You need to plan for your retirement early in your life. But it is not wise to stick to a single plan. You should have several options. Here are the best retirement plans you can choose to live comfortably for the rest of your life.
It is the easiest retirement plan you can have. Here the employer contributes all the money, and your fund is managed professionally. You only need to stay on the job for a long time to qualify for the pension. After you retire, you can collect the pension money. However, this option is mostly available to government workers. There has been some dissatisfaction with the pension schemes offered by companies. They don’t offer a cost-of-living adjustment. So, the monthly amount you get from your pension is same even after 10 years. So, you need to have other sources of fund.
Guaranteed income annuities
It is an insurance product that lets you invest today and get a guaranteed income when you retire. You can get it as monthly, quarterly, annually or as a one-time payment. Before investing in annuities, you must make sure that you can rely on the company. If you fall into the wrong hands, you may end up losing the money you invested.
If you consult a financial advisor, he or she can tell you about all the options you have for your retirement. You can learn about them and decide which one you want to go for.