Life Insurance Quotes

Ranking your financial priorities and planning your retirement

07/21/11

Organizing and ranking your financial priorities can be onerous, but by doing so effectively, you can ensure that you're retirement goes off without a hitch and you don't run out of funds.

According to Stuart Robertson, general manager and principal of ShareBuilder Advisors, only two things should take precedent over retirement savings. Building an emergency fund is one of the most important things you can do with your money. The future cannot be predicted and you never know when unexpected medical costs or car or home repairs might drain your budget.

If you have large amounts of credit card debt, reducing your overall balance can take priority over saving for retirement. People with multiple credit card balances can consider consolidating to the card with the lowest interest rate, or begin by paying off the lowest balance first and working their way up to the biggest debts.

When considering your options for retirement savings, it may be beneficial to look into annuities. Annuities are purchased with a lump sum or over a series of payments, and in return, you receive premiums and any additional earnings over a specified amount of time. There are several different types of annuities, including fixed annuities, which offer a guaranteed minimum interest rate or income payment, and variable annuities, which allow you to invest your purchased amount into portfolios of your choosing.

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A licensed insurance advisor can explain your options and help you choose the right life insurance for your needs.

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