Retirement Insurance Plans are Pension Plans that help you build a corpus for your retirement. These Pension Plans helps you set-aside money in your prime years.\nhttps://www.bajajallianzlife.com/retirement-plans/retirement-plans.jsp
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The Big Retirement Insurance Planning Secret
Let's suppose you've had enough of your job and want to retire - tomorrow! What would it take? How could you satisfy yourself that you have the financial wherewithal to walk away from the security of your pay check?
Before you read ahead, humor me. Play the game out in your head. I don't want to know if you could walk away, just how would you know if you could?
What did you come up with? Does trying to grapple with such a nebulous issue spread over so many years in the future seem overwhelming, impossible?
I will let you in on a big secret. This is really a very simple question.
If you have a great deal of confidence in your Retirement Insurance plan, you have probably already figured out what I am about to tell you. If you have no idea what it will take or when you will get there, read on...
Financially, Retirement Insurance planning boils down to three and only three things: cash flow, cash and insurance. If I have these three things, in sufficient quantities, for an indefinite period of time, I am free to ride off into the sunset.
Really? Could it be that easy? Let's examine them one at a time...
Cash flow - While you are working, your cash flow comes from your job or your business. When you retire, your cash flow must come from your assets.
The number one job of a retirement portfolio is to produce the cash flow necessary to fill any gap between your retirement expenses and guaranteed sources of income.
Cash - Every household needs a stash of cash held in a readily accessible, risk-free parking place that can be drawn on in the event of an emergency. Ours is held mostly in interest-bearing savings accounts, CDs and ultra-short bills, bonds and commercial paper. This particular bucket of cash is known as your emergency fund.
The emergency fund has a single job. It is to smooth out the ups and downs of markets and the economy. While you are working, that means the emergency fund is used in the event one or both spouses lose their job, became disabled or otherwise can't work. In Retirement Insurance, the job of the emergency fund is to smooth out the inevitable fluctuations in investment income.
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