Guaranteed Lifetime Income Annuity | Insurance Strategies Lifetime Retirement Income Many pre-retirees and retirees alike want to know what will give them lifetime retirement income. When it comes to retirement planning, much of the American workforce is concerned with guaranteed money, dispersed on a monthly basis, that will cover their living expenses in retirement. How much income does an individual need at retirement, anyway? Retirement planning is more involved than simply saving a bunch of money. It is vital to consider specifics such as expenses, spending, and potential income sources. There is no one number that works for everyone, but many experts suggest planning to aim for a goal of 80% of your current income when you reach retirement. One income source might be social security benefits. However, it is nearly impossible to fund retirement income needs with social security benefits alone. You deserve to have the life you desire at retirement. You deserve to have guaranteed lifetime retirement income. Lifetime Annuity An annuity can help cover basic essentials to living in retirement. Many Americans utilize a lifetime annuity to help their retirement savings grow and create protected, guaranteed income they can use to cover regular expenses and contribute to having a more enjoyable experience in retirement. An annuity is essentially a contract between an individual and a life insurance company. Annuities can be purchased with a portion of the individual’s retirement savings in a single payment or multiple payments over time. Depending on the type of annuity, of course. When you own an annuity, growth in your account is usually tax-deferred. Annuities are a solid component of a diversified retirement portfolio since they ensure your retirement income remains protected even when the market declines. Regardless of how other investments perform, annuities provide a source of protected lifetime income that many other products cannot provide. Guaranteed Lifetime Income Annuity Certain kinds of annuities offer individuals the flexibility to get protected lifetime income guaranteed and still allow the owner to have access to their funds in the form of a guaranteed lifetime income annuity. When the individual is ready to take their income, they can choose to receive payments in various ways. This depends on the type of annuity purchased and the individual’s income needs. Individuals can choose to receive income immediately when they buy an immediate lifetime annuity or at a future date. Payments can be received in a series of payments for a specified period of time. What is most attractive for many Americans is the option to receive guaranteed payments for as long as the individual is alive. This comes with an annuity called a guaranteed lifetime income annuity. Other annuities include immediate lifetime annuity, lifetime payout annuity, guaranteed life annuity, and lifetime fixed annuity. Depending on your individual needs and how you would prefer to receive your payments, you may find one kind of annuity option more attractive than another. Immediate Lifetime Annuity An immediate lifetime annuity is an investment that turns current retirement savings into future income. With an immediate lifetime annuity, you will receive a set of guaranteed income payments at specified intervals for a set number of years during retirement. With the many different types of annuities, at different rates, and various payouts, there is no one plan that is right for every individual. Your retirement income needs are unique to you. We work with individuals, families, and businesses to guarantee that your retirement income needs are met. Key Takeaways No matter what your goals and dreams are for retirement, one thing is certain, that social security benefits alone cannot fund your retirement income needs. In order to ensure your retirement income needs are met, meet with an insurance professional to discuss a guaranteed lifetime income annuity or an immediate lifetime annuity. We want to ensure that you get to live your best life in retirement. With annuities, your retirement goals and dreams are possible. No longer do you have to worry about other investments underperforming your goals. Create a guaranteed lifetime income annuity. Contact our local independent insurance agents in Virginia Beach to get started!