The retirement landscape in the United States is ever-changing as individuals are living longer, working longer and needing income longer. Currently, more than 10,000 baby boomers on average are turning 65 each day and tasked with identifying how to plan financially for their golden years. Beyond this generation, younger adults are looking for ways to protect their assets.
That’s why the Coalition for Annuity Awareness has declared June as National Annuity Awareness Month. Each year, we work to educate clients as these powerful products aren’t what they used to be; rather, annuities are becoming a staple in retirement plans for young and old alike.
- As mentioned, over 10,000 Americans reach retirement age daily and are looking for way to guarantee their saving will last.
- Annuities can bridge the gap and supplement other incomes sources like Social Security.
- Annuities provide a predictable income stream that can last for a set period of time or up to a lifetime, based on the structuring of the benefit.
- Fixed Annuities can shield and protect funds from market downturns while offering growth potential.
- Annuities can provide tax deferred growth so you won’t pay taxes until you begin distributions and your tax bracket could be reduced during your retirement period.
- Annuities can be structured to provide single or joint lifetime incomes to insure reliable income streams after a spouse passes.
- Annuity structuring can allow retirees to budget and receive predictable income payments, allow for growth and deferred income that can act as income “pay raises” in the future.
If you have any questions, please reach out to our office to schedule an appointment with one of licensed agents to assist you.