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Sigma Phi Epsilon at NIU celebrated 24 finalists at the 2025 Balanced Man Scholarship Banquet in the Sky Room at Holmes Student Center. Family and friends joined for a catered dinner, keynote speeches, and awards. Eight finalists earned scholarships for exemplifying SigEp’s values of Virtue, Diligence, Brotherly Love, Sound Mind, and Sound Body.
“Top 25 Global Impact Leaders – Volume 2” releases July 22, 2025, presenting stories of influential leaders recognized by IAOTP for shaping global change through vision, purpose, and compassion.
Leslie Hammock discussing How Life Insurance Fits into Retirement
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-leslie-hammock-founder-of-retire-by-design-discussing-how-life-insurance-fits-into-retirement/
In this episode of Influential Entrepreneurs, host Mike Saunders welcomes back Leslie Hammock, founder of Retire By Design, to discuss the crucial role of life insurance in retirement planning. Leslie shares insights from his 40 years of experience, emphasizing that life insurance is not merely an expense but a vital component of a well-structured retirement plan. He recounts his personal experience with his family’s life insurance, highlighting how it served as a financial safety net for his mother after the unexpected loss of his father. The conversation delves into the two main categories of life insurance—temporary (or term) and permanent—exploring how each type can fit into a comprehensive retirement strategy. Tune in to gain a deeper understanding of how proper life insurance can enhance financial security during retirement.
The Role of Life Insurance in Retirement Planning
Life insurance is often viewed merely as a safety net for beneficiaries after one’s death. However, as discussed in the podcast episode featuring Leslie Hammock, founder of Retire by Design, life insurance can play a multifaceted role in retirement planning, offering both death benefits and living benefits that can significantly enhance financial confidence during retirement.
Understanding Life Insurance Types
Leslie categorizes life insurance into two main types: term insurance and permanent insurance.
Term Insurance
Temporary Coverage: Term insurance is designed to provide coverage for a specific period, typically ranging from 10 to 30 years. It is often recommended for younger individuals who are raising children and managing significant debt.
Cost-Effective: Term insurance generally has lower premiums compared to permanent insurance, making it an attractive option for those in their younger years.
Permanent Insurance
Lifetime Coverage: Permanent insurance, which includes whole life, universal life, and indexed universal life, provides coverage for the insured’s entire life, as long as premiums are paid.
Cash Value Accumulation: Permanent policies build cash value over time, which can be accessed during the policyholder’s lifetime. This feature can be particularly beneficial for retirement planning, as it allows for tax-free income through policy loans.
The Importance of Timing
Leslie emphasizes the importance of timing when it comes to purchasing life insurance. By the mid-50s, individuals should consider transitioning from term to permanent insurance. This is crucial because:
Health Changes: As people age, health issues may arise, making it more difficult or expensive to obtain new coverage.
Cost Considerations: Purchasing permanent insurance in your 40s is significantly cheaper than waiting until retirement age.
Living Benefits of Permanent Insurance
One of the most compelling aspects of modern life insurance policies is the inclusion of living benefits. These benefits can provide financial support while the policyholder is still alive, addressing various needs such as:
Chronic Illness: Coverage for long-term care, whether at home or in a facility.
Terminal Illness: Access to the death benefit if diagnosed with a terminal illness.
Critical Illness: Funds available for significant health events like cancer or heart attacks.
These living benefits can alleviate the financial burden of healthcare costs, allowing individuals to maintain their quality of life without depleting their retirement savings.
Tax Diversification and Retirement Income
Leslie discusses how permanent life insurance can complement other retirement vehicles, such as IRAs, by providing tax-free income. Key points include:
Tax-Free Loans: Loans taken against the cash value of a life insurance policy are not subject to income tax, making them an attractive option for accessing funds without incurring tax liabilities.
Flexible Financial Strategy: Permanent life insurance can serve as a financial resource for various needs, such as funding children’s education or covering unexpected expenses, without the need to withdraw from retirement accounts during unfavorable market conditions.
Holistic Financial Planning
Leslie highlights the importance of a holistic approach to financial planning. Rather than piecemeal planning, where different financial aspects are managed in isolation, a comprehensive strategy ensures that all elements—insurance, investments, and estate planning—work together effectively. This integrated approach can lead to better outcomes and a more confident financial future.
Leslie shared: “Financial planning isn’t a one-time event. It shouldn’t be piecemeal. Retirement and Estate Planning should go hand in hand. I am committed to walking beside my clients every step of the way”
Video Link: https://www.youtube.com/embed/ZlJTv25SW1c
About Leslie Hammock
Leslie Hammock was born in Perry, Georgia, graduated from Stratford Academy, and later graduated from Mercer University in Macon, Georgia. He began his career with Mass Mutual. After a number of successful years, Leslie founded his own firm. Leslie has extensive personal and professional experience with an emphasis on Retirement and Estate planning strategies for professionals, business owners, and individuals working in both private and government sectors.
Leslie has been the recipient of the National Quality Award. He is also a long-time member of the International Association of Registered Financial Consultants (RFC), a member of the National Ethics Association, and an Independent Fiduciary Investment Advisor.
Leslie is an approved adult financial education instructor and holds classes at numerous local colleges on the subjects of Investment Planning, Retirement Planning, Social Security Maximization, Estate Planning, and many other topics.
Leslie is dedicated to developing lasting relationships with all his clients in their wealth accumulation and preservation objectives. He takes pride in his ability to provide clear, easily understood strategies using various financial products, services, and cutting-edge analytical technology.
Learn more: http://www.retirebydesign.com/
Disclosure: Securities and investment advisory services offered through Integrity Alliance, LLC, Member SIPC. Integrity Wealth is a marketing name for Integrity Alliance, LLC. Retire By Design is not affiliated with Integrity Wealth. IUL Disclosure: Indexed Universal Life Insurance is an insurance contract that, depending on the contract, may offer a guaranteed annual interest rate and some participation growth, if any, of a stock market index. Such contracts have substantial variation in terms, costs of guarantees and features and may cap participation or returns in significant ways. Any guarantees offered are backed by the financial strength of the insurance company, not an outside entity. Investors are cautioned to carefully review an indexed universal life insurance for its features, costs, risks, and how the variables are calculated.SSA & SSA Max Disclosures: Not associated with or endorsed by the Social Security Administration, Medicare or any other government agency. Maximizing your Social Security Benefits assumes foreknowledge of your date of death. If as an example you wait to claim a higher monthly benefit amount but predecease your average life expectancy, it would have been better to claim your benefits at an earlier age with reduced benefits.
Recent News and InterviewsLeslie Hammock Discussing The 5 Risks of Retirementhttps://businessinnovatorsradio.com/interview-with-leslie-hammock-founder-of-retire-by-design-discussing-the-5-risks-of-retirement/
Don Hanifin discusses the importance of guaranteed income & tax risk
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-don-hanifin-founder-of-dh-retirement-solutions-discussing-guaranteed-income-tax-risk/
In this episode of Influential Entrepreneurs, host Mike Saunders welcomes back Don Hanifin, founder of DH Retirement Solutions. The discussion centers around the concepts of guaranteed income and tax risk in financial planning, particularly for retirement. Don emphasizes the importance of preparing for a long retirement, as the average American may spend up to 20 years in this phase of life. He highlights that 69% of people fear they haven’t saved enough for retirement, making it crucial to ensure a dependable income stream.
When planning for retirement, one of the most critical aspects to consider is ensuring a reliable and predictable income stream. This is where guaranteed income sources come into play. The primary sources of guaranteed income for retirees include Social Security, pensions, and annuities. Each of these sources plays a vital role in helping individuals manage their finances during retirement and mitigate longevity risk—the risk of outliving one’s savings.
Social Security
Social Security is a government program that provides monthly benefits based on an individual’s work history and earnings. It is designed to supplement, rather than completely replace, pre-retirement income. One of the key features of Social Security is its cost-of-living adjustment (COLA), which typically hovers around 3%. This adjustment helps retirees maintain their purchasing power over time, making Social Security a crucial component of a retirement income strategy.
Pensions
For those fortunate enough to have access to a pension, this employer-sponsored plan can provide a fixed income stream, often for life. Pensions may also include a cost-of-living adjustment, further enhancing their value as a reliable income source. The predictability of pension payments allows retirees to plan their budgets with greater confidence, knowing they have a steady income to cover essential expenses.
Annuities
Annuities are financial products that can offer a “contractually guaranteed” income stream, making them an attractive option for retirees looking to secure their financial future. Specifically, fixed indexed annuities are highlighted as a preferred choice because they are not subject to market fluctuations. This means that even if the market performs poorly, the money earned in the annuity is retained, providing a secure place to park funds until they are needed for income. Annuities can be particularly beneficial in addressing longevity risk. As people are living longer and healthier lives, the need for a sustainable income that lasts throughout retirement becomes increasingly important. By incorporating annuities into their retirement strategy, individuals can ensure they have a reliable income source that can help cover their expenses for as long as they live.
Don shared: “The big takeaway is you’ve got a system where you can sit down with someone and put them through an analysis.”
Video Link: https://www.youtube.com/embed/7V9D3n5OyPs
About Don Hanifin
With 29 years of experience in the financial services industry, Don is the founder and owner of DH Retirement Solutions, Inc. Based in Massachusetts and Connecticut, Don specializes in helping individuals and families navigate retirement income planning with a focus on optimizing income and reducing taxes.
Don works with clients to create comprehensive strategies that integrate life insurance, annuities, Medicare, and longevity care allocation planning. By taking a proactive approach, Don helps clients secure their financial future, ensuring they enjoy a comfortable and worry-free retirement.
A trusted advisor, Don provides personalized solutions that align with each client’s unique goals and financial situation, all while helping them maximize their retirement savings and minimize tax liabilities.
Insurance Licensed in MA & CT | Retirement Income Planning Expert
Learn More: http://dhretirementsolutions.com/
Recent News and Interviews
Don Hanifin Discusses How Life Insurance Fits into Retirement: https://businessinnovatorsradio.com/interview-with-don-hanifin-founder-of-dh-retirement-solutions-discussing-how-life-insurance-fits-into-retirement/
Don Hanifin Discusses Long-Term Care Risk: https://businessinnovatorsradio.com/interview-with-don-hanifin-founder-of-dh-retirement-solutions-discussing-long-term-care-risk/
Kent Freshwater of Kent’s Lawn Services was featured in The American News for his reliable, eco-friendly lawn care and strong community values in Southwest Florida. Reach him at (941) 421-6565 or facebook.com/kentslawnservices.
Dr. Tamara Patzer, co-author of Beyond the Beam, launches LaserLocal Network—a done-for-you media hub for Class IV Laser Doctors, blending local outreach and national visibility to attract patients and build authority. Endorsed by Relief Now Laser Pain Centers.
Don Hanifin discusses long-term care risk
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-don-hanifin-founder-of-dh-retirement-solutions-discussing-long-term-care-risk/
Don Hanifin, founder of DH Retirement Solutions, discusses the critical topic of long-term care risk in retirement planning. Don emphasizes the importance of understanding how long-term care can impact financial stability, likening it to a potential leak in a retirement income bucket. He addresses common misconceptions surrounding Medicare’s coverage of long-term care, highlighting the confusion that often arises from the government’s messaging. Don also notes a significant change in Medicare’s definition of long-term care set to take effect in 2025, which he brought to the attention of his peers during a national conference.
Long-term care (LTC) represents a significant financial risk in retirement, making it essential for individuals to understand its potential impact on household finances as part of effective retirement planning (CT & MA). In a recent episode of the podcast “Influential Entrepreneurs,” Don Hanifin, discussed the complexities surrounding long-term care and the importance of having a strategy in place.
High Monthly Costs: The episode outlines the staggering costs associated with various types of long-term care:
Home Care: Approximately $5,500 per month.
Adult Daycare: Ranges from $1,900 to $2,000 per month.
Assisted Living: Costs between $5,000 and $6,000 per month.
Nursing Homes: The most expensive option, with costs ranging from $13,000 to $20,000 per month – or more, depending on where you live.
These figures illustrate how quickly long-term care expenses can deplete a lifetime of savings, underscoring the necessity for individuals to plan ahead.
Lack of Awareness: Many people are unaware of the financial implications of long-term care. Don points out that while individuals often have strategies for unexpected events, such as a tree falling on their garage, they typically lack a plan for health conditions that may require long-term care, like Alzheimer’s. This lack of preparation can lead to financial devastation when the need arises.
Informal Care Costs: The episode also discusses the financial impact on family caregivers. According to the RAND Corporation, family caregivers lose over $500 billion in wages annually, with many spending their own money—averaging just under $7,500—on caregiving expenses. This financial strain can further complicate household finances, especially for those who may already be struggling.
Given the potential for long-term care to significantly affect retirement savings, it is vital for individuals to consider their options early. The podcast emphasizes the need for education and awareness regarding long-term care insurance and other financial strategies.
Insurance Options: Only about 3% of Americans currently have long-term care insurance, which can help mitigate these costs. However, many people are hesitant to invest in such policies, often due to misconceptions about their value. Don reminds us that just like auto or homeowners insurance you do not pay “into” your policy – you pay “for” it (cash value is never built). Insurance products are designed to leverage personal dollars against catastrophic loss. Having essential coverage guarantees a person will have strong choices.
Alternative Resources: The episode also discusses alternative resources for funding long-term care, such as tapping into life insurance cash value or utilizing home equity. Additionally, hybrid policies that combine life insurance with long-term care benefits are becoming more popular, providing a safety net for those who may need care while also ensuring a death benefit for heirs.
In summary, long-term care represents a significant financial risk in retirement, with costs that can quickly escalate and threaten household finances. The lack of awareness and planning around this issue can lead to devastating consequences for individuals and their families. Engaging with financial professionals, like Don, can help individuals navigate these complexities and develop a comprehensive strategy to address long-term care needs effectively.
Don emphasizes that many people do not have a strategy in place for dealing with long-term care needs, often relying on the hope that they will not require such services. This lack of preparation can lead to devastating financial consequences, as the costs of long-term care can quickly deplete a lifetime of savings.
As a result of the limited coverage options and the low uptake of long-term care insurance, many families find themselves in the position of providing informal care. Hanifin notes that family caregivers often bear the brunt of this responsibility, with a significant impact on women who often take on the role of caregiver for aging parents.
Don shared: “Medicare and You. I suggest to people that attend seminars when we’re talking about Medicare or Social Security, keep that book by your bedside. It is nature’s most powerful natural sleeping pill.”
Additionally, AARP reports that informal caregivers spend an average of just under $7,500 of their own money annually to support their loved ones. This financial burden can strain family relationships and lead to feelings of resentment or burnout among caregivers.
Video Link: https://www.youtube.com/embed/uCUyam2nWGI
About Don Hanifin
With 29 years of experience in the financial services industry, Don is the founder and owner of DH Retirement Solutions, Inc. Based in Massachusetts and Connecticut, Don specializes in helping individuals and families navigate retirement income planning with a focus on optimizing income and reducing taxes.
Don works with clients to create comprehensive strategies that integrate life insurance, annuities, Medicare, and longevity care allocation planning. By taking a proactive approach, Don helps clients secure their financial future, ensuring they enjoy a comfortable and worry-free retirement.
A trusted advisor, Don provides personalized solutions that align with each client’s unique goals and financial situation, all while helping them maximize their retirement savings and minimize tax liabilities.
Insurance Licensed in MA & CT | Retirement Income Planning Expert
Learn More: http://dhretirementsolutions.com/
Recent News and Interviews:
Don Hanifin discusses how life insurance fits into retirement: https://authoritypresswire.com/don-hanifin-founder-of-dh-retirement-solutions-interviewed-on-the-influential-entrepreneurs-podcast-discussing-how-life-insurance-fits-into-retirement/
Dr. Tamara Patzer, founder of the Voice Authority Network and the SunCoast Voice Network, is leading a visibility revolution rooted in a powerful idea: real people deserve real visibility in a world dominated by algorithms.
Lesie Hammock discussing The 5 Risks of Retirement
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-leslie-hammock-founder-of-retire-by-design-discussing-the-5-risks-of-retirement/
In this episode of Influential Entrepreneurs, host Mike Saunders welcomes Leslie Hammock, founder of Retire by Design, to discuss the critical risks associated with retirement. Leslie shares his personal journey into the financial services industry, which began after the tragic loss of his father where a drunk driver killed him. Inspired by the positive impact of a good advisor on his family’s financial situation, he dedicated himself to helping others achieve financial confidence. With over 40 years of experience, Leslie reflects on the evolution of the industry and emphasizes the importance of understanding retirement risks to prepare effectively. Tune in to learn valuable insights from Leslie’s extensive knowledge and experience.
Understanding the Various Risks of Retirement
Effective retirement planning requires a comprehensive understanding of the various risks that can impact an individual’s financial security during their retirement years. In a recent podcast episode featuring Leslie Hammock, founder of Retire by Design, several key risks were discussed, including market risk, tax risk, longevity risk, interest rate risk, and long-term care risk. Here’s a deeper look into each of these risks:
Market Risk
Market risk refers to the potential for losses due to fluctuations in the financial markets. Leslie describes investments in the market as “red money,” indicating the inherent volatility and risk associated with these assets. Proper diversification is critical to managing market risk. Leslie emphasizes the importance of having a well-structured portfolio that includes non-correlated assets to protect against downturns. Additionally, understanding the sequence of returns risk is vital; if a market downturn occurs early in retirement, it can severely impact the sustainability of retirement income.
Tax Risk
Tax risk involves the uncertainty surrounding future tax laws and their potential impact on retirement income. Leslie points out that tax laws can change frequently, and significant tax increases could occur if current tax cuts are not renewed. One specific concern is the Income Related Monthly Adjustment Amount (IRMAA), which can affect Medicare costs based on income levels. This can lead to higher out-of-pocket expenses for retirees, potentially eroding their Social Security benefits. Therefore, proactive tax planning is essential to minimize tax liabilities in retirement.
Longevity Risk
Longevity risk is the risk of outliving one’s savings due to increased life expectancy. As medical advancements continue to improve healthcare, people are living longer, which can lead to financial strain if retirement savings are not adequately planned. Leslie notes that many individuals may not have considered the financial implications of living into their 90s or even 100s. This risk underscores the importance of creating a retirement plan that accounts for a longer lifespan, ensuring that individuals have sufficient resources to maintain their desired lifestyle throughout their retirement years.
Interest Rate Risk
Interest rate risk pertains to the impact of changing interest rates on investment returns and income. Leslie explains that low interest rates can significantly affect the income generated from savings and fixed-income investments, such as CDs and bonds. For instance, retirees who relied on interest income from their savings may find themselves struggling if rates are low. Conversely, rising interest rates can also lead to volatility in the stock market. Therefore, retirees must be aware of how interest rate fluctuations can affect their overall financial situation and plan accordingly.
Long-Term Care Risk
Long-term care risk is the likelihood of needing assistance with daily activities as one ages. Leslie highlights that a significant percentage of individuals will require some form of long-term care, which can be financially devastating if not planned for. The costs associated with long-term care can quickly deplete retirement savings, making it crucial for individuals to consider insurance options or other strategies to cover these potential expenses. Leslie advises that whether through insurance or self-funding, it is essential to make provisions for long-term care to protect retirement assets.
Conclusion
Understanding these various risks—market, tax, longevity, interest rate, and long-term care—is crucial for effective retirement planning. By recognizing and addressing these risks, individuals can create a more resilient retirement strategy that safeguards their financial future. Engaging with a fiduciary advisor, like Leslie Hammock, can provide valuable insights and personalized strategies to navigate these complexities and to help provide a more confident retirement.
Proper Diversification and Strategic Planning in Retirement
In the context of retirement planning, proper diversification and strategic planning are essential tools for managing the impact of uncontrollable factors such as market volatility and tax changes. As discussed in the podcast episode with Leslie Hammock, these elements play a crucial role in providing a more stable and confident retirement income.
Understanding Market Volatility
Market volatility, often referred to as “red money,” represents investments in the stock market that can fluctuate significantly. Leslie emphasizes the importance of diversification to manage this risk effectively. By spreading investments across various asset classes that are non-correlated to the market, retirees can help preserve their portfolios during market downturns.
During the accumulation phase, individuals may focus on growth-oriented investments. However, as they transition into the preservation and distribution phases of retirement, the strategy should shift to include more stable, income-generating assets. This approach helps safeguard retirement income against market downturns, particularly during critical periods when retirees begin to withdraw funds.
The Role of Strategic Planning
Strategic planning involves anticipating potential risks and creating a comprehensive plan to address them. Leslie highlights five key risks in retirement: market risk, tax risk, longevity risk, interest rate risk, and the risk of needing long-term care. Each of these factors can significantly impact retirement income if not properly managed.
Tax Risk: Tax laws are subject to change, and retirees must be prepared for potential increases in tax rates. Strategic planning can involve utilizing tax-efficient investment vehicles, such as Roth IRAs or municipal bonds, to minimize tax liabilities in retirement. By understanding the implications of tax changes, retirees can make informed decisions that protect their income.
Longevity Risk: With increasing life expectancies, retirees must plan for the possibility of living longer than anticipated. This requires careful consideration of how to allocate resources to ensure that income lasts throughout retirement. Leslie points out that many people may not realize the financial implications of needing long-term care, which can be a significant expense. Strategic planning can help address this risk by incorporating long-term care insurance or other financial products designed to cover these costs.
Interest Rate and Inflation Risk: Interest rates and inflation can erode purchasing power over time. Leslie notes that retirees should have exposure to investments that can grow in value and keep pace with inflation. This might include equities or real estate, which historically provide returns that outstrip inflation. By diversifying into these asset classes, retirees can better protect their income against the effects of rising prices.
Leslie shared: “Financial planning isn’t a one-time event. It shouldn’t be piecemeal. Retirement and Estate Planning should go hand in hand. I am committed to walking beside my clients every step of the way”
Video Link: https://www.youtube.com/embed/Iavm4KUxzBE
About Leslie Hammock
Leslie Hammock was born in Perry, Georgia, graduated from Stratford Academy, and later graduated from Mercer University in Macon, Georgia. He began his career with Mass Mutual. After a number of successful years, Leslie founded his own firm. Leslie has extensive personal and professional experience with an emphasis on Retirement and Estate planning strategies for professionals, business owners, and individuals working in both private and government sectors.
Leslie has been the recipient of the National Quality Award. He is also a long-time member of the International Association of Registered Financial Consultants (RFC), a member of the National Ethics Association, and an Independent Fiduciary Investment Advisor.
Leslie is an approved adult financial education instructor and holds classes at numerous local colleges on the subjects of Investment Planning, Retirement Planning, Social Security Maximization, Estate Planning, and many other topics.
Leslie is dedicated to developing lasting relationships with all his clients in their wealth accumulation and preservation objectives. He takes pride in his ability to provide clear, easily understood strategies using various financial products, services, and cutting-edge analytical technology.
Learn more: http://www.retirebydesign.com/
Disclosures: Securities and investment advisory services offered through Integrity Alliance, LLC, Member SIPC. Integrity Wealth is a marketing name for Integrity Alliance, LLC. Retire By Design is not affiliated with Integrity Wealth. Disclosures: Diversification does not guarantee a profit or protect against loss in a declining market. It is a method used to help manage investment risk. Disclosures: Not associated with or endorsed by the Social Security Administration, Medicare or any other government agency. Maximizing your Social Security Benefits assumes foreknowledge of your date of death. If as an example you wait to claim a higher monthly benefit amount but predecease your average life expectancy, it would have been better to claim your benefits at an earlier age with reduced benefits.