FREQUENTLY ASKED QUESTIONS
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Our four primary areas of focus are Strategic Retirement Planning, Medicare, Life Insurance, and Legacy Planning. We also help with Social Security optimization, debt elimination, supplemental health coverage, dental insurance, and other financial needs—all with a focus on education, coordination, and genuinely helping people.
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Our focus is truly on “genuinely helping people.” For that reason, we listen to your situation, seek to educate and look for solutions that fit your specific wants and needs. We’re not product focused but client focused. We’re also an independent broker, which means that we go shopping for you to look for the best solutions for your situation.
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We’ll start with a relaxed, no pressure consultation. During that meeting, we’ll discuss your needs and goals together and see if Refuge has solutions that can help you. Sometimes, answering questions and offering guidance is as far as things go. If there are specific solutions that fit your situation, we delve into those options from there.
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Nope! Our consultations are completely free. It’s just a chance to connect, hear your story, and see if we’re a good fit.
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Not at all. We’re fully independent, which means we can offer guidance and solutions that are personalized, the highest quality and in your best interest — not anyone else’s.
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Our family had the privilege of spending years on the mission field in Mexico helping people. Once we came back, the door opened for me to help people in the area of finances. I felt like the need was huge, trusted resources are few and building Refuge the right way would be a great opportunity to positively impact our community.
GENERAL QUESTIONS
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The major difference compared to other financial service companies is that we don’t focus on market-based solutions. We don’t like the idea that we could do our job perfectly and you could still lose a quarter of your life savings tomorrow. Market-based options are good for some situations, but that’s not our lane. We have found there are solutions available that safely protect your principle while also offering good growth potential and various other benefits as well. That’s where we focus our attention.
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That really depends on your unique situation—there’s no magic number that works for everyone. Important factors include your expected retirement expenses, Social Security and other income sources, savings and investments, healthcare costs, taxes, risk tolerance, and how long your money may need to last. A good retirement plan brings all of these pieces together to help determine whether you’re financially prepared for the retirement you want.
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Right now! There will likely never be a perfect time. However, there is always something you can be doing now. If you’re approaching retirement or already in it, you need to evaluate your current strategy and pay close attention to risks you face (such as longevity, volatility, sequence of return and tax risks). If you’re younger, maybe you need to get your budget in order or start formulating a good, well-diversified strategy. You want as many years as possible for compound interest to do its work.
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Not necessarily. Market-based investments can play an important role in retirement planning and potentially yield more growth, BUT they’re also more volatile and risky which means you can lose more money. There can also be a lot of hidden fees as well. There are options available where your principal can be safe and 100% protected but with much better long-term growth potential than a CD or savings account.
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Creating reliable retirement income starts with understanding your expenses, income needs, and how long your money may need to last. A well-designed retirement income strategy can coordinate Social Security, pensions, investments, and other income sources while balancing growth, protection, taxes, and longevity risk. The goal is to create an income plan you can feel confident in—not simply hope your savings will last.
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Chances are it isn’t (although depending on your situation, it could be). Contributing to your 401k is good—especially up to your match percentage. However, it’s also good to think through what true diversification looks like. If all your retirement savings are in market-based vehicles, is that really diversification? That’s where it can be good to talk with someone about your strategy, risk mitigation and what vehicles are available.
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Often times, it makes sense to roll that old 401k over into an IRA and think through your investment strategy. IRAs often have less hidden fees and give you more investment freedom. It makes even more sense if you’d like more safety in your investment strategy either because you’re more conservative by nature or to better diversify your long-term strategy.
STRATEGIC RETIREMENT PLANNING
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Although you can delay Medicare if you’re still working, you do have to get some form of Medicare at some point, or you will risk penalties. Most people get Medicare when they turn 65 (unless they have other creditable coverage). Individuals under 65 can get Medicare if they have SSDI or RRB disability insurance for 24 months or if they have medical conditions like ESRD or ALS.
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Part A - hospital insurance administered by the government; usually premium free
Part B - medical insurance administered by the government; most pay a monthly premium
Part C - bundles A, B (and often D) together along with additional benefits; also called Medicare Advantage; often low to $0 monthly premium
Part D - prescription drug coverage; stand-alone normally requires a monthly premium
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Medicare Advantage (part C) bundles together parts A, B and often D. It also normally includes additional benefits (dental, hearing, vision, etc). It is more of a pay-as-you-go plan. So monthly premiums are often low to $0 but then you pay copays as needed. There is a Max-out-of-pocket that works as a protective ceiling.
Medicare Supplement normally has a higher monthly premium (that increases with age) but less out-of-pocket costs when health problems arise. Since it is purely health insurance, you must pay for extras separately: i.e. prescription coverage (part D), dental, vision, etc.
Whether one is better than the other depends on the individual situation and preferences. How is your health? Are you on Medicaid? Are you looking for extra benefits that may come with a Medicare Advantage plan? Would you rather pay more money monthly but less money out-of-pocket when health needs arise or visa versa?
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To have coverage through the VA/TRICARE for Life, you must have Medicare parts A&B. That coverage may be good enough for you. However, many people with VA/TRICARE choose to also get a Medicare Advantage plan to use along with their VA/TRICARE coverage in order to receive the additional benefits that an MA plan can offer.
MEDICARE
LIFE INSURANCE
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Most of us don’t like to think about the fact that we will die one day. However, ignoring that fact doesn’t stop it from being a reality. Sadly, for many that day comes sooner than they expect. Having no plan in place is itself a plan and it’s the worst possible plan. As we think of our loved ones and what would happen to them if we suddenly passed away, it really does make sense to protect them with life insurance. Life insurance is a great act of love toward those we care about most.
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There’s no one-size-fits-all amount of life insurance. The right amount depends on factors such as your income, debts, mortgage, family expenses, future goals, existing savings, and how long your loved ones may need financial support. A good life insurance analysis looks at the financial impact your family would face if you weren’t there and helps determine an appropriate amount of coverage to protect the people who depend on you.
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Term - Insurance that lasts for a period (term) of time—usually between 10 & 30 years. The monthly premium is usually less and the death benefit higher. It does not build any cash value. Some illustrate it with the idea of renting a house.
Whole life - Insurance that lasts for a person’s entire life. The monthly premium is usually higher. It usually builds cash value but one very important factor is the quality of its cash value building potential. Some illustrate it with the idea of owning a house.
Which is better depends on a person’s preferences, age, financial situation and long-term strategy. If someone opts for term insurance, they must have a good financial plan in place for when that term runs out. Whole life insurance that builds cash value well can be used creatively as a tool in long-term financial strategy (Infinite Banking Concept, college savings, tax-free retirement supplement, reduced paid up).
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First of all, getting life insurance through work is great and you should do it if available. With that said, it often makes sense to get additional, portable life insurance as well. Your work life insurance coverage almost assuredly ends when you leave the company. If you try to purchase private insurance at that point, you will be older and it will be more expensive. Private insurance is probably cheaper than you think, it allows you to get a larger amount of coverage to truly protect your family, it follows you as you switch jobs/move throughout the years and it gives you more freedom as a firm foundation for your long-term financial strategy.
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Not necessarily—and often the best recommendation is to keep the policy you already have. A life insurance review is designed to help you understand what you own, how your policy is performing, and whether it still fits your needs and goals. If your current coverage is serving you well, we’ll tell you that; if there are concerns or opportunities for improvement, we’ll help you understand your options so you can make an informed decision.
Legacy Planning
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Estate planning focuses on making sure your wishes are carried out and your assets are properly transferred when you’re gone. Legacy planning takes a more comprehensive approach—coordinating your estate plan with your retirement, tax strategies, insurance, and other financial decisions to help you protect what you’ve built and pass it on as effectively as possible.
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Without a properly designed estate plan, probate is likely as state laws and the court process can play a much bigger role in determining how your assets are handled and passed on—often adding unnecessary time, expense, and complexity for your family. A well-designed and properly funded estate plan gives you greater control and can help make the transfer of your assets smoother, more efficient, and more private for the people you care about.
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Not necessarily. A will is definitely better than nothing and provides important instructions for how you want your assets distributed. With that said, assets controlled by a will generally still go through the headache of the probate process. A properly designed and funded estate plan allows your assets to pass directly to your loved ones—often avoiding probate and making the process simpler and more private.
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You don’t have to be wealthy to benefit from an estate plan. If you own a home, have retirement accounts, savings, investments, life insurance, or simply want more control over what happens to your assets and who handles your affairs, it’s worth considering a plan. The right estate plan should be based on your family, goals, and circumstances—not just the size of your net worth.
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Not necessarily. While working directly with an estate planning attorney may be appropriate for more complex situations, today there are other ways to create a comprehensive estate plan. Refuge uses a modern online planning platform that combines attorney-drafted legal documents with the personal guidance of a financial professional—helping make the process more convenient, coordinated, and easier to keep current as your life changes.
Other Services
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Yes. When and how you claim Social Security can have a meaningful impact on the benefits you receive over your lifetime, and the best strategy depends on factors such as your age, marital status, life expectancy, other retirement income, and overall financial plan. Evaluating different claiming strategies can help you make an informed decision and better coordinate Social Security with the rest of your retirement.
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There is no one “best” age to claim Social Security—it depends on your unique situation. Factors such as your health, life expectancy, marital status, other retirement income, taxes, and overall retirement strategy can all play a role. By comparing different claiming scenarios, we can help you determine a strategy designed to make the most of your Social Security benefits while coordinating them with your broader retirement plan.
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Maximizing Social Security involves more than simply waiting as long as possible to claim. By analyzing different claiming ages, spousal and survivor benefits, life expectancy, taxes, and how Social Security coordinates with your other retirement income, we can compare strategies and help you make the most informed claiming decision for your unique situation.
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Not necessarily. For married couples, Social Security should be viewed as a coordinated household strategy, since the timing of each spouse’s benefits can affect your combined lifetime income as well as future survivor benefits. Evaluating different claiming combinations can help you determine a strategy that makes the most sense for both of you.
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First off, you can do it! Determine that you’re willing to work hard and sacrifice in order to conquer debt and you’re well on your way. Getting into debt is fun. Getting out of debt is not. But it’s SO worth it! You should look closely at your budget (consider the 50/30/20 model). There are good debt elimination strategies and I’m able to help with a unique debt elimination program that I’ve found to be the most efficient way possible from your current debt to zero.
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Conquering debt means freedom. Freedom to use your money for your own long-term benefit instead of for the benefit of huge, billion-dollar financial institutions. It allows you to start EARNING more interest instead of just PAYING interest. It allows you to better save and invest for your future and the future of those you love.
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Hospital indemnity insurance is supplemental coverage that pays you a cash benefit when you experience a covered hospital stay, helping fill some of the gaps your primary health insurance may leave behind. That extra money can help with deductibles, copays, or other expenses associated with a hospitalization, providing an added layer of financial protection when you may need it most. It can pair well with many Medicare Advantage plans.
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Critical illness insurance provides a cash benefit if you’re diagnosed with a covered serious illness, such as cancer, heart attack, or stroke. The benefit can help with medical costs, lost income, travel, household expenses, or other financial needs—giving you greater flexibility to focus on your health and recovery rather than the financial impact of an unexpected diagnosis.
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It depends on your dental needs. While an in-office savings plan can be an affordable option for routine and preventive care, dental insurance may provide additional protection when more expensive procedures are needed by sharing a portion of the cost of covered major services. Comparing the premiums, benefits, annual limits, provider access, and expected dental needs can help determine which option offers the better value for you.
