Planning for your future can be daunting. Planning for your financial future can be even more daunting. We’re happy to ease some of the stress to guide you to a secure retirement.
“Where do I even start?”
Whether retirement is right around the corner or decades away now is a good time to start learning financial terms, setting some goals, and talking to a professional about your options.
While there are a variety of income planning strategies, an annuity can be a smart way to set yourself up for the retirement you’ve always dreamed of, with a guarantee that you will have regular income for the rest of your life.
The guaranteed lifetime income from an annuity can be used to supplement your other sources of retirement income such as income from your savings, investments, and Social Security.
The first step in developing a successful income plan for retirement is understanding your options. Here are some of the things to consider.
Why is protected monthly income in retirement important?
Too often the retirement planning conversation focuses on accumulation-- growing the pool of savings to have a larger pool to ‘draw down’ during retirement.
There is a need for regular, reliable monthly income you can budget on, that doesn’t go away when you retire.
People are now living longer and face risks to their savings. Having a monthly income that is protected for life can be a vital part of your income planning in retirement.
How much protected monthly income will I need in retirement?
Ask your financial professional for help in calculating your expected monthly income in retirement.
Ask your financial professional for help calculating your accumulated savings, so you have an idea of how much income you can generate and how long that might last.
Don’t forget to take into account future issues, such as rising prices and unforeseen health-care and emergency expenses.
Ask your financial professional to calculate your expected monthly income based on current investments and other sources of income like Social Security, and to identify if there is a gap.
There are plenty of questions to be asked when starting to consider your monthly income in retirement and how best to reach your goals for a happy and healthy retirement. Penny Lane Financial has specialists here to help make this process exciting so that you feel secure moving into the future. Contact us today for an annuity consultation or help with retirement planning.
Sources:
https://assets.ctfassets.net/qd21fa23g7v7/36isheKJ1uAtxJuqypUz05/4b84f4de4e2d110f05141b0e1627d5cf/ALI_Content_Checklist-v7.pdf
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