Do you know someone who has just retired?
Recently I met with a client who just retired from a 30-year career. She feels very good about making the leap into retirement. She’s ready to enjoy life without so much worry. We were talking about traveling and comparing destinations for camping. She had been worried about missing colleagues, but they are already setting a schedule for getting together regularly.
A pension is a source of secure income
Her employer provided her with a pension, which she has already started taking. With that decision she has a monthly source of income that is reliable. The income lasts her lifetime, and if she is deceased, her husband receives the income for his life. This isn’t her only source of money, but it does cover her basic household expenses.
The reality of saving when you have regular bills to pay
In the past 30 years she put a daughter through college and paid off a mortgage. There were health care bills, car payments, and the expenses of living along the way. Saving in her 401K was sometimes not possible, but the pension was quietly growing without her having to think too much about it.
Smart Social Security planning is essential
The client isn’t collecting Social Security right now. When she came into my office our conversation was about delaying Social Security. We discussed options for withdrawing from her qualified retirement account, helping her to delay claiming Social Security, so she can maximize her benefit. Avoiding the ups-and-downs of the market is a priority for her because steady income brings her peace of mind.
Do you want income you can count on every month?
Having a pension is great, but most businesses don’t have them anymore. If having a steady income for retirement peace of mind is your goal – then an annuity, which is much like a pension that you purchase for yourself, can be a great solution. Finding the right annuity that matches your needs can provide consistent, reliable income. It’s important to carefully consider your retirement income options and a CERTIFIED FINANCIAL PLANNER™ can help you today – just give me a call or email!
But I heard that annuities are…
Suze Orman gives annuities a bad name, but they can make sense for some clients. Not all annuities are overly expensive, and a good advisor will help you understand the complexities. Talking about the different types of annuities and where they make sense is just the type of conversation I would want to have with you before you make an important decision for your retirement income!
Figuring out the big picture for you
Let’s figure out your retirement income needs. There are a lot of moving financial pieces that should be fine-tuned for retirement: IRAs, 401Ks, investment accounts, Social Security, pensions, insurance, health insurance, rental property…it is complicated. Let’s figure out what matters to you: safe income or fluid investments; a known dollar value to meet essential needs or keeping your money in the market. As a Retirement Income Certified Professional® I can help you find options. Let’s talk!