5 key planning principles to protect
your family’s finances
No matter what the
current economic situation is like, adhering to a few sound and well-practiced
strategies will help you to prepare for the future; while your individual
situation will always have its unique qualities, the following suggestions may
prove useful as you review your family’s long-term plans.
Preserve
your future assets
Whenever possible, you should try to preserve
the assets and resources you’ve set aside for retirement; although you’re
allowed to make withdrawals from these funds whenever you need to, early (i.e.
before age 59½ for IRAs and similar plans) and frequent withdrawals will often
bring costly taxes and penalties.
Since you can’t recoup the time you’ve
invested , you’ll need to ensure that you can quickly replenish the lost funds;
otherwise you may find yourself with fewer available assets when the market
rebounds.
Maintain
a diversified portfolio
The various types of financial products and
asset classes — life insurance, savings accounts, CDs, annuities, bonds and
stocks — serve different objectives and perform differently in different
economic climates, so it’s essential to maintain a broad selection of these
assets in your portfolio. By combining insurance protection, asset allocation
and investment management you can help reduce the impact of market fluctuations
on your savings. Of course, diversification alone does not assure a profit or
protect against market loss.
Don’t
chase the latest financial or investment fads
Although it’s often tempting to invest in the
newest or fastest growing assets, it’s important to take the time to regularly
review your strategies with your financial professional to help ensure that
your needs and objectives can be met by these products. Naturally, if your
current assets are secure and healthy, then it’s best to let them be; remember,
what’s novel today may not always be what you need in ten, twenty, or even
forty years from now.
Manage
your risk carefully
Taking on too much risk when the markets are
soaring (and everything looks safe) can often leave your exposed and vulnerable
to a resulting decline. To protect your portfolio and ensure that your
long-term investment goals are being met, you should balance the risks inherent
in investment products with other financial assets that offer guaranteed income
upon retirement (such as fixed annuities). No matter where you invest, though,
you should always check the financial strength rating of the company you are
buying from (any guarantees issued by an insurance company are based on their
ability to pay claims effectively). Keep in mind that investment products have
no guarantees, as they’re subject to market fluctuation.
Keep a
long-term perspective on your financial future
Generally speaking, markets are cyclical: so
rather than react to each swing of the market, it’s usually more effective to
build a portfolio with an emphasis on long-term strategy is usually appropriate
to stick with a carefully considered long-term strategy, particularly when it
comes to your retirement and other long-range needs.
When you are a Speros Financial customer, you
are not alone when it comes to planning for, and protecting, your family’s
financial future. Consulting with a qualified financial professional is a good
first step; you’ll want someone who’s knowledgeable about a number of insurance
and financial products that have withstood the test of time and help meet your
needs.
The
Company You Keep
At Speros Financial we’re always ready to
assist you in any way we can; our certified agents are just a click or a phone
call away. Remember, when you work with Speros Financial, you can be confident
that you’re working with individuals who follow the highest standards of
professionalism and integrity, and who pride themselves first on their ability
to help you and your family feel safe and secure.
Vasilios "Voss" Speros 602-531-5141
Spence Cassidy and Associates
#LifeInsurancePhoenix #RetirementStrategiesPhoenix
http://www.scaaz.com/
google.com/+SperosfinancialBlogspot
http://sperosfinancial.blogspot.com/
www.linkedin.com/pub/vasilios-"voss"-speros/8b/71/279
vsperos@scaaz.com
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