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Retirement Security with Guaranteed Income

Retirement Security with Guaranteed Income

Last week we covered how financial literacy could affect quality of life. Having strong financial knowledge puts you in a position to make well-informed decisions about your future. It also brings peace of mind – people establish control over their money and prepare themselves for a financially secure retirement.

Unfortunately, over the last several years retirement confidence has been negative. It’s in no small part due to events like the 2008 recession or the recent stock market correction. The Employee Benefit Research Institute reports in 2015, just 37% of workers said they’re “very confident” about having enough retirement money.

Changing Priorities in Retirement

So how should you boost your retirement security? When people reach retirement, things change. Their financial strategy shifts from wealth preservation to distribution. Their risk tolerance also changes. Should retirement income security be a concern, an annuity can help with its income guarantees.

Data from the Secure Retirement Institute Review, courtesy of LIMRA, indicates people who own an annuity have more confidence in their ability to maintain a comfortable retirement lifestyle.

If you’re looking for ways to boost your own retirement confidence, adopting a “Safe Money Strategy” and adding an annuity to your portfolio may be of interest. Let’s cover some advantages of this approach.

Why Purchase an Annuity?

Annuities enable someone to preserve retirement assets while enjoying a steady, guaranteed income stream. This source of income comes from an annuity’s contractual guarantees. The source of income can last from a set period to the rest of your life. Annuities are the only vehicle which offers the benefit of guaranteed lifetime income.

Other advantages of an annuity include:

• Safer vehicle than stocks, mutual funds, and other volatile assets
• Backed by the insurer’s financial strength and claims-paying ability
• Insurance carrier could be reinsured by other carriers for more protection
• Contractual guarantees for returns and withdrawals
• Tax-deferred savings growth (until withdrawals)
• Opportunities for market index-linked growth potential
• More flexibility with income rider additions

Keep in mind annuities differ in terms of their contract design, features, and benefits. Like with any financial product, it’s important to learn about them, their advantages and downsides, and how they may fit into your portfolio. Take time to develop a thorough understanding of any annuities you’re considering before committing to a purchase.

Need Assistance?

Considering different annuity products may be more beneficial with the help of a qualified professional. They can help you understand how it fits into your overall retirement plan. If you're ready for personal guidance, SafeMoney.com can help you.

Use our Find a Licensed Advisor section
to connect directly with an independent financial professional, and to request a personal strategy session to discuss your needs and goals. And should you have any questions or concerns, call 877.476.9723.

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