Make Sure You Have an Income for Life
When you retire, would you like to have your retirement income guaranteed or
non-guaranteed? Most people choose “guaranteed” income for life. So what are the sources of guaranteed income in retirement? Social security is a type of annuity that will pay you an income for the rest of your life. Maximizing this benefit is critical as it is a building block of income for life. Pensions are another source of income for life, but unfortunately, there are very few companies that offer this benefit anymore and we must depend on ourselves to find alternatives to pension income.
Retirement without a steady paycheck can be very stressful. During periods of economic uncertainty, a paycheck is the ultimate antidote to stress. As mentioned above, unless you’re fortunate enough to have a traditional pension, those paychecks stop when you retire. That’s unnerving even when times are good. When the stock market is unpredictable, interest rates at an all time low and the economy reeling, the absence of biweekly or monthly deposit in your bank account can lead to a lot of sleepless nights.
If you’ve saved diligently, you can convert some of your nest egg into a reliable source of income that will reduce the risk of outliving your savings. Income planning in retirement is a very specialized field. Most advisors can help you accumulate money, but one of the greatest challenges is how to spend down those assets in retirement tax efficiently, and ensuring a component of a guaranteed income for life.
Be Financially Prepared
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That’s what we do. We specialize in retirement income planning! If you would like to explore a strategy that provides you with those steady paychecks in retirement, income that you cannot outlive, please contact the professionals at Clark Financial Partners today for a no-obligation, complimentary review and personal analysis out your specific situation. To start planning for your future, contact us today!