Get off the retirement rollercoaster with an FIA
By Michael Cave
As a child there wasn't anything more exciting than taking a summer day trip to the shores of Lake Erie and visiting one of America's best amusement parks, Cedar Point in Sandusky, Ohio. And there wasn't anything more exhilarating than riding the rollercoaster rides there with names like Blue Streak, a traditional wooden roller coaster, Corkscrew, which twisted and contorted your body upside down three times in under a minute or the Gemini, rising up 125 feet of sheer terror.
Ironically, I could hardly wait to board one of these rollercoaster rides. The anticipation, screams and laughter were all part of the experience, but I couldn't wait to get off these mad machines either and touch the solid ground underneath my feet.
No doubt many of you had that same rollercoaster experience this week watching your 401(k), IRA and other retirement accounts plummet. Unfortunately, this ride may have not stopped yet. The Dow Jones Industrial Average fell 513 points, or 4 percent, in a single day this past week!
With a stagnating U.S. economy, this is the worst drop since December 2008.
Can you stomach or afford these wild rides with your hard earned retirement dollars any longer? What is your market crash protection strategy?
If you don't have one, take a look at a fixed indexed annuity. A FIA allows you to participate in the upside of a market-linked index while at the same time protecting your principal against downside loss.
Take a trip down memory lane and visit one of your favorite amusement parks, go with your children and grandchildren, maybe even be brave enough to ride the Corkscrew again, but with satisfaction of knowing you're off the retirement rollercoaster. God Bless America.