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:
- Make sure that your monthly income enables you to live the life you’ve planned for in retirement.
- Plan so that your savings last for a long time, and take into consideration costs that may rise, such as health care.
- Find financial vehicles that will help protect you from the cost of inflation.
- If leaving an inheritance is important to you, make sure that your plan balances your income needs with how much you want to leave behind.
- In case of emergencies, make sure you have ready access to your money without being subject to penalties and fees.
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.
