Myth.  You should always defer taking your social security until full retirement age

Fact: Each person’s situation is different, and there is no correct answer. Health, income, marital status, to name a few, can all influence this decision.

Myth.  My children will take care of us regardless of our health status

Fact: Your children will do the best they can, however your independence, and their other obligations will hinder that plan.

Myth.  High income wage earners cannot contribute to a ROTH IRA

Fact: There are three avenues available: Roth 401k, Whole Life Insurance, Back door IRA

Myth.  Annuities are a bad investment vehicle. At death the insurance company keeps all the money

Fact: There are many kinds of annuities with many different benefits. Investigate all products to find the one that best benefits you.

Myth.  Children under the age of 18 cannot contribute to a ROTH IRA

Fact: Any person earning wages under the income limit can contribute to a ROTH

Myth.  Required Minimum distributions from IRA’s start at age 70 ½

Fact: The new RMD age is 72

Myth.  You should buy Term life and invest the difference

Fact: Short term planning – YES!
Long term planning – NO!

Myth.  At death and passing of an IRA to a non-spouse, the beneficiary can take the RMD over their life expectancy

Fact: It is best to talk to a financial service professional to find out the exact answer of what will happen.


Barbara Bobbin-Wilkinson and Brion P. Kavanagh are agents licensed to sell insurance through New York Life Insurance Company and may be licensed with various other independent unaffiliated insurance companies in the state of New Jersey. No insurance business may be conducted outside the specific state referenced.

Barbara Bobbin-Wilkinson and Brion P. Kavanagh are Registered Representatives of and offer securities products & services through NYLIFE Securities LLC, Member FINRA/SIPC. a licensed Insurance agency and a New York Life company In this regard, this communication is strictly intended for individuals residing in the state of New Jersey. No offers may be made or accepted from any resident outside the specific state referenced.

Coastline Financial Group, LLC, is not owned or operated by NYLIFE Securities LLC or its affiliates.

Neither Coastline Financial Group LLC, nor its employees, provide tax, legal, or accounting advice. Please consult your own tax, legal, or accounting professional before making any decisions.