Monthly Income? According to a recent survey, most Americans would choose a monthly income of $2,700 a month for life over a lump sum retirement payment of $500,000. While 62% of Americans say they’d opt for a lifelong monthly check, only 32% of participants say their retirement plan offers that option. And of those who…
Pension-like income. Since careers have changed, but retirement hasn’t.
GENERATING RETIREMENT INCOME
Having the freedom to live life your way will depend, at least in part, on having a secure source of reliable income. Annuities are one of the few sources of retirement income that can guarantee income for life.
What Is An Annuity?
An annuity is a contract issued by an insurance company that can guarantee1 a steady stream of future income in exchange for a single premium payment or a series of premium payments. As long-term financial vehicles that grow tax-deferred during the accumulation phase, annuities can help safeguard against the risk of an individual outliving his or her assets by providing periodic income payments that can be guaranteed¹ for life.
Why Consider An Annuity?
Annuities can help you generate retirement income. That’s important because planning for retirement invariably comes down to one simple question: Will you have enough money to last the rest of your life?
If you are like many individuals facing retirement, the question can be a real cause for concern, but you are not alone. It is a predicament presently confronting more than 76 million Baby Boomers*, each with their own vision of what a successful retirement might be.
With company pensions increasingly a thing of the past**, you must depend on your retirement savings to supplement your Social Security income, but will your nest egg last as long as you do? Annuities can help generate income, which is why many people are including them in their retirement strategy.
*U.S. Census Bureau, April 2014.
**Employee Benefit Research Institute, 2013.
Priority Life offers several types of annuity products that may fit your specific needs and financial goals.
Find Out If An Annuity Is Right For You!
All situations are different, so its important to determine the right amount of coverage for your specific needs. Working with an experienced Priority Life agent can help you come up with the ideal plan for your needs and family.
When you buy life insurance, you enter into a contract with an insurance company that promises to provide your beneficiaries with a certain amount of money upon your death. In return, you make periodic payments, called premiums. The premium amount is based on factors such as your age, gender, medical history, and the dollar amount…