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As mentioned in Part One of this article, while annuities have been around for over a century, there is nevertheless a ton of misinformation about them. In Part One, we explained Annuity Misconceptions #1 - #5. In Part Two, we will explain Misconceptions #6 – #10....read more
With pension plans going the way of the cattle prod, a retirement plan that includes a predictable stream of income for the rest of our lives is a no-brainer. And there is only ONE financial tool that can accomplish this: The Annuity! Many people react to this by...read more
One day, Farmer Brown was summoned by the big city courthouse for jury duty. Rarely did Farmer Brown ever go to the “big city” and never had he actually driven the confusing one-way streets of downtown where the courthouse was located. Farmer Brown would have to...read more
For most Americans, the 401(k) is their most valuable asset for retirement. Illustrated in the graph below is a 401(k) worth $300,000. Assuming we lived in a perfect world (no taxes on the 401(k) when we go to take money out), we’d have all the $300,000 to use and...read more
While many people have a game plan for “saving and investing” money (it’s called the “accumulation phase” of life), those same folks do not have a game plan for “using and enjoying” it (the “spending phase”). It can happen to any of us: we work and worry ourselves...read more
There once lived a farmer, who was well-known in the small community in which he and his wife lived. To the rest of the farming community, the farmer was doing well. But he knew better. He, along with his wife, had spent money they didn’t have, to buy things they...read more
Tip# 5: Thing about your Goals.
When planning for retirement you need to consider your goals at every stage of planning, and at every age. Instead of retiring all at once, you should consider retiring in phases. This would make the whole journey easier and smoother for you. The closer you get to retiring the more often you should check your goals, and ensure that you are going to have enough money to retire comfortably. Retirement doesn’t have to be scary. Retirement is fun and enjoyable when you plan for it financially.
Tip# 13: Plan Review.
Your life is constantly changing and the same can be said for your financial needs. Make sure that your investment plan is still on track to help you reach your financial objectives. The general rule of thumb is every two years, go back to that plan and check to see that it still works for you. Ideally, your budget will shrink as you get older. Examine your goals and significant life events that may have occurred and adjust your plan if necessary. If you continue to live a budget-conscious lifestyle after retirement, you should find that you enjoy approximately the same quality of life without spending as much money.