About Lifetime Income

If the concern of outlasting your retirement savings has ever crossed your mind, you're not alone. Many americans seek guaranteed income that can last through retirement. Guaranteed income from an annuity can help make sure you're covered. Do I have enough for retirement:

Do I have enough for retirement?

Will your retirement income endure for the duration you require, and will it be sufficient to support the lifestyle you have in mind? The challenge arises as people live longer, posing questions about the adequacy of income sources like Social Security and pensions. Whether you’re contemplating these sources or already receiving benefits, determining their sufficiency can be complex. We can help guide you in identifying and addressing potential income gaps.

How can I determine if my income is enough for retirement?

The process of determining if your income is sufficient for retirement involves several key steps. Start by calculating your anticipated retirement expenses, assessing your current savings and income sources, and considering factors like inflation and healthcare costs. Determine your retirement age and create a budget to understand the balance between income and expenses. Factor in Social Security benefits and explore additional income sources. Be realistic about your lifestyle expectations and seek professional advice from a financial advisor. Regularly review and adjust your retirement plan as needed to ensure financial stability throughout your retirement years.

Tailored Retirement Strategy

The big question is determining if your income aligns with your envisioned retirement lifestyle. Given the uniqueness of each retirement, including spending habits, travel goals, healthcare expectations, and financial obligations, a personalized approach is crucial. While experts suggest aiming for 70-80% of your pre-retirement income, there’s no one-size-fits-all solution.

What about longevity? If I live a very long life, how can I protect my money?

In addition to reducing market risk, an annuity offers retirees the opportunity to incorporate guaranteed income into their retirement strategy. In an era where people are often living well into their late 80s, 90s, and beyond 100, this feature can play a crucial role in ensuring that your savings endure for the entirety of your life.