Description: The article shows us on how to use the empower retirement login. The author gives many tips on how to create own Personal Pension Plan. The Personal Pension Plan will save your money and keep you from undertaking the risks.
I thought I had plenty of time to save for retirement. I didn’t think that the time would fly by so fast. Does it sound familiar to you? At age 25,we probably were saying we can’t save for retirement now,we got out of school and had student loans to pay off. We deserve to have a little fun. We have plenty of time to save for retirement. But then a few years later at age 35,we said we can’t put away another nickel now in that we have a growing family a new mortgage and private school tuitions.
We’ll stash away more savings when the kids are older. We’ll have extra money then. And at age 45,save more for retirement retirement? It sounds like a joke. We’ve got a child in college and this is the most expensive time in our lives. We’ll start putting money away when our child graduates. It is like a a pay raise.
At age 55,we say we know we should save more but things haven’t worked out the way we thought. We’re very comfortable in our jobs now. At our age it’s not that easy to start a new job. We’ll have to ride along as we are. We think some of our investments may start to pop. At age 65,where did the years go?
We thought we had plenty of time and extra money to save for retirement. We did not feel worried because our 401ks and our tech stocks were flying off the charts. The bottom fell out of the market. What can we do now? We don’t have a lot of extra cash flow. Is there anything we can do to have more retirement income? Our Social Security our pensions and 401ks won’t be enough and we can’t afford to take risks. What’s the answer? Help me. The answer is the personal pension plan.
The old retirement model of past generations is gone and back along with the gold watch. Companies expected to pay retirement benefits for only about three to four years. Today’s retirement period can last twenty five thirty,thirty five years or more. The new retirement model is all about longevity. That’s why the personal pension plan is important in assuring today’s retirees to have an income guaranteed long after that gold watch has quit working. Let’s take it step by step.
First what type of lifestyle do you want to maintain during retirement? Secondly what life income is available to support that lifestyle?For example your pensions,Social Security 401k. Third what amount of essential and discretionary income do you need. Fourth what financial lifeboats are available to sustain your lifestyle? Should the unforeseen occur? And finally fifth how much do you need and when do you need it.
That’s the beauty in developing your own personal pension plan. It’s not a one-size-fits-all model. It’s all tailored to your needs and desires. There are no wrong decisions. Most importantly the personal pension plan is designed funded and implemented with fixed guaranteed products. No wishing and hoping and no Gamble’s,only guarantees. The personal pension plan provides a stream of income for you as long as your retirement journey takes. It is not only for you but also for your spouse. He or she is afforded the same comfort.
It appears that the majority of Americans are not very positive about the prospects of having a secure retirement,even for those who are lucky enough to have pensions. They know their pension are unlikely to be sufficient. Consider this, first one is the pension. We used to think that our pension will give us enough money to live on for the rest of our lives. It turns out that we need more to use. It assumes that you’re lucky enough to have a pension in the first place.
Today most Americans are creating their own pensions through 401ks. Now the difference between the defined contribution 401k and the defined benefit pension is all in the guarantees. When it comes to 401ks,we can keep our fingers crossed and hope for good financial winds. Secondly is Social Security. For most baby boomers and for those who have already retired, Social Security may last through our lifetimes.
However boomers will need every penny because most of us haven’t saved enough to supplement our Social Security benefits. And it brings us to number three the personal savings. The most important component in planning for successful retirement. For those people who have already retired the job, it is not over. We still need to have the maintenance plan. How our personal savings converted into income?
There are many choices including investments, real estate. For those who no longer have a stomach for risk,the choices are fewer. Many Americans are looking for safe money places like fixed annuities. Many financial advisors present Monte Carlo simulations that describe different withdrawal scenarios based upon years of past stock market performances.
Now these scenarios show that based on different assumptions,you should be safe and not run out of money. Equities will continue to be an important part of the retirement plans. But what about those who want a 100% guarantee that they won’t run out of money?what’s available to them? The answer is the personal pension plan.
The personal pension plan is an old idea which makes a big comeback due to its simplicity. It entails separating essential and discretionary income needs. It determines the need for increased income in the future and analyzes assets available for income today and the potential income they will provide.It also answers the big questions about how much do you need and when do you need it. It sounds simple,doesn’t it? That’s why it is in such favour today.
Many Americans are taking some of their at risk money and placing it in safe money places. Some have determined that they are at a place in life where they want zero investment risk. They are willing to sacrifice the potential of great returns for the comfort and tranquillity of guaranteed income for life.
What types of annuities you can use is depends on your needs and timelines. How much does it take to fund the guaranteed income desired? The personal pension plan is not a one-size-fits-all plan. We will need to gather some information from you. Have you map out the amount of income you will need and when you will need it. We will also take into consideration any special needs or desires that you might have.
When most boomers or retirees being asked how long do you want this income to last,they usually say forever. When they ask the advisor why are you using annuities to accomplish these goals the answer is the theme song from that old 1971 James Bond film of the same name. diamonds are forever.
Contact your safe money places agent network member as soon as possible. Find out what the personal pension plan might do for you. If you don’t have a safe money places agent network member,you can call 8778440900 to find a member near you. He’ll be glad by what you did. There’s still time for you to get your retirement years on track financially.