Guarantee your income

The folks from Safe Harbor Financial Services joined us on Studio10 to talk about guaranteeing your income.  Below is a list of questions and answers that were discussed on Studio10 as well as extra information about Safe Harbor.

Why is not guaranteeing your basic income need a mistake?       
Few choices that you make in life will affect your success—or your failure—as much as the decisions you make about your finances. We do not plan     to fail; we simply fail to plan.  Probably one of the most heartbreaking mistakes you can make is not guaranteeing your basic retirement income need. Did you know that 40 percent of Americans actually believe that the best chance they have to accumulate $500,000 for their retirement is to win the lottery?  When you consider that the likelihood of winning $500,000 in the lottery is far less than your chance of being hit by lightning—less than one chance in ten million—you realize that there is a serious need for people to become realistic about their need to plan and invest for their retirement.

Your retirement assets are diminishing faster than you can imagine. What happened?  Can you tell us a little bit more about that?
Well, it’s simple. You probably made the classic mistake of not guaranteeing your income. When it comes to your retirement income, it should be paid to you for life. It shouldn’t matter what the market is or isn’t doing at the time and there are investment vehicles out there that do just that.   
 
How should one go about guaranteeing their income for life? Where do you start?                  
Start with a competent, ethical financial planner who has the specialized knowledge and services to help you achieve your financial goals.  Make sure you put enough money into a guaranteed product that delivers you a base income that you need for retirement. There are vehicles out there that can provide you with income and not compromise your principle.

Have you ever wondered if you’re Traditional IRA or other retirement account is a good thing?    
Remember when IRA’s were introduced in the 80’s and how wonderful they were at the time?  A tax sheltered vehicle that allowed you to take an income tax deduction on the money you contributed and compounded yearly free of current tax which allowed you to build a larger account value than a taxable vehicle. Wow!  Then you needed money and thought you would take a distribution, that is, until you realized there is a price to pay for getting your money. You find out that the distribution will be taxed as income and because you’re not 59½ Uncle Sam wants to assess a 10% penalty on top of that. And that’s not all…there are limits and restrictions to an IRA, some of which weren’t mentioned. 

James Byrd, has 30 years of experience, is Top of the Table of the Million Dollar Round Table, a member of the Better Business Bureau and the National Ethics Bureau. Safe Harbor Financial Services has also been       awarded Small Business of the Year 2012 for South Eastern Alabama by the Eastern Shore Chamber of Commerce.

For a free comprehensive personal review of your financial portfolio or to make an appointment with Jim, email Jim at jbyrd@safeharfin.com or call 1-251-625-1226 or toll free at 1-877-251-1984.

Find out how to get a free copy of his DVD or book, The Ultimate Success Secret, email Jim at jbyrd@safeharfin.com or call 1-877-251-1984.

Safe Harbor Financial Services
9056 Merritt Lane
Daphne, AL 36526
Call Toll Free: 866-251-1984 or local 251-625-1226
www.safeharfin.com