Financial Insurance
Insurance coverage is a critical factor to take into account when planning for a comfortable future. Most experts agree that you will need 70% - 90% of your pre-retirement yearly income to enjoy the same lifestyle you had before you retired. The main sources of income will be from your employer retirement benefits, Social Security and outside savings. Keep in mind that without the proper insurance coverage to protect your hard earned savings, this work can fall short of its goal. It is smart to work with a financial advisor so that you can make long-term plans to secure your future. The most successful investors have a long-term plan that enables them to stay ahead of inflation and diversify with the right mix of investments, including bonds (fixed income), stocks (equities), money market (cash) accounts and real estate. The earlier you begin the better — if you start saving early for your retirement, you have more time to take advantage of plans that will help your money continue to grow, such as pre-tax payroll deductions and annuities.
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