Income can refer to cash flow derived from a variety of sources, including personal earnings, investment earnings, businesses or even real estate. These forms of income are generally referred to as earned income. There are also sources of unearned income, particularly when discussing investments. Dividends, capital gains and interest are common examples of unearned income.
The following are a few key concepts to think about, look for, or listen to when developing a financial plan:
Information Gathering: This is one of the first steps in the financial planning process. Your financial advisor should gather quite a bit of information about you and your current financial status.
The point of this section is not to provide you with a financial plan, but rather to discuss some important concepts that should be helpful when you do create a plan.
You need to take a look at the surrender charges your particular VA contract.
There are some basic financial planning steps you can take on your own, and they do not require financial planning software or the input of a financial professional.
Annuities are neither useful nor appropriate for many people.
As emphasized throughout this buying guide, a good financial plan that focuses on retirement income needs should be the foundation of any annuity purchase decision.
