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Personal Financial Planning
Finance & Accounting
Pages 11 (2761 words)
Personal Financial Planning Everyone has to plan for his better future life. 60 years old Jeff needs to invest his money in such a way that he may get a good return at the time of retirement. The data shows his average annual income of last five years i.e.
He has won the lottery ticket prize of ?800,000. Now he has to use the entire amount wisely because he has various plans to be fulfilled. These plans can only be completed by having proper use of the available cash. For that purpose, Jeff needs complete personal financial planning. Now Jeff needs to be very careful to use the money in such a way that he may fulfill his plans after retirement. Obviously he would like to use his money to earn some profit on it. The financial institutions are there to help such people. They offer different rates for the investment of 5-10 years and so on. They have different policies so one should be aware enough to choose his required package of investment according to the rates. He should deposit the amount for annuity and get the reward at the end of fiscal periods. In UK market, the present rate of pension annuity is about 40% and it also varies by institution to institution. So if Jeff starts investing his money for pension annuity then this activity will be fruitful at the time of his retirement. Moreover, statistics shows that there are chances of increase in the annuity rate in coming years. Normally the pension annuity period goes to the age of 75 in UK but mostly people avail the opportunity at the time of retirement i.e. 65. Though some people go for other options to hold their finance or maximize it. ...
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