Guaranteed Annual Income For Life
What is A Guaranteed Income Annuity?
A guaranteed lifetime income annuity can present retirees with several excellent benefits. Retirement in America has changed and you need to prepare for the future. Between market volatility and the questions circling social security many people are feeling uneasy and stressed when it comes to planning their future retirement. However, a guaranteed lifetime income annuity is a retirement plan that can give you a steady flow of cash in retirement.
A guaranteed lifetime income annuity is an agreement between yourself and the insurance company. The contract enables you to convert a percentage of your retirement savings into a lifetime of planned regular payments. To start, you allocate funds into the annuity. It’s then that an insurance company has a contract with you. At this point, the fixed income annuity (FIA) transforms the value into set payments that occur over some time. Usually, you can arrange installments to start once you are 60 years old. However, if you delay your withdrawals, the income payments are often more substantial.
A guaranteed lifetime income annuity can assist in protecting you from the risk of outliving your retirement savings. That means, no matter how long you live you have peace of mind knowing you will always collect monthly payments. The monthly amount is guaranteed income and will continue to be paid until you die. The payments affiliated with a guaranteed lifetime annuity payout reduces any risk for retirees of outliving their retirement funds.
The Flexibility To Choose
There are a few crucial advantages to a fixed index annuity. One of those is the flexibility of choice regarding the range of guarantees and optional protection benefits available to you. The benefits transfer the risk to the insurance company that issued the FIA. This is a form of protection for your retirement income, assets, and your beneficiaries. Protected lifetime income benefits are explained further below:
If you happen to pass away before you start to receive your planned annuity benefits, your beneficiary will receive a death benefit. Also, in some instances, even if you pass away after you have started to collect payments from your annuity, there is still a chance that they will still receive a death benefit. Your beneficiary can receive this money as one lump sum, or in payments.
Even retirees who have no plans to access their income from their annuity can choose a fixed index product.
Money For When You Need It Most
The advantage of the option is one of the top reasons retirees choose a guaranteed lifetime income annuity. You aren’t taking a risk if the market dips, the insurance company is. Also, fixed income annuities (FIAs) offer approaches to guarantee your future. Your beneficiaries can even receive your annuity assets without going through probate. Reach out to our team today and see if a guaranteed lifetime income annuity is your best option in preparing for your retirement.