Frequently Asked Questions About Our Financial Services
At Penny Lane Financial, we understand that navigating retirement options, insurance choices, and other financial decisions can feel complicated. This FAQ page brings together clear, straightforward answers to the questions we hear most from clients across Washington. Whether you want to understand how annuities work, explore retirement-related topics, or learn more about the financial services available in your area, you’ll find helpful guidance here. Our goal is to provide reliable information in a simple, human way—so you can feel more confident about the steps ahead.
An annuity is a contract with an insurance company that converts a lump sum into regular payments—either immediately or later—to provide steady income during your later years.
Many annuities have surrender charges or penalties for early withdrawals. Always check the contract for details, but many include penalty free amounts such as 10% yearly of the balance.
Life insurance can cover final expenses, support a spouse or dependents, or reduce the financial burden on heirs. It may also help achieve certain legacy goals.
Options include term life, whole life with cash value, and universal life with flexible premiums. Your choice depends on your needs, health, and budget.
Premiums usually increase as you get older or if your health changes. Obtaining coverage earlier can often lower costs.
A reverse mortgage allows homeowners, usually 62 or older, to convert home equity into funds while continuing to live in their home. Monthly principal payments aren’t required as long as property obligations are met.
Costs may include origination fees, mortgage insurance, closing costs, appraisal fees, and accumulating interest.
Many reverse mortgages are non-recourse loans, meaning you or your heirs won’t owe more than the home’s value when the loan becomes due.
The amount depends on your age, home equity, interest rates, and program limits. Generally, older borrowers with more equity can access more funds.
Yes, many jurisdictions require counseling by an approved third party to explain costs, alternatives, benefits, and obligations.
You can begin receiving benefits at age 62, though waiting until full retirement age or later increases your monthly payment.
People age 50 and older can make “catch-up” contributions to certain retirement accounts, increasing the total saved each year.
Withdrawals from traditional accounts are generally taxed as income. Roth accounts may allow tax-free withdrawals if certain conditions are met.
Guaranteed sources of income in retirement may include pensions, annuities, Social Security, or other investment vehicles designed to provide a regular income stream. When planning for retirement, it's important to take stock of these guaranteed income sources to understand how they contribute to your overall financial security and ensure you're prepared for retirement.
Knowing how much you've saved for retirement is an essential aspect of planning for your future. It's crucial to understand your current savings and investments as they play a pivotal role in achieving your retirement goals. This can encompass various accounts, such as 401(k)s, IRAs, or other personal investments that serve as a foundation for your retirement planning.
Discussing your retirement concerns with a financial professional is a critical step in creating a robust and personalized plan for your future. Engaging with a financial advisor ensures that your worries, aspirations, and specific financial goals are thoroughly addressed. Through these discussions, you gain tailored advice and strategies, providing you with the confidence needed to make informed decisions about your retirement.
Ensuring financial security in retirement is a common concern. Determining whether you have enough savings and how long they will last can be daunting. Consulting with a financial professional can provide clarity on these important aspects. By assessing your current finances and future financial goals, a financial professional can help develop a comprehensive plan, offering strategies to sustain your retirement funds for the duration you need.
Tools for Navigating Retirement
Understanding Our Services
At Penny Lane Financial, we provide a full range of financial services to help you protect, manage, and make the most of your money. Our offerings include retirement guidance, insurance solutions, and support for small business owners. We’re here to help you make informed choices for today and tomorrow.
Yes! We offer a complimentary consultation to learn about your goals and current financial situation. This is a great chance to ask questions and see how our team can best support you. You can call us or book an appointment directly on our website.
Yes, that is our specialty. We work closely with you to create strategies that support a secure and enjoyable retirement. Our team can help ensure your income, savings, and resources are aligned with your personal goals.
We offer both in-person and virtual appointments to make working with us convenient. Whether you’d like to meet at our office in Tacoma or from home, we can meet you wherever is most comfortable.
At Penny Lane Financial, you’re not just another account—you’re a valued member of our community. We provide personalized attention, clear communication, and a genuine commitment to your best interests. Our advisors take the time to understand what matters most to you.
Yes. We work with local business owners and entrepreneurs to offer financial guidance tailored to their needs. From cash flow management to retirement solutions for your team, we can help your business build a strong financial foundation.
No. Everyone deserves access to quality financial guidance. Whether you’re just starting to save or managing established resources, our advisors can help you move forward with confidence.
Getting started is simple. Call us or visit our website to schedule your free consultation. From there, we’ll learn more about your priorities and create a personalized approach designed to support your goals.
Yes. We strive to make our services accessible to everyone. Let us know your language preferences, and we’ll do our best to accommodate your needs so you feel comfortable and supported throughout the process.
Guaranteed sources of income in retirement may include pensions, annuities, Social Security, or other investment vehicles designed to provide a regular income stream. When planning for retirement, it's important to take stock of these guaranteed income sources to understand how they contribute to your overall financial security and ensure you're prepared for retirement.
Knowing how much you've saved for retirement is an essential aspect of planning for your future. It's crucial to understand your current savings and investments as they play a pivotal role in achieving your retirement goals. This can encompass various accounts, such as 401(k)s, IRAs, or other personal investments that serve as a foundation for your retirement planning.
Discussing your retirement concerns with a financial professional is a critical step in creating a robust and personalized plan for your future. Engaging with a financial advisor ensures that your worries, aspirations, and specific financial goals are thoroughly addressed. Through these discussions, you gain tailored advice and strategies, providing you with the confidence needed to make informed decisions about your retirement.
Ensuring financial security in retirement is a common concern. Determining whether you have enough savings and how long they will last can be daunting. Consulting with a financial professional can provide clarity on these important aspects. By assessing your current finances and future financial goals, a financial professional can help develop a comprehensive plan, offering strategies to sustain your retirement funds for the duration you need.
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1804 W Union Ave, Suite 202, Tacoma, WA 98405
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253-327-1177