Three Core Principles:
Safety First
Safe Retirement Income
The best source of safe retirement income is a bit different for every person.
Everyone has their own retirement goals, needs, financial situation, and risk tolerance. Each client requires their own custom approach. And, at Compass Financial, we understand this. Safety is one of our core guiding principles. Reach out to us, we can show you how to find the right risk/reward balance in order to stay protected and retire with confidence.
Safety in Retirement
The ups and downs of the stock market could potentially cause your retirement account to drop in value. While you’re still working, you probably don’t mind employing a “buy and hold” strategy. However, as retirement gets closer, you may want to employ a more active approach to managing your money. The closer you get to retirement, the less time you have to “bounce back” in the event of a loss. With this in mind, you may be searching for wealth management strategies that focus more on safety, and “safe money” options that can provide you with guaranteed* protection on at least some of your money.
Annuities
Certain annuity products, such as FIAs (fixed indexed annuities) may be a viable source of safe retirement income worth considering for those approaching retirement. An FIA is, essentially, a contract with an insurance company. You contribute a set amount of money, and the issuing insurance company agrees to protect it in a reserve. Traditional savings accounts, such as CDs, also offer an element of safety. However, these accounts come with a contribution limit, and often offer disappointing returns. An FIA, on the other hand, has the potential for indexed interest at a reasonable rate.** Furthermore, traditional savings accounts are subject to taxes on any earned interest. FIAs, on the other hand, are usually tax-deferred. You only pay taxes when you take the money out.