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Retirement Planning – Preparing for ‘Guaranteed Income in Life’

Monday, October 4th, 2010

In the thick of the stock-market catastrophe in November 2008, Craig Smith, a new retiree at 58, was seized with dread and anxiousness. He wasn’t aware of retirement funds, he was too young to collect Social Security benefits, and he was banking wholly on his savings.

In his mind, he was aware that he couldn’t cash out his stocks because he might live another 30 years or so and would want higher investment returns that would come in from stocks, but emotionally, he was completely scarred.

As retired folks watched their account balances drop sharply, most of them were counseled to cut down their retractions or head back to work to maintain their steady income. The thought of turning into a Wal-Mart welcomer or McDonald’s counter person was certainly not appealing to Craig as he found impossible to sleep at night.

Probabilities are alright — till you become a data point. The recent global recession that gripped the world in fear and horror was so serious and so uncommon (since nearly every asset class, save treasury bonds, endured grievous losses) that it has challenged the accuracy, integrity, and propriety of every conservative strategy.

The biggest source of danger to retirement income lies in removing too much money from a shriveling nest egg, for there may not be adequate left to gain from the unavoidable market backlash. Making the most of all the financial assistance you have at the moment and setting a plan in place that will take care of unforeseen outcomes into consideration is the most crucial and primary step in insuring against them.

Over the next few days we will touch topics such as how to map your time and how you can look out for while looking for a Fulfilling Retirement.

Financial Planning is Not Just for the Super Wealthy

Wednesday, April 14th, 2010

Financial planning is a step that every person, regardless of their bounds of wealth, should take advice from experts for. Most people feel financial guidance is only for the ultra rich. Well, wake up! It is, in fact needed by any person, regardless of gross income or savings!

Financial planning is the “Long-term profit planning aimed at generating greater return on assets, growth in market share, and at solving foreseeable problems – regardless of the level of possible investment.”

According to Noel Whittaker “Becoming wealthy is not a matter of how much you earn, who your parents are, or what you do… it is a matter of managing your money properly.”

The need for financial planning arises for multiple reasons. What exactly do you want to do with your money? Are you able to save even after paying all your bills? What would you like to give yourself at the end of a year of extremely hard work? A car? A Harley? May be a safe and secure home, which cannot be foreclosed?

A gambit of questions – and one answer to them all. I remember my nephew asking me when he was three why do we keep feeding his piggy bank, when he needs the dime for candy? I remember his mother telling him that he could buy himself a whole big bar of chocolate if he saved his dimes for three weeks in a row! The look on his face after that was to die for! We have a picture of him putting his dime in his piggy bank, today this boy having learnt the value of money through his dime stories – has just bought his own Chevy – at nineteen years of age.

A sensible financial plan is one, which can help you secure your future. You may not be earning millions, as long as you plan the dollars you earn, you can be certain of a protected future, at least financially. Don’t resist dropping a comment; I will most happily answer any query…