[vc_row][vc_column width=”2/3″ el_class=”section section1″][vc_column_text]As a retiree, making your money last as long as possible should be a top priority, but for many newly retired people, they don’t know how to look into insurance options that would aid them to this end.
You can guarantee yourself a nice supplemental monthly income in the form of income annuities and alleviate some of the periods of your retirement that might leave you economically uncertain. As compared to a retirement fund based solely on your plan’s investments, with an income annuity, you can stretch your retirement much further. As research by The American College of Financial Services has shown, income annuity can help your portfolio last until age 95 by at least 20 percent.
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To buy into an income annuity, all you have do is put a part of your retirement fund in with an insurance company who in turn will send you “paychecks” on the month for a predetermined period of time, usually for the rest of your life. While this invalidates you from making the kind of money you might with stocks, you’ll be getting money every month just like a paycheck. This can reduce some of the stress of your living expenses, with a reliable amount coming in to count on every 30 days.
There are other annuities available too, beyond the basic income annuity. While that one is good for your basic retiree, your situation might make another type, like indexed annuities or variable annuities, worth looking into. These more complex types of investments can be added to the income annuity, but they are more costly upfront than the most basic option.
Although it seems like a no brainer, a lot of retired people still haven’t taken advantage of the simple income annuity and the guarantee it provides, mostly citing worries over liquidity. When investing in a “life only” annuity, the most basic, surviving members of your family does not get any money paid out from that amount upon your death. Other annuities do payout after your demise, but for reduced funds in your monthly take. But on the other hand, if you were to purchase a deferred income annuity, you’d be poorer before retirement, but collecting better rates, and then have more money later.
With unknown costs around every corner, especially getting into old age, a monthly annuity can help you have some peace of mind, and enjoy life a bit more.[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_single_image image=”36781″ img_size=”292×285″ style=”vc_box_shadow”][/vc_column][/vc_row]
