Helping You
Live for Today
Plan for Tomorrow
Embrace your life's journey with a secure financial future to enjoy the present. Our tailored expertise in retirement planning, life insurance, and
Medicare simplifies your path to peace of mind. Partner with us to craft a custom plan for your unique needs and savor living your best life now.
Comprehensive Financial Services
Tailored financial solutions to help you achieve your goals and secure your future.
Financial Planning
Comprehensive financial planning tailored to your unique needs and goals.
Retirement planning
Education funding
Investment strategies
Estate planning
Annuities
Comprehensive financial planning tailored to your unique needs and goals.
Retirement planning
Education funding
Investment strategies
Estate planning
Medicare
Comprehensive financial planning tailored to your unique needs and goals.
Retirement planning
Education funding
Investment strategies
Estate planning
Health Insurance
Find the right health insurance coverage to protect you and your family's wellbeing.
Individual health plans
Family coverage options
Supplemental health insurance
ACA marketplace guidance
Life Insurance
Comprehensive financial planning tailored to your unique needs and goals.
Term life insurance
Whole life insurance
Universal life
insurance
Variable Life Insurance
Final expense insurance
MEET THE FOUNDER & CEO
Hello, I'm Peggy Barrett!
My Dedication to Service
For 28 years, I dedicated my career to the important mission of Meals on Wheels. I had the privilege of serving as CEO of Broward Meals on Wheels and Board Chair of the Meals on Wheels America Association. This experience instilled in me a deep passion for helping others and a strong belief in the power of community.
My Transition to Finance
After retiring from Meals on Wheels, I wanted to continue making a meaningful impact. I saw a connection between my nonprofit work and the financial services industry – both are about empowering people and helping them achieve security and well-being.
My Commitment to Financial Well-being
I'm now a licensed professional in life and health insurance and hold Series 6, 63, and 65 securities licenses. I believe that financial planning is crucial for a secure future, and I'm dedicated to educating and guiding my clients on their path to financial success.
Why I Co-Founded 2nd Life Consulting LLC (2LC)
I co-founded 2LC because I believe everyone deserves access to sound financial guidance. My experience in the nonprofit world taught me the importance of compassion, empathy, and personalized service. I bring these same values to my work in the financial industry. I'm excited to be part of a team that is committed to making a positive difference in the lives of our clients.
"We help protect what you have, grow what you save, and plan for what's ahead - so you can focus on living your life with confidence."
Your Complete Financial Wellness Process
Invest in Your Total Self - Health, Wealth & Peace of Mind
Simple 4-Step Process
Client TESTIMONIALS
What others are saying
"Peggy has been a lifeline during a very difficult time."
"After losing my husband, I was overwhelmed trying to understand the complexities of retirement benefits, social security, and his pension. Peggy patiently guided me through it all, not only explaining what I had but also helping me create a plan for the future. She continues to be a source of support, readily answering any questions that arise. I'm so grateful for her expertise and compassion."
- Marge P. - GA
"Her professionalism is top-notch"
"Peggy is a pleasure to work with. Her professionalism is top-notch, and she consistently delivers effective solutions. I've been impressed by her thoroughness and competence on multiple occasions. Highly recommend Peggy for anyone seeking expert assistance."
- Cheryl Q. - FL
"Provided invaluable support during my career transition"
"Peggy is a professional who has provided invaluable support during my career transition. Her expertise in retirement planning was instrumental as I navigated leaving one job and starting a new career. Beyond my own experience, I've referred numerous colleagues and friends to Peggy, and they've all benefited from her highly competent and thorough approach. I wholeheartedly recommend Peggy to anyone seeking financial guidance."
- Melinda M
Frequently Asked Questions
Financial Planning
Annuities
Health Insurance
Life Insurance
What are my top financial priorities and goals?
Understanding your short- and long-term goals—such as retirement, debt reduction, or buying a home—guides the entire financial planning process. Start by listing your priorities for the next 1-3 years, then clarify your major long-term goals such as a comfortable retirement, funding education, or legacy planning.
How much do I need to save for retirement?
The amount needed depends on your desired retirement lifestyle, current savings, anticipated expenses, and expected sources of income. A common rule of thumb is to aim for 70–80% of your pre-retirement income, but a detailed projection with inflation and anticipated healthcare costs provides more accuracy.
Am I adequately insured (life, health, disability, long-term care)?
Review whether you have enough coverage based on your dependents, debts, and personal needs. Consider life, disability, health, and, if appropriate, long-term care insurance. Reevaluate coverage as your life circumstances change.
Do I have an emergency fund, and how much should it be?
You should have a cash reserve to cover 3–6 months ‘worth of essential living expenses in easily accessible accounts to protect against unexpected job loss or emergencies.
What is my net worth and cash flow?
Knowing your assets, liabilities, income, and expenses is vital. Create a net worth statement (assets minus liabilities) and a monthly budget to track cash flow and identify opportunities to save or invest more.
What investment mix (asset allocation) is best for me?
Your allocation between stocks, bonds, cash, and alternative investments should reflect your risk tolerance, time horizon, and goals. Regular reviews ensure your portfolio aligns with market changes and your evolving risk profile.
How can I minimize taxes on my income and investments?
Take advantage of tax-advantaged accounts (401(k), IRA, HSA), tax-loss harvesting, and other strategies. Consult a tax advisor to stay compliant and maximize after-tax returns.
Do I have an up-to-date estate plan (will, trust, power of attorney)?
Basic estate documents ensure your wishes are carried out and your family is protected. This includes a will, power of attorney for finances and healthcare, and possibly trusts for more complex needs.
Am I borrowing money efficiently?
Assess if your debts (mortgages, student loans, credit cards) have favorable terms and fit within your overall plan. Avoid high-interest debt and refinance when it’s advantageous.
What happens to my finances if I lose my job or face a major emergency?
Having an emergency fund, staying current on skills, and minimizing consumer debt are key to weathering unexpected loss of income or expenses. Review your plan regularly and stay flexible to adjust as needed.
What is an annuity?
An annuity is a contract with an insurance company where you pay a premium—either as a lump sum or over time in exchange for guaranteed future income, either for a set period or for life.
What are the main types of annuities?
The principal types are fixed (guaranteed rate of return), fixed index (returns linked to a market index but with downside protection), and variable (returns tied to market performance and carry more risk).
How do annuities provide income?
Annuities can provide immediate income (immediate annuities, where payouts start less than a year after purchase) or deferred income (deferred annuities, where payouts begin at a future date).
What are the pros and cons of annuities?
Pros: tax-deferred growth, guaranteed income, and protection from market downturns (for fixed/fixed index types).Cons: limited liquidity, complex contract terms, fees, and potentially modest returns versus other investments.
How are annuities taxed?
Taxes are generally deferred until you withdraw money. Withdrawals are taxed as ordinary income, not capital gains. If you take money out before age 59½, a 10% early withdrawal penalty may apply.
What happens to my annuity after I die?
Annuities often pay a death benefit to a named beneficiary, avoiding probate. If no beneficiary is named, remaining assets may revert to the insurer.
Are there fees or expenses with annuities?
Yes. Common fees include mortality & expense (M&E) charges, administrative fees, rider charges (for optional benefits), and surrender charges if you withdraw early. Variable annuities also include investment expense ratios.
When is the best time to buy an annuity?
Often close to or during retirement for income predictability, but decision timing depends on your financial situation, goals, and market conditions.
How is my payout determined?
Payouts depend on factors such as your age, gender, the type of annuity, payout option selected (single/joint life, period certain), and prevailing interest rates at purchase.
Can I access my money if needed?
Having an emergency fund, staying current on skills, and minimizing consumer debt are key to weathering unexpected loss of income or expenses. Review your plan regularly and stay flexible to adjust as needed.
What type of health insurance plan is right for me?
Plans vary: HMO (Health Maintenance Organization), PPO (Preferred Provider Organization), POS (Point of Service), EPO (Exclusive Provider Organization), and high-deductible plans with options for HSAs. The right plan depends on your budget, doctor preferences, and how often you seek care.
How much will the plan cost me?
Consider both the monthly premium (the payment just to keep the policy active) and out-of-pocket costs, such as copays, deductibles, and coinsurance. Balance the monthly cost with the coverage and the likelihood of needing care.
What does the plan cover?
All individual and small employer plans must cover at least the 10 essential health benefits under the Affordable Care Act: doctor visits, hospitalization, emergency services, prescription drugs, maternity/newborn care, mental health, preventive care, pediatric services, and more. Always check specifics, as some benefits may be subject to limits or exclusions.
Are my preferred doctors and hospitals in-network?
Using in-network providers results in lower costs. Check if your doctors, specialists, and local hospitals are included in the plan’s network before signing up.
How do deductibles, copays, and coinsurance work?
A deductible is the amount you pay out-of-pocket before insurance starts paying some costs. Copays are fixed amounts for visits or prescriptions. Coinsurance is the percentage you pay for covered services after meeting your deductible. Understand how these elements affect your total cost of care.
Does the plan cover the prescriptions I need?
Check the plan’s formulary (list of covered medications). Some plans cover only generic or preferred brands. Regular medications should be checked for cost and coverage rules
Are pre-existing conditions covered?
Yes, under the Affordable Care Act, all health insurance plans must cover pre-existing conditions, with no waiting periods or premium surcharges based solely on health history.
Can I keep my coverage if my life situation changes (job change, divorce, moving)?
Major life events may allow you to enroll in a new plan outside open enrollment. Losing job-based coverage, marriage, divorce, birth/adoption, or moving all qualify for a special enrollment period.
Is there coverage for my family members?
Plans usually allow you to add a spouse and children. Income-based programs like Medicaid and CHIP may be available for children or families with lower incomes.
What if I need care when traveling or living out-of-state?
Coverage for out-of-area care varies. PPOs typically provide some coverage for out-of-network care, while HMOs often do not. Emergency care is generally covered nationwide, but routine or specialist care may require you to stay in-network or close to home.
Do I really need life insurance?
Life insurance is important if someone depends on your income— such as a spouse, children, or even business partners — or if you want to cover debts and final expenses. Single people with significant debt or burial costs may also benefit from coverage.
How much life insurance coverage should I have?
A common guideline is to aim for at least 10 times your annual income, but the exact amount depends on your family’s financial needs, debts, education costs, and other long-term goals.
What are the main types of life insurance?
The two primary categories are term life insurance (provides coverage for a specific period, typically lower cost, no cash value) and permanent life insurance (such as whole and universal life, which provide lifetime coverage with a cash value accumulation feature).
How do I choose between term and whole life insurance?
Choose term life if you need affordable coverage for a specific period (e.g., until children finish college), or whole life/permanent if you want lifelong coverage with a cash value component. The best choice depends on your goals and budget.
How much does life insurance cost, and what affects the premium?
Premiums are based on age, health, lifestyle, policy type, amount of coverage, and sometimes medical exam results. Younger, healthier individuals typically pay less. Term life usually costs less than permanent life policies.
Do I need a medical exam to get life insurance?
Many policies require a medical exam (measuring blood pressure, cholesterol, etc.), but there are “simplified issue” or “guaranteed issue” policies that do not—though these may cost more or have coverage limits.
How do I determine who should be my beneficiary?
You may name any person, trust, or organization as your beneficiary. Most people choose spouses, children, or other family members. Be sure to update your beneficiary designation as life changes (marriage, divorce, births).
What happens if I stop paying my premiums?
For term policies, coverage usually ends after a grace period. For whole life policies, the cash value may cover the premium for some time or convert to a reduced benefit. If you stop payments altogether, coverage will eventually lapse.
Is employer-provided life insurance enough?
While convenient, employer group policies often offer limited coverage and typically do not follow you if you change jobs. Many people need additional individual coverage for adequate protection.
Is a life insurance payout taxable?
Generally, the death benefit paid to beneficiaries is income tax-free. However, certain exceptions apply, such as if the benefit is paid in installments or through some employer plans.
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