Will you have enough income in retirement?
by Ronald F. Stevenson, Investment Advisor Representative and Owner, American Financial Security & Barbara Clark Stevenson, Investment Advisor Representative and Owner, American Financial Security
The No. 1 concern for most retirees is the possibility of outliving their income in retirement. For example, baby boomers are retiring at astonishing rates and are looking for ways to replace their steady paycheck. They are worried about the potential of Social Security diminishing and what might happen to their retirement if it does. Baby boomers are also concerned about volatility in the market and the possibility of losing money in what may seem like the only place to earn money, with interest rates being so low.
Having a retirement plan plays an integral role when addressing ways to ensure income for life. Finding the most efficient and beneficial way to address this may impact your lifestyle, asset accumulation and legacy planning after you retire. Satisfying that need for monthly income entails knowing how much you need and when you need it.
There are a handful of ways to fill your need for income in retirement. Social Security is one of the most well-known methods. It plays an important role in many Americans’ retirement plans, and it is beneficial for them to know how to properly manage it to maximize their benefit. Social Security is the foundation of income planning for anyone who is about to retire and can be a reliable source of income.
In addition to having a Social Security benefit, fixed-index annuities have gained popularity, especially with the addition of income riders that allow people to defer income until some point in the future. They can turn on an income stream that is guaranteed for life, regardless of what happens to their account balance.
With fixed annuities, both the money you invest and the interest paid out are guaranteed by the claims-paying ability of the insurer. Investors should consider the investment objectives, risks, charges and expenses of a fixed annuity carefully before investing.
Fixed-index annuities are specifically designed to create income – either today or at some point in the future. A fixed-index annuity may be an invaluable component of your retirement plan, helping you to safeguard your assets and your future. At American Financial Security we work with many companies to accommodate our clients’ needs in retirement.
About the authors: Ronald F. Stevenson, Investment Advisor Representative & Barbara Clark Stevenson own American Financial Investments, LLC, a Registered Investment Advisory Firm. For more information, call 928-771-8368, 3112 Clearwater Dr., Suite B, Prescott, AZ 86305 or visit our website: AFSprescott.com.
Investment advisory services are offered through American Financial Investments, LLC, a Registered Investment Advisor in the state of Arizona. Insurance products and tax services are offered through American Financial Security, LLC. American Financial Investments, LLC and American Financial Security, LLC are affiliated companies.