Guaranteed retirement income can give you peace of mind. While everyone thinks about how they will generate income for retirement, your concerns are likely amplified as a person of considerable wealth.
You want to maintain your current lavish lifestyle for your entire life. You may even plan to spend more money after retirement because it’s your time to stop working and start living out your biggest dreams.
You may want to travel the world, or perhaps your dream is to move across the country and sip margaritas on the beach. Whatever you plan to do, you also have to protect your wealth to ensure your loved ones remain comfortable when you’re gone. You’re not planning to sit in your recliner and watch television. You have a legacy to build and dreams to fulfill. That’s why you should consider financial strategies that deliver guaranteed retirement income for life.
You buy into an immediate annuity by investing a lump sum upfront. The money is pooled with other annuity members, and each member receives guaranteed payouts for a given period of time. If you select the right annuity, you will receive guaranteed payouts for the rest of your life. You can open a joint annuity that will ensure payouts continue as long as you or your spouse is alive. Some policies will even continue payouts to your beneficiaries for a given period of time if you pass away before receiving your full return of investment.
While you may have to give up full control of how your money is invested when you buy into some annuity policies, that guarantee of income delivers added security for your retirement years. Even if your retirement investment funds take a hit, you know that you have money coming from your annuity. (Click here to learn more about How a Guaranteed Income Annuity Can Work for You.)
While an immediate annuity will serve as a reliable stream of income throughout your retirement, a deferred-income annuity will provide income only in the later phases of retirement. If you’re concerned that you may live longer than your retirement funds, this can relieve some of your stress. Just when you may start to look at your account balances with raised eyebrows, you could start receiving payments from annuities in which you had the foresight to invest in years earlier.
This type of policy typically requires less of a lump-sum investment, but you have to wait the specified number of years before you start receiving payouts. It’s important to work with a financial strategist experienced with annuity policy experience when entering this type of investment because there are some risks. For instance, some policies will stop payouts when you pass away even if you haven’t recovered your full investment by that point.
The more lavish your lifestyle, the more thought you must put into your retirement financial plan. Not only must you work hard now to ensure that all of your needs are adequately met later in life, but you have the interest of your loved ones to consider as well. If you like the idea of guaranteed retirement income for life, contact Rebo Wealth Services to discuss your options.