Richard and Carol’s retirement savings won’t run out tomorrow. Yet they’re afraid what they spend on leisure now will rob them of money they’ll need for necessities later.
Today’s retirees are living longer and spending more than they’d expected. Half of all 65-year-olds will live beyond age 90, according to the LIMRA Secure Retirement Institute, yet less than a third consider longevity a risk to their financial security or have estimated how long their assets will last in retirement.
Without a strategy to generate income, retirees risk outliving the money they’ve saved to maintain their lifestyles and financial independence.
A single-premium annuity is one option for a more secure retirement. With a single payment, you can convert a portion of your savings into guaranteed income for life. The periodic payments help create a budget for essentialcosts, like utilities, groceries and housing. You can spend your remaining savings on lifestyle choices, such as travel or entertainment, without worrying how to pay for necessities.
A Modern Woodmen financial representative can help you estimate how long your savings will last and develop a strategy to make sure your money lasts your lifetime.
Make sure you don’t outlive your savings. Gain peace of mind with a financial plan to maintain your lifestyle and independence.
Let’s start the conversation.