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I Plan To Retire In 10 Years At 66 & Want Another Supplemental Income Retirement Plan...any Suggestions?

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I Plan To Retire In 10 Years At 66 & Want Another Supplemental Income Retirement Plan...any Suggestions?

Postby Zotico » Mon Jan 05, 2015 12:47 pm

I have a few retirement income plans in place for when I retire...social security, savings and a pension from my job.
After watching what is happening out there now, I'm looking for a safe way to put away money every month for the next 10 years and have it grow but not be so risky as the stock market.
We want to receive monthly fixed payments, for life, when we retire. The payments can increase with the market (or not) but NOT go down from where they start.
AND, when one of us dies, we want at least 50% of the payment to keep being paid out to the survivor (spouse only).
What would you suggest? I asked this same question a few months ago and every person's answer was a contradiction to the previous one...it turned into a battleground of financial planners, insurance salesmen and stock brokers.
I hope there are some people out there who can honestly put up some examples and answer questions that aren't more for their benefit...than mine.
I mean, there must be a pattern that most financial "wizards" know about....and I would imagine...it is what THEY do with their money.
Can I get some honest straight up answers from those who know and don't mind sharing their knowledge.
I truly appreciate anyone's comments.
FYI...
I'm 56, my wife is 55.
We have pensions that will go into affect when we turn 65 or whenever after we decide to retire from that point on. We both are going to work another 10 years till 2023.
We have torn our budget apart and have come with "after tax" dollars that we can re-invest (never being less than this).
That monthly figure that we can put in now is $2000 (st least $240,000 total in 10 years) We have been told....stocks, bonds, mutual funds, different annuities, real estate... etc., etc., etc.
We want growth and safety...realizing that as you get more growth, you, in turn, get less safety. Show us more than one example. Can someone help us with this with a few ideas or direction? If you are in the finance biz and you want to give us your website or email...that is cool.
We just want to look at options and examples BEFORE we make a phone call and get "lip service" We're not trying to be cheap...but just the opposite....because if what you tell us is the best way to go, then we're going to sign on with you...AND YOU will then BENEFIT.
Just PLEASE don't ask us to call you.
If this can't be done through emails in the beginning (until we are close to choosing a plan) then you need not contact us.
Give us your link or email and we will gladly contact you (given your way is the best way) and give you as much more info as you need to better "fit" the plan that we are looking for.
Thank you again to all who took the time to help.
Roger and Brenda :)
Zotico
 
Posts: 50
Joined: Mon Mar 03, 2014 10:22 am

I Plan To Retire In 10 Years At 66 & Want Another Supplemental Income Retirement Plan...any Suggestions?

Postby bofind » Wed Jan 07, 2015 6:17 am

From a 78 year old man. Using the Roth IRA invest

into a low risk mutual fund (Life Style Plan) 10 years

out. Another way to go is an Annuity of some kind.

For mutual funds, try Fidelity, Vanguard or TR Price.

For an Annuity, go on the internet using Google or

Yahoo search and type in (Annuities) Be very careful

of the type annuity they offer.


Better then all of the above is to see a Financial Planner

who will set you up with a life plan that fits your style

of living.
bofind
 
Posts: 85
Joined: Mon Jun 17, 2013 7:01 pm

I Plan To Retire In 10 Years At 66 & Want Another Supplemental Income Retirement Plan...any Suggestions?

Postby Jinny » Tue Jan 13, 2015 11:07 am

Hi, i really think you should use Hargreaves Lansdown as a broker. They are extremely helpful and efficient, i would recommend investing in a fund which is an income fund and NOT an accumulative. (such as newton asian income) although the asian companies historically don't have decent dividend rates this fund provides a dividend yield of around 4.15 % . I retired at 57 and was seeking a good solid income. I have invested over £2.5 mill in this fund which has not only produced a nice solid income but has gradually raised in value over time.
Jinny
 
Posts: 55
Joined: Tue Feb 18, 2014 5:40 pm

I Plan To Retire In 10 Years At 66 & Want Another Supplemental Income Retirement Plan...any Suggestions?

Postby Zak » Wed Jan 14, 2015 2:54 pm

Certainly you should not get into the habit of turning to the yahoo public for solid, concrete advice about your financial future plus seeking email address from people would set you up to be scam out of your money..You guys need to get smarter

Take Care
Zak
 
Posts: 62
Joined: Tue Jan 21, 2014 3:29 pm

I Plan To Retire In 10 Years At 66 & Want Another Supplemental Income Retirement Plan...any Suggestions?

Postby Cortland » Thu Jan 15, 2015 9:13 am

Seriously you need to do your own research and decide what is right for your needs and risk tolerance.
You can maybe use this to get ideas on what to start researching, but you need to have some idea of what's out there and then go to a financial planner and see what they recommend.
If what the recommend doesn't fit with the research that you have done then they might not be the right person for you to work with.

Always ask how are they going to be compensated if you invest in whatever they recommend.

If you don't understand what they are trying to sell you then don't invest in it!

It sounds like you are looking for an annuity if you want something that will pay you a guaranteed return.

There are good types of annuities and bad types of annuities and you need to find out which is which and not rely on others to tell you what might really be in their best interests.

If you go with an annuity then your principal will be tied up and if something happens you will not be able to access that money.
Consider dividend paying stocks - your returns won't be guaranteed, but if something happens you will be able to use the principal.
You might only want to put a portion of your money into an annuity and the rest into dividend payers (diversify, diversify, diversify!) Also look at Master Limited Partnerships that pay out most of their earning to investors, but be aware of how the taxes work on these.

Below is a link on recommendations on how to find a financial planner and also a link about annuities.
Cortland
 
Posts: 73
Joined: Fri Jan 17, 2014 6:52 pm


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