How much income are we going to need in retirement?
How do we make sure we don’t outlive the money that we have saved?
Every person’s retirement needs are different, but even within the variability, we all have several expectations in common.
- Inflation eats away at a retiree’s purchasing power. The dollar we have saved today will purchase fewer goods in 10 or 20 years.
- Humans are living longer due to advances in medical technology. When social security was set up in the 1930s life expectancy was to age 65; now average life expectancy is 83, and we all know people who living well into their 90s. The longer we live, the more we need in financial resources.
- Most people working in the United States do not have pensions.
- High quality bonds do not create enough income to meet obligations in this age of low interest rates.
- Most people agree social security does not provide enough income for retirees to meet all their financial needs.
- The stock market is volatile. While we all want the rewards that come with investing, we cannot always afford the risks that come with it as well.
Based on these assumptions alone it is clear that as we approach retirement, we need to identify strategies that will help us manage these risks in retirement. How can we keep up with inflation, make sure we don’t outlive our money, and create a guaranteed income stream?
For savers and retirees, a solution to these issues are annuities that provide guaranteed retirement income. These types of annuities create a lifetime guaranteed income stream while giving the investor the ability to stay invested in the market. If the market declines, they will continue to get their stream of income.
By contrast, someone invested in the market without such guarantees, drawing incomeand experiencing a down draft in the market they may find themselves running out of money during retirement.
This fear, running out of money during retirement, is people’s number one fear according to several recent studies.
If you feel uncomfortable investing in the market, please reach out to me to discuss options that can help you protect your lifestyle regardless of what happens in life. Reach out to me by email me firstname.lastname@example.org .
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This material contains the current opinions of the author but not necessarily those of Guardian or its subsidiaries and such opinions are subject to change without notice.
Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 7101 Wisconsin Ave Suite 1200, Bethesda, MD 20814 301-907-9030 Securities products and advisory services offered through PAS, member FINRA, SIPC. CA insurance license #0I64535. First Financial Group is not an affiliate or subsidiary of PAS or Guardian. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.
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