[vc_row][vc_column width=”2/3″ el_class=”section section1″][vc_column_text]Wondering how to get the well-deserved peace of mind that comes with lifetime guaranteed income? Is it even possible? Yes! It very much is, and here’s how. Imagine taking that vacation without the fear of it affecting your retirement or better yet having all your essential living expenses covered for the rest of your life. All this is very much within reach.
Almost all retirees can build an income foundation that can anchor them until their last breath by adding in a reverse mortgage, maximizing any available income and social security income, combining deferred or immediate income annuities.
- Also Read: 3 Reasons Certain Federal Employees Can Retire Years Earlier Than Their Peers Without Penalties
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Retirees are mostly left to fend for themselves when it comes to matters concerning retirement income paychecks. Only half of the people in the survey had a conversation about retirement income strategies and were working with an adviser.
Almost all employees have done little to nothing to fill the gap in guaranteed income left by the disappearance of benefit pension plans that are defined. There’s no single retirement plan that will work for everyone. Every retiree has to carefully scout for a plan that best accommodates her or his goals. For example, if you delay social security, this may mean that you might add on a few more years in that office you’re so eager to get out of.
Build your portfolio
Ensure that your income is bigger than your expenses rather than setting a goal for an income replacement rate. Add up important/vital expenses such as housing, utilities, and food then go ahead and add the luxuries like entertainment and travel. As you have spent your working years constructing a bond and stock portfolio now you just need to expand that will help you accommodate everything that will help you generate income in retirement.
One is less likely to panic and opt for selling when stocks stumble when there is an assurance that guaranteed income sources cover all their vital expenses.
Maximizing income
Maximizing your retirement income will kickstart with social security. You can reap outstanding rewards if you delay claiming while working part of full time.
Get More Guarantees
Even as annuities come in various varieties and are complex as well, it would be good to consider if your guaranteed income source and social security do not cover your important expenses. Advisers recommend that retirees focus mainly on two products:
Deferred income stream – offers a guaranteed income stream
Single premium immediate annuities – offers a monthly income that is guaranteed and starts immediately.
Reverse mortgage
For the retirees at high risk of outliving their savings because they cannot afford annuity or the numbers just didn’t add up, a reverse mortgage could just be the solution[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_single_image image=”36522″ img_size=”292×285″ style=”vc_box_shadow”][/vc_column][/vc_row]
