Be Very Careful Selecting Guaranteed Income Options with Retirement Money

(don’t forget to checkout the video of this blog)

The financial industry is starting to recognize the growing trend surrounding guaranteed income.

People love the idea of it and are starting to incorporate it more into their financial plans.

Not only as a way to eliminate market risk from their portfolio, but as a way to ensure a sustainable, lifetime income stream throughout their retirement.

But not all guaranteed income is the same.

Many retirement plans, pensions, and even life insurance contracts offer an option to take immediate, lifetime income…

Which is great, right⁉️

Well, it can be…

But, what a lot of people don’t realize is that when you “annuitize” your money you are surrendering it to an insurance company.

Which means you have no more liquidity on that element of your portfolio (and if you die in the early years of that income stream, your family typically gets nothing).

Now maybe that’s ok based on your retirement goals…

But what if you could generate the same level of guaranteed income without giving up access❓

Well, nowadays you can.

Income annuities can be structured to provide retirement income while still leaving you access to your money…

Also ensuring your beneficiaries inherit the residual value of that contract when you pass away.

And these types of annuities will often pay the same level of guaranteed income (or more) than their counterparts (the ones where you surrender your principal in exchange for income).

People really just don’t like the idea of surrendering their hard-earned retirement dollars to an insurance company….

In fact, I get this question ALL THE TIME:

What happens to my money if I die⁉️

Well, if you select the wrong type of vehicle for lifetime income then you might actually be surrendering a large chunk to an insurance company rather than leaving it to your loved ones (or just paying an enormous amount in annual fees like you do with variable annuities).

Now sometimes an “income-only” option makes sense, but in many cases, that’s an obsolete way to create a solid income plan in retirement. ️

There are MUCH better solutions for income planning that don’t require you giving up access to YOUR money in exchange for income…

You really can have both.

Let’s Chat 💬😎