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Some thoughts on retirement financial planning…
Yesterday I found out that one of my coworkers sells insurance on the side. He gave me a thorough breakdown on Indexed Life Insurance (IUL) and how he bought policies for both his kids. The two of us have had lengthy conversations about IRA’s and 401(k) in the past. He knows I got a retirement plan going and other than my company 401(k) I manage them all on my own.I don’t think IUL’s are for me.
He did bring up one good point though about those who put their money in some retirement plan and never look at it again. Blindly expecting their portfolio manager to set them up with a perfect retirement fund. The problem with this is that the stock market (economy) will crash. It always has. No human can stop this. I then realized that my retirement plan mostly relies on the stock market. I do have an employer pension but who knows how long I’ll be with them. When I worked in Tokyo for a couple years most of us Expats had offshore pension plans. It was one of those attractive benefits employers threw in. When I purchased my home it was an investment decision and thankfully the value has gone up.
So what can we do to not let the economy destroy our retirement funds? Do we have the time to monitor the stock market, so we can sell and buy at the right time? I know I don’t. And this is why it is always stressed to have a balanced portfolio. IRA’s, 401(k), pension and the other options out there. But the key is to be diversified and not put all your eggs in one basket. Take some risk with your 401(k) but make sure to throw bonds and safe bets in there.
What do you all think? What is the best way to recession proof your retirement fund? If it’s even possible to fully secure it.
Weekly Round-Up | Thank you all for commenting and sharing your articles with the Fearless Men readership.
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