The name of the game: retirement. We are all awaiting the time when we no longer have to work and can enjoy the rest of our days golfing, brunching and relaxing! However, over the years, the plan for how we accrue enough money to comfortably enjoy retirement has changed. Years ago, you worked for one company for several years, retired, and lived off a pension. Times have changed as many companies can no longer support paying someone for the potential of more years than they worked for the company based on how long we are living now. While many try to save enough in savings accounts or investments they personally manage, they are missing out on different options that could greatly increase their stream of income during retirement.
One of the benefits of consulting with a financial advisor is that they have access to resources and products that you might be unaware of that can greatly aid you in planning for retirement. Not only this, but they can also tailor a financial plan to your unique situation unlike many “one size fits all” apps and resources out there.
One product that you should consider discussing with your financial advisor is annuities. Annuities are contracts with insurance companies that can provide you with guaranteed monthly income once you retire. They are great for supplementing your other streams of income such as social security, your investments and money from your savings. Annuities are essentially you saving big now for something that is guaranteed later, and who doesn’t like a sure thing? As with all things, there are different types of annuities that offer varying benefits. Consult with your financial advisor today to see if an annuity would be suitable for you!
Sources: Alliance for Lifetime Income: Starting the Retirement Income Conversation & Annuities Explained
**Guarantees are based on the claims paying ability of the issuing company