News Financial Planning

Taking lessons from the federal government's deficit

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A recent ABC News article highlights a number of lessons individuals and families can learn from the current debt crisis. The article points out that if an individual were to behave the way the federal government does, that person would soon be broke. In 2010, the United States spent $3.45 trillion, 40 percent more money than it collected in revenue.

Certified financial planner Mark Singer was interviewed for the article, and he had several life lessons that people should follow to ensure their financial future. Planning ahead is the obvious first step, and seeking the advice of a professional should be the second.

Many people don't realize how much saving just a little bit every week or month can add up in the long term. Singer asserts that even putting $50 a week toward retirement can help ensure that a person doesn't run out of funds in his or her golden years. By exploring all the financial options a person has and remaining willing to compromise to reach financial goals, he or she can plan for a worry-free financial future.

Flexible and fixed annuities offer a good option for people looking for ways to maximize their financial savings for retirement.

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