#10B Retirement Tools- 10 Things You Need To Know To Plan Your Retirement Income

It is no shock that future generations will continue to take on more responsibility for providing income to their own living expenses in retirement. Benefits are being reduced and sometimes eliminated altogether. This means it is especially crucial to have a solid plan in place.

Along with saving money, assets may need to be re-positioned to accommodate a longer life. Think about true priorities and align your assets to support personal goals, not just aspirations.

It is worth considering the tools to place your savings in different vehicles to meet the long term needs.  One example is an annuity, which are designed to convert a lump sum of cash (or a series of premium payments) into a guaranteed stream of lifetime income (guaranteed by the financial strength and claims-paying ability of the insurance company). Using annuities can generate a fixed income stream similar to a pension account. Some of the more retirement income-oriented products to consider include lifetime income annuities, life insurance and long-term care insurance.

The bulk of responsibility for providing retirement income has shifted to individuals. The new products and strategies designed to help prepare for retirement can be complex. Working with financial professionals you trust can help ensure a financial strategy that is designed to help reach long-term financial goals.

If you have any questions about any of the topics discussed please contact us at 417-882-1800.

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