A fixed indexed annuity is a type of annuity contract between you and an insurance company. It generally promises to provide returns that are based on a link to the performance of a market index. You usually make one initial lump sum payment to the insurance company. That payment is then allocated to one or more indexed investment options that you select. The insurance company then credits your account with a return that is based on those indexed investment options’ returns. If the indexed investment option declines due to market losses, you are never credited with the losses, which means
We continue to read articles confirming that, while it certainly is an arduous task to work for decades and plan ahead to afford a comfortable retirement, what continues to unsettle many is the actual transition into a life post-workforce. For example, concerns about losing one’s routine, the fading away of workplace friends, and confronting the fact that you don’t always know what you’ll actually do in retirement. Rest assured, we can talk to you and try to help put your mind at ease. Additionally, we can get you in touch with other clients of ours, so you can discuss this
How much would you consider to be “enough money to retire?” Yes, you want to have enough money to ensure that you don’t go broke, and can afford basic expenses like food, housing, and medical care, but is that really “enough?” What goals do you want to reach in retirement, and what kind of budget will you need to reach them? If you’d like some ideas on how to obtain a source of income you can’t outlive, which may help you reach your goals, reach out to us. We’re always here to help.
Retirement planning seems to always be all about numbers. Your strategy centers around one question: Do your financial assets provide enough income to fund your desired retirement lifestyle? But, to quote a recent article from Kiplinger, “Ask any retiree, and they will likely tell you that it is only half the story. You’ll need enough money to get by, of course, but you don’t have to be super wealthy to be happy.” “Once you have a financial retirement plan in place, it is essential to focus on all those things money cannot buy.” What are your thoughts? What do you
Curious about how you compare to others? The “How America Saves 2022” report referenced recently by CNBC might give you that information. The report states the average retirement savings account balances by age: For those within the 55 to 64 age bracket, the average savings account balance is $256,200. For those age 65 and older, the average savings account balance is $280,000. Besides age, the article tells us that there are many other factors influencing retirement savings, such as income and how long an employee has worked for a company. Not surprisingly, older employees who have been working longer tend