Steps to Your ‘Personal Pension’
Most important steps to securing your retirement income:
1. Spread your investment dollars among as many non-correlated income-producing assets as possible (global bonds, dividend paying stocks, private REITs, MLPs, and secured floating income investments to name just a few).
2. Guarantee your income. Just like the foundation in your home is there to protect you during a storm, the foundation of your income plan should be guaranteed in case the perfect economic storm hits. For better or worse, the only account that can guarantee you a lifetime income is an annuity. Annuity options are plentiful—many aren’t that great—so carefully compare fees, risks, and potential performance.
3. Set reasonable goals. Generating a 5-6 percent cash flow (adjusted for inflation) with a responsible level of risk is reasonable. Could you generate more? Sure, with more risk, but is it really prudent to accept a greater risk of running out of money? There are no do-overs in life and in retirement this is one area of planning that you must get right!
Speak to an independent financial advisor to review the best annuity for you.
Mintco Financial Team of Independent Advisors can help you to build your own pension.
Mintco Financial Advisors are fiduciaries and will work ONLY for the benefit of their clients.
Call us at 813-964-7100 or visit our website for more information: www.MintcoFinancial.com