Retiring Soon?

If you are one of the 76 million baby boomers retiring in the next 5 years there is no doubt a lot on your mind.  Worrying about where your next paycheck is going to come from, shouldn’t be one.  As you approach retirement your goals in life are probably changing and your investment strategy should change as well.  You are no longer in the wealth accumulation mode but rather you need to make sure you can adequately provide yourself with a consistent stream of income you will never outlive.  You may be seeking investments with less risk than stocks or investments with certain features tailored to retirement.  An annuity from a highly rated insurance company may be the ticket.  There are several types of annuities you may want to consider:  Fixed, Equity Indexed and Immediate.
A fixed annuity is a conservative savings vehicle used to accumulate wealth.  A fixed annuity is issued by an insurance company and is backed by the full faith and credit of the underlying insurance company, regardless of the amount.  They are generally good investments for the long haul.  Typically the rates are much better than CD’s which are offered through banks and credit unions. 
An Equity Indexed Annuity An Index annuity is a fixed annuity whose interest rate is linked to performance of a financial index, such as the Standard and Poor's Composite Stock Price Index (S&P 500 Index).  Interest is calculated based on changes in the index and credited to your account on a regular basis.  Like other fixed annuities, index annuities also offer a guaranteed minimum interest rate and withdrawal amount, regardless of the product's performance.
An immediate annuity is the oldest kind of annuity today; these types of annuities have been around since the Roman Empire.  Immediate annuities provide the buyer with a fixed stream of income for as long as that person shall live in exchange for one lump sum payment.  The amount of income that buyer will receive will depend upon a number of different factors; Age, Sex, Initial Dollar Amount, Time until income is needed, and Payout Options.
Whatever you decide it is important to have a clear vision of what you are looking for in retirement.  This will make choosing the correct investments a lot easier.  If you would like to have one of our fully licensed financial advisors to give you a call and discuss how we can help please contact us.