An immediate annuity contract is a fantastic opportunity to take charge of your retirement planning. With the help of this insurance product, finding the right blend of income-generating investments is simple and can give you all the financial stability that you need to confidently transition out of the workforce and into your well-deserved retirement.
Maintaining a high-quality lifestyle after you’ve stopped receiving paychecks from an employer is at the top of anyone’s priority list as they contemplate retirement. With an immediate fixed annuity, finding the income guarantee that you need is easy. Immediate fixed annuities act on a lump sum of money to provide a guaranteed level of dividend output each month. In place of your paycheck, you can invest in an income annuity to create additional peace of mind in the form of a unique guarantee of continued financial support. The primary draw of this type of annuity is the length of time required before income payouts can begin to flow into your accounts. With an immediate annuity, these payouts can begin after just a month, or within a year at the maximum end of the spectrum. This means that investing in annuity products doesn’t have to be done early on in your working life.
Using an annuity is a great way to provide you and your loved ones with guaranteed income that will support a long and healthy retirement. Continue reading to discover how annuity products can help you make the most of this time.
Annuities offer a boost to Social Security payouts.
Virtually every worker in the United States will receive Social Security checks once they’ve retired. Understanding the amount you will be entitled to is a complex issue, though. Oftentimes, this check won’t be enough on its own to cover the costs of living that you are accustomed to. This means that you’ll need to find alternative investment products that can help support your lifestyle and the things you’ll want to do as you continue to enjoy this period of freedom and relaxation.
Retirees who haven’t planned for the financial aspects of this time are often shocked by the restrictions that they experience once their paycheck stops arriving. Social Security checks are great for paying the bills and ensuring a measure of continuity in your life, but they don’t leave much for the finer things like travel, dinner parties, or home improvement projects designed to incorporate new levels of luxury into your property.
Boosting the income you receive from your standard retirement income is a great way to continue living life on your terms. With an annuity, you can calculate the guaranteed rate based on the lump sum of money moved over from other investment assets and build your lifestyle around the continued payments that are received from each of your various income-generating assets. Unlike other investment opportunities, this insurance company offering bestows a fixed payout schedule and amount, taking the guesswork out of your financial planning entirely.
Annuities can be structured to continue paying for a spouse’s needs after death.
Another feature of the annuity landscape is the ability to continue payments for years after your death in order to provide for a spouse’s needs. These benefits can be incorporated into an immediate annuity product or taken out as a separate income annuity altogether.
The truth is that investing in a number of different retirement products is a must for any couple or individual thinking of funding this important time in life. With an immediate annuity as a gem in the portfolio of your retirement assets, making the most of your retirement is easy and comes with a unique guarantee that can’t be found in many other investments.
Consider the addition of an immediate annuity contract for the greatest peace of mind as you head into retirement.