Life Expectancy Vs Job Security
A new
report reveals that only one in every seven workers claim that they are
very confident about having enough money to live comfortably during
retirement( having a guaranteed income for life), a percentage that has
remained stubbornly low since the end of the recession in 2009. Fourteen percent of the respondents to a survey conducted in 2012 say they are “very confident” they have enough money for a comfortable retirement. This compares with 13% in 2011, 16% in 2010 and 13% in 2009.
It seems that the issue of having a guaranteed income for life or rather the fear of NOT having a guaranteed income for life is what keeps people awake at night! Since retirement plans have been undergoing a massive change in the last twenty to thirty years, individuals must now take more personal responsibility for their retirement finances. Especially with the fact that life expectancies are increasing while job security is declining.
In fact, a recent survey by The Hartford found that 45.4% of Americans over the age of 45 do not have a financial plan for retirement. However, more and more people are becoming aware of the importance of making arrangements for their retirement before they hit retirement age.
It is safe to say that fixed indexed annuities are a safe place to invest your money because there is no such thing as a fee on an indexed annuity. Plus, these annuities never lose money as a result of market fluctuation and they still give you the ability for growth, based on the market’s performance.
Retirement plans such as a SEP IRA can be repositioned and put into a fixed indexed annuity. But first what is a SEP IRA?
A SEP IRA is an IRA or individual retirement account to which the employer contributes but which the employee owns and controls. The plan is less complicated than a profit-sharing plan and allows greater contributions than those for deductible IRAs.
A SEP IRA is convenient to set up and maintain. It also needs less administration and has fewer fees compared to other small business plans. Also, the annual contribution percentage to a SEP IRA is flexible and can be changed from year to year, depending on your businesses’ cash flow.
Professionals estimate that individuals should start saving money for their retirement at the age of 21 if they want to save themselves the stress caused by worrying about outliving their money and not having a guaranteed income for life once they become retirees.
If you would like to gain more insights about the features and benefits of the different retirement plans, you can contact Valerie Schwait at “Senior Resource Advisors” who will gladly walk you through your wide range of retirement plan options.
To contact Valerie, go to the website Www.senior-resource-advisors.com. You can also reach Valerie at 1-310-717-4855 for a free consultation.
If you are looking for a senior resource advisor who is willing to sacrifice enough time to walk you through every possible choice for your guaranteed income for life plan, who will always pick up the phone when you need her to and who has a long term experience is this field. Then you should definitely refer to Valerie Schwait as your professional advisor. For more information on the SEP IRA services provided by Valerie Schwait and a group of senior resource advisors please visit the website www.senior-resource-advisors.com