ANNUITIES & RETIREMENT INCOME
Retirement is something to look forward to – and having a plan for how you’ll turn your savings into reliable income can make all the difference. The goal isn’t just to save for retirement; it’s to create a strategy that helps your money work for you when you need it most.
Retirement Income Planning
Your retirement may last 20, 30, or even more years. Creating an income strategy can help you determine where your retirement income will come from,how much you may need,and how to make your savings last.
Annuities
Annuities can be one tool to consider when planning for retirement income. Depending on the type of annuity and its features, an annuity may provide opportunities for tax-deferred growth and can be structured to provide a stream of income during retirement.Because every retirement is different, it’s important to understand the costs, benefits, limitations, and features of any annuity before making a decision. We’ll help you understand your options and help you determine whether an annuity may have a place in your overall retirement strategy.
Types of Annuities
Fixed Annuity
Provides a guaranteed interest rate for a specified period, helping provide predictable growth and a degree of stability followed by a guaranteed income stream in retirement.
Multi-Year Guaranteed Annuity (MYGA)
A type of fixed annuity that provides a guaranteed interest rate for a predetermined term. It may be considered by individuals looking for predictable, tax-deferred growth over a specified period.
Fixed Indexed Annuity
Offers interest credits that are linked, in part, to the performance of a market index. It provides the opportunity for interest growth while generally protecting the annuity’s principal from direct market losses, subject to the terms of the contract.
Variable Annuity
Allows you to invest in a selection of investment options whose values fluctuate with the financial markets. It offers greater growth potential but also carries investment risk.
Immediate Annuity
Typically funded with a lump sum amount and begins making income payments shortly after purchase. It can be used to create a predictable income stream during retirement.
An Important Note
Annuities can differ significantly in fees, guarantees, surrender periods,interest-crediting methods, investment options, and income features. The suitability of an annuity depends on an individuals goals,financial situation,time horizon, and risk tolerance.
Turn Your Savings Into a Retirement Strategy
We’re here to help you make sense of your options and build a retirement income strategy that supports the lifestyle you want – while helping you prepare for the unexpected.Let’s turn your retirement savings into a plan for the future you’ve worked so hard to create.
Call us for a no cost, no obligation consultation today!
