Financial Planning

You can achieve sound financial planning through a list of objectives, a few simple financial products, realistic investment expectations, a time frame that gives your investments time to work out, and a discerning eye to detect what is valid financial advice and what is not. You may already have some goals in mind for how you want to utilize your financial assets to plan for the future.

There are a few basic concerns that you should address to successfully plan what to do with your financial resources. One is to set up an emergency fund reserve. Calculate three to six months of your fixed expenses (rent or mortgage, utilities, food, insurance, car payment, etc.) and set aside that much in a money market account in case of emergency situations. Second is to protect your income by signing up for:

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1. Disability insurance to protect your family if you cannot work due to health reasons

2. Life insurance to provide for your family if you are not there

3. Meet with a lawyer and draft a will to ensure your assets will be distributed properly and your children taken care of in the event of your death

When drafting the will, ask the lawyer if you are able to transfer the money you’ll be leaving to your beneficiaries into an immediate annuity. This will help to defer taxes on the income they are receiving and provide steady monthly income payments.

Here are some other basic points to keep in mind when it comes to financial planning and retirement income.

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  • Be realistic – Realize that once you retire you are looking at replacing 70 to 90 percent of your current income.
  • Avoid spending your retirement money if you can. This money isn't taxed until you take it out of your retirement fund. By using non-retirement money you can continue to defer taxes as long as possible.
  • Delay taking Social Security since the longer you wait the higher your benefits will be.
  • If you change jobs, more often than not it makes sense to roll your current retirement assets into an IRA rollover account.
  • Talk to family members now about how you want your affairs handled in the event you become incapable of making your own decisions.
  • Move to a smaller and less-expensive home and invest the money you save into an annuity or other vehicle for retirement funds.
  • Start a new career or scale down to a part-time job. By trying a new career, even part time, you can have continued income.

Sometimes, no matter how financially savvy you may be, a financial planner may be necessary to help sort things. When you are ready to purchase an annuity as part of your financial planning repertoire, we can help by finding the best annuity quotes from top-rated insurance companies.