When you are on the verge of making a major financial decision, you must walk through the proper steps to make sure you avoid all risks. At Annuity Straight Talk, we have devised a basic strategy that will help an investor take all necessary steps to determine the best strategy for long-term financial stability and profitability. These steps are listed below.
Suitability- Is an annuity right for you? The suitability quiz on this site will help align your goals with the benefits of an annuity. We provide the straight talk and you set the standard. If our ideas meet your standards then further investigation of annuities is warranted.
Financial Review- You must review all of your financial assets and goals to determine what portion of your portfolio can be allocated if any to this type of investment. Things to consider:
Time Horizon- How much time do you have until you retire or will need your invested assets.
Current Asset Allocation- How are your current assets divided and does that adequately represent your needs and desires?
Goals- Do you need more growth, asset preservation or an income plan?
Strategic Positioning- Will an annuity provide for multiple uses in your financial future? The best products often do. Too many people have tunnel vision while saving for retirement and become limited as that day approaches. The distribution of assets is an art. Give yourself as much potential as possible by remembering these important facts.
Length of retirement... life expectancy- It's extremely important to make sure your assets last a lifetime and if at all possible increase to provide for adjustments to the cost of living.
Number of working years remaining- Are you still saving for retirement? Depending on how much time you have it may be a good idea to start drawing your retirement income picture now so you can fill in the gaps before it's too late.
Future cost of health/long term care- These costs will likely have a significant impact on your retirement years. Learn all you can now so you don't have to face this potential burden without being prepared.
Maintain growth throughout retirement- Have you explored a variety of strategies that will give you increased income when you need it most?
Navigate the maze of mandatory retirement plan distributions- This is self explanatory. Depending on your personal situation, mandatory withdrawals may or may not be a problem. It's best to figure it out now so the lack of planning doesn't unexpectedly alter a working retirement plan.
Product Selection- Which product offers you the best terms, flexibility and profitability? The annuity report will give you the tools to analyze all viable products. This is an essential step so you can make sure the insurance company and advisor are offering/recommending the right products.
Review and Implementation- Make a list and check it twice. Leave no question unanswered. Then, buy the annuity and relax knowing you have made a solid choice.
This approach will allow you to make an informed decision based on all factors unique to your personal financial life and tell you with certainty whether an annuity will help. It may or may not so you need to know that now before you get caught in a barrage of sales pitches.
Remember, in regards to make financial decisions, the only person you can trust is yourself. Tackle that responsibility with all the information and knowledge provided by Annuity Straight Talk. Trust, but verify.
Bryan J. Anderson
Annuity Expert at http://www.AnnuityStraightTalk.com
Unbiased Resources For Choosing Annuities
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