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1/28/2020 How to get income from your assets in retirement

A common concern for retirees is that they will ‘outlive’ their money. But - did you know it is possible to use your assets to create a guaranteed income stream? 


One possibility to get guaranteed income is a special annuity.  Certain annuities can produce 4.5 – 6% income per year, depending on your situation.  This can be single or joint income that lasts the rest of your life (and possibly your spouse’s) and it could also have a death benefit whereby the entire principal is returned to heirs upon death.  With guaranteed lifetime income you eliminate the risk of outliving your money!


One example:  Bill, age 65, is retiring with $800,000 in his IRA and 401k accounts. These accounts can be put in an account to produce a fixed, guaranteed income for the rest of his life with a death benefit of the entire $800K.  This product currently allows 5% withdrawals per year.  This yields $40,000 annual income and, upon death, his spouse or heirs will receive the entire $800K back.  $40,000 along with his Social Security, pension, etc. provides ample income and leaves comfort and legacy to his family.


This is not the only way to take income in retirement and it is not recommended in every situation.  We can discuss this or other ways to get income from your investments and we focus on tailoring these choices to YOUR particular situation.  There are no cookie-cutter answers.


Insurance products contain certain insurance features, which could include guarantees against the loss of principal.  The guarantees associated with such investments are subject to the financial strength of the issuing insurer and the specific terms and restrictions of the applicable policy or contract.  The insurance features do not guarantee that the investment will not fluctuate in value.