Retirement Savings Strategies
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Without retirement savings, there is no retirement. Yet, some of the more conservative options for retirement no longer make do. Defined benefit plans, for example, are a thing of the past. Also, pension plans are not guaranteed income. In fact, those monies are typically an asset to the organization that provides them. If the company goes away, so does the pension. So, while the idea of a pension is still a good one, the reality may be different.
Also, as the years go by, things become more expensive. Things like basic needs and medical care continue to increase, too. Yet, people are now living longer (into their 90’s and beyond) and need more retirement savings to cover it all. So, you may be looking to find ways of ensuring you have an income for the rest of your days.
When you’re younger and still working, some people might use investments as part of retirement savings. But, what about when you’re older and don’t have that income anymore? Might you look for a different place for your money? For example, some people want a way to protect their money but aren’t sure how to do this.
The Challenges of Saving
Savings and Protection
We believe that you should be in control when it comes to decisions about your own money. It’s our belief that protection of principal is a key element to a successful retirement strategy. One way some retirees gain this benefit is by using fixed index annuity (FIA) products. This insurance product offers an income for life*, backed by the claims-paying ability of the insurance company.
What’s Your Plan for Your Future?
When you think about retirement savings, you may also be thinking about income. After all, isn’t that a big reason why we save in the first place?
Fixed index annuities (FIAs) may offer one way to do this.
For instance, certain FIAs may provide payouts to you on a monthly or yearly basis, while keeping your principal safe. Also, you may have an opportunity to increase your payout. This, of course, depends upon many factors, so be sure to reach out to discuss your potential FIA options. Even if living expenses go up, there may be ways to feel comfortable about your retirement.
An FIA may also give you the chance to increase your income in other ways, too. For example, some retirees choose to extend their accumulation period. This means that you wait a little longer to withdraw your money. In some cases, this could mean a higher payout once you do take out money. With some other retirement savings options, you may not have this choice.