Transcript of "Single Parent Guide To Retirement Planning"
Single Parent Guide to Retirement Planning AUTHOR LAKESIA WRIGHT DECEMBER 2011
Your Life, Your Plan Questions you must first ask your self At what age will you retire? Do you intend to work after retirement? Are you currently saving for retirement? When was the last time you reviewed your retirement options available to you from work? Are you a Solo Entrepreneur and don’t know where to seek help.
When do I begin? You are never too young to start your retirement planning. However, you should understand that when you reach the age that you stop working full time, will you have sufficient income to sustain your standard of living or daily living expenses until your death? 3 promises are made to us. The promise of life The promise of Death The promise of Sustainability of Life, until death.
Sustainability of life after Work Retirement does not have to be a time in your life where you resists giving up what you enjoyed while working unless you did not prepare for retirement. Life as a retiree can be enjoyable, however it depends on your personal financial status. If you do not plan for your retirement, then how will you sustain your enjoyment of life when full time work has ended? Retirement planning helps to ensure that you sustain your quality of life when you retire.
Retirement Benefits Royalties from a Franchise Business, or a book you have written. Savings Accounts Certificate of Deposits( CD’s) ,money market funds Personal Savings IRA’S ( individual retirement account) Series EE Bonds of Certificates Life Insurance proceeds due to death of a spouse or relative Employer pension fund or retirement options Real Property Assets Family Endowments Capital Venture Projects Government Planning schemes Investments Stocks Mutual Funds Annuity Dividends
Getting Your Priorities in Order Step 1 Set clear goals Step 2 Do your research and gain knowledge power Step 3 Contact a local financial advisor or Investments Consultant There are usually no fees charged for advise or consultation The Financial advisor or consultant is normally trained or certified as a financial professional, who holds the ability to offer advise to help you prioritize and break down your goals into financially manageable steps.
Locating the Expert Consult your local life insurance Agent Accountant An Investment firm You must be willing to disclose your financial status together with your long term goals including Income from all sources, expenses, debts, liabilities, and personal assets. If you’re like most persons, who live on one pay check or two, a financial professional will be able to assists you with options that will assist you to plan for your retirement.
Worth considering It may be desirable, to consider reviewing your insurance portfolio, which may include Life, Health, Car, Home, Business Liability, and Disability insurance. Long Term Care Plan All of the above plans are worth considering, you must plan early.
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