精东影业

Get Retirement Ready
schedule 6 minutes

I don鈥檛 want to simply 鈥済et by鈥 in retirement, I want the confidence to enjoy it. | By Carla

schedule 6 minutes

You know what scares me most about retirement? The paycheck will be gone. Not that I never intend to work in retirement. I have a hobby creating designer jewelry. I鈥檇 like to make a small business out of it. But not forty hours a week. And I don鈥檛 expect the profits to be anywhere near what I鈥檝e been making as an IT manager all these years.

Sure, I鈥檒l have savings I can draw on. I鈥檝e been good about contributing to my company鈥檚 401(k) plan. I even have an IRA. But sometimes I fantasize about the day I retire. In that fantasy, my boss hands me a bag filled with all my 401(k) money and says, 鈥淗ere you go, Carla. Don鈥檛 spend it all in one place!鈥 How do I take that bag of money and make sure it lasts? And how long does it need to last? My dad died at age 68 and my mom, bless her soul, died at 98! Which set of genes did I inherit?

Thank goodness my husband Eddie and I have worked most of our lives. He runs a small consulting firm, so we鈥檒l both have some Social Security coming in. Eddie will even have a little pension 鈥 something he earned after 10 years with a larger consulting firm. Those are like a paycheck. But will Social Security, Eddie鈥檚 pension plus our savings be enough? We don鈥檛 want to simply 鈥済et by鈥 in retirement, we want to enjoy it. And how do we factor in things like inflation or the possibility of a market downturn?

Last month, we sat down with Eric, our financial professional. We don鈥檛 use him all the time, but when we鈥檙e thinking about a major transition, like retirement, we鈥檝e found he can help us think through all the issues. Eric talked to us about something called 鈥減roduct allocation.鈥 He reminded us that while we鈥檝e been building our savings, we used asset allocation鈥攖hat is, diversifying among different types of investments鈥攖o help us achieve our goals. Because our goal is shifting from building savings to creating retirement income, Eric suggested we consider product allocation. It means reallocating our assets among different types of financial products that can help us with a multitude of goals, like having income we鈥檒l never outlive, continuing to grow assets to account for inflation, and even having a source of emergency funds for unexpected expenses.

It will take a few more sessions with Eric, but with his help, we鈥檙e starting to plot out how and when to put a product allocation strategy into action. And that bag of money I fantasized about? I feel it might last Eddie and I a lot longer than I thought.

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Plan now, so you鈥檙e ready later

For you, family is one of the most important things in your life. You take care of them. They take care of you. Making sure that they鈥檒l always be taken care of, no matter what happens.

LEARN MORE

Retirement income

Being happily retired looks different for everybody. Maybe you want steady retirement income that lasts or supplemental income to help you meet the unexpected in life.

LEARN MORE

Protect and grow my business

You want your business to maintain its competitive edge. Attracting talent and building a succession plan for the future means you can ensure your business stays in stable hands.

LEARN MORE

In order to sell life insurance, a financial professional must be a properly licensed and appointed life insurance producer.

精东影业 refers to 精东影业 and its affiliates, including 精东影业 & Annuity Company. Insurance products are issued by 精东影业 in all states except New York and in New York by 精东影业 & Annuity Company. Product availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues.

精东影业's Home Office is located in Newport Beach, CA.

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