Hopefully you’ve got a growing 401k or IRA that will let you retire and enjoy your later years with or without social security. But we’ve all heard the nightmare stories of retirement savings that don’t last and social security that barely covers basic living expenses. The result is that many retirees struggle to make ends meet, forcing some to look for work in their 70s and 80s.
This isn’t an inevitable fact of aging in the 21st century. In fact, whether you’re years away from retirement or already retired, an annuity may be the perfect solution for you. This is especially true if saving for retirement hasn’t been easy for you to do over the years.
Choose from multiple types of annuities:
- Variable: You choose your investments and earn returns based on how those investments perform over time.
- Immediate: This annuity is purchased as a lump-sum and guaranteed income starts almost immediately but specific restrictions will apply.
- Fixed: Your principal investment and earnings are guaranteed, and you receive fixed payments.
- Fixed Indexed: This is a special class of annuity that yields results based on a specific equity-based index.
What you choose will be based on your goals, how much risk you feel comfortable with, and whether you need to see returns now or if you have time to wait.
An annuity is like an insurance policy for your income after your retirement. Choose between a deferred annuity or an immediate annuity — this determines when you can start making withdrawals and supplementing your retirement income.
Buying annuities can be very confusing, though. Contact Copeland Insurance Agency today and let us walk you through the process to help you make the right decision for your income and your post-retirement life. We can help answer all your questions and offer advice based on where you’re at right now, and where you want to go in the future.