Income for Life and Plenty of Time for Scrabble
You’ve reached retirement age. Each month, you receive a check to cover your living expenses. You finally have time to indulge in all the badminton, scrabble tournaments, and deep sea fishing that you’ve been dreaming of. (Feel free to replace those with the hobbies of your choice. Except badminton. You should keep that one.)
With the right financial investments, these things are possible. If the idea of lifetime income appeals to you, you just might want to consider an annuity.
What exactly is an annuity? It’s a contractual agreement between you and an insurance company to help you meet retirement or other long-term goals. Basically, you make contributions that are converted to periodic payments that can last you for life. An annuity can work for you whether you are currently saving for retirement or are already in retirement by guaranteeing a portion of your assets.
There are different kinds of annuities (nothing’s every simple, is it?), and you can learn more about some of them in this Guaranteed Income for Life article.
Depending on the annuity you choose, you can benefit from:
- Guaranteed, tax-deferred growth
- Competitive interest rates
- Upon your death, your money is distributed to your beneficiaries
- Income for as long as you live
Just as with any type of investment, you’ll want to talk to a professional to make sure it’s the right choice for you. Genworth has put together some questions you’ll want to ask to determine how annuities fit into your retirement plan.
By now, we all know that we can’t depend on things like Social Security and pension plans to take care of us during our retirement years. We need to take control of our financial futures, and that starts with asking the right questions. Ask about annuities; they could be exactly what you need!
photo credit: 401(K) 2013 via photopin cc
-35 Comments-
I will send this post to my Hubs to look over since he is the one that deals with all of this. Thank Gooness for that.
Terry (My Journey With Candida) recently posted..My Hubs Weight Loss Journey ~ EatSmart Precision GET FIT Digital Body Fat Scale Review
I am about to review my retirement package and will definitely include this as part of my personal assessment. P.S. I have a mean overhead, fast-drop shot.
But you still can’t beat me!
This is my hubby’s responsibility cause I would not be able to deal with it!
Myrah – Coupon Mamacita recently posted..Bing Rewards – Earn FREE Skype Credits and MORE!
It sure is sounds like a great plan.
Thank you.
Dov Shapira recently posted..Custom entry doorway
I hate thinking about all this, but I guess I better start!
Anita Breeze recently posted..The Hamptons Diet
I would replace some of the hobbies with traveling. I love to travel so I better be looking into this now.
Traveling is my absolute favorite thing to do. When I reach retirement age, I’ll have to get on the Scrabble tournament circuit. 😉
I really should start thinking about this, but I never know where to start. Thanks for the advice
Karen recently posted..Comfy Joey Ring Sling Giveaway Ends Oct 8
Retirement always seems like so far away but as time flies now, guess we should take a look at this.
Dawn ~ Spatulas On Parade recently posted..Spaghetti with capers and tomatoes
Sometimes I don’t want to think about finances… Avoider? Eek. probably not the best idea,.
amanda recently posted..Finding your tribe, find your groove
I know exactly what you mean. The topic hurts my head, but I know I have to deal with it!
Although I’m in my late 20s, I have to agree with Dawn, times flies so quickly! This is definitely something to take into consideration.
HilLesha recently posted..Mantry: The Modern Man’s Pantry
I haven’t really started thinking completely about retirement as yet but this sounds like something I will have to look into. Guaranteed income for life? Does sound good doesn’t it?
Growing Up Madison recently posted..Lobo Life Accessories 2 in 1 Toddler Sheet Review
This is something we def need to take a look at…retirement! the hubs is an investment banker so he’s an expert on all this stuff… good because my head will explode trying to decide what options are best for us.
melanie recently posted..Fourteen months apart – The bond between sisters…
My husband takes care of all that part of our retirement planning. He was just taking the other day to my oldest son about annuities.
Grandma Bonnie recently posted..My Thoughts About Smartphones & Staying Connected
I really have no idea about what I am going to do come retirement – I really should get thinking about it more. x
Sarah Bailey recently posted..NARS Autumn Wishlist
I need to a lot more financial planning than I have done.
Stacie @ The Divine Miss Mommy recently posted..Relax this Fall with a $500 SpaFinder {GIVEAWAY} from Coupons.com
Genworth is a huge wealth of information. Thank you for sharing through this post!
Rosey recently posted..Fortune Girls: Empowering Tweens
Useful information! Thanks for sharing I will send this onto my husband he’ll need to read it
Melanie recently posted..Lunch Box Challenge Day 23: Pear It Up!
I’m just seventeen, so i don’t think i’d get to save some money just yet. maybe soon, thanks for sharing!
Le-an Lacaba recently posted..11:11
Well retirement is closer in my future than I would like to admit, lol. And I have not checked into anything like this, so thank you for the great information, I will look into annuities now, and see what kind of plan works for me and my future!
Cindi Thornton recently posted..Our Lunchables Jr. Playdate Sampling #Crowdtappers
Thanks for this info. I never knew what an annuity was! I have so much to learn regarding finances!
Kristen @ kristenione recently posted..Marvelous Monday: Date Night + Kid Magnet Board Inspiration
Great post and something to think about. When we are young, we never thing we will get old or need to think about things like this! I am getting close to retirement and really need to keep on top of things.
Cynthia L. recently posted..In and Out of the Kitchen Link Party #35
You are so right. It is so important to take hold of our financial future. You never know what is going to happen and it’s important to make arrangements for the care of your loved ones.
Tough Cookie Mommy recently posted..Experience Natural Skincare With @Lunagenics! #LunagenicsSkincare #Ad
I really really really hope to retire one day soon! I need to start planning now…
Shasta Walton recently posted..Awesome Paleo Recipes From Around The Interwebs
Thanks you for the useful information. I am working on a plan now so I will look into this.
Melinda Dunne recently posted..Vanilla Zucchini Mini Bread Loaves Recipe
Great information! I feel I am too young to be thinking of retirement but then again time does fly. I will definitely look this over with the hubs and see if its something we can start on.
T. Marie recently posted..Bright Star Kids Review and Giveaway
This is something that we planned a long time ago. Great advice and so important.
Pam recently posted..Top Five Activities for Families Visiting Wisconsin
I need to start doing this. I haven’t started.
Robyn recently posted..Comment on 10 Amazing Facts About Pregnancy by Annemarie
Thank you so much for such useful info 🙂
Noor Unnahar recently posted..Grab a friend blog hop #22
I my past life I actually used to sell annuities and other financial vehicles. This is some sound advice youre giving 🙂
Kyle recently posted..Celebrating Fatherhood at the 1st Annual Dads Matter Too! 5K Road Race
i’m a long way from retirement but this is good to know 😀
Jenny recently posted..Saying Goodbye to Mori Amanda
retirement is something we dont like to think about(planning part). Good to know!
Tess recently posted..Tuesday Things
I wish I had known about this a long time ago for my parents. I will definitely be checking this out. We all need to have financial planning in place.