Retirement Planning
The Wonderful Golden Handshake
In today’s world of corporate mergers, downsizing and budget cutbacks, a large number of individuals find themselves facing questions and choices they thought were still years away. Even though for many it is a welcomed event, for others it is a time of confusion and uncertainty. Whether you have planned for it or not, it has arrived.
The package points out that you have a number of new choices facing you. Should you select the highest income choice to meet your needs now while leaving your spouse without income should you predecease him/her? Alternatively, should you choose the substantially reduced monthly income that provides a reduced benefit to your spouse at your passing? Or, should you take the lump sum benefit and work out your own retirement income plan?
Whatever you do, don’t let it be a decision that is based entirely on the pension itself! There is much more to consider. For example, what other things have you done with investing? Or, are you at an age where continuing to work elsewhere is an option? Or, before retiring, is there a way your outstanding debt can be rearranged to make things a little easier in the decision making process? As you can see, a complete assessment of your entire financial picture needs to be considered. Being reactionary and emotional in this decision process can be harmful to balancing your entire financial picture.
Your FinBal® Qualified FSP can help you review your entire financial arena and assess which option and course of action is best suited for you at this momentous time. Slow down, pick up the phone and take advantage of the one hour, no-cost, consultation. Let Financial Balancing work for you!
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