When you find yourself daydreaming about retirement, does your dream retirement entail traveling the world? Dedicating time to beloved hobbies? Helping your children and grandchildren? Dreams like these can become your reality, but numerous planning mistakes often cause retirement plans to fall short.
Everyone deserves a great retirement, but prudent planning and saving enough for the lifestyle you aspire to are critical to making it possible.
Using Life Insurance to Help Fund Your Retirement
When the topic of retirement planning comes up, few people think about life insurance. However, some finance experts recommend investing in a life insurance policy as part of a sound retirement strategy. Permanent and term life insurance can both be helpful tools when it comes to financial planning for retirement.
One popular choice for retirement planning is using a tax deferred or tax free retirement vehicle. These vehicles are either the use of an Index Universal Life Policy or an Annuity. Both these options will provide an income stream for retirement. Only the gains can be taxed, as well, taxes are deferred which entails saving more money for your retirement. You can View more about how these works by checking out our Product portfolio page by clicking here.
Ok so you may ask :
Why Use Annuities for Retirement and how can they really help ?
Key takeaways
One preferred annuity is the deferred income annuity, which can help cover your essential expenses in retirement along with other sources of guaranteed income like Social Security, pensions, and other annuities.
Combining income from multiple sources in retirement follows the same principle as diversifying investments during your saving years.
With pensions increasingly a thing of the past, most Americans now need to build their own streams of income for a retirement that could last decades. Your individual retirement income plan’s success will rely on two key factors: Will you be able to create income that truly lasts your entire lifetime, and will you trust it and stick to that plan even through periods of market volatility?
That's where guaranteed income annuities may be able to help. These products are able to deliver a stream of income that you can rely on no matter how long you live. And, specifically, deferred income annuities (DIAs) let you lock in a stream of guaranteed income years before retirement, while reducing the effect of market volatility on your retirement income plan. The advantage being you don't have to wait until the moment you retire to know what your investment will deliver in lifetime income. You can gain peace of mind and some flexibility with your other assets."
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Want to avoid other retirement saving mistakes and create a personalized, comprehensive retirement plan using Push Financial Groups recommended options? Please call (833-411-874) or email us (contactus@pushfinancialgroup.com) for a complementary consultation.
