Is it better to go for a retirement plan that many insurance companies are offering or one should go for savings on personal basis and deposit the money in long term fixed deposits or other safe instruments.
Its good to go for a retirement plan but it can be risky, as the companies could wind up any minute. This has been happening recently. If you do decide to save on a personal basis make sure the bank is covered. E.g in the UK, If a bank winds up, the customer is guaranteed about £50,000 of their money. So they won't lose it all.
I find saving money in fixed deposits is tempting bcos you can still break the terms of withdrawing your money - It just means you lose the interest, so I opted for property investment. You might want to consider this too.
I look at it like this. If an insurance company is involved, it is because they stand to profit. That profit comes from me. If I can accomplish the same goals on my own, then I feel that would be better.
Regardless, you still need to save for retirement.
I am glad i have a retirement plan because I have been able to borrow of it when i really needed the money!
@Kidgas - This is what that I believe, and due to this reason I have not taken any plan but now planning to start making some investments for retirement purpose.
@kmackey32 - Thats good for you that you already have one.
@Lady_E - You are absolutely correct and taken a clue from this resession. Retirement planning should not be much risky. Here in India, all banks are covered up but with quite less amount, its around $2,000 and thats only savings account and not fixed and recurring deposits. But if we have done the investments in nationalized banks, then all investments are covered but again limited to some amount.
Only mutual funds and other bonds are safe. But I think it is better to go for retirement planning personally. You know where you have invested what amount and can switch or withdraw your amount as per the needs. Property investment is also a good option, but for this one must already have some decent amount of money. If you will see the root cause of this recession, it was due to property only, if I am not wrong.
by countrywomen 9 years ago
We were just following the news recently where Jon Stewart accused Jim Kramer (and others in the media) for there part in the 401k losses. Both myself and to a great extent my husband's 401k was lost. Recently when we saw the AIG top executives giving bonuses to themselves from our hard...
by Rebecca Long 16 months ago
What is your retirement plan?Aside from the obvious 401k, IRA, etc., how do you plan to support yourself in retirement? The more interesting the better.
by Daisy Rivera 3 years ago
Is It So Important To Use Money Management Skills When You're Saving or Spending or Both?
by ngureco 8 years ago
When Should I Start Planning For Retirement And How Much Money Do I Need For Retirement?
by JaxsonRaine 6 years ago
http://www.cato.org/pubs/pas/PA692.pdfThis is exactly why I hate the government forcing me to do things through them.This study looked at what private investments would have done compared to Social Security. It broke the numbers up into high-income, average-income, and low-income scenarios.Private...
by Max Dalton 5 years ago
Would you quit work if you won the lottery?With the Mega Millions now over $500 million, it's one of those neat things to think about. I think I'd still go to work. I'd set up a trust for my kids and do some other things, but I'd probably still go to work, if nothing else for the health insurance....
Copyright © 2018 HubPages Inc. and respective owners. Other product and company names shown may be trademarks of their respective owners. HubPages® is a registered Service Mark of HubPages, Inc. HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.
|HubPages Device ID||This is used to identify particular browsers or devices when the access the service, and is used for security reasons.|
|Login||This is necessary to sign in to the HubPages Service.|
|HubPages Traffic Pixel||This is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.|
|Remarketing Pixels||We may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.|
|Conversion Tracking Pixels||We may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.|