Resources - Free Guides, Tools, & Reports for Clarity

🏥 Medicare

👵 Social Security & Retirement Income

When should I claim benefits: 62, FRA, or 70?

A: Claiming at 62 gives smaller checks for life; waiting until 70 increases them. Your decision depends on health, work plans, and whether a spouse depends on your benefit.

How do spousal benefits work?

A: A spouse may receive up to 50% of the other spouse’s benefit at FRA. You only receive the higher of your own or spousal benefit, not both.

What are survivor benefits?

A: A surviving spouse may receive up to 100% of the deceased spouse’s benefit. Timing and your own claiming age affect the amount.

What if I work while collecting Social Security?

A: If you claim before FRA, earnings above a certain limit reduce benefits temporarily. After FRA, there is no earnings limit.

What are WEP/GPO and could they affect me?

A: WEP may reduce your benefit if you have a pension from non-covered work. GPO may reduce spousal or survivor benefits. Use SSA calculators to estimate the impact.

🩺 ACA & Under 65 Health Coverage

When can I enroll in Marketplace coverage?

A: During Open Enrollment (usually Nov–Jan) or after qualifying life events such as losing coverage, moving, or marriage.

Do I qualify for a subsidy?

A: Premium tax credits are based on your income and family size. Use a subsidy calculator to check eligibility.

What’s the difference between HMO, PPO, and EPO?

A: HMO: low cost, network only, referrals required. PPO: more flexibility, higher cost, some out-of-network. EPO: no referrals, in-network only.

What are metal tiers (Bronze/Silver/Gold/Platinum)?

A: They reflect cost-sharing, not quality. Bronze = low premium/high out-of-pocket, Gold/Platinum = higher premium/lower out-of-pocket.

Can I use an HSA?

A: Yes, but only with HSA-eligible High Deductible Health Plans (HDHPs). HSAs offer triple tax advantages.

❤️ Life Insurance & Long-Term Protection

How much life insurance do I need?

A: Consider income replacement, debts, college goals, and final expenses. Use a calculator to estimate your coverage needs.

Term vs Whole vs IUL—how do I choose?

A: Term is affordable coverage for a set period. Whole and IUL provide permanent coverage with cash value. Choice depends on your goals and budget.

How does underwriting work?

A: Insurers check health, age, lifestyle, and driving record. Some policies offer no-exam options with certain limits.

What riders should I consider?

A: Popular riders include Accelerated Death Benefit, Waiver of Premium, Child Rider, and LTC/Chronic Illness riders.

How do beneficiaries work?

A: Name primary and contingent beneficiaries and update them as life changes. Consider how this aligns with your estate plan.

💰 Annuities

What are the main types of annuities?

A: SPIA: income for life, starts immediately. DIA: income starts later. FIA: linked to index, principal protection. VA: market-based, can add riders.

What fees and restrictions matter most?

A: Look for surrender charges, M&E fees, rider fees, and caps/spreads. Always ask about total costs.

When might an annuity make sense?

A: They provide guaranteed lifetime income and reduce sequence-of-returns risk in retirement.

How are annuities taxed?

A: Growth is tax-deferred; withdrawals are taxed as ordinary income. Qualified annuities follow retirement account rules.

What is a 1035 exchange?

A: Allows you to switch annuities tax-free if done properly. Beware of new surrender periods or fees.

🏠 Property & Casualty Insurance

Do I have enough dwelling coverage?

A; Policies should cover replacement cost to rebuild your home, not just market value.

Replacement Cost vs Actual Cash Value?

A: Replacement cost pays full rebuild price. ACV deducts depreciation, paying less.

What deductible should I choose?

A: Higher deductibles lower premiums but increase out-of-pocket costs. Choose an amount you can handle.

Do I need an umbrella policy?

A: Yes, if you want extra liability protection ($1M–$5M). It covers lawsuits and large accidents.

Am I covered for flood or earthquake?

A: Standard home insurance excludes these. Separate flood or earthquake policies are needed in risk areas.

📈 Investing & Retirement Tools

How do I use the compound interest calculator?

A: Input your starting balance, monthly savings, years, and rate to project growth.

What is a safe withdrawal rate?

A: A common rule is 4%, but it depends on markets and your situation. Use calculators to test scenarios.

What is sequence-of-returns risk?

A: Poor returns early in retirement can hurt long-term sustainability. Bucketing and income streams can help.

How should I think about asset allocation?

A: Balance between stocks, bonds, and cash based on goals, risk tolerance, and time horizon.

What are RMDs and when do they start?

A: Required Minimum Distributions must begin at a certain age from retirement accounts. Use RMD calculators to plan taxes.

🏢 Small Business Owner

What are my options for employee health benefits?

A: Options include SHOP small-group plans, ICHRA/QSEHRA, or private group coverage.

How do I know if I qualify for the small business health care tax credit?

A: Based on FTE count, average wages, and offering coverage through SHOP.

HSA vs HRA vs FSA—what’s the difference?

A: HSA: employee-owned, triple tax benefit. HRA: employer-funded reimbursements. FSA: employee contributions, use-it-or-lose-it.

What about compliance and disclosures?

A: ERISA and DOL rules require plan documents, notices, and sometimes Form 5500 filings.

🏢

A: Define goals, select a strategy (buy-sell, family transfer), document funding, and coordinate with legal/tax pros.

✅ Verification & Advisor Checkers

How do I verify a financial professional?

A: Use FINRA BrokerCheck or state insurance departments to confirm licenses and disclosures.

How do I check an insurance license?

A: Go to your state’s Dept. of Insurance site (like AZ DIFI) to verify license status and any actions.

What does 'fiduciary' mean?

A: A fiduciary must act in your best interest, unlike sales-based advisors who may recommend commission products.

What are red flags to look for?

A: Pressure to act quickly, promises of guaranteed returns, unwillingness to show licenses, or vague explanations.

What’s the difference between broker, adviser, and insurance producer?

A: Brokers sell insurance, advisers give investment advice, producers are licensed insurance sellers. Titles vary, so always verify.

📰 News & Policy

How often should I check financial news?

A: Once a month is usually enough for retirees. Focus on major changes, not daily swings.

How do I avoid being misled by headlines?

A: Look beyond headlines and check reputable sources with editorial standards.

Should news change my plan?

A: No, not by itself. Revisit your plan yearly or after life changes.

How do I track law or policy changes?

A: Follow agency newsletters, your advisor, and reliable outlets like Kiplinger or Morningstar.

What’s a good rule for market news?

A: Focus on long-term goals. Don’t react to day-to-day volatility.

🔢 Mortgage & General Calculators

How do I use a mortgage calculator correctly?

A: Include principal, interest, taxes, insurance, and HOA fees to get a full monthly cost.

Should I refinance my mortgage?

A:Compare new rate, costs, and break-even timeline with how long you’ll stay in the home.

What’s APR vs interest rate?

A: APR includes fees and costs, making it a better comparison than interest rate alone.

How does credit score affect payments?

A: Higher scores usually mean lower rates. Pull credit early to fix errors.

What costs do people often overlook?

A: PMI, property taxes, escrows, and ongoing maintenance can significantly affect affordability.

🧭 Financial Advising & Wealth Management

Are you a financial advisor right now?

A: I’m currently licensed in insurance (health, life, property, and casualty) and actively studying toward my Series 65, CFP®, and other fiduciary designations. While I don’t yet manage investments, I focus on education and guidance to prepare you for working with a fee-only advisor.

What does “fee-only fiduciary” mean?

A: A fee-only fiduciary is paid only by clients, not by commissions or product sales. Their legal duty is to act in your best interest with no conflicts. That’s the model I’m building toward with Underwood Wealth Management.

What can you help me with today?

A: Right now, I provide financial education and planning basics: understanding Social Security, Medicare, and retirement income; small business planning concepts; investment basics like risk, compounding, and diversification; and guidance on insurance coverage.

What will change once you become a licensed fiduciary advisor?

A: I’ll be able to manage investments, provide tailored retirement planning, and deliver comprehensive wealth management with no product sales bias.

Why not wait until you’re already an advisor?

A: Because preparing early gives you a head start. By the time you need full advisory services, you’ll already understand your options, questions, and red flags. That means you can make stronger decisions and avoid costly mistakes.

🌐 Wealth Management (Future Focus)

What is wealth management?

A: It’s a comprehensive approach that combines financial planning, investments, retirement income, taxes, estate planning, and legacy strategies — all coordinated with your goals.

How will UWM offer wealth management?

A: Once licensed, I’ll operate as a fee-only fiduciary RIA (Registered Investment Advisor). That means no commissions, no product sales pressure — only advice aligned with your best interest.

Will you focus on any type of client?

A: Yes — primarily retirees, pre-retirees, and small business owners. Later, I’ll also serve clients with cross-border/expat needs.

How will you work with expats?

A: I plan to earn specialized designations for international wealth planning. This includes helping clients manage retirement accounts, taxes, and estate issues when living abroad part-time or full-time.

What’s the benefit of working with someone who started in insurance?

A: Because I’ve seen both sides — insurance and investing — I understand how products fit into the bigger picture. That gives me a balanced perspective when guiding clients toward solutions that serve their long-term goals.

🤝 Why Work With UWM

What makes Underwood Wealth Management different?

A: I’m building UWM on the principle of Education Before Assets. Instead of leading with sales, I lead with clarity. My mission is to empower you before you commit to a financial advisor or product.

How do I know I can trust you?

A: I’m transparent about where I am today (licensed in insurance, on the path to fiduciary advising) and where I’m going (fee-only RIA by 2028). My approach is open, patient, and pressure-free.

Do you work with multiple carriers and resources?

A: Yes. On the insurance side, I’m independent and can compare multiple carriers. On the financial side, I use neutral education tools, calculators, and research — not just one company’s materials.

What support do you provide after I sign up?

A: I stay with you year-round. Whether it’s insurance questions, retirement education, or updates on my path toward advisory services, I’ll keep you informed and supported.

How does your future career path benefit me as a client?

A: It means if you start with me today for insurance or education, you’ll already have a trusted relationship when I transition into full fiduciary wealth management. That continuity is rare and valuable.

📅 Closing CTA

👉 “Still have questions? Let’s talk. I’ll walk you through your options and make sure you feel confident in your choices.”

🔹 [Schedule a Free Consultation]
🔹 [Contact Me]