When it comes to planning for retirement, Santa Clarita financial advisor Arif Halaby suggests individuals never put all their eggs in one basket, so to speak.
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“We’ve said that for 12 and a half years now,” said Halaby, a Certified Estate Planner and host of “Total Financial Solutions Safer Money Hour” on KHTS AM-1220. “Never put everything in one place, where if the real estate market is up, you’re rich, and if it’s down, you lost everything.”
In addition to investing in real estate or any market, a popular retirement idea is to simply rely on a company 401(k), a 403(b) or TSA, depending on the employer.
“When we get to this place where there’s just too much to digest and too many things to consider, when making a decision people just choose the path of least resistance,” explained Jeff Girard, Halaby’s co-host, noting that this is often going to their company’s retirement plan. “That’s a great first place to start, but … the word ‘retirement plan,’ that doesn’t mean you have one account.”
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Halaby seconded this belief, adding that a fixed index annuity should be considered as part of an overall retirement strategy.
While funds put into a 401(k) or the like are not subject to income tax, a fixed index annuity can help offset these benefits when used in conjunction with each other.
For example, a typical fixed index annuity credits interest differently than a 401(k), doesn’t come with the same fees or risks as a 401(k) and is one of the few accounts that often guarantees a certain level of income, according to Girard.
“There are a lot of little pieces here,” he said. “I want you to really take a look at some of the pieces outside of that [401(k)] plan, and I think a fixed index annuity can tie in very nicely to help offset some of the features of those accounts.”
To learn more from Halaby about fixed index annuities, listen to the full “Total Financial Solutions Safer Money Hour” podcast here.
Ed. Note: This article is a KHTS Feature story based on the latest “Total Financial Solutions Safer Money Hour” radio show on KHTS AM-1220.
Total Financial Solutions offers assistance with preparing for retirement and financial planning in Santa Clarita and the surrounding valleys. Santa Clarita financial advisor Arif M. Halaby, a Certified Estate Planner, and Total Financial Solutions staff work with people of all ages, helping them protect, grow and preserve their assets through an individualized approach. Halaby is also the host of “Total Financial Solutions Safer Money Hour” on KHTS AM-1220. Launched in 2004, the show offers listeners from Santa Clarita financial planning tips and guidance for dealing with today’s ever-changing financial needs.
Total Financial Solutions, Inc.
24322 Main Street
Newhall, CA 91321
661-753-9683
800-990-7344
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