It is wiser to prepare for the worst by keeping the best in the mind. It is not certain which turn life would take at different times. As life is totally dependent on money, it will be better if you invest in something that can secure your future; a retirement plan is one among them. Before buying an attractive product of some insurance company in Ventura County, you must take a glimpse of your future life. Estimate all the possible expenditures such as medical expenses, travel and living expenses, and the source of income that you got or planning to make such as real estate or some easy business. Then, in accordance with them select the schemes that the insurance company is offering you. Don’t just fall for their words, take time to make a decision. You can take the help of good advisors for retirement planning in Ventura County, if you want.
There is a separate type of account for retirement which is known as the IRA or the Individual Retirement Account which includes tax benefits. You can set aside money for the retirement in it. But, you will only get benefited when you withdraw money after the age of 59½ years. If you withdraw money sometime earlier,then you will be going to suffer a penalty of 10%.
Phases of retirement plans
In general, there are two phases for most of the retirement plans offered by the insurance companies. One is accumulation and the other is annuity phase. In the first or the accumulation phase a person pays premiums and accumulates money for the retirement. In the annuity phase, he receives returns either monthly or quarterly or half-yearly or annually.