Short and Long-Term Financial Planning

Planning for the future may be seem like a daunting task for many hard-working individuals. At some point, it becomes important to make long-term plans for personal finances. Insurance companies offer financial services that are just as diverse and viable as those offered by banks and other institutions, such as credit unions.

Retirement plans in the United States of America are available in unique packages that cater to workers in different public and private sectors. For instance, 401(k) plans are ideally designed for people who work for businesses. 403(b) retirement plans are made for school and hospital workers. Last but not least, 457 plans give government and non-profit employees some long-term financial security after retirement.

In addition to setting up common retirement plans, there are other financial tools available for such long-term planning. Buying treasury bonds is considered one of the safest investments that could be made in a volatile economy. For example, EE notes come with fixed interest rate growth that matures after 20 or 30 years. Young professionals could purchase several thousands of dollars in treasury bonds that are guaranteed to double in value upon maturation.

Life insurance policies could also be integrated into a retirement plan. For example, some plans can be set up to provide compensation for major unexpected costs such as hospitalization in nursing homes or rehabilitation centers.

Another great way to plan for the future is to transfer a retirement plan to the hands of a financial firm. Such an enterprise could use mutual funds to generate high yields on retirement plans. Customers could receive quarterly reports on the performance of investments that directly use money from retirement reserves. At any time, it is possible to withdraw a retirement plan from any mutual fund affiliation.

In addition to planning for the future, savvy consumers look for ways to save some money on recurring expenses. For example, automobile insurance premiums are part of fixed expenses for vehicle owners. Insurance agencies often have websites with “Get a Quote Here” links that provide instant estimates on rates for auto, life, home, RV, motorcycle and other insurance. By bundling up several insurance plans, consumers could get significant discounts. When life insurance is added to a portfolio that features an existing auto insurance policy, hundreds of dollars per year can be saved on the combined premiums.