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Retirement is a time for years that many people look forward to. When you're young you hear people constantly telling you that you need to save for retirement. If you're young, though, you might not put a lot of attention into these phrases because you're more concerned about paying all your expenses every month than when you're ready to retire.
We all know that there is no one-size-fits-all retirement plan. It depends on a myriad of factors including your savings, expenses, health, family and values to find the right mix for you.
When we talk about an income for life strategy, we are referring to payments in retirement that can help cover essential living expenses. Just as you might have developed a diversified retirement savings plan, you can use the same retirement strategy to pay yourself.
Diversifying the sources of income will provide both guaranteed lifetime income as well as the potential for revenue growth. Creating an effective income floor is one effective way of building a life-long income stream.
When you start planning a lifetime income strategy, the primary objective should be to have a guaranteed income to sustain yourself for the rest of your life.
You don’t want to retire to find yourself in need of going back to work at 70 years of age.
Preparing income for life strategies can be exceptionally challenging for many people, as there are many ways to set you up for financial success which can be achieved by expert guidance.
There are several incomes for life strategic tools available to help you plan out your future.
No single individual’s assets should be dedicated to just one avenue of investment.
You should have diversified lines of investment. When you work with an expert financial planner, it will simplify your lifetime income strategy, and help you find the best possible ways to invest your money so you are free to retire with no worry about your financial future when you’re ready.
We specialize in helping you resolve the challenges of earning lifetime income today by creating a realistic strategy that aims to produce lifetime income.
Annuities are financial products that contractually guarantee an income stream. Annuities must be included in any lifetime income strategy.
Annuities are the transfer of life insurance companies' risk contracts.Regardless of the type of annuity used to earn a lifetime income, the payment is primarily priced and based on your life expectancy when income begins. Interest rates take on a secondary role in pricing.
2. Social Security Planning
Social Security, which is the retirement benefit for the federal government, will provide a portion of your income floor. Consider waiting to claim your benefits at least until your full retirement age, to maximize your monthly payments.
Explore your options together if you are married to make the most of spousal benefits. While Social Security is still an excellent option to include in your retirement portfolio, understanding how it fits into the overall financial picture is important.
Though pensions used to be extremely common, they are no longer so much.
Very few persons have a benefit pension plan in the US. When you're one of those people, you’re going to want to weigh the pros and cons of whether you're withdrawing the money — as a lump sum or guaranteed income stream.
There are other ways to build a pension-like income stream if you don't have a pension, and we can help you achieve such lifetime income streams.
With all the various approaches, solutions, and products that are available, trying to decide which strategy is the best one for you can become extremely difficult. We do our best to simplify this process for you by providing suggestions and solutions based on 'common sense' to ensure that you are retired with an income stream.
The target should be to achieve Income for life at retirement.
You need a guaranteed income stream that will last you for the rest of your life. You could be forced back into the workforce later in life without it, which nobody wants to be forced to do – but we see that happening to many retirees across the country.
If you're an individual wondering if the income you'll generate in retirement is enough to take care of you and your family throughout your lives, we can help.
Our professional advisors work with an individual’s income for the life planning process to develop a personal financial plan that addresses generating investment income and diversifying income sources.
Apart from the Annuities and other products to be used for lifetime income strategies, we also focus on:
Everybody's situation is unique, so there is no single income strategy that will work for all investors.
To help you identify the strategy that's right for you in retirement, you'll need to assess the relative importance of growth potential, guarantees, or flexibility.
More potential for growth can mean settling for less guaranteed income. You get less potential for growth and less flexibility, with more guarantees.
Having an expert advisor on your side can help balance both effectively.
Our mission is to help you achieve your goals by showing you ways of protecting what's important to you, investing in your future, and preparing for your retirement.