Annuities, health insurance, and life insurance policies are excellent options when it comes to retirement savings. Let’s take a look at some of these options below to help you in your retirement planning.
Annuities are a way to secure a fixed income during your retirement. These policies, purchased either through lump sums or a series of payments, will pay out a fixed income stream. The insurance policy takes your premiums and turns them into an investment income.
Immediate fixed annuities are a safe way to bring in immediate income. Once you pay for the policy, the insurance company will begin to pay you monthly income. Provided you live long enough to surpass the initial investment, this is a great option for people nearing retirement age.
Annuities also keep their principal protected, are tax-deferred, and give you the security of continuous income to supplement your monthly budget.
Health insurance is vital to have. Any health care treatment, service, test, item, procedure, what have you, can send your budget topsy turvy. Health insurance, even though it may seem expensive, can protect you from these expensive health care costs, leaving more for your retirement savings.
Your health insurance options can include Medicare, Long-Term Care Insurance, ACA Plans, and Individual Health.
A whole life insurance policy will give you access to the cash value of your policy. This value may grow with either a fixed interest or along with the market, or sometimes even as invested directly in the stock market. You have access to this money during your lifetime and can make withdrawals from the cash value. If you don’t have any heirs and are not concerned about leaving the full death benefit for your beneficiaries, you can make withdrawals without worrying about the reduction to your death benefit.
Need some help planning for your retirement? We can help get you started in the right direction to make sure you are prepared for your retirement years. Give us a call today to get started.