Results tagged as "life insurance"

  • Retirement Planning - Start Early & Save Regularly

    By Rohit Gupta, Director & Country Risk Manager, Consumer Banking, Citibank Turkey February 08, 2013 12:00 PM

    Increased life expectancy and the move away from a traditional company "defined benefits plan" make retirement planning amongst the most important and long lasting decisions for individuals and families.

    As a rule of thumb, financial planners recommend withdrawing no more than 4% - 5% of retirement savings every year. That means a lot of savings for an average family (to get a income of $3,500 in retirement would mean savings of just over 1 million).

    How does one save enough over 30 years of working life for 30 years in retirement? The answer is simple - the magic of Compound Interest. Importantly, savings is different from investing (and speculation from Investing). A few percentage points in interest rates can mean a huge difference in your future wealth. Along with safety, one needs to ensure a good return on investments - even after retirement.

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  • Life Insurance: How Much is Enough?

    By Jonathan Clements, Director of Financial Education, Citi Personal Wealth Management September 10, 2012 09:00 AM

    If you have a spouse or children who depend on you financially, you likely need life insurance. But how much? One rule of thumb says your coverage should be equal to five to seven times your annual salary. That means that, if you're earning $75,000 a year, you might buy a $375,000 to $525,000 policy. There's also a slew of online calculators that can help you tackle the question, but the answers offered can differ widely. Indeed, either method - a multiple of your salary or an online calculator - may leave you buying much more or less coverage than you really need.

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