When it comes time to solidify the amount of income you'll have in retirement, it is best to do some research and approach the problem from as many angles as possible. It's never a good idea to approach that long-awaited day with excess market exposure. We all saw the consequences of that in 2008. Now, many people who thought they would retire comfortably will need to take less income or keep working.
Is there a way to guarantee a stream of income throughout retirement? The answer is yes, but strategies for maximizing the amount of income will vary.
Do you have a pension from your employer? If yes, consider yourself lucky because those are quite rare today.
Is social security guaranteed? Theoretically, yes but the outlook is dire and no plan has been developed that will shore up the program to keep it going. The good news for people retiring soon is that payouts are expected to remain steady for the next thirty years or so. Then, who knows. Every day that passes the looming catastrophe gets bigger and bigger.
If you want something done right, you have to do it yourself. Everyone has heard that said a thousand times and each person probably has examples of that holding true more than once in his/her lifetime.
So, what can you do? Our specialty happens to be annuities. These products can go a long way in guaranteeing lifetime income. But, watch out for pitfalls. Many advisers don't understand the use of annuities past the point where they cash their commission check.
The result of this widespread ignorance leaves you no options but to do some extra research. Don't worry, guaranteed lifetime income is worth it. And, Annuity Straight Talk is going to make that job a lot easier. Learn how to screen the sleazy sales pitches and discard the weaker products.
Guaranteed Lifetime Withdrawal Benefits- You can eliminate market risk from now until you retire by getting a guaranteed income basis from this rider that comes with several variable annuities.
But wouldn't it be better to eliminate all downside risk?
That's basically what indexed annuities with GLWB riders do.
Your basis for withdrawal income grows whether the market performs well or not. If the market performs well, your income basis will end up being higher still so it is possible to have even more income than you are planning for. But with a Variable annuity, your account value may also do down, whereas with an indexed product, the downside is protected.
There are many things to consider so do not move forward before you fully understand the product.
Fixed annuities with multi-year guarantees- Several products offered through financially stable companies will offer solid guaranteed rates so your principal balance will continue to grow. The money can be taken as one lump sum in the future or converted into a lifetime stream of income. According to a recent Wharton School/New York Life study, this can be the most effective means for assuring a stable profitable level of income no matter how long retirement lasts.
No matter how you look at it, eliminating risk is extremely important. Annuities are the only product that can offer solid payout rates and guaranteed income.
Article Source: http://www.abcarticledirectory.com
Nathaniel M. Pulsifer is a retirement income expert who builds plans for clients that produce financial freedom and security, and that work even when the markets tank. Mr. Pulsifer is dedicated to helping investors and advisers become more educated about annuity investments. For more information please visit www.annuitystraighttalk.com.
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