Planning for retirement should be high on your list to do, no matter what age you are. While you may think in your younger years, that it is so far away, this is true. However, it will arrive faster than you think and the amount of money you need saved is something that takes time to accrue. One item you can purchase for retirement are annuities. In this month’s blog we want to discuss them further and answer the question, “Where does the money come from?”
First, what is an annuity?
An annuity is a contract that is created between you and an insurance company.
How do they work?
With annuities the way it works is, you pay in a lump sum of money or a series of payments, and in return you will receive regular amounts of income. These payments can start right away, or can be set up to start at a predetermined time. One great benefit is that they can be customized to meet your needs. You get to determine when you want to start receiving payments from your contributions.
Does the money run out?
No! Another benefit of annuities is that you can structure it to pay you for the rest of your life, even if you live to 100! There are no monthly premiums and your annuity is guaranteed to never lose money!
Saving for retirement can be a stressful and difficult challenge. Many Americans are not prepared for their retirement years. By setting up annuities now, you are given that sense of security that you will be able to continue to live comfortably during your retirement years. Along with that, if you would like to transfer wealth to anyone after you pass, they are a great way to do so.
Are you ready to start getting serious about saving for retirement? Let’s get together to chat and get you set up with annuities! We can help you determine what the right option is for your income needs. Along with that, when you schedule a time to meet with us, we’ll provide you with a free copy of, “Don’t Worry, Retire Happy!” This book is chalked full of information on how you can retire happy without worrying about your finances. Check out our last blog to learn a little bit about the book.
Excerpt from "Don't Worry, Retire Happy!"
Guaranteed lifetime income can make or break the type of lifestyle you have in retirement along with the type of life you lead throughout that time. It can mean leaving where you want to live, going where you want to go, and doing what you want to do, instead of being constantly worried about spending a few too many dollars and running out of money.
Interested in reading more of this book? Contact me today to schedule an appointment to discuss your retirement and get a free copy!