If you are a baby boomer, Gen X or Gen Y, one thing is clear: Your retirement is going to be very different than your parents’.
You’ll likely be healthier and more active. You may travel, launch a second career or take on new adventures. Having an active retirement also means that you’ll need your savings to work hard for you. And, perhaps most importantly, since people are living longer today, you’ll need your savings to last perhaps as long as 30 years.
When you retire, you’ll transition from savings accumulation to savings disbursement, so before that day comes, plan a retirement income strategy for the money that you have been faithfully socking away. Here are some things to consider:
One financial product growing in popularity is an immediate fixed annuity. Immediate fixed annuities provide you with income you can’t outlive—a real security blanket considering that people are living longer today.
Contact a New York Life agent today to learn about our lifetime income annuities—they can help provide you with a steady income stream during retirement.