No matter where you are in your journey toward retirement, it never hurts to check the progress you're making toward your long-term financial goals and priorities. And if you haven't yet begun planning, well, there's no time like the present.
People are living longer, which is great! However, it makes it even more important to not underestimate the amount of income you'll need in a retirement that could last 20 or 30 years. In addition, you should consider that traditional sources of retirement income, such as employer pensions and Social Security, will likely only provide a portion of the income you may need. Creating additional sources of guaranteed income* can be imperative if you're to continue living your current lifestyle.
While it's critical to focus on accumulating enough money to retire, we also encourage you to talk with an advisor about strategies that can maximize your money once you begin taking income from your investments. This is an often-overlooked part of retirement planning that can make a significant difference in the amount of income you'll have to last your lifetime.
Before investing, it's always a good idea to consult with an advisor who can create a plan that reflects the priorities in your life. Explore the links below to learn more about how to prepare for a long and fulfilling retirement.
*Guarantees are backed by the claims-paying ability of the issuing insurance company.
†Insured Retirement Institute and Jackson, "The Language of Retirement" June 2017.
What is an Annuity? An annuity is a long-term, tax-deferred vehicle designed for retirement. Variable annuities involve investment risks and may lose value. Earnings are taxable as ordinary income when distributed and may be subject to a 10% additional tax if withdrawn before age 59½.
Saving For Retirement
Retirement may be years away or it may be decades away. Whether near or far, the earlier you begin to save, the better chance you'll have of building a nest egg sufficient to sustain the retirement lifestyle you envision.
Income Generation
Your plan for generating income in retirement will depend on your individual goals. Whether it's maintaining your current lifestyle or taking on larger expenses like traveling — turning those goals into realities will require a strategy.
Legacy Planning
Once you've reached retirement, you may want to consider the legacy you'll leave for loved ones. With careful forethought, you can take control of how an inheritance will pass on with the fewest obstacles (and least amount of taxes) possible.
