There are many options available on how to be financially secure during retirement. It can be quite a challenge to narrow down these options and select the best one suited for an individual. Present situations and future plans differ from one individual to another.
One way to start off the planning process is by asking the following set of questions:
How long can I expect my retirement period to be? The estimated length of time will impact your plan for the period.
What will my lifestyle be during my retirement? If you plan to travel, do volunteer work, or have a part-time job you need to consider these as well.
How much do I need to prepare? Do you need an 80 percent equivalent of what you earn today or do you need 100 percent? Consider where your expenses will be going.
Where will I draw my retirement income? To meet your future needs you need to know what your future sources of income will be.
The foregoing questions share a common concern for would-be retirees or those simply planning ahead - that is, income in the future.
Certificates of Deposits and Savings Accounts
According to the Gallup poll results, thirteen percent of current retirees use these as source of their retirement fund. It also reports that twenty two percent of current workers look forward to using these options as their retirement fund.
Stocks and Stock Mutual Funds
Figures provided by Gallup indicate that only twenty percent of workers look favorably toward stocks and stock mutual funds as a major part of their retirement fund. The same source says that an estimated fourteen percent of current retirees expect to use these as their source of funds for their retirement expenses.
Annuities or Insurance
Survey results indicate that around eight percent of current workers along with retirees say that annuities form a major part of their retirement plan.
To learn more about this option go to our comprehensive guide Annuities explained from A to Z, where we discuss all types of annuities with their pros and cons, how they are taxed, how to shop for one, some important riders and features and more.
Some experts advise to approach these products with caution. They suggest reviewing thoroughly on what the fine print provides.
According to the Gallup results, six percent of those currently working look forward to using money earned from rental properties or from royalty payments as their retirement fund. Currently, about five percent of retirees get their retirement income from these sources.
How to Correctly Find a Long-Term Retirement Plan?
You are welcome to participate in our retirement plan sharing, we tailor for you a long to 20 years to 30 years of long investment plan. Funds continue to be stored in the bank, after things inflation and currency devaluation, the amount of funds still exist, but the amount becomes smaller and smaller.
Sharing will not limit the age class, if you want to arrange early retirement plan welcome you to join us.