As the baby-boomer generation ages and Social Security’s sustainability is debated, more and more of the responsibility associated with retirement falls to the individual. Being able to provide a consistent stream of income during your retirement years is essential in order to maintain your standard of living, health, pay your bills, and provide for any assisted care later in life. It’s important to start thinking about this source of income early and often.
Money sitting in a savings account accrues very little interest. While it’s important to have a saving account that you can rely on, it’s money that isn’t actively working for you. There are many ways in which to invest money that will gain value for when you retire. Annuities are opportunities to pay, either in a lump sum or in payments, to an insurance company. This money is then used by the insurance company for other investments to allow them to make money. In return, you are guaranteed* a set amount of money in distributed payments after you reach a specified age. This is one way in which to make sure you have a steady stream of income after you retire.
At Income for Life, we know that picking investments such as annuities can be tricky business. There are over 2,000 insurance companies which you could work with, all with different terms and conditions. So how do you choose? At Income for Life, we look for the very best annuity options that have the highest payouts and lowest fees to include in your retirement plan.
*Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods which vary by carrier. Annuities are NOT FDIC insured.