subject: Defeating The Fear Of Retirement Through Financial Security [print this page] Retiring can be a very scary thing if you are not prepared for the future. Retiring can mean the end of an income, the end of medical benefits, and more-however, as the saying goes, if you are prepared, there is no reason to fear.
The best way to prepare for your retirement future is by setting up an IRS approved retirement savings plan which will allow you to create savings and keep them for a day when they will be necessary. Over a ten year period of time, a lot of financial change has occurred in our fluctuating economy.
While some retirees between the ages of sixty one and seventy one actually increased their total wealth by eighty five percent, a staggering nine percent lost one hundred percent of their wealth. This is such a sad statistic, which summarizes our economical condition.
Perhaps an even more staggering twenty one percent lost over fifty percent of their total acquired wealth. When you think of retirement and old age, you will realize the importance of having a secure savings plan, which will allow you to be able to pay for the necessities of life, medical care, and even give provide you money for traveling and enjoying your life.
With the average family carrying debt payments of at least thirty four percent on top of their mortgage, it is more necessary than ever before to change radically your financial plan to one of future security. Perhaps you have heard of tax shelters as a way to gain this financial protection-this may have been true in the past, but today they are finding that they may not be as much of a protection as was previously believed.
This thought has changed because federal taxes on salary and regular incomes are at one of the lowest points in history. In addition to that, our country is in debt by almost a staggering sixty five trillion dollars.
If you put two and two together, you will realize that the only logical solution to coming out of this debt someday is to increase the taxes on the population. While we may not be feeling the effects of this now, a day will come when we surely will.
This is changing the entire way our country has been taught to save in the past. It is time to take a significant look at what we have been doing, and what we need to change to create security for the future-the old model doesn't work anymore, so it is time to fix it.
The first step to change, is to begin to save outside of your 401k. What this means, is that you should take advantage of the government approved plan which came into play thirty years ago, which allows citizens to develop their own retirement plan through non-traditional saving vehicles.
If you are wise enough to take advantage of this policy, you will be guaranteed principle and earnings by one hundred percent. Likewise, you will benefit from tax free distributions, and a guaranteed minimum interest rate as high as four percent.
When you pass on, your remaining funds will transfer to your heirs tax-free. We have finally found the solution to the pattern of debt that has plagued America.
Perhaps the most impressive benefit to developing your own private retirement plan is that your personal savings and cash inside your plan is completely liquid, and if need arises, can be withdrawn at any time without any penalty or tax. This gives you the freedom to be able to take whatever life may throw at you, be it hospital bills, house payments, etc.
Unfortunately, many insurance agents are still unsure exactly how this plan and system works. That is why it is important to seek the help of a professional, who will be dedicated to helping you prepare for your future in a responsible way.
With this information, you can protect yourself, your heirs, and your loved ones from falling prey to the difficult economic results of retirement in this day and age. If you choose to implement some form of private retirement plan, you will avoid the pitfalls that lay ready and waiting for those around you.
After all, what is more important than your future? Talk to a qualified insurance agent today, and begin your path to financial security for life.
by: Ronald Pedactor
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