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First introduced in America back in 1759, the annuity concept of making a one-time payment in exchange for a lifetime of payments is as old as the concept of life insurance — only the annuity was developed to provide payments while a person is still alive.

Retirees today are finding that retirement annuities can play an important role in their retirement income strategies. When considering an annuity, you should choose one that is suitable for your personal financial situation to help ensure that it works in concert with the rest of your overall retirement income strategy. When utilized correctly, an annuity can be a very effective retirement income vehicle. If you have any questions, please consult our financial planning videos.

Before we go much further, it’s important to have a basic understanding of just what an annuity is. Put simply, an annuity is a contract you purchase from an insurance company. In exchange for the premium you pay, you receive certain fixed and/or variable interest crediting options that compound interest-tax-deferred until withdrawn.

There are an array of annuity contracts on the market today, and each one will be examined more closely later in this manual. The options include variable, immediate, fixed, and fixed index annuities. These choices can allow you to match very specific individual needs with a suitable product. Within each contract, you have the flexibility to select from a range of payout terms and death benefits, and you may have the possibility of purchasing optional riders for additional benefits. An annuity purchase can be strategically positioned within your overall retirement savings strategy for any number of personal objectives, such as income for your spouse should you die, or a death benefit for your children or help addressing inflation concerns. Coverage is available for two people within one contract, so you don’t have to purchase a separate contract for your spouse. All annuity product guarantees and protection benefits are backed by the financial strength and claims-paying ability of the issuing insurance company. Annuities are designed to meet long-term needs for retirement income. Interest on annuities is earned on a tax-deferred basis, which means no taxes are paid on interest credited until payments are received or withdrawals are taken. However, withdrawals will reduce the contract value and the value of any protection benefits. Withdrawals taken within the contract surrender charge schedule will be subject to a surrender charge. All withdrawals are subject to ordinary income tax and, if taken prior to age 59 1/2, may be subject to a 10 percent federal additional tax.

Contact us to set up a time to meet with our experienced financial planner. If you would like more information, many of our clients have written in to leave a testimonial about Matt Nelson and ILF. You can always listen in to Matt on Income For Life Radio for the latest on everything from immediate annuities to variable annuities.

  • Retiring Is Easy, Staying Retired Is Difficult.

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How are You Going to Pay for Retirement? 

The Average Amount of Thought Given to Retirement Planning Prior to Retirement

(Source: http://fundreference.com/articles/2015/1001362/retirement-savings-stats/)
 

According to the United States Census Bureau, an expected 20.7% of the American population will be over the age of 65 by 2050. This is up from 12.4% of the population in 2000. Do you know how you’re going to guarantee a consistent income when you reach retirement age? 

  • A. 13% of Non-Retired Adults Give Retirement a Lot of Thought
  • B. 21% of Non-Retired Adults Give Retirement a Fair Amount of Thought
  • C. 25% of Non-Retired Adults Give Retirement Some Thought
  • D. 22% of Non-Retired Adults Give Retirement a Little Thought
  • E. 17% of Non-Retired Adults Give Retirement No Thought
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Current Retirement Trends

The Average Amount of Thought Given to Retirement Planning Prior to Retirement

(Source: http://money.usnews.com/money/blogs/planning-to-retire/articles/2016-02-12/5-baby-boomer-retirement-trends)
 

Living Longer

Fact: Both men and women are living longer. Men are expected to live an average of six years longer and women an average of four years.
Result: The money that individuals are saving for retirement may not sustain them for their lifetime. More money is needed in order to make it through the additional retirement years.


Changes in Retirement Planning

Fact: Pension plans cover only 11% of individuals that were born in 1980 or later. Additionally, over 40% of individuals expect to make it through retirement on their 401(k) alone.
Result: There are fewer options to accrue money for retirement than there were 50 years ago. Going forward, individuals need to be more aware of the expenses and retirement financial needs.


Working Longer

Fact: In just a decade, the number of men who work longer and postpone retirement grew by 11% and the number of women doing the same increased by 12%
Result: Working longer allows individuals in good health to put more money into a 401(k), savings, and other investments. This also allows individuals to reduce the amount of time they need their retirement money to last.


More Debt

Fact: An increasing number of individuals enter retirement with already accrued debt such as mortgage payments.
Result: Retirement savings get used to pay off previous debt instead of paying for the present expenses.

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Plan Your “Common Sense” Retirement

According to the Federal Reserve, a whopping 45.1% of adults planning to continue working past retirement age as a source of income for their retirement. This doesn’t have to be you! Income for Life can help you to invest and plan for your retirement years. Contact us today for a free retirement planning review! 

Retiring is Easy, Staying Retired is Difficult.
We Specialize in Keeping You Retired.

Find Out MoreAbout Variable Annuities
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