Vasilios “ Voss” Speros New Tip of The Day!

Vasilios “ Voss” Speros New Tip of The Day!
https://www.google.com/+VasiliosVossSperos 602-531-5141

What To Invest After Your Retirement

Annuities
Annuities are contracts between an insurance company and the policy holder, with the former guaranteeing a specific or variable return for the invested capital and making payments to the policy holder and/or his beneficiaries over a specific length of time, even a lifetime.

The proper understanding of annuities in your financial planning provides a significant benefit in the enjoyment of your retirement when the time is right for you, now or in the future.

First, there are two basic types of annuities: Deferred or immediate. Deferred: Lets your money grow until you are ready to retire (after age 59 ½). The interest you make is tax deferred until you take money out. Immediate: Provides income right away to you—as fast as within a month of the start of your investment.

An annuity can be structured to resemble a fixed income investment like a bond – adding to principle at a fixed rate – or as an equity investment where growth is uncertain and based upon the performance of a security index, such as the S&P 500. The benefits of annuities as investments include:

The biggest advantages annuities offer is that they allow you to sock away a larger amount of cash and defer paying taxes.

Unlike other tax-deferred retirement accounts such as 401(k)s and IRAs, there is no annual contribution limit for an annuity. That allows you to put away more money for retirement, and is particularly useful for those that are closest to retirement age and need to catch up.

All the money you invest compounds year after year without any tax bill from Uncle Sam. That ability to keep every dollar invested working for you can be a big advantage over taxable investments.

In our brand-new free report, our retirement experts give their insight on a simple strategy to take advantage of that can help ensure a more comfortable retirement for you and your family.

Vasilios “ Voss” Speros Tip of the day!

Vasilios “ Voss” Speros Tip of the day!
https://www.google.com/+VasiliosVossSperos 602-531-5141

Don’t put off saving for retirement until tomorrow

Most Americans understand the importance of saving for retirement but unfortunately, not everyone’s concerns translate to action.

While 93 percent of working Americans know they should be contributing to their retirement, only 72 percent are actually doing something.

A study found that while nearly three-fifths of respondents plan to retire by age 65, almost the same amount of people fear they’ll never save enough for retirement.

Unfortunately, saving for the future is often put on the back-burner for what may seem like more pressing financial priorities, such as paying for children’s college education. Today more than ever before, individuals are responsible for ensuring their own financial security during retirement.

The earlier people begin to plan and save for their post-working years, the better. Here are some top things to consider: How much will people need to finance their retirement? Do they plan to move, travel or take up new hobbies? Also take in to account potential unexpected and rising costs, like healthcare.

People can estimate their retirement needs by identifying potential expenses, as well as by calculating the amount they might receive from each potential source of retirement income, such as Social Security, pensions, personal investments and employment earnings.

People shouldn't be surprised if what they need to retire is a large sum, since this money may need to support them for 20 or 30 years or more. Fortunately, there are ways to help maximize retirement savings over time.

Investing early for retirement and contributing as much as possible to tax-advantaged employer-sponsored retirement plans, IRAs and permanent life insurance are a few ways to help build retirement dollars. Automatically transfer a regular contribution from a paycheck to a retirement account.

While it is good to have market backed retirement plans it is crucial to have an account that is not directly correlated to market volatility.

In some cases, it may be appropriate to consider rolling over or transferring funds to an account without minimums. However, there may be some cases where leaving the funds may be the right decision.

Understand the time horizon, risk tolerance and goals. Generally speaking, risk tolerances will change over time. Make planning a family affair by scheduling times to discuss financial future with a partner or family members over dinner, on a picnic or as part of a weekend getaway.

Consider working with a qualified financial professional to help ensure your retirement plan is on target. 

It is never too early or too late to get started and while it may seem daunting, there are quality tools and resources that might help along the way. Sometimes it can be rewarding, perhaps even enjoyable.

In our brand-new free report, our retirement experts give their insight on a simple strategy to take advantage of that can help ensure a more comfortable retirement for you and your family.

Vasilios "Voss" Speros 602-531-5141
Spence Cassidy and Associates

vsperos@scaaz.com
#LifeInsurancePhoenix #RetirementStrategiesPhoenix
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