10:57 27 February 2013
With the changes in pensions, regulations, and the stock market many people are disheartened to find out that their monthly incomes will be much less than they anticipated. If people have waited a long time before looking over everything for their retirement planning, they haven’t left themselves many years to try and change their circumstances and they are forced to exist on whatever amount they receive.
This is where retirement planning becomes even more stressful. With limited funds, making the right decision about what to invest in is crucial. There are many different types of annuities, but they are permanent. Once a person has purchased an annuity, everything is fixed including the types of payouts they’ll receive and how the funds are handled once they are deceased.
That is a lot of pressure to put on someone. Their entire future hangs in the balance, but also the future of a spouse or possibly even the future of a dependent. There are complex formulas involved with trying to ascertain if you are on track with your goals as well, and the inflation rate also must be considered.
This adds up to a lot of time crunching numbers. If a person isn’t familiar with all the necessary formulas, one of the best things they can do is consult and Independent Financial Advisor (IFA).
It is imperative to make sure, if you decide to consult with someone about your finances, that you get an Independent Financial Advisor. This means that the advisor won’t be trying to promote a certain company or plan that isn’t right for you. You and your needs will come first and they will try to get you the best options available to you.
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