The truth is, many people think they will have enough to live off in retirement and the reality is 33% have no income saved for retirement. Let us help you get in track to ensure you can enjoy your retirement years.
What Are Annuities
An annuity is essentially an insurance product. With deferred annuities, the contract holder can accumulate money over a period of years (the “accumulation phase”) by either making an initial deposit and watching it grow, or by making periodic deposits over time. Funds invested in retirement annuities grow tax-deferred. When you’re ready to start drawing on your annuity, you “annuitize” the contract and turn it into an income stream so you receive a series of regular payments each month, quarter or year.
What Is IUL
An IUL policy is permanent life insurance coverage with both an insurance component and a cash value component. The cash value can be indexed to a financial market index, offering policyholders the upside potential that comes with investing in the markets while still retaining the protection of life insurance coverage.
When you purchase a deferred annuity as part of your retirement plan, you enter into a contract with the issuing insurance company. During the accumulation phase, when you’re able to add funds, your funds will grow on a tax-deferred basis. When you’re ready to turn your annuity into a stream of cash, you’ll have various payout options to choose from.
The first step toward ensuring you have the income you need during your retirement years is to contact Symmetry Financial Group. We will help you understand the various products available.
What Is Your Strategy?
There are many reasons for choosing retirement protection annuities and IUL products.
The most common reason for using annuities is to turn your savings into a regular income stream during retirement. Funds from Social Security and pensions may not be enough to allow you to live the lifestyle you want when you retire. Choosing a retirement protection annuity can give you an additional paycheck every month to supplement those other income sources. This can give you the funds you need to meet your living expenses, travel, buy gifts for loved ones and more.
Best of all, retirement protection annuities can give you peace of mind without worrying about how you’ll meet your monthly expenses.
Similarly, IUL policies offer you the option of accumulating cash inside your life insurance policy – cash that you can use for any purpose.