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Regardless of when you begin to accumulate wealth, a successful plan will require:
As you go through the many stages of your life, your ability to set money aside will fluctuate. This fluctuation must be factored into your long-term accumulation strategy.
Today people retire earlier and live longer than previous generations. A successful plan requires asset accumulation paired with strategies that can help ensure you don’t outlive your money. But in life, there are other financial factors that must also be considered. For instance:
You need an effective plan for setting money aside for the future-one that will allow you to maintain your current lifestyle and is also consistent with your investment goals, risk tolerance and the amount of time you have to save.
Save early and diversify your assets across a variety of investment classes to help protect against market ups and downs. Investment funds can be allocated to a number of accumulation vehicles, including:
Provides death benefit protection and builds tax-deferred cash value that can be accessed for emergencies or to meet lifetime goals such as paying for college or enhancing retirement income.
Pays a guaranteed rate of return and accumulates income tax-deferred.
Provides a tax-deferred way to invest in the market with flexible payout options and protection features that can help secure your financial independence in retirement. A variable annuity is a long-term financial retirement vehicle, subject to market fluctuations and may lose value.
Other accumulation vehicles include:
All guarantees are based upon the claim-paying ability of the issuer.
Accessing life insurance policy cash values may result in surrender fees and charges, may require additional premium payments to maintain coverage, and will reduce the death benefit and policy values. There is no assurance that a diversified portfolio will produce better returns than an undiversified portfolio, nor does diversification assure against market loss.