Are you nearing your retirement? The idea of budgeting can be an extremely daunting task. You are not sure if you will be able to make the necessary savings when there is no steady source of income and regular monthly paychecks for you. You can overcome all these troubles once by taking advantage of lifetime income annuities. It is one of the easiest solutions for retirees and ensures that they are receiving Guaranteed monthly income so they can continue to be financially independent even after they have retired from their jobs.
According to research conducted over the years, it was found that those who use about 4% of their available cash every month after retirement, they will run out of money within 30 years. If you have savings of $100,000 at the time of your retirement, you will not get more than $4,000 to support yourself every year. This is precisely the reason why you should be looking into lifetime income annuities. You can be assured of a stable income from this financial asset.
It is your responsibility to include your spouse and heirs when purchasing a lifetime income annuity so they can take advantage of its benefits after you pass away. Unless beneficiaries are specified, it won't be possible for the insurance provider to pay a death benefit to them when you are gone.
Income annuities offer a monthly stipend once you live well past your life expectancy. You can take advantage of greater gains in the investments you make. There are a number of retirees who are benefiting from this option by choosing income annuities as part of their investment plan.
In addition, you are not required to place your entire savings into this asset. You get to enjoy the benefits of regular monthly payments and need not worry about the other members of the family since they are financially secure even after you pass away.
Since there are different kinds of annuities available, it is very important that you are aware of your choices. This will ensure that you are not overwhelmed by the different options available in the market. A financial services professional at Alfa Pride Financial can help you determine the right annuity option that is ideal to help you achieve your retirement income goals. You will ultimately eliminate longevity risk, which is the risk of outliving your money. You can then focus on enjoying your retirement by traveling, spending time with family, or taking up a new hobby.
There is no better time to re-evaluate your current situation than the present. Connect with a licensed financial professional at Alfa Pride Financial, to assess where you are on your financial journey, and get the financial keys to a worry-free life.
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