• Why Build a Lifetime Income Check Now

  • Financial Mistake: Waiting to start your annuity with a minimum guaranteed growth rate of an income account value can cause your check to be lower for the rest of your life.

    Reasons to Build a Lifetime Income Check Now

    Many fixed indexed annuities offer a guaranteed growth rate of an income account value (this terminology may vary from company to company)* used to determine a future lifetime income benefit for you, your spouse, or both (see Guaranteed Growth & Lifetime Withdrawal Basics). If you are actively saving with the goal of eventually taking a future income check from your retirement savings, annuities with this guaranteed growth rate can be very powerful, particularly when you have a few years before you expect to need a life-time income check. This can take the guesswork out of income planning without relying upon hypothetical performance. Instead of guessing how much interest you might earn, you instead can depend upon the guaranteed growth rate of the income account value for your future income check that you cannot outlive.

    However, even if you are already at retirement and you do not have any more time to accumulate, it is not too late to start your own income check that you can not outlive. We have techniques to ladder income sources and even create an income that may grow over time to help compensate for inflation.

    Some reasons you may want to earmark money for a guaranteed lifetime income include:

    1. The need to supplement living expenses during retirement. It often makes good sense to
       supplement Social Security and pension income with an additional retirement check that
       you cannot outlive.
    2. The need to plan for the eventual loss of a Social Security** or pension check resulting from
       the death of a spouse. When two spouses are collecting Social Security, at the death of one
       spouse the surviving spouse will no longer receive the smaller of the two checks. This can
       cause financial hardship for the survivor. A fixed indexed annuity with a guaranteed growth
       rate of an income account value may be the perfect solution to replace a pension or Social
       Security check for the surviving spouse.
    3. To plan for a possible long term care need. Long term care insurance is expensive, and often
       people do not want to pay for a benefit that they may never need. A fixed indexed annuity with
       a guaranteed in-come for life benefit can be an alternative option to paying for a long term care
       policy. Certain annuities do not have underwriting requirements for this benefit, and some may
       increase the lifetime income check for several years (for example: by 50% or 100%) if the owner
       is confined to a nursing home an assisted living facility.



    Would you like to learn how an annuity with an income for life withdrawal benefit can help fund your retirement, replace a social security check, or fund long term care? 

    Click here for a complimentary no obligation financial review with a Future Benefits Agent

    Or call us at 901-754-2040

    * Consult your agent and company material on each particular contract. **We do not work for or represent Social Security or any governmental organization. If your Social Security situation is complex, you may want to consult an attorney.

    See our Professional Disclaimer