Protected Monthly Income In Retirement


Why Is Protected Monthly Income Important?

Recently, AIG released a checklist of things to discuss with your financial advisor about protected monthly income. As you are approaching retirement it is always important to do heavy planning so that you do not get caught off guard by unexpected expenses. However, many people only think of retirement planning in terms of accumulation. It is also critical to consider protected monthly income.

Having a guaranteed monthly income during retirement (that is protected from market fluctuation) is helpful for budgeting. Rather than focusing on growing a pool of savings, you can budget around your income.

Ask Your Financial Advisor

Many different questions surround protected monthly income, and you should consider asking a financial advisor about these questions.

  • How much protected monthly income will I need?
    • Discussing and calculating with a financial advisor how much you will need in the future is critical for setting yourself up for a comfortable retirement. Discuss topics such as your current expected protected income, your accumulated savings, and how much of your income you can protect from economic downturns.
  • What if my expected income is less than I need?
    • Discussing options to get the income you need with a financial advisor is a great idea, and if you have this question an annuity might be a good option for you.
  • Are there costs associated and what if I need to withdraw money early?
    • This can vary by the different annuity options. Talk to your advisor about your annuity options and what their plans’ associated costs are.
  • Can annuities help protect me from losses?
    • Annuities protect you from market volatility as they are guaranteed, and some plans protect the principal amount. Discuss your options with your advisor.
  • How do I know that these options are safe?
    • Insurance companies are rated on their financial strength by financial rating agencies, and you should discuss these ratings with your advisor.

Strategies Other Than Annuities For Protected Monthly Income

It could be very helpful to speak with your advisor about different strategies to protect yourself from a volatile market and rising healthcare costs other than annuities as well. An annuity or other strategy can protect you from volatility in investment markets and make your retirement budgeting much easier.

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