When people think about retirement, they may think about an age (such as 65) or a “number” for their retirement income. These two factors alone are not enough to prepare for a prosperous retirement. Creating a financial plan is a great place to start, but understand that a financial plan is also simply a coordinated set of figures on pieces of paper. Without considering a myriad of variables, updating your plan as things change, and implementing your planned steps properly, you may find your plan is worth the proverbial “pieces of paper” it’s printed on.
We’ve seen that the most fulfilled retirees aren’t necessarily the ones with the most “zeroes” on their bank account or brokerage statements. Success can often be directly correlated with your “balance in life.” Have you obtained balance among your investment categories, cash flow, growth potential security, and liquidity? Have you answered pertinent health care, long-term care and longevity questions? Do you know where you’ll live when you retire, how you’ll maintain fulfillment, and what you’ll do?
The Little Red Book of Retirement Series aims to help you consider these questions as they pertain to you. In my experience, a retiree’s life is sometimes turned upside down because they failed to address one or two of the topics within this book. Use this book to help you plan for and live out your best retirement possible.
We put a lot of time and effort into writing this book series and are sure you’ll love it. So download your free copy right now when you sign up for a complimentary financial review.
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Here is a sneak excerpt from The Little Red Book of Retirement Series;
Chapter One: What Is An Annuity?
An annuity is an insurance-based financial product designed to accept and grow funds from an individual and then, upon annuitization, pay out a stream of payments to the individual at a later point in time. It is the “promise” by the insurance company to take in payments over a period of time or in a lump sum, until a certain event occurs (i.e.: an amount of time, age, death), and pay it back at a certain rate, all at once, or for a predetermined period of time including “for life.”
All insurance products are designed to alleviate risks that consumers face. Let’s use the concept of life insurance as a comparison. Life insurance requires that the policy owner pay a premium to the insurance company to insure against the risk of death. When you pass, your loved ones receive the death benefit of the insurance policy. Annuities are financial products that insure against the risk of outliving your money by disbursing payments to you while you’re still alive. They may seem complicated, but the general concept is quite simple: you place money with an insurance company in exchange for an income stream for a specified period of time, or for life, that grows at either a fixed rate or changing rate depending on the type of annuity.
The parties to an annuity contract are the insurance company, the owner and/or the annuitant, and the beneficiary. The insurance company is responsible for making good on the terms of the annuity contract. These are things such as the interest rate, annual payments, or other benefits promised in the agreement. The contract owner and annuitant are often the same person, but the owner is the purchaser of the annuity who makes the decision as to who the beneficiary of the contract is to be. The annuitant is the person whose life expectancy is used to calculate the amount of the annual payments that will be received, and the beneficiary is the person who will receive an annuity’s death benefit. In many cases the annuitant may have already begun receiving annual distributions and the beneficiary may still be eligible to receive a death benefit depending on your contract.
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