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What is Retirement Savings?
Retiring is a milestone many people look forward to. You have put in the work, and now you get to enjoy the fruits of years of labor. From traveling to pursuing hobbies to spending more time with family, retirement means freedom and enjoyment to many people.
Retirement Savings include money, stocks, bonds, and other investments you’ve saved up specifically to use during these years. This can include Social Security payments or pension payments from a job. This money needs to be enough to take care of your financial obligations like housing, food, and other insurance policy payments, in addition to money for travel, hobbies, and general enjoyment.
Saving money for that dream retirement can seem like a daunting task. Even if you’ve worked your entire life, your savings could be at risk. There are four financial catastrophes that could occur.
- Early death
- Economic downturn
- Not saving enough money
Life Insurance is the only hedge against all four catastrophes, not just the first.
Features of Retirement Savings
There are a few features of Retirement Savings plans. Some people might be offered a 401K retirement plan through their employers. Employers can agree to match your contributions to this retirement plan which gives you more incentive to start saving for retirement as soon as possible. There are also independent retirement accounts, like IRAs. IRAs allow for a certain contribution amount per year leading up to the time when you’d start making withdrawals from that account.
Some other features of Retirement Savings include:
- Paying tax on Retirement Savings now or waiting until the money is withdrawn.
- Adding stocks, bonds, and other investments into a Retirement Portfolio.
- The ability to withdraw money from a Retirement Savings account at any time.
- Switching Retirement Savings to another account.
Financial Solutions with Retirement Savings
Other financial solutions with Retirement Savings include Life Insurance. Not only is Life Insurance essential for your financial health, but for your retirement plans as well.
Life Insurance can help protect against:
Early death or disability – Life Insurance can help protect your loved ones in case you pass away or become disabled. That money could help pay for additional medical expenses you may have, or help your family pay for funeral costs and other financial necessities in the wake of their loved one’s death.
Downturn in the economy – Life Insurance can help make up for financial losses that occur in an economic downturn. If your investments lose value and aren’t fully insured, a Life Insurance policy could help make up for this financial depreciation.
Improper preparation – Life Insurance can help if you didn’t prepare adequately for your retirement years. This policy provides protection and peace of mind.
Quy Nguyen is Your Expert on Retirement Savings
Quy Nguyen graduated from medical school and became a medical doctor in order to help people, but he chose not to pursue life as a doctor. Instead, he learned about how Retirement Savings through Life Insurance can help others. He uses his extensive knowledge to help people just like you with financial savings, retirement planning, their child’s college education, and protection for your family in case of life’s emergencies.
Plan your financial future. It’s better late than never. To learn more about Retirement Savings or to sign up for a free consultation fill out the form on the right. A licensed insurance expert will be happy to help you build your unique financial solution.