When you reach the age of 50 (maybe even younger), you should be thinking about your retirement. The information below can be help in getting your started in that direction. Before actually putting your plan details together, you should answer the following 10 questions:
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What are you doing in preparation for your financial future?
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What do you like the most about what you are doing?
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What don’t you like about your current financial position?
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What would you like to see enhanced or improved?
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Describe the ideal financial strategy.
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Define the ideal financial product.
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What has been your past experience with preparing for your financial future?
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What would you “ideally” like to accomplish with your financial strategy?
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What is your decision making process? How do you make a decision?
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What keeps you up at night?
Once you start preparing your actual retirement plan, there are a number of risks that you must be account for. Those who actually do a complete retirement plan (very few take the time or have the ability to do one), often times, do not account for all of these risks. The main risks are as follows:
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Life Expectancy
50% of the population will live longer than life expectancy and 50% less. We must plan on living longer so that our money will not run out while we are alive.
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Inflation
Inflation is sometimes called the “silent tax”. The biggest “tax” we have. We must take Inflation into account because if we don’t, we run the risk of either having to reduce our life style, running out of money, or both. Inflation can be deadly.
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Tax Rate
Because of taxes, our nest egg is not entirely ours. A portion of it actually belongs to the government. They will take their piece in the form or taxes. If we are in the 25% tax bracket, we then, can only count on 75% of the income that the nest egg will generate (assuming that all of the nest egg is taxable). If the government raises the tax rate, they take more. We are more at risk to run out of money sooner. If they lower taxes, we get to keep more. How’s that for a partner? Who is in total control? Obviously, in today’s economic environment and our historically low tax rates, it is likely that tax rates will rise and our “partner” will take more and more.
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Interest Rate
The amount interest that we can generate from our portfolio affects the amount of money that we will have available during our retirement years. If we are able to generate 6% interest, our money will last a lot longer than if we generate 3% in which case we will run a higher risk of running out of money.
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Market Risk
If our money is in the stock market, we run the potential risk of losing big chunks of our nest egg due to market fluctuations. Currently, we are in a bear market with the market fluctuating wildly virtually on a daily basis. We have had 2 market collapses (2000-2001, and 2008,2009) in the last decade. How many more will we have during our retirement years, which can last 25-30 years or more?
Your retirement plan needs to take all of these risks into account and mitigate all of them. Please do yourself a service and contact Statewide Retirement Planning Co. (954) 781-2220 so that together we can develop a custom plan for you reducing or eliminating the affects of all of the above risks. You have nothing to lose and everything to gain.
Call us today at 954-781-2220 or fill out this short survey so that you can set up an appointment with one of our top licensed agents who specialize in retirement income planning and learn potential ways to lock in a guaranteed* monthly cash flow in YOUR retirement! In addition, you will receive a copy of the publication “Is An Annuity Right For You”
We will help guide you in your retirement and find the best contractual annuity guarantees** that are most suitable for YOUR unique financial situation.
*Annuity product guarantees rely on the financial strength and claims-paying ability of the issuing insurer. |
