The New Year fast approaches and with it comes brand new
challenges, with new tax laws coming into effect, along with new health
care reform. Whatever one's political views are, one thing is certain...
taxes are going up!
There are many questions asked by people
when looking at retirement: Is social security going to be there when I
retire? And, if it is, when is the best time and age to take it? When I
retire how much is healthcare going to cost me? There is a great deal of
misinformation about both of these subjects, so make sure that the
information that is received is from a person with in-depth knowledge.
The challenge is how to accumulate enough wealth in
order to retire with dignity, and have sufficient funds in the right
plan so that one does not outlive one's savings.
One
way of ensuring that one does not outlive the savings is to invest in a
variable annuity, if designed correctly these annuities are a self-made
pension plan, which will give a stream of income for life, and will
also have a death benefit.
Whichever path and investment vehicle one decides to
choose the only thing that is imperative is that a plan must be put in
place, and the earlier the better.
[Blog site owner comment: as always, my advice is that you make time to understand your investments, projected returns, costs/fees, etc. You owe it to yourself to become financially literate, and a professional advisor is able to assist.]
Nick Grounds is a licensed professional, representing a large, global financial institution that offers a comprehensive portfolio of investment products and choices. Nick can be contacted via this blog, or directly at nickgrounds1@gmail.com
It's just plain scary to think that by the time you are 65-70, you could be living in poverty...
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