The first steps in becoming more disciplined are deferred gratification and not meeting living standards above your financial means. We're living longer in part due to medical advances, so retirement is lasting longer. If you want to tap your retirement fund early, check with the IRS or your accountant to see if your situation qualifies you to do so without a penalty. More Incentive trusts Incentive trusts allow parents to pass on their inheritance with as many or as few stipulations as they wish. Tax-deferred annuities can be a good source of retirement income for those who don't have a pension plan at work, but best considered after other retirement plans.
Annuities are expensive and the variable annuities accrue higher taxes than a mutual fund.
More Asset allocation Asset allocation can mean the difference between a good portfolio and a great one. The right mix of stocks, bonds, cash, and alternative investments can help ride out stock market changes with less damage to your portfolio. Building a broad portfolio is cheaper with mutual funds, but deciding which mutual fund to invest in is tough. Knowing your financial goals and buying a diversity of funds that perform at different levels are keys to success. Knowing your investing time frame is crucial to building the right mutual fund portfolio.