Are You Retirement Ready?
Are you 100% sure you will have a great retirement or do you have some doubt? You’ve most likely seen seniors working at department stores or fast food places. Their #1 fear is that they will, or already have, run out of money.
Thinking about retirement is not just for seniors…the planning starts when you’re much younger. For seniors who are having to return to work, it’s not that they planned to fail (money running out), it could be that they failed to plan or the plan they had failed them. They were not properly positioned. Let’s move you into position A and keep you there.
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Annuities can help address some common financial concerns, from helping you save for retirement and providing a level of protection for your retirement savings to helping address inflation and longevity.
Annuities are complex products. In consideration of an annuity, it’s important to understand the features and factors of each.
If you’re serious about your financial future, you should know the answers to the 4 toughest retirement questions. Let’s get you these answers!
It's a good plan
With the right planning, annuities offer another way of reassuring you will not outlive your money!
Specifically designed for retirement, annuities are long-term investments. They can help replace your paycheck and supplement other sources, such as Social Security, pension benefits, and investments, for a more predictable, steady income. You can convert your annuity into a stream of income that can then be paid over a fixed period or for your lifetime, taking withdrawals of varying amounts whenever you need.
An Annuity is a financial product that guarantees a steady stream of retirement income. It offers tax-deferred growth potential while you’re saving for retirement, and dependable income after you retire. In some cases, income for life.
If an annuity is a good fit for you, the purchase amount will depend on your financial needs and goals. Annuities are a long-term contract, so it’s important to be sure you won’t soon need the money for other financial commitments or unexpected expenses. Our team of iAgents can help you determine whether an annuity makes sense as part of your overall retirement strategy, and in what amount.
There are different kinds of annuities. Some give you immediate access, while others have a waiting period. Contracts that require waiting a specific period of time before you take money out are called deferred annuities. Typical deferral periods can range from three to 10 years. After the deferral period you can annuitize the contract (meaning you start receiving money through scheduled lifetime payments, or “annuitization”). Some annuities also let you take free withdrawals during the deferral period, up to specified amounts. But it’s important to understand your contract – because if you take out more money than it allows before the deferral period ends, you will likely incur a surrender or withdrawal charge and market value adjustment (MVA).
Fixed index annuities:
- interest potential with protection
- Provide potential for indexed interest
- Protect your principal from market downturns
Index variable annuities:
- Growth potential with some protection
- Competitive performance potential
- Offer the opportunity for a level of protection from market downturns
- Market potential with some risk
- Provide opportunity for greater returns
- Fluctuate with the market, so there can be risk of loss
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- Policy loans and withdrawals reduce the policy’s cash value and death benefit and may result in a taxable event. Withdrawals up to the basis paid into the contract and loans thereafter will not create an immediate taxable event, but substantial tax ramifications could result upon contract lapse or surrender. Surrender charges may reduce the policy’s cash value in early years.
- It is possible that coverage will expire when either no premiums are paid following the initial premium, or subsequent premiums are insufficient to continue coverage.
- A level of protection may be provided by benefits that are either built into the contract or through optional riders at an additional cost.
- With the purchase of any additional-cost riders, the contract’s value will be reduced by the cost of the rider.
- Additional guidelines and regulations apply. Speak in-depth with a qualified financial professional before purchasing a life insurance or annuity product.
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