This week’s CBTV show is entitled, “This Holiday Season Give YOURSELF the Gift That Keeps on Giving – A Guaranteed Income Stream for Life.”
Retailers across the country cashed in on the most profitable Thanksgiving weekend ever last month, and they’re hopeful that December will produce strong fourth-quarter sales to carry them into the new year. Consumers spent a record $52.4 billion dollars over the “Black Friday” weekend, with an additional $1.25 billion generated in Internet sales on “Cyber Monday,” the heaviest online spending day in history. A number of factors have contributed to these record sales, from stores opening earlier than ever before, to low sales prices being extended for longer periods of time. While the country closes out another tough year, millions of Americans are giving the economy a boost, as they spend their way through the beginning of the holiday season.
While you’re spending money on great gifts for family and friends this holiday season, take a moment to think about yourself too. The best gift you can give yourself is a gift that keeps on giving, such as an income for life! This can be accomplished through saving for and then structuring your retirement assets to provide an income stream that will last throughout your retirement years.
Here are 4 financial challenges to be aware of as you create a master plan to live comfortably in retirement:
1) Inflation: Your income plan should figure inflation into the equation. Inflation has ranged between 3% and 4% for most of this year. Costs will continue to go up for most goods and services, so make sure you plan for this expected rise in the cost of living when planning your income stream for retirement.
2) Life Expectancy: More Americans are reaching their 80’s, 90’s, and 100’s than ever before in history, which means our money must last longer too! Therefore, you need to develop a plan that ensures your savings will go the distance. For more and more people, that means working past the age of 65, so they can maintain an income to supplement Social Security and other retirement benefits.
3) Adequate Savings: An income plan should definitely include some form of retirement savings, whether it’s a 401(k), an IRA or an annuity. The key is to put enough money away as soon as possible for the future, and not spend it on anything, but your retirement years!
4) Debt: You will never be able to truly enjoy retirement or even pre-retirement if you still owe money on anything you’ve purchased in the past. One of your goals should be to become debt-free as soon as possible. Stop being slave to the lender! Pay off all of your credit cards, home mortgage and car payments and watch your peace of mind, bank account and income increase!
Creating a solid income plan can keep your finances in good shape during retirement. So, as you shop `til you drop this holiday season, don’t forget to add “Your Name” to your list of gift recipients. This can truly be a gift that lasts a lifetime!
I would like to hear from you on this week’s important show topic. Have you given any thought to how you will create an income stream that will last as long as you do in retirement?
Until next week, Dump Debt, Invest Wisely, Believe in Yourself and Make it Happen!
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