On a recent episode of Business Innovators Radio with Mark Imperial, Financial Advisor, Ernie Cozzi shared solutions to common retirement plan challenges. Cozzi also covered the methodology of paying yourself first.
During the interview Cozzi stated, “The biggest problem that people are facing today is they don’t have a solid plan for retirement and some aren’t even trying to save.”
According to Cozzi, “The best way to achieve their financial goals is to begin. Most people do not and procrastinate.”
When asked about what causes folks not to begin planning, Cozzi explained, “What we find is that when you are working, married, and raising a family, most people are more concerned about paying their bills before paying themselves. They don’t believe they can even think about retirement and saving because they have car payments, mortgage, tuition, property taxes, etc.”
Cozzi went on to explain his concept of ‘paying yourself first’ and income by saying, “One of the major concerns that people have today is the possibility of outliving their income. We are an aging society and we can easily live 20-30 years in retirement. Helping clients develop an income plan is a key part of the solutions that we offer. We seek to provide our clients with the satisfaction and confidence to retire without worries.”
Cozzi continued, “For instance, we recently had a client that was looking to generate income in the amount of $6,000 / month.”
During this topic, Cozzi went on to explain a step-by-step method to develop an income plan.
Cozzi offered words of advice for folks 50 years or older, “when our parents were growing up, they had defined benefit plans. As long as you were loyal to the company, you had some safety net from them in the form of a guaranteed monthly payment in retirement and you also had some guarantees from the federal government in the form of monthly social security payments. For them, saving was not a priority.” Cozzi stated, “Today, however, defined benefit plans have changed to defined contribution plans or 401ks which shift the burden of monthly guaranteed income from the employer over to the employee. This is why saving in our IRA’s, 401k’s and investment accounts is so important.”
Individuals and families 50 years of age or older can receive a complimentary consultation on how they can receive help on their income plan to secure a more confident retirement by calling Cozzi’s office. Also offered, is a free social security or guaranteed income report.
Visit www.personalizedresource.com or call 630-684-2350.