Retirement income strategies are not just for the wealthy. As retirement nears, the traditional strategy has been to move growth-seeking products to more conservative, fixed-income products. According to a recent study, for a married couple age 65, there is now a 67 percent chance that at least one spouse will live to age 90 and a 25 percent chance that at least one will reach age 95.1 This means that you may need to plan for your retirement savings to potentially last 25 to 30 years.
One drawback to a longer life is the greater possibility of outliving your savings — creating all the more reason to develop a retirement income strategy designed to last a longer lifetime. Only 24 percent of baby boomers report being confident their savings will last throughout their retirement years.2
A significant loss in the years just prior to and/or just after you retire could negatively impact the level of income you receive over the course of your life. In fact, if a loss occurs earlier in life, there is also the chance that you may have more time to recover (versus a loss occurring later in retirement). Why? Simply because a smaller pool of assets is left to sustain you throughout your retirement years, and your assets may not have as much time to recover.
We can help you design a guaranteed* retirement income strategy that incorporates insurance and annuity vehicles to create opportunities for long-term growth as well as guaranteed* income throughout your retirement.
1 Insured Retirement Institute. December 2016. "State of the Insured Retirement Industry: 2016 Review and 2017 Outlook." Accessed Jan. 31, 2017.
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