Everyone has a financial goal and this could become elusive if it is not properly pursued. It could also be achieved easily if it’s well identified and pursued with commitment. Understanding this, enables one have a workable structure of his personal financial plan, and then draw out a road map for achieving them.
Experts in financial advice from Old Mutual says saving money is key to achieving the goals you have set in life, so there are a number of financial solutions in which you can deploy to achieve your goals. Start by identifying your goal – are you investing for growth or for income? Investing for growth means you are willing to invest a lump sum or on a monthly basis for a select period of time while investing for income means you need a product that will ensure some capital growth and pay out an income on a regular basis.
Planning for retirement, the experts say is key if you want to enjoy your retirement. Retirement planning consists of two phases: pre-retirement funding and post-retirement income. Pre-retirement funding means investing in a retirement annuity. Things to consider include how much you can currently afford to invest and how long you have until you reach retirement age. The second phase – post-retirement income – requires investing the proceeds of your retirement annuity into a life or living annuity. Post-retirement income considerations include choosing a product that is able to sustain capital growth while you receive an income and regularity of income payments.
Retirement Funding
Retirement annuities are an ideal way to save for your retirement because your contributions are tax deductible – within limits – and you cannot access your capital before you retire. Old Mutual in this regard says, it offers retirement annuities as well as a preservation fund which is an ideal place to park the proceeds of your employer’s pension or provident fund should you resign or be retrenched. “Take a look at a few of our solutions which can help you structure your retirement funding. If you prefer to acquire sound financial advice then please provide us with some details and an Old Mutual Personal Financial Adviser will contact you”, the Company said.
Financial planning and advice from brokers and financial advisers is essential if you are to achieve your financial goals. The financial advisers and brokers conduct a thorough financial needs analysis of your personal finance to determine your requirements.
Modestus Anaesoronye
