What’s your most valuable asset? Your home? Your investments? A collection of valuable cars or art? If you’re like many people, it’s none of the above. Your most valuable asset may very well be your ability to generate income and financially provide for your family.
One of the most basic steps in any financial plan is making sure you have tools in place to protect that valuable asset. That protection often comes in the form of insurance. If you pass away and are unable to provide for your family and loved ones, life insurance can help fill the financial void. Your loved ones can then use your life insurance death benefit to pay debt and fund their living expenses.
If you are approaching retirement, you may be researching various investment tools and vehicles that could help you fund your lifestyle and living expenses. In your research, you have probably read or heard about annuities as popular retirement income vehicles.
An annuity may be an effective retirement planning tool for you. However, they’re not for everyone. There are also many different types of annuities with a variety of features, so it’s important you choose the right product for you.
According to a recent study from HSBC, 72 percent of American workers over the age of 45 would like to retire by the time they are 50.1 Unfortunately, many of those workers may find that dream to be elusive.
It’s obvious why so many people want to retire early. If they can do it successfully, they get to stop working and do what they wish with their time. They may be able to add years, or even a decade or more, onto their retirement.
Thinking about contributing to an individual retirement account, or IRA, this year? That could be a good move. An IRA allows you to save for retirement on a tax-advantaged basis, which could help you grow your savings at a faster rate.
Depending on your situation, you have several IRA options to choose from. Two of the most popular are the traditional IRA and the Roth IRA. Each has its own unique features and benefits, so you should consider your goals and needs before making a commitment to one.
Carstens Financial Group focuses on providing comprehensive asset management, estate planning and life insurance solutions. Allow us to help you secure your financial future.