Andrew Corbman Highlights the Fundamentals Of Retirement Planning!

Most people consider retirement to be that phase of their life where they have very few responsibilities. During this period of their lives, these individuals would prefer to spend quality time with their grandchildren or even go on long holiday. However, this is only possible when they work hard throughout their employment years, save money, invest in financial assets that offer lucrative returns and have a strong monetary background. Moreover, they will also be able to maintain their present standard of living when they cannot work due to old age. This is the reason why people should consider planning for their retirement at a very early age.

Why is retirement planning important?

Andrew Corbman, the President and founder of ASC Financial, Inc., says that when it comes to retirement planning people should first assess their needs. It is important for them to compute their expenses and estimate how much money they would require for that phase of their life when they are unable to work due to old age. Other individuals, who have been through this stage, can help them by providing useful information on how they should change their lifestyle after they retire from their present employment. They need to determine whether they need more medical assistance during this period and standard of living they wish to maintain. Based on this information, they should invest their money in retirement payout scheme that caters to their needs.  Moreover, it is important for them to start saving money at a very early stage of their life in order to plan for their retirement.

Choose a retirement plan that suits your needs

While looking for a viable retirement payout scheme to put their money in, people will not fail to notice that in the marketplace there is a plethora of such policies with varying degrees of risks. When it comes to searching for the right scheme, it is important for such individuals to assess the risk factor of each policy and determine whether they can bear it or not even if the returns are lucrative.  The ideal retirement plan should offer its investors maximum flexibility, profitable disbursements and numerous tax benefits. In the United States, self declared Roth Individual Retirement Account (IRA) provides such advantages to its investors. Investing in gold is also a viable option for many house owners in the country as it provides maximum profits with very low risks in comparison to other investment options.

Start Early

While it is important for all individuals to plan for their retirement at a very early age, it is never too late for a person to start investing for this phase of his/her life. However, for people who are above 60 years, should invest 70 % of their income on bonds, 20% on growth funds and the remaining portion in long-term investment schemes. Such a retirement investment portfolio should provide a comfortable lifestyle of such individuals after they leave their present employment.

Andrew Corbman says that above important retirement planning tips should go a long way in providing individuals with the peace of mind they need for this phase of their life.

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