Our 3 Core Principles When
Making a Retirement Strategy
A good retirement strategy needs to be well thought out. Having a good strategy for your future is the way to ensure you reach your goals.
Learn about these three keys and how they may be able to help you retire well:
Look For Protection of Principal
A common way of saving for retirement is to put your money in investments like the stock market. People do this during their working years because they aren’t yet relying on the money in their retirement accounts. They believe that their account will have time to recover, should it lose value due to a stock market drop. However, if your retirement account were to lose money after you’ve retired, you might not have the time to recover from this. This is because you’d no longer be working and therefore wouldn’t still be adding income to the account. This is why it’s important, as you enter or near entering retirement, to protect your savings.
Our first rule of thumb when working with clients is, keep their principal amount safe. You’ve worked hard for that money, so let’s work together to protect it. Your savings should last your whole life, and be kept safe even in the event of a stock market downturn.
Look For a Reasonable Rate of Return**
Protection comes first, of course. But next, you should aim for a reasonable rate of return.** Too often, retirees are disappointed by this aspect of traditional retirement accounts. While a CD or traditional bank account will keep your money safe, you might not feel the returns are reasonable. However, there are strategies that could allow for more reasonable rates of return,** while maintaining that core value of safety. With these options, you may see an increase in your return when an index is up, but not have to worry about your savings being lost when the index is down. Low risk, potentially high returns. This is, to many retirees, the best of both worlds.
Look For Simplicity in Your Strategy
A good retirement strategy doesn’t need to be complicated. We think that some of the most effective strategies out there are built on simplicity. If your strategy requires you to spend time worrying about and watching your money, are you really “retired?” With the right strategy, you can have a simple and straightforward retirement. Additionally, in order to keep things simple, you don’t have to sacrifice your long-term goals! By choosing options that provide an income for life while protecting your principal, you can be more confident in your strategy, while understanding it fully. Each clients’ situation, needs, and goals are different, of course. Be sure to contact us to discuss the details of your retirement. Overall, though, simplicity can definitely have its benefits in your retirement strategy.
One of the most common questions we get from clients: "Do I have enough money to last me my whole life?"
Our approach can prevent you from running out of money in retirement. This can be done by using insurance products like fixed indexed annuities (FIAs) or indexed universal life (IUL) insurance policies. Also, many of these simple solutions come with additional benefits, depending on the specific product. Just one product could potentially help you take care of many needs you have in retirement.
We Can Help
You don’t have to choose between these three principles. Instead, the products we offer can help you get all three of these, plus additional benefits. No matter your current retirement situation, we can help. Reach out to us, to learn which options could be the right fit for your retirement strategy. Give us a call, to register for an upcoming seminar event, or set up an appointment with us.