Few things are as sad and as frightening as seeing how many older people are living their last years in poverty, dependent upon family to help them survive. In many cases people in such a situation have not make adequate provision for their retirement years. The importance of planning from an early age cannot be overemphasized. A Connecticut annuity advisor can help their clients to create a balanced portfolio of investments insurance policies and savings plans that will make sure that their old age will be trouble free.
Studies have shown that most pensioners that are able to maintain a relatively worry free lifestyle have maintained a retirement plan for many years. Young people live with the illusion that there is lots of time. Nothing can be further from the truth. Experts agree unanimously that it is vital to start planning for retirement the moment a person starts earning a wage or a salary.
A very large percentage of people only realize the need for retirement planning when they reach their middle ages. To start at this age holds many implications, however. A proper pension plan that consists of a balanced portfolio can easily cost up to half the income of the contributor. This is also the age where medical bills are more frequent and where children need to be sent to college.
Another common mistake made by too many people is to believe that the pension plan offered by an employer is all that is needed. Pension plans are certainly valuable but they need to be supplemented with a variety of other savings and investment schemes. Only those with a carefully planned portfolio can hope to retire comfortably.
One of the biggest mistakes people can possibly make is to think that they are able to manage their retirement portfolios personally. The financial markets are incredibly complex and few laymen understand the various factors that drive the market. The best course of action is to seek help from a professional financial consultant. Such a professional can develop a flexible plan that takes the unique needs and requirements of the client into account.
Of course, a financial consultant plays a very important role in the well being of the family and should be chosen with great circumspect. It is vital to make sure that he is accredited by authoritative industry associations and that he has an unimpeachable reputation in the industry. It may also be better to use an independent professional that have no obligations to a specific financial institution.
It is very important to stay involved with the management of a financial portfolio. Even the most trustworthy experts can miscalculate and there have been many unfortunate incidents where financial planners have caused their clients great harm. Investors should insist on regular meetings and they should receive regular reports. It is also advisable to update the financial plan on an annual basis.
Everybody should be able to spend their last years without financial worries and without being dependent upon the charity of loved ones. This can only achieved with careful planning and savings from a young age. By paying careful attention to the finances of the family every breadwinner can secure a safe financial future.
Studies have shown that most pensioners that are able to maintain a relatively worry free lifestyle have maintained a retirement plan for many years. Young people live with the illusion that there is lots of time. Nothing can be further from the truth. Experts agree unanimously that it is vital to start planning for retirement the moment a person starts earning a wage or a salary.
A very large percentage of people only realize the need for retirement planning when they reach their middle ages. To start at this age holds many implications, however. A proper pension plan that consists of a balanced portfolio can easily cost up to half the income of the contributor. This is also the age where medical bills are more frequent and where children need to be sent to college.
Another common mistake made by too many people is to believe that the pension plan offered by an employer is all that is needed. Pension plans are certainly valuable but they need to be supplemented with a variety of other savings and investment schemes. Only those with a carefully planned portfolio can hope to retire comfortably.
One of the biggest mistakes people can possibly make is to think that they are able to manage their retirement portfolios personally. The financial markets are incredibly complex and few laymen understand the various factors that drive the market. The best course of action is to seek help from a professional financial consultant. Such a professional can develop a flexible plan that takes the unique needs and requirements of the client into account.
Of course, a financial consultant plays a very important role in the well being of the family and should be chosen with great circumspect. It is vital to make sure that he is accredited by authoritative industry associations and that he has an unimpeachable reputation in the industry. It may also be better to use an independent professional that have no obligations to a specific financial institution.
It is very important to stay involved with the management of a financial portfolio. Even the most trustworthy experts can miscalculate and there have been many unfortunate incidents where financial planners have caused their clients great harm. Investors should insist on regular meetings and they should receive regular reports. It is also advisable to update the financial plan on an annual basis.
Everybody should be able to spend their last years without financial worries and without being dependent upon the charity of loved ones. This can only achieved with careful planning and savings from a young age. By paying careful attention to the finances of the family every breadwinner can secure a safe financial future.
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