Life Insurance Quotes

Important tips to ensure that an individual has a stable retirement account

07/29/11

With so many Americans citing financial solvency in retirement as their main goal in life, it is important to understand how to strengthen a retirement end game, according to U.S. News and World Report.

In order to ensure that a person has enough savings for their retirement lives it is important to determine exactly how they will draw down their retirement savings. Taking money out frivolously with no game plan can lead to individuals running out of money long before they had planned to. Investing in an annuity which will provide payments for the rest of someone’s life may be a smart planning option.

"You can withdraw between 4 and 6 percent of your portfolio each year and still protect the principal," Stephen Overstreet, a certified financial planner in Winter Springs, Florida, told the media outlet.

It may also be important for individuals to have an emergency fund. No one can ever know what life is going to bring, and using a retirement account as a financial safety net could leave a person with nothing left to live off of when they stop working.

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