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Everybody dreams of a life where they won't worry about their finances upon retirement. Even when they retire, they want to have a fixed source of income that doesn't depend on the market, providing them with the peace of mind required in retirement. In fact, studies show that retirees who receive a monthly paycheck in retirement are happier and often times live longer, according to articles in many financial publications.
Guaranteed life income ensures that you and your family are financially secure even after retiring. A customizable plan is considered the best because it doesn't depend on the market and offers you fixed returns at a rate and frequency that you deem fit.
The term "guarantee" means that your income is not dependent on market returns and will be there for you and or your spouse no matter how long you both live. Plans can even be designed to include increasing income to keep up with inflation.
Guarantees are typically offered by highly rated insurance companies and can be incorporated with Roth accounts to generate potential tax-free income in retirement.
You can get guaranteed income for life with a pension. However, to most private-sector workers, this is a thing of the past. Pensions are still common among federal and state government employees. You could also get guaranteed income through annuities, Treasuries, and Municipal Bonds.
A guaranteed income annuity works through converting large sums of cash into a pool of regular payments. A person gives money to the insurance service, and in exchange, the insurance company agrees to pay them for a specified duration or the remaining part of their life. They may get the payments every month, quarterly, or yearly based on your contract.
You should never put your eggs in one basket, meaning that you must diversify your investments. You should have enough non-annuity money accessible to cover the unanticipated expenses and your other living expenses. Though the amount you put in a life annuity depends on your financial strength, most people place about a quarter of their retirement assets into a life annuity. However, you should consult with retirement advisors and insurers for their guaranteed life income services.
A guaranteed life income assures you of a comfortable life where you don't have to make many adjustments or cut your expenses upon retirement. Don't navigate the tricky and challenging journey to a guaranteed income for life alone. At Bespoke Retirement Advisors, we can help. Contact us today to discuss your options, and we'll show you how to create guaranteed life income.