What is it? Why get it? Do you know how much money you will need saved? What if you outlive your retirement savings? No matter how well you plan, fluctuating expenses can potentially deplete your retirement savings and force you to suffer a lower quality of life or rely on your family for financial support. An annuity can help you avoid a future dilemma and safeguard your financial security by setting you up with guaranteed income throughout retirement, even if you live to be 100. For personalized help with your retirement planning our highly trained team is happy to explain the options and find the right annuity to fit your income needs.
What is an Annuity?
An annuity is a contract between you and an insurance company that you pay into it in a lump sum or series of payments, and in return you get regular amounts of income that can start right away or at a pre-determined time. The goal of an annuity is to provide a steady amount of income during retirement. Much of an annuity can be customized to the needs of each individual, and you can choose when you want to start receiving payments from your contributions. An annuity that begins paying out immediately is referred to as an immediate annuity, while one that starts at a future date is called a deferred annuity.
Income for Life
Saving for retirement is one of the most stressful and difficult financial challenges facing Americans today. Company pensions are a thing of the past, Social Security may not be there by the time you're ready to retire, and 401(k) and IRA plans have maximum contribution levels that can limit savings. You can benefit from tax-deferred savings and ensure that you have a guaranteed income in retirement with the proper plan with an annuity.
How Annuities can Help You
No matter how well you plan there is no guarantee on what the future will bring. Inflation, tax hikes and increased medical expenses could eat away at your retirement savings. This means living at a lower quality of life or relying on your family for financial support in your golden years. An annuity can help you avoid these sorts of issues and help to safeguard your financial security. You can structure an annuity to pay you for the rest of your life, even if you live to be 100. You can also use annuities to transfer wealth to the next generation while avoiding probate.
The best part? There are no monthly premiums, and your annuity is guaranteed to never lose money. For personalized help with your retirement planning, contact Senior Benefits Services today. Our highly trained team is happy to explain the options your options and help you find the right annuity to fit your income needs.
Variable Annuities are a mutual fund investment that allows you to invest the minimum payment before retirement and you are paid a certain income during retirement depending on the initial investment. There are also options that allow you to pass your benefits on to a loved one.
Jackson National is one provider of variable annuities with several options to choose from to best diversify and protect your investments as you move into retirement. They have videos and detailed documents with information on variable annuities from surface level understanding to in-depth breakdown of each product and how it varies from others.
Lincoln Financial Group is another provider of variable annuities that include several products and options that let you find the best fit for your life.
If you're looking into getting a variable annuity through MetLife, they have a large selection of products listed with their past performance and their potential in the future available for you to compare and browse.