Will you outlive your retirement income?
Before answering that question, we need to first figure out what is your retirement income goal.
The rule of thumb is “twenty (20) times of your current income” is required for a comfortable retirement.
Are you saving enough? Do you have a retirement plan? Do you have a pension plan? Is your social security enough? Can you family or children support and care for you? Can you continue to work?
The mother-in-law of a friend of mine was recently “fired” from the company she has been working for many years. Of course, there is no pension. She’s always been a good worker. But the company has started picking on her trying to find ways to fire her because she’s older now and slower compared to her younger co-workers. So she made one mistake and she’s fired.
Do you think at age 65, you can easily find another job to support your living, let alone retirement income?
Do you think the story would be have been different if she has a retirement plan in place with an endless stream of retirement income that she can’t outlive?
In that case, she’ll be working because she loves her job so much, not because she HAS to.
Income for life…
Annuity is an income insurance that guarantees a retirement income stream for as long as you live.
Never lose money…
Indexed annuity has a guaranteed “FLOOR RATE”, so you’ll never lose money even when the stock market tanks 50%.
An indexed annuity captures the upside of the stock market so your money grows risk-free, beating the inflation of 3.3% per year.
You defer income tax on interest credited to your policy, allowing your interest earned to compound every year until you start withdrawing income.