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:
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.