal settings to humanize the experience

SCREEN SHARES & ZOOM:
1.Automate the invite and follow up process and customize settings
2.Video screen shares and zoom type meetings and record for playback/sharing
3.Make yourself look and sound better on your screen shares and zoom meetings
4.Use green screen, simulated background replacement and change backgrounds in real time
5.Prepare custom branded backgrounds
6.What lighting, microphone, camera to use
7.Set up video, audio and your environment for the best streaming and recording results
8.Record and upload meeting for replay and on demand viewing
9.Link to your appointment calendar

WEBINARS:
1.Create, market, automate schedule and reminders, host, record and deliver on-demand
2.Camera, microphone, lighting, setting, posture, body language, facial expressions and gestures
3.Green screen, background, backdrop, controlled environment, turn off cell phone/ringers
4.Use wired connections when possible (internet, microphone, headset, camera etc.)
5.||: Practice, record, watch, repeat :|| until confident in the delivery of your presentation

VIDEO: (Advanced)
1.Import, create and deliver great video content
2.High-end video animations you can make and use in 5 minutes - not 5 hours
3.Re-size images, Gifs and video for optimal playback on the web and portable devices
4.Use Final Cut Pro (Mac only), Premier or free online editors (Mac & PC)
5.Insert yourself as an overlay on a screen share to pre-recorded webinar/info video (logi capture)

COMPUTERS & DEVICES:
1.Update OS (Operating System) and backup computer & devices
2.Protect computer from viruses
3.Install Software Updates
4.How to use your iPad as a second or third monitor
5.Use a wireless trackball for better efficiency
6.Working virtual, what to take to a face to face appointments
7.What to take with you when traveling to work remotely
8.How to use voice command to dictate content instead of typing on PC, Mac and devices
9.Use ‘read aloud’ in Word / Google Docs to read text for proofing copy

MARKETING:
1.Make yourself more human in a digital / virtual environment
2.Creating a well-crafted compelling story and how to prepare and practice your delivery
3.Become a valued guide - not the "Know It All" or "Look How Smart I Am" so called "Expert"
4.Blanket your communication on different platforms and automate delivery and follow ups
5.Identify, target and deliver your message to a specific demographic (One size fits all doesn’t work)
6.Add additional communication software, audio and video tools to increase your success when reaching out to current and new prospects

UTILIZE FREE RESOURCES:
1.Add a chat box to your website/sales or landing page with instant notification and response capability on your computer and devices. Also available on mobile devices.
2.Screen capture images and record simple "how to" or "tech problems" video screen shares quickly, mockup with text, arrows, blurs, save to remote server and share a link for free - use for clients/IT support
3.Create 3D PDF, guides and report book and device covers in pings and jpegs
4.Presentation calculators to use to illustrate with webinars/screen shares
5.Create or optimize images/video and gifs for faster open rates on websites and messaging
6.Appointment calendar
7.Faxing PDFs from your computer
8.Source for royalty free images, audio, sound effects and video clips
9.Hashtag help, creation and compilation lists
10.Email blast services
11.Coupon checker for discounts on software, hardware etc.
12.Google docs
13.Free templates for PowerPoint/Google Docs

And that is 100 Ways to Boost your Insurance Business

I have years of experience and speak the language of the insurance business. I am looking forward to working together to help you create and close more insurance business. 

Craig Colley
TEXT (949) 216-8459 for more info. 

Learn More about GO Agent GO 
Tech Tips & Tools you need to create and close more insurance business

At GO Agent GO I want to equip you with the latest tech tools and tips so you can create and close more business - period. That's our MO here at GO Agent GO.

If this is the first time reading my blog/vlog or watching one of my videos, welcome!
 

ASK ME ABOUT ONE-ONE-ONE CONSULTATION/COACHING

SCHEDULE AN ONLINE MEETING

Coliday Course & Coaching:

Learn More about GO Agent GO Tech Tips & Tools for Work From Home Insurance Agents
Click here to Learn More about Eazy VB An Online Course to Help you Scale Your Virtual Business

How to Create Awesome Videos on your iPhone for Your Insurance Clients – Part 1 of 3

How to Create Awesome Videos on your iPhone for Your Insurance Clients
Part 1 of 3

In this vlog I'm going to explain the best way to shoot awesome videos for your insurance clients or prospects with your iPhone and shooting everything outside.

This is Craig Colley from GO Agent GO where I help you break through barriers with tech tips and tools for work from home insurance agents.

I'm also an insurance agent and I have created GO Agent GO to share with you my 20 years of experience building and using a work from home insurance business.

I received so many questions and perhaps you're struggling with this one.

What is the best way to use your iPhone to record a short video to connect with your client or prospect?

The goal is always to create a video that not only gets watched, but prompts action, response and connects you differently than a phone call, screen share or zoom meeting and makes you different from your competition.

I’m going to keep things very simple but the end result will be you'll be making extremely effective videos for your clients with the tips I'm going to share in this 3 part series.

Part 1 (covered in this vlog)
Prepare for your shoot: 6 tips to prepare before shooting 

Part 2
Tech and Tips:
4 tips to set up your shoot.

What you're going to need and carry with you from this point going forward.

Part 3
iPhone Camera Techniques:
7 tips to shooting a great great video.


Before we start let's look at the equipment and travel gear what you're going to need to make everything you shoot on your iPhone from this point forward is awesome!

  • An iPhone. Any smart phone you have will work. In this example I am using an iPhone in selfie mode. 

  • Use either the built in iPhone camera mic (weather dependent) but what is preferred is a wired microphone or Bluetooth Airpods which only work in some applications. Note: Bluetooth Airpods will not work with the camera app on a iPhone unless you have OS 13 installed on your iPhone. Some older iPhone models only go to OS 12.

  • A selfie stick. One that extends at least 2 feet out.

  • A backup power supply for the phone in case you lose power (with a lighting/USB cable).

Those are the essential tools for the gear.

Now on the vanity side: hairspray, a mirror, some makeup, comb or brush and water. 

These are the essentials to put together into a travel kit that you always have with you.

This setup will enable you to shoot great videos no matter where you are.


Let's get started with Part 1 of ‘How To Create Awesome Videos For Your Insurance Clients With Your iPhone’.


Part 1
Prepare for your shoot: 6 tips to prepare before shooting

TIP 1 - Create A Headline For Your Subject Line. 

Your first step in this process of creating a great video for your clients is writing a headline or subject line that is compelling and is going to want to make somebody open your video and watch it. 

Think of it like an old classified ad that would catch your attention and make you want to read and respond to the ad.

Or perhaps how movies are described in a short phrase of well chosen words for an entire blockbuster.

That is what you want to create for your subject line.

When you think about how important every aspect of this video shoot is and what we're talking about in this 3 part series, this accounts for about 50% of what matters most in this entire project.
 
Think of a pie chart with 50% of the entire project falling on the importance of the headline or subject line. The main reason is, if they don't open your email, text, direct messenger or social media posts or whatever it might be, no one will ever see what you recorded for them.

You have to make sure it's extremely compelling and motivates the end user to open and begin watching. 

I have an entire different vlog that talks about creating fantastic headlines and subject lines. I won't cover that now but you can check out at another time.

Creating a great subject line is a huge piece of the pie so make sure you realize the importance of the headline and write a great one so your client or prospect will actually open and watch your video.


TIP 2 - Prepare What You're Going To Say

Create talking points and a message that matters.
You're also going to want to have a ‘call to action’ (CTA) in your video as well. What you say is the utmost of importance. Which is exactly what I did for this video and vlog.

I prepared for hours to write & record every little segment that you're seeing and reading to keep your interest and continue to solve problems when creating great videos with your iPhone.

Make your messages matter to ensure someone's going to watch. The most important tip I can give you is, make sure to make the first 10 seconds count. Most people will only give you about 10 seconds. So it doesn't matter if your video is 10 minutes long if they don't get through the first 10 seconds.

If you don't hook them with something in that time period nothing else that you prepared and shot is going to matter. is vitally important, Motivate your client and catch their interest so they continue watching.

Have a great opener (10 seconds), acknowledge their problem, offer a solution combined with a CTA. The desired action you are leading to take. Make sure your first 10 seconds matter as they account for about 30% of the importance of the project.

In these first two tips, your headline is about 50% and the first 10 seconds of your video’s about 30% on the importance scale of each video you produce. That's 80% of your entire project just in these first 2 tips.

The other 20% is everything else I'm going to cover in this vlog/video. So these are really important to get right.

I have another vlog/video that has to do with content writing and preparation and detail that you can check out as well.

Make sure those first 10 seconds really count and plan out everything you're going to say on your video.


TIP 3 - Make Yourself Extremely Personable

How you can become more personable? 

First, present yourself as friendly as possible. You've got to gain trust and build a relationship.

You also have to be extremely likable. People mostly do business with people they like rather than people who are more qualified. Remember, be friendly but don't over do it!

Make sure to focus your eyes on the dot on your phone where the camera lens is (in selfie mode). 

The lens is located on the left side when in landscape mode and directly at the top of the screen when in portrait mode. That is where you want to be looking at all times on every video you shoot.

You can get better at this by practicing this simple tip. Every time you pick up your phone, look at the camera lens (small dot) first. By doing this exercise you can train yourself to look at the lens dot instead of the screen.

If you have the camera reversed and you just have a lens, make sure you're always looking into the lens.

This is how you create eye contact. It will appear to your viewer as if you’re looking at them right in the eye. Do this as much as possible to help you to connect.

Your client or prospect needs to identify you as the only one that's going to be able to solve a specific problem they have. Use your eyes. They can say a lot with using any words.

Your task is to become the person you’re clients depend on. An agent that solves problems and gains trust by earning it.

At all times, make sure that you're very personable, friendly, kind, generous, caring and trustworthy no matter how bad your day is going, how desperate you are for a deal to happen or if you just don’t feel like it. That type of approach is for losers. At GO Agent GO we create winners!

It’s best practice daily to become more personable.


TIP 4 - Your Attire, What You Look Like And How You Present Yourself 

What is the typical style of clothing that you wear? How do you style your hair? What is the look that people identify with you?

Whatever that is, make sure that comes across in your video and there's some consistency of that as well.

In the vlog/video series that I'm shooting right now I'm going to have this same shirt on the whole time. I don't always wear a t-shirt but I'm doing this one because I’m outside in a beautiful place and it's summer. That is the look that I'm using on this video. Most of my videos are pretty casual so you'll see me in things that are similar to what I'm wearing now.

Whatever your image is- if you're somebody who wears a suit and tie all the time or some type of nice blouse or shirt, or an open collar shirt with a sports jacket, then use that in your videos. Make sure you're consistent with your look and that your hair is done nicely.

I suggest you look into using some makeup. The reason I'm saying this is sometimes you may have perspiration, oily skin which can reflect lighting and shine. This could cause some hot spots on your face or head.

TV newscasters are a good example. They wear a lot of makeup to create an even skin tone. They don't have any glare coming off of the lighting that can be very bright when they are shooting video.

Make sure that you look good at all times. I showed you some things to have in your little travel kit - mirror, comb or brush, hairspray, some powder makeup (to tone down any shine) and make sure you bring some water. You will get thirsty on the shoot. Wherever you are, make sure you have enough water too so you don't have dry mouth. If your mouth is dry, you may crackling sounds which can be very distracting and sometimes annoying to the end user.

BONUS TIP: Use makeup. I wore makeup on this shoot because to avoid having any glare if I get some direct sun on my head. I knock it down a little bit because it helps create an even skin look. 

It doesn't mean you have to do it every time but these tips are a few things to consider.

The more professional you come across, the more professional business client you're going to attract.

It's just part of the equation to make you appear more approachable and trustworthy in the videos to engage your customers and build relationships.

Tip 5 - Smile!

You gotta be smiling. Smile at the beginning of your videos, smile at the end of your videos, smile in between phrases, smile when you're talking as much as you can. It makes a huge difference in your body language. Your voice will have a little higher pitch because it's lifted up by your smile. 

People like to see you smile which is so much better than seeing somebody talk from a depressed or desperate position. No... that doesn't work at all. You gotta be smiling, smiling and smiling!

If you're not the type of person who doesn't smile a lot this is something you can actually practice. If you just hold a smile, even if it's a fake smile and just hold your cheekbones up. Believe it or not your body in time will learn that muscle memory and it won't feel so awkward when you're doing it.

That is something you can practice and also practice in a mirror.

BONUS TIP: Even if you're not using a video, having a mirror by your phone when you're talking to somebody makes a huge difference. If you smile when you're talking on the phone call there's a difference in your voice as well.

Because audio is such a huge piece of video, smiling makes your voice sound different as well.

Smile when you start a shot, smile when you pause for a phrase, smile when you're talking and smile when you end your shot and you'll have much better results with your videos.


Tip 6 - Energy!

You've got to have a lot of energy when you're talking on your videos. Be careful not to be over exaggerating. I'm doing that a little bit now (in the video) just to demonstrate it but you've got to use energy.

Use your energy to exude confidence. Even if it feels like it's not you, continue to practice and do it to be more effective in your videos.

They say that the camera adds 10 pounds because of the lenses. With energy you have to display about 30% more than the norm on video. Otherwise you can easily sound monotone, melancholy and uninteresting.

That's not what you're looking for.

You've got to have something that's going to captivate your audience all the time and energy is the way that you do it. And you can just ‘fake it until you make it’!

Like what I mentioned earlier about the smile. You can train your facial muscles to memorize a smile position on your face.

To create and have more energy would be the same thing. You just have to think about it before hitting the record button.

There's an old movie called "All That Jazz" starring Roy Scheider (who was the star of Jaws). There's a scene in that movie where no matter how he felt, and he was all messed up with lots of different things in his life, but no matter how he felt he would snap his fingers twice and say “it's showtime” and just find the energy and go out and do his thing. 

You've got to do the same thing.

Think of everything you shoot as a production.

I remember years ago I was friends with many folks at Paramount Studios who were working on ‘The Arsenio Hall Show’ that used to be on in the 90s.

I remember a conversation I had with actor Brian Dennehy in the green room who starred in ‘Cocoon’, ‘First Blood’, ‘Tommy Boy’ and lots of different movies.

Sadly he recently passed away. He was a great guy. He told me something that I never forgot.

He said, “you know I'm going out to do this interview and everything I do is a performance. Whether I'm talking to somebody or if I'm signing an autograph, if I'm doing an audition, if I'm doing a talk show, I'm doing a movie, everything's a performance”.

I thought that's a really good piece of advice. When you think about it every aspect of your insurance business is a performance.

If your energy's down and people don't feel like you're the person that's going to be able to solve their problem and do it with confidence then you're missing the boat.

Bringing energy to every conversation can be a huge asset to incorporate into the person that you can become.

Bring it out in all the videos that you shoot and and put it in your business as much as possible and remember to smile!

This concludes part 1 of my 3 part series and 6 tips to prepare for your shoot.


Here's a quick review: 

I discussed the importance of the headline. It's about 50% of the importance of the entire project so make sure it's a good one.

Prepare your content. What you're going to say, especially the first 10 seconds.

Be personable. You’ve got to be very friendly and engaging. 

Be aware of your attire and what you look like. It’s your brand and you look need to be consistent in all your videos.

Smile! Make sure you're always smiling as much as you can in your videos.

Energy breeds confidence! Fake it till you make it! Few things are more important than your passion with energy flowing all the time in every one of your videos.

That's it for Part 1.

I'll see you in Part 2 in this 3 Part Series where we're going to cover Tech and Tools and 4 Tips To Setting Up Your Shoot On Your iPhone And Doing It Outside.

-------------------------------

A few things I want you to know about.

First of all is our website at www.goagentgo.com. It's a great resource and we're always updating with more information which includes a complete free resource library you might find very helpful. Below in the show notes there are links to things I mentioned or shared in vlog to make it easy for you to find. Also, I typically put time code in show notes so you can easily jump to a section (video) to check out for review and other links to other videos and useful websites and tech tools and software and hardware suggestions.

If this is the first time you're reading my vlog please leave a comment and subscribe so you won't miss any vlogs that are coming out to help you continue to grow and scale your work from home insurance business. 

If you have a vlog or video suggestion you'd like me to create, please put that in the comments as well. 

If you are making your own videos I would love to see what you're creating. Please leave a link in the comments. I would love to see what you're doing and how you're taking this information and using it for your insurance business.

As always you can follow us on social media, Instagram, Facebook, Twitter and LinkedIn and of course at our fabulous website at www.goagentgo.com where there's ample information for you to use to help grow your business. 

If it feels right, please share with your friends and other insurance agents in your network. I'm sure there's lots of folks you know that may need some help in these areas as well.

I'm also available for one-on-one consultation and many agents have found this service useful to speed up the learning process.


If you would rather work on your own pace...

I offer an online course called EAZY VB - (VB stands for virtual business).

It's an online course to help you build your work from home insurance business with on-demand video lessons that you can watch over and over again. It's self-paced and it's designed to help you organize and prepare to create and close more insurance business.

That's the whole purpose of everything about GO Agent GO and I hope you check out EAZY VB. Here’s a link: www.eazyvb.com

This is Craig Colley signing off thanks so much for reading/watching and I'll see you in the next vlog.

Learn More about GO Agent GO 
Tech Tips & Tools you need to create and close more insurance business

At GO Agent GO I want to equip you with the latest tech tools and tips so you can create and close more business - period. That's our MO here at GO Agent GO.

If this is the first time reading my blog/vlog or watching one of my videos, welcome!
 

ASK ME ABOUT ONE-ONE-ONE CONSULTATION/COACHING

SCHEDULE AN ONLINE MEETING

Coliday Course & Coaching:
Click here to Learn More about Eazy VB An Online Course to Help you Scale Your Virtual Business

Protect Yourself from Free Mask Offer for Medicare Number Scam

As a AHIP Certified Medicare Advisor I was notified by the medicare.gov regarding this Scam Alert and now I am sharing the information with you.

Free masks for your Medicare Number? Don't fall for it.  

Have you gotten robocalls, text messages, or emails offering free face masks? Or maybe you've seen social media posts about free COVID-19 testing kits, "cures," or protective equipment?

Unfortunately scammers are using the COVID-19 pandemic to try to steal your Medicare Number and personal information. If anyone reaches out to get your Medicare Number or personal information in exchange for something, you can bet it's a scam.1

What to do

1. Hang up!
2. DO NOT give them money or personal information!
3. Report the scam at https://www.medicare.gov/forms-help-resources/help-fight-medicare-fraud/how-report-medicare-fraud!

Medicare may call you in
some situations but will never

  • Threaten you
  • Suspend your Medicare Number
  • Demand immediate payment from you
  • Require payment by cash, gift card, pre-paid debit card, or wire transfer
  • Ask for gift card numbers over the phone or to wire or mail cash

What to look out for

The call or email says "free masks for your Medicare Number? Don't fall for it!

Someone asking you to pay a fine or debt with retail gift cards, wire transfers, pre-paid debit cards, internet currency, or by mailing cash.

Scammers pretend they’re from Medicare, Social Security or another government agency. Caller ID or documents sent by email may look official but they are not.

Callers threaten you with arrest or other legal action.

Protect yourself, friends, and family!


I hope this information on the Medicare Scam Alert was helpful. Please share with your family and friends. Contact me with any questions or concerns.

As always, plan wisely my friends,

Finding a reputable and trusted partner to assist you with your social security, Medicare, financial & insurance needs is of vital importance.  I will work hard to find the best programs, coverage and rates that fits your budget and your needs. Contact me at 949-216-8459 or ccolley@coliday.com

Click here for other articles about Medicare 

Information and materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice. The above information is not intended to provide, and should not be relied on for, tax, legal, accounting or investment advice.
Coliday / Craig Colley is not giving any financial , tax or legal advice, is not a financial advisor and is not affiliated, employed or endorsed by the SSA, Medicare.gov. or any other government agency.

100 Ways To Boost Your Virtual Business

Coliday Course & Coaching:
Learn More about Eazy VB An Online Course to Help you Scale Your Virtual Business
‘HOT 100 WAYS’ CHECK LIST From the Eazy VB Online Course

The ‘HOT 100’ ways, items, tasks listed below are also available as a part of the Coliday Online Course:  Eazy VB. Your knowledge and application of every item will help you scale your business. If any of this is unfamiliar, there is a good chance you are missing valuable opportunities to advance your business practice, increase productivity and boost your bottom line.

With Eazy VB you’ll learn how to:

WEBSITE:
1.Create/update a responsive https (secure site) WordPress website with clear messaging and multiple ‘call to action’ buttons
2.Create framework, color, fonts, graphics, videos and personal brand
3.Create a headline or opening statement that clearly defines your business, what problem it solves for your customer and identifies you as the ‘go to’ authority
4.Brands you as an expert without boasting about yourself and your services
5.Create SEO descriptions (the text Google search displays about your website), targeted content, analytics, pixels, keywords, phrases and hashtags used by Google to index and rank your site
6.Pop-up messaging to collect lead generation emails, i.e. free download, link to video, newsletter and automate to email drip list campaign
7.Chat box for instant communication/problem solving, relationship building and lead generation

EMAIL:
1.Deliver emails that stand out in a sea of mediocre messaging
2.The best way to use a thesaurus and targeted copy for better content creation
3.Clean an email list before uploading to your email service (verify email)
4.Warm up IP addresses and avoid getting blacklisted for spam
5.Automated email campaigns with auto responders, tracking and re-send capabilities
6.Automatically send 5-way email subject line testing & deliver the winning email automatically
7.Add emails from your inbox to your drip list that usually go un-used
8.Create sophisticated email auto-flows; 5, 10, 15 in succession and drip list
9.Use Zapier for communication between different email, web, CRM services
10.How to use multiple email services at the same time and why
11.What to do with email opt outs
12.Use private proxies and why

CALENDAR:
1.Automate appointment setting
2.Automate reminder and follow up emails/text messaging
3.Add time frame to appointment
4.Blackout dates
5.Link to your Google, iPhone, etc. calendar automatically
6.Get reminders on your computer / devices

TELEPHONE COMMUNICATION:
1.Add a 2nd, 3rd or even 4th line to your cell phone using your existing account. Separate calls/text messaging (business / personal). Also useful for market research.
2.Add contacts using the ‘Eazy VB Proprietary Digital Filing System’

SMS: (Text Messaging)
1.Track results: receive SMS notice when your email has been opened and clicked in real time
2.Once notified, do instant follow up with engaged prospects - call, text, email, send personalized follow up video
3.Use SMS group blasts messaging with tracking & opt out option
4.Share a link from your email blast, video, newsletter, website page or blog

NEWSLETTERS, SURVEYS AND QUIZZES:
1.Create meaningful and concise content
2.Create simple templates that are eazy to re-use, update, maintain and track
3.Create graphic headers that help your messaging
4.Get eyeballs on your messaging via a headline, survey, quiz, video, image, GIF or quote
5.Auto re-send follow ups to opens, clicks and video plays & non-opens in groups or one on one
6.Automate welcome message for new prospects / clients
7.Create call to action links that get clicked and tracked
8.Ask questions that get answered via emails, SMS, html inserts and hyperlinks on your website and social media pages on surveys and quizzes
9.Track and use results for precise follow up conversations and future marketing

SOCIAL MEDIA
1.Create site headers (banners at top of page) and simple templates for ads with multiple versions for all social media platforms
2.Automate posting to Facebook, Instagram, Twitter, LinkedIn, Pinterest
3.Add and automate 1st comment to Instagram
4.Send to all platforms simultaneously
5.Hashtag resources and applications

VIDEO EMAILS:
1.When, where and how to use video messaging in text, emails and posts
2.Create videos that help your open & click engagement
3.How to look and sound better in your one-off videos
4.Record video emails on my phone, tablet or computer, send and have the capability to receive, track and instantly follow up in real time via text, phone call and email
5.Record video on your computer/phone for immediate delivery/ follow up with the capability to receive, track and instantly follow up in real time via text, phone call and email
6. Upload and save videos for future use
7.Make videos in formal and informal settings to humanize the experience

SCREEN SHARES & ZOOM:
1.Automate the invite and follow up process and customize settings
2.Video screen shares and zoom type meetings and record for playback/sharing
3.Make yourself look and sound better on your screen shares and zoom meetings
4.Use green screen, simulated background replacement and change backgrounds in real time
5.Prepare custom branded backgrounds
6.What lighting, microphone, camera to use
7.Set up video, audio and your environment for the best streaming and recording results
8.Record and upload meeting for replay and on demand viewing
9.Link to your appointment calendar

WEBINARS:
1.Create, market, automate schedule and reminders, host, record and deliver on-demand
2.Camera, microphone, lighting, setting, posture, body language, facial expressions and gestures
3.Green screen, background, backdrop, controlled environment, turn off cell phone/ringers
4.Use wired connections when possible (internet, microphone, headset, camera etc.)
5.||: Practice, record, watch, repeat :|| until confident in the delivery of your presentation

VIDEO: (Advanced)
1.Import, create and deliver great video content
2.High-end video animations you can make and use in 5 minutes - not 5 hours
3.Re-size images, Gifs and video for optimal playback on the web and portable devices
4.Use Final Cut Pro (Mac only), Premier or free online editors (Mac & PC)
5.Insert yourself as an overlay on a screen share to pre-recorded webinar/info video (logi capture)

COMPUTERS & DEVICES:
1.Update OS (Operating System) and backup computer & devices
2.Protect computer from viruses
3.Install Software Updates
4.How to use your iPad as a second or third monitor
5.Use a wireless trackball for better efficiency
6.Working virtual, what to take to a face to face appointments
7.What to take with you when traveling to work remotely
8.How to use voice command to dictate content instead of typing on PC, Mac and devices
9.Use ‘read aloud’ in Word / Google Docs to read text for proofing copy

MARKETING:
1.Make yourself more human in a digital / virtual environment
2.Creating a well-crafted compelling story and how to prepare and practice your delivery
3.Become a valued guide - not the "Know It All" or "Look How Smart I Am" so called "Expert"
4.Blanket your communication on different platforms and automate delivery and follow ups
5.Identify, target and deliver your message to a specific demographic (One size fits all doesn’t work)
6.Add additional communication software, audio and video tools to increase your success when reaching out to current and new prospects

UTILIZE FREE RESOURCES:
1.Add a chat box to your website/sales or landing page with instant notification and response capability on your computer and devices. Also available on mobile devices.
2.Screen capture images and record simple "how to" or "tech problems" video screen shares quickly, mockup with text, arrows, blurs, save to remote server and share a link for free - use for clients/IT support
3.Create 3D PDF, guides and report book and device covers in pings and jpegs
4.Presentation calculators to use to illustrate with webinars/screen shares
5.Create or optimize images/video and gifs for faster open rates on websites and messaging
6.Appointment calendar
7.Faxing PDFs from your computer
8.Source for royalty free images, audio, sound effects and video clips
9.Hashtag help, creation and compilation lists
10.Email blast services
11.Coupon checker for discounts on software, hardware etc.
12.Google docs
13.Free templates for PowerPoint/Google Docs

And that is 100 Ways to Boost your VIRTUAL bUSINESS

Coliday Course & Coaching:
Click here to Learn More about Eazy VB An Online Course to Help you Scale Your Virtual Business

Buy Some Guaranteed Income

Thinking about diversifying a portion of your portfolio into something safe and guaranteed? Here's what Susie Orman has to say about it.

Excerpt from recent AARP Article with Financial Guru Susie Orman.1

There is no better sleep-at-night, enjoy-your-retirement move than to know you can cover your basic monthly living expenses from income that is guaranteed to land in your bank account every month. 


Your Social Security benefit is guaranteed income. So is a pension, if you have one. If those guaranteed sources don't cover all your living expenses, I think it can make great sense to use some of your retirement savings to purchase an income annuity.

If you just cringed at the mere mention of an annuity, I am actually thrilled. There are indeed plenty of lousy annuities that make insurance agents a lot of money and are a bad deal for you. I am recommending only one specific type of annuity: a plain vanilla annuity by which, in exchange for paying a premium to an insurer, you can lock in guaranteed monthly income for the rest of your life. You can buy an immediate income annuity with a single lump-sum payment you make right when you are ready to start living off your retirement income. The payout you receive is based on your age, whether benefits will continue for a spouse, and interest rates. To get an estimate of what size premium you would need to generate the guaranteed income you want to contact: Coliday

While covering your ongoing costs with guaranteed income is a great stress reducer, so is having cash ready to handle whatever comes your way, such as a spike in out-of-pocket medical bills.

 As you reach retirement, I recommend increasing your emergency fund from eight months to two years of coverage. If you don't have all your living expenses covered by guaranteed income, I would bump this up to a three-year cushion.

What you do with the rest of your savings is a personal choice. The prospect of living into your 90s should be motivation to keep some of your money working (invested) for a future older you. But I also want you to give yourself the freedom to spend extra savings on you, your loved ones or causes you care about.


Interested in learning more about retirement income through annuities? Please contact me and I will clearly explain what options are available. Please share with your family and friends. Contact me with any questions or concerns.

As always, plan wisely my friends,

Finding a reputable and trusted partner to assist you with your social security, Medicare, financial & insurance needs is of vital importance.  I will work hard to find the best programs, coverage and rates that fits your budget and your needs. Contact me at 949-216-8459 or ccolley@coliday.com

Click here for other articles about Annuities 

Information and materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice. The above information is not intended to provide, and should not be relied on for, tax, legal, accounting or investment advice.
Coliday / Craig Colley is not giving any financial , tax or legal advice, is not a financial advisor and is not affiliated, employed or endorsed by the SSA, Medicare.gov. or any other government agency.

Is the Coronavirus infecting your money?

This might be the time to look at finally diversifying a portion of your portfolio into something safe. My clients this week did not lose a dime in their safe money accounts because of the way we have it set up.

Transcription from Video: (easier to watch the video)

Hello there Craig Colley  here again. Today we are talking about the Coronavirus. Is it infecting your money? now once again I'm here to not alarm you but to arm you. I'm gonna make three quick points.

Number one: the stock market. this is a stock tracker on my phone that I track every day and every day this week has been all red across the board. So if you have money in the market the majority of what you have made from the beginning year has been wiped out at this point and continues to decline. something to consider. not a good place to be a lot of people will say buy and hold but do you want to buy and hold and lose ever?  my clients don't 

Number  two:  this virus they say is affecting three major industries; travel, investments and life insurance. there are many things to consider when it comes to that along with the tariff wars and this is a presidential election year. so lots of all the things going on.

Number three: this might be the time to look at finally diversifying a portion of your portfolio into something safe. my clients this week did not lose a dime in their safe money accounts because of the way we have it set up.

You're going to have some things  throughout your lifetime with bills and expenses like taxes, utilities, health care costs, insurance premiums they're never going to go away. we can construct a plan so the essentials are taken care of and that's what I've done with many of my clients. I'm offering that to you today to finally take a look at it. It will only take a few minutes by just clicking the link below. This way you can actually be more aggressive in your other investments because you'll have safe money management for the essentials that you're going to need going forward. 

It's the time to check it out. click the link below. don't put it off again and I look forward to speaking with you soon. Let's not let that coronavirus infect  your money. let's quarantine it. who knows when a solution  is going to come.  We hope and pray it comes soon but in the meantime there are many things you can do to prepare and I encourage you to do so.Until that time I hope to speak with you soon. take care,  God bless and have a great day.


Interested in learning more about retirement income through annuities? Please contact me and I will clearly explain what options are available. FYI: remember you do not need to have a 401k to have a tax deferred annuity. Please share with your family and friends. Contact me with any questions or concerns.

As always, plan wisely my friends,

Finding a reputable and trusted partner to assist you with your social security, Medicare, financial & insurance needs is of vital importance.  I will work hard to find the best programs, coverage and rates that fits your budget and your needs. Contact me at 949-216-8459 or ccolley@coliday.com

Click here for other articles about Annuities 

Information and materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice. The above information is not intended to provide, and should not be relied on for, tax, legal, accounting or investment advice.
Coliday / Craig Colley is not giving any financial , tax or legal advice, is not a financial advisor and is not affiliated, employed or endorsed by the SSA, Medicare.gov. or any other government agency.

1 Various reference sources: Investment News, USA today, Yahoo Financial

Annuities are coming to 401(k)s

The SECURE ACT will make it possible for employer-sponsored plans to add insurance products to their retirement plans.

The SECURE ACT provided a gateway to get annuities into 401(k)s, and many plans could begin to incorporate those insurance products as soon as this year. The new, wide-ranging legislation will lead to substantial changes in the private sector retirement savings system, including several provisions that could affect how workers view retirement income and annuities.

FYI: You do not need to have a 401k to have a tax deferred annuity. They are available to anyone who qualifies.

Currently, annuities are seldom included as options within 401(k)s. Most people do not realize the same tax advantages of 401k's also applies to dollars rolled into an annuity. With RMD's (required minimum distribution) being moved back to 72 from 70½ (applicable to those individuals who turn 70½ after December 31, 2019) is also an advantage for retirement planning with the new Secure Act.

The new law will lead over time to an enormous amount of annuities included as common practice instead of being the anomaly and make it easier for plan sponsors to add annuities to their plan menus. Under the SECURE Act, in-plan annuities are portable, as 401(k), 457 and 403(b) plans can make distributions between trustees after a participant leaves an employer for a new job. The new rules also help shield plan sponsors from lawsuits by providing a so-called “safe harbor” for their selection of annuity providers. Litigation is a major concern for employer-sponsored retirement plans, and a lack of clarity on the factors sponsors must consider in choosing insurers and their products has kept annuities from being widely used in DC (defined-contribution) plans for years, the insurance industry has contended.

One requirement in the new law could encourage savers to give more consideration to annuities

Annual 401(k) statements will be required to show an estimate of a participant’s monthly income in retirement if their projected balances were used to buy an annuity.

That aspect of the law will not become effective until the Department of Labor passes a regulation outlining how the retirement income disclosures must be presented.

With an increased focus on people spending down their assets, one of the issues a participant may face is how are they going to figure out the right allocation to make to a guaranteed-income product.

One option could automatically shift a participant’s assets from target-date funds to managed accounts over time. The managed accounts allow allocations to annuities. Participants will certainly need guidance on how to start withdrawing their account balances and may have a hard time making the mental shift to start spending down their plan [assets].

Once plan participants retire, they can take a distribution from their accounts or roll their assets into an IRA but after that, many people leave the money untouched until they hit the age at which they’re required to start taking distributions.

There’s a lot more opportunity to help participants through the experience and many people say...

they really love the idea of guaranteed income, but they don’t love the idea of annuities.

This usually comes from a complete lack of understanding of how annuities work and how beneficial they can be in the right situation.

Once participants begin seeing retirement income estimates on their statements, that could change their savings habits and make them more open to the idea of insurance products. In addition to lifetime income annuities, plans will likely also consider fixed indexed annuities and structured annuities.

For employers, adding retirement income options to plans makes sense, both from a practical and freedom to choose standpoint. The first companies to begin adding annuities to their plans will likely be large firms that have long-tenured and highly compensated employees. One of the problems that employers might face is when their employees get to retirement age, if they don’t feel ready to retire, they won’t. By addressing retirement income, a business will be able to manage their workforce more effectively.

An annuity option will be extremely beneficial to both the employer and employee.


Interested in learning more about retirement income through annuities? Please contact me and I will clearly explain what options are available. FYI: remember you do not need to have a 401k to have a tax deferred annuity. Please share with your family and friends. Contact me with any questions or concerns.

As always, plan wisely my friends,

Finding a reputable and trusted partner to assist you with your social security, Medicare, financial & insurance needs is of vital importance.  I will work hard to find the best programs, coverage and rates that fits your budget and your needs. Contact me at 949-216-8459 or ccolley@coliday.com

Click here for other articles about Annuities 

Information and materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice. The above information is not intended to provide, and should not be relied on for, tax, legal, accounting or investment advice.
Coliday / Craig Colley is not giving any financial , tax or legal advice, is not a financial advisor and is not affiliated, employed or endorsed by the SSA, Medicare.gov. or any other government agency.

1 Various reference sources: Investment News, USA today, Yahoo Financial

Protect Yourself from Social Security Scams

As a certified Social Security Advisor I was notified by the Social Security Administration regarding this Scam Alert and now I am sharing the information with you.

Scammers are pretending to be government employees. Scammers will try to scare and trick you into giving them your personal information and money. They may threaten you or your family and may demand immediate payment to avoid arrest or other legal action.1

DON'T BE FOOLED!
IF YOU RECEIVE A SUSPICIOUS CALL:

1. Hang up!
2. DO NOT give them money or personal information!
3. Report the scam at OIG.SSA.GOV!

Social Security may call you in
some situations but will never

  • Threaten you
  • Suspend your Social Security Number
  • Demand immediate payment from you
  • Require payment by cash, gift card, pre-paid debit card, or wire transfer
  • Ask for gift card numbers over the phone or to wire or mail cash
  • What to look out for

    The call or email says there is a problem with your Social Security Number or account.

    Someone asking you to pay a fine or debt with retail gift cards, wire transfers, pre-paid debit cards, internet currency, or by mailing cash.

    Scammers pretend they’re from Social Security or another government agency. Caller ID or documents sent by email may look official but they are not.

    Callers threaten you with arrest or other legal action.

    Protect yourself, friends, and family!

    • If you receive a questionable call, hang up and report it at oig.ssa.gov
    • Don’t be embarrassed to report if you shared personal information or suffered a financial loss
    • Learn more at oig.ssa.gov/scam
    • Share this information with others

    I hope this information on the Social Security Scam Alert was helpful. Please share with your family and friends. Contact me with any questions or concerns.

    As always, plan wisely my friends,

    Finding a reputable and trusted partner to assist you with your social security, Medicare, financial & insurance needs is of vital importance.  I will work hard to find the best programs, coverage and rates that fits your budget and your needs. Contact me at 949-216-8459 or ccolley@coliday.com

    Click here for other articles about Social Security

    Information and materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice. The above information is not intended to provide, and should not be relied on for, tax, legal, accounting or investment advice.
    Coliday / Craig Colley is not giving any financial , tax or legal advice, is not a financial advisor and is not affiliated, employed or endorsed by the SSA, Medicare.gov. or any other government agency.

    3 Drawbacks to Early Retirement

    Being early can be considered a virtue. Just think of some of the proverbs that we’ve all heard hundreds of times over the years: 

    “The early bird gets the worm.”

    “Early to bed and early to rise makes a man healthy, wealthy and wise.”

    There are many situations where being early can be a good thing. But when it comes to retirement, going too early can actually have drawbacks. That’s certainly not the case for everyone, but you’ll want to carefully evaluate your situation before you make any decisions.

    Early retirement can be an intriguing prospect for many people. No more 40-hour work weeks. No more setting the alarm clock every morning. You might even finally have time to chase those “someday” plans and dreams. But the challenges are addressed in a recent article from The Motley Fool, “3 Downsides to Early Retirement¹.”

    The first downside in the article deals with your retirement savings. Retirement itself can be expensive. If you want to retire early, it becomes even more so. You’ll need to save more because you’ll have more retirement years to cover financially. And you’ll have less time to save that money. How will you determine how much you should be saving?

    You may want to start by creating a retirement budget. This would entail weighing your current and potential expenses. Working with your financial services professional can help you determine an estimate of your monthly expenses and what you’d need to save now to be prepared for your early retirement date.

    For many retirees, healthcare is likely to be a major expense. When you combine Medicare premiums, Medicare gap coverage, long-term-care insurance, prescriptions and more, healthcare can become a large part of your budget. To reach an estimate of your monthly costs, you can add up the costs you already know, like fixed monthly costs of premiums and other anticipated amounts. Depending on your individual situation, you may consider increasing your monthly contributions to a Health Savings Account if you have years left before you retire.

    But that leads us to the second early retirement drawback: You won’t have access to Medicare until age 65. This means that any healthcare costs that you incur before you turn 65 will need to be accounted for as well.

    The third and final drawback is that part of your income in retirement is likely going to come from Social Security. But you can’t get that portion until you’re 62, at the very earliest. So, if you plan on retiring before 62, you’re going to need to rely on your personal savings for your monthly income. Also, if you decide to claim at age 62, you’ll lose out on a potentially higher benefit. Filing for your Social Security benefits at your full retirement age is the only way to ensure you get your full Social Security benefit.

    Retiring early may be your dream. But to make that dream a reality you’re going to have to address these challenges and more. You will need to save more money in less time. Find a way to cover your healthcare costs before Medicare is an option. And you’ll have to determine your monthly income before Social Security can be used as a supplement to your savings.

    Early retirement is not impossible. But it takes a thorough strategy.

    Ask how we can help you begin to address these challenges.

    Partial Article Source: ¹ https://www.fool.com/retirement/2019/10/03/3-downsides-to-early-retirement.aspx

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