Late in life job loss can be devastating on many fronts. One area we haven’t discussed before is a different use of an annuity you purchased, originally intending to turn on the income stream upon retirement or leave the funds to beneficiaries. Because different annuities offer different benefits, some provide the ability for growth of your funds and then a later-in-life income stream you can’t outlive. However, some annuities offer the ability to turn on that income stream whenever you decide. We sometimes refer to them as the ‘just in case’ annuity.
Call us if you have previously thought of your long-term objectives without factoring in that ‘just in case’ scenario. We may have some ideas for what you can do to shift your funds into a product that better suits a new objective. We’re always here to help.