Rewards
Guaranteed Income
Yes, you can have a regular paycheck after you retire. We’ll help you understand four retirement staples that provide stable, reliable income.
In most cases, you’ve paid into guaranteed income programs throughout your working life, like pensions and Social Security, and you’re ready to experience the rewards. You might be considering products you can purchase yourself to bolster your employee-sponsored and government-provided income streams so you can ensure you never run out of money.
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With our help, you can set up additional guaranteed income streams that diversify your retirement strategy and help you mitigate risks, like economic volatility, inflation, and the potential for long-term care. We’ll help you break down the four common sources of guaranteed income so you can decide which can best help you achieve a stress-free retirement.
See examples below of guaranteed income we can help you with.
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Pensions
Offered to employees in the public and private sectors. Pensions supply you with monthly, taxable income in retirement, guaranteed to last for your entire life.
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Annuities
Pay an insurance company a lump sum and receive guaranteed monthly payments for life. Choose from a variety of annuity options to best suit your needs.
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Whole Life Insurance
Reduce your tax burden and secure an additional income stream by taking out loans against your policy's cash value.
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Social Security Benefits
Social Security acts as a fixed annuity that replaces a portion of your pre-retirement earnings. You can take a reduced amount beginning at age 62, receiving the maximum amount at age 70.
TOP ADVICE:
Diversify the sources of your retirement income so you never have to worry about running out of money.
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Developing guaranteed income streams can help you maintain your lifestyle if your portfolios and retirement accounts underperform.
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The World Economic Forum predicts that the average American will run out of retirement savings, and 51% of Americans believe that they’ll be in this boat. Guaranteed income, however, will never run out, reducing your reliance on retirement accounts and increasing their longevity.
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It’s a good idea to ensure that your monthly retirement income is at least 80% of your pre-retirement salary. For most, Social Security won’t get you there. If you didn’t receive an employee-sponsored pension, consider annuities or a whole-life plan to supplement your riskier retirement accounts.
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Annuities include immediate, deferred, fixed, variable, single life, joint life, and inflation-adjusted. You can also purchase a longevity annuity, a type of deferred annuity, to ensure you don’t outlive what you’ve saved for retirement. Our consultants can help you decide which is best for your unique circumstances.
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