(NC)—Whether your retirement nest egg is the size of a robin egg or an ostrich egg, what you do with your savings may matter more than how much you've saved. We all want to retire worry-free and feel secure that our hard-earned cash will last the rest of our lives.
Retirement thought leaders, such as York University's Dr. Moshe Milevsky and Manulife Investments, believe if you're retired or are close to retirement, you need to think of retirement planning in a new way. Instead of building your nest egg, you need to switch gears and focus on product allocation to help ensure you have 20 or 30 years of retirement income.
Many of us have heard of asset allocation, where we spread our savings among different asset types such as stocks, bonds, cash and real estate to reduce risk and improve savings growth. Product allocation divides our cash assets among different products, such as annuities, guaranteed minimum withdrawal benefit products like IncomePlus, and products such as mutual funds, with systematic withdrawal plans. so our money works harder for us when we aren't working.
Because everyone's retirement dream is different – some want to travel, others want to help family and friends—it's important to work with a financial advisor who understands your own goals, your comfort with investment risk and understands product allocation. They have tools and information to help determine how likely your retirement income will last and suggest how you might rebalance your portfolio to match your goals.
Product allocation is a new way to look at funding your retirement years because it will better protect retirement income. Make an appointment with your financial advisor to find the right retirement solution for you.
Source: www.newscanada.com
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