WHERE WILL YOUR RETIREMENT INCOME COME FROM?
For most Americans, retirement income will come from three sources:
- Employer-sponsored retirement programs: 401(k)s, 403(b)s, pensions, etc.
- Savings and investments: Including personal savings, stocks, bonds, IRAs, mutual funds and annuities.
- Social Security: Your benefits can begin at age 62.
By themselves, these sources are unlikely to provide the standard of living you want during retirement. But a combination may help provide you with a reliable source of income.
Keep these ideas in mind as you consider your retirement strategy.
CREATE YOUR OWN INCOME STREAM
Fewer Americans are entering retirement today with defined-benefit pension plans. Annuities can help turn a portion of your retirement savings into a guaranteed, pension-like income stream that can last a certain period of time or if you elect a life payout option, you will receive income you cannot outlive.
Learn more about some of the options available:
- Income Now: Consider a single-premium immediate annuity if you need an income stream to begin within the next 12 months.
- Income Later: You may want to consider a fixed indexed annuity with a guaranteed lifetime withdrawal benefit if you’re looking for flexibility and growth potential until you decide you are ready to receiving a stream of lifetime income.
THE COST OF CASH
Holding excess cash in your portfolio may seem like a good idea, but inflation could potentially erode your future purchasing power. Inflation in the price of goods and services means every dollar purchases less. Over time, this can affect the longevity of your retirement savings. Fixed indexed annuities may help provide protection and growth potential to help your savings keep up with anticipated inflation.
DOES IT PAY TO DELAY SOCIAL SECURITY?
You can begin Social Security benefits at age 62, but you’ll receive more income if you delay taking benefits until you reach your full retirement age. We have strategies that can help bridge the income gap between your preferred retirement age and the start of Social Security.
TALK TO AN EXPERT
Ready to plan your retirement future? An advisor can help you.