It’s Never too Late to be proactive & Plan for your Future Financial Wellness.

Financial planning for retirement years is something every one of us must think about, and it not only for the rich people. With the proper planning, every one of us can attain the desired income needed once it’s time to retire. It’s never too late to be proactive and plan for your future financial wellness.

Retirement planning starts way before you retire, the sooner the better of course. Think in advance, and do not wait until it’s too late to implement a plan of action. In the simplest term, retirement planning includes identifying the following:

• Identifying your current sources of income.
• Estimating and reducing current expenses.
• Calculating Net income to determine the amount to fund your plan of action.
• Implementing a solid savings program that generates the needed income during your retirement years.

There are different paths to plan and save for retirement. Some paths are risky with the potential of high returns while other paths are safe with a steady fixed return. Examples of the safe retirement plan of action is a whole life insurance policy or a fixed index annuity.

• Whole life policies have a guaranteed, pre-set annual cash value increase. The guaranteed increases are based on a “worst-case” financial results scenario projected by the insurance company. Some of the feature of a whole life policy; Tax-deferred cash value accumulation, the ability to borrow against your cash value allowing you to become your own source of financing and bypass banks, credit card and finance companies, and the ability to have a guaranteed, predictable income in retirement, without the risk or volatility of stocks markets, real estate and other risky investments.

• A Fixed Index Annuity (FIA)is a tax-favored accumulation financial product issued by an insurance company that offers fixed deferred interest rate with the option to attach income riders. FIAs are an effective way to contractually plan for future income needs during your retirement years. This product offers a guaranteed lifetime income along with other benefits that can be added by the beneficiary depends on the carrier. For instance, some annuities offer confinement-care type benefits, which can be used as a
supplement to traditional long-term care coverage.