Agent Owner, Gilmore Insurance Services, Marysville, Washington State
What is the best type of retirement plan? Well the answer is one where someone else bears the investment risk and responsibility for retirement income. The Best retirement plan is known as a defined benefit plan. A defined benefit plan is one where your payout is stated in advance to you and is the obligation for investment performance and the assumed risk of investing is on the employer to bear.
The Best Type of Retirement Plan is the one suitable for you. Suitability is gauged by creating a personal financial profile, developing a psychological risk tolerance and understanding your economic goals. Once that’s established then you can decide if you’re going to use qualified or non-qualified plans, conservative, moderate or aggressive investments and plot those determinations on your retirement start date and life expectancy.
The best type of retirement plan is one that you will follow working towards your goal. Depending on your age, when you plan to retire and how much money you need to maintain the living standard you desire, will determine the best way to meet your goal.
How you feel about market risk and the volatility which happens will also need to be taken into account.
If you have a 401(k), that is a start especially if your employer is matching. This is free money to you.
This best type of retirement plan is one that will fund the lifestyle you want to have in retirement, weather storms and not run out before you do.
The first step is to decide what retirement success means to you and then calculate what is needed to fund it. The theory behind asset allocation is to mitigate risk by using difference asset classes. In retirement planning, product allocation is using the strengths and features of different products to mitigate risk. There is no one best product.
If you would like to work with a local Retirement Planner, you could start with a Google search. For example, if you search for: retirement planner Halifax or retirement planning Halifax, my name, along with several others, will come up. You can use the same method to find Retirement Planners in your community. If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
The best type of retirement plan is one that meets your objectives. Another answer is that the best type of retirement plan is one that is paid for by someone else, normally an employer. The third answer is the best type of retirement plan is one that provides a floor of guaranteed income with the potential of some “mad money” so that you can enjoy your “golden years.”
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How you feel about market risk and the volatility which happens will also need to be taken into account.
If you have a 401(k), that is a start especially if your employer is matching. This is free money to you.
The first step is to decide what retirement success means to you and then calculate what is needed to fund it. The theory behind asset allocation is to mitigate risk by using difference asset classes. In retirement planning, product allocation is using the strengths and features of different products to mitigate risk. There is no one best product.
If you would like to work with a local Retirement Planner, you could start with a Google search. For example, if you search for: retirement planner Halifax or retirement planning Halifax, my name, along with several others, will come up. You can use the same method to find Retirement Planners in your community. If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.