“If you buy insurance products like a whole life plan, you’re paying to be served a plate of garbage that in fact if you eat, you’ll have financial poisoning”. This is what CNBC personal finance editor and best-selling author Suze Orman said. About 7 years ago, I was guilty of serving this plate of poison….
A good retirement strategy optimally addresses two life phases- Accumulation and Draw-down Phase.
The first phase of retirement planning is the Accumulation Phase. Generally, it applies to a person who is in his 40s or 50s in which he is still working and gathering assets to fund the draw-down phase.