Retirement Planning – What Options Do You Have?

Retirement Planning – What Options Do You Have?
  • Opening Intro -

    "Have you had a retirement wake up call?" Mary Hunt asks in one of her latest books.

    She sites a 2016 survey that found that around 94% of women of all ages don't feel confident and educated enough to reach their retirement saving goals.

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“Have you had a retirement wake up call?” Mary Hunt asks in one of her latest books. She sites a 2016 survey that found that around 94% of women of all ages don’t feel confident and educated enough to reach their retirement saving goals.

Saving for retirement demands proper planning, hard work, and determination. Mary Hunt believes that you can succeed. “If you lack confidence, it is because you lack planning, desire, hard work and knowledge and not because you lack ability and intelligence.” She says.

Time conquers all factors when saving for retirement. The early you start, the better. But regardless of what age you are in life. You must plan now. It hardly matters how old are you or how little you think you have, start planning now. Take baby steps to produce long time results.

You should plan a three step retirement plan which includes the following:

1. Own Your Home

Buy a house as early as possible. Make mortgage payments equal to the full approval amount to own your house in less than half the time.

2. Emergency Fund

Save money for unexpected occurrences. These finances need to be liquid and should be easily accessible within two days.

3. The Debt Factor

Eliminate your debt as early as possible. Mary Hunt says they are like Cancer killing your future. Incorporate her RDRP (Rapid Debt Repayment Plan).

Think about hiring a professional financial planner once the debt is managed. Hire a planner with at least five years experience. Make sure that they work in your best interests. Be careful of any planner who claims to beat the market. Make your own investment planning and don’t over-depend on your planner.

4. Retirement Income Funds

Retirement income funds are specialized mutual funds. They allocate your resources across diversified portfolios of stocks and bonds. These investments are managed with the aim of producing fixed monthly income which is then distributed to you. With a retirement income fund, you can access your money anytime and retain the control of your principal. However, if you withdraw your principal, your monthly income will subsequently go down.

5. Lump Sum Pension Options:

Most people like the idea of taking a lump sum pension option because it gives you absolute access to your money. You will be able to generate the same amount income that the annuity would provide. However, having lump sum access to pension fund makes it easy to spend too early. If the money is invested poorly, you may run out of money soon.

Don’t forget that money is not important if health and all the other factors are neglected. If you have invested in knowledge, good health, skills and education, then the rest falls into place.

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Consumer Tips reference:

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Last update on 2018-12-13 / Affiliate links / Images from Amazon Product Advertising API

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Categories: Retirement