*based on the claims paying ability of the insurance company
The goal of retirees — past, present, and future — is to always have a source of income. In the past, retirees could rely on Social Security and employer-sponsored pensions as a source of retirement income. Over the years, much has changed. Today, life expectancies have increased, while the certainty of Social Security and employer-sponsored pension plans has diminished. By all estimates, the next generation of retirees will live longer and spend more time being retired than any previous generation.
When it comes to your own retirement strategy, you may be wondering if you're on track to have enough assets and provide enough income at the retirement stage of your life. Are you prepared for a retirement that may last 10, 20, 30 years or longer? Will your retirement income last as long as you? Will you have enough money when you are ready to retire? Are Annuities a good option? Annuities are established for the purpose of providing a regular stream of income, typically upon retirement. They can be shaped and sized according to your needs and give you the option to begin receiving the income at a future date or immediately. You can fund your annuity gradually or all at once. Depending on the type of annuity, its value can be tied to a fixed interest rate or the performance of underlying investment funds. Penalty free withdrawals can begin at age 59½ similar to an IRA.