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HISTORY

Did you know that the “concept of annuities dates to ancient Rome, but the first record of annuities in America comes from the Colonial period. In 1759, a company formed to provide a secure retirement for aging Presbyterian ministers and their families. In 1812, the Pennsylvania Company for Insurance on Lives and Granting Annuities received a charter to sell annuities to the public.” I found this week’s article interesting and thought to share this historical information with you because often times we don’t appreciate the longevity of a product that helps enhance our financial wherewithal as our own longevity increases. Call us if you are interested in learning more. We’re always here to help.

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SHOULD YOU TAKE A LUMP SUM FOR RETIREMENT?

This week’s article caught my eye when it said “It turns out, many retirees choosing to take their employer’s 401(k) or pension as a lump sum for retirement are taking their lumps.” A survey reported in the article stated that about a fifth of retirement plan participants surveyed “who received their pensions as a lump sum depleted that money in just 5 ½ years”. The reason is apparently what they call the “lottery affect”, where retirees “get more money than they’ve ever seen in their life and say “Wow! I can do something I never could when I was working!”. Call us if you are faced with this situation. We can help you start to think about your retirement plan “not as a pot of gold, but as money that has to last as long as you do in retirement.” We are always here to help.

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A SLAM DUNK

I read a good Consumer Reports article the other day that discussed when there isn’t enough saved to meet a retirees expectations in retirement. The article states “Fortunately, there are a number of options for generating extra income without asking undue risks,” and referenced that “to generate guaranteed income in retirement, annuities are a slam dunk.” It is often that opportunity for income without undue risk that retirees are searching for. If you would like to learn more about this option, give us a call. We are always here to help.

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FACTS + STATISTICS

A Government Accountability Office (GAO) report referenced in this week’s article “highlights the role annuities can play in helping people secure enough income during retirement.” With so many of us searching for additional sources of income that we can’t outlive, annuities frequently come up as an option to consider. Call us if you would like to talk about how they may fit into planning for your retirement. We’re always here to help.

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NEW DATA

This week’s article emphasizes that “Americans need to take additional steps in order to ensure a financially stable retirement – one that allows them to pay for medical bills and essential costs of living while enjoying their bucket list.” Have you thought about Fixed Indexed Annuities to help do this? The article tells us that FIA’s should be considered “to help create a foundation of conservative growth and ensure a steady income during retirement. With both growth potential and principal protection, FIAs can be a complementary product within existing portfolios since they are not subject to the volatility of the stock market.” Call us if you would like more information about FIAs, we’re always here to help.

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QUESTIONS TO ASK

“Knowing how much and where to save your money is essential to leading a financially secure life”. However, “wrapping your head around the multitude of retirement options available” can not only be stressful, but confusing. This week’s article is useful in that it provides three questions that you should be sure your financial professional to help you understand your personal situation. Call us, we are always here to help and will make sure that “you are left with more answers than questions to help you achieve your long-term financial goals”.

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BUT WHAT DOES THAT MEAN?

Sometimes it is important to go back to basics and talk about the meaning of words that are often used when discussing options for getting that lifetime income you need. “Annuitization is one asset management strategy for retirees seeking to secure lifetime income.” If you are looking to obtain guidance in or near retirement and would like to understand how annuitization works so that you can make choices that are best for you, call us. We are here to help.

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SHORTFALL OR SURPLUS?

We have often discussed that one of the biggest risks to a comfortable retirement is running out of money too soon. Sometimes the difficulty is in figuring out where you stand, so I thought to share with you an on-line calculator which “helps you determine your projected shortfall or surplus at retirement. You can also see just how long your retirement savings will last.” If your results project a shortfall, call us to discuss some options you may not have considered. We’re always here to help.

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WHAT IS IT?

The other day a friend told me that sometimes it was easier to explain what something was by telling what it was typically used for. This week’s article does a good job of telling us that “the usual purpose of a deferred annuity is to accumulate value for a retirement income that is typically received as a monthly payment to supplement retirement income from other sources such as Social Security. Income from the annuity value may be taken for life or a selected number of years. This plan is called an annuity both during the period of accumulation of funds and during the pay-out period. Deferred annuities may be either IRA plans or non-IRA plans.” Should this be something that you think would suit your needs, call us. We are always here to help.

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AT LEAST ONCE

“While a whopping 94 percent of Americans currently give themselves a passing grade on retirement, a third of them have confessed to stopping retirement savings at least once”, according to a new report cited in this week’s article. Stopping savings can happen for a variety of reasons ranging from loss of a job and income to added unexpected expenses. Because these events can also happen in retirement where income that is not derived from guaranteed investments declines, or health care costs go up, it is best to plan for these bumps in the road. Call us, we may have some choices you can select from to help you have an income you can rely on, and an income that will survive a bump in the road. We are always here to help.

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