Retirement Strategies
Planning for Retirement
We all know it's important to save your money when planning for retirement. However, many traditional safe retirement options are no longer available.
Additionally, the cost of living is rising. Living expenses and medical care both cost more now. Furthermore, people are living longer in recent years. This means that in addition to countering rising costs, you also need a way to make your money last longer.
Many people opt to invest in the stock market while they’re still working as a method of saving. But when you’re planning for retirement, you may consider changing your savings strategy. You most likely want a more secure strategy.
Saving Money For Retirement Can be Challenging
Why can it be challenging to save money when planning for retirement?
Uncertain Financial Markets
First, many accounts depend on the stock market. Because financial markets are uncertain, you can never be sure how much money you'll have at any given time. Additionally, the market's ups and downs could lead to you actually losing money.
Less Time to Recover
Secondly, time isn't on our side as we age. The older you are, the less time your account will have to recover from loss. You could potentially lose your savings to a stock market drop. It's true we all hope this doesn't happen, but when it comes to planning for retirement, "hope" isn't a strategy.
Few Safe Options
And lastly, as we've already mentioned, people have fewer safe options than they used to. True, things like CDs and traditional bank accounts may still offer the same amount of protection. But these accounts may not give you much in terms of return due to their fixed rates. It's difficult to find a place to save your money that will keep it safe and get you a reasonable rate of return**.
Protect Your Money
Protecting your principal amount is an important part of devising your strategy. You need financial solutions that protect your savings. There are products that can offer you a lifetime of guaranteed* income, help you save to reach your retirement goals, and provide for your beneficiaries. Whatever your needs, we can help you devise a strategy that suits them.
Using annuity and life insurance products can help you secure your financial future when planning for retirement. Many of the products we offer give you the opportunity to gain a reasonable rate of return**. Furthermore, these products keep your principal safe, regardless of market conditions. You can feel confident in your retirement strategy, even during uncertain times.
Planning For Retirement With an FIA
One of the reasons we offer fixed indexed annuities (FIAs) is due to their income potential. An FIA allows you to change your annuity value into scheduled fixed payments. Additionally, certain FIAs come with other benefits. For example, you may select an income rider. This would allow you to have payments increase over time to compensate for the rising cost of living. Of course, some benefits come with additional costs, so be sure you understand these options before purchasing an FIA. If you have any questions, reach out to Laurus Financial.
You can begin taking withdrawals from your FIA at a certain predetermined age, after the accumulation period ends. Some FIAs will increase your income payments if you hold off on taking out money for additional time. Postponing payments may be able to increase how much money you save for retirement. It’s worth noting that if you take income prior to the agreed-upon age, you may be taxed for this. Also, withdrawals may be taxable at your regular income tax rate. Reach out to us to learn more about the technical details of FIAs.