Retirement Victory Lap

Retirement Victory Lap

How do you see your retirement? Do you plan to knock things off your bucket list one by one? Or is it something more understated in which you conserve your assets so you can leave a legacy for your family and favorite causes?

Well, maybe it doesn’t need to be an either/or question. With today’s retirement funding options, it’s possible to both live well in your retirement and leave an inheritance to your loved ones.

Here’s how.

A confident retirement begins with a plan, one that takes into account the financial resources you will need for the necessities — housing, healthcare, and daily living — and the niceties, from travel to contributing to your grandchildren’s education.

Begin by defining what matters most to you: who you love, what you love, and how you want to live your entire life. Then, take an honest look at the risks too, such as inflation or outliving your money. From here, develop a game plan that minimizes those risks while allowing you to pursue your passions.

Good helpers along the way include a trusted financial professional, who can provide experienced guidance and unbiased feedback, as well as family and friends who have already retired. What did they do right? Just as important, what did they do wrong and need to adjust for? Among the financial strategies that may allow you to “have it all” in retirement are solutions that provide guaranteed income, such as:

Annuities: Research shows that the most financially and emotionally confident Americans are those who make it a priority to ensure a secure income in their retirement. And these days, that means going well beyond Social Security. Products that can supplement your Social Security benefits with guaranteed income every month, such as annuities, can help fill the retirement income gap.

An annuity is a contract with an insurance company that provides a guaranteed rate of return on your premium each year paid out monthly as guaranteed income.¹ An annuity can:

• ● Help safeguard against running out of money.

● Create more income each month to do with as you please (entertainment, living essentials, help with debt, etc.).

● Provide extra funds to cover your healthcare costs or to help care for others, such as aging parents or an adult child.

Whole life insurance: Another sign of financially confident Americans? Most have a whole life insurance policy. Whole life insurance helps tick all the boxes when it comes to paying bills and pursuing your passions in retirement. It provides:

● Guaranteed death benefit protection for life to help ensure your loved ones are protected and a legacy can be left to your family or heirs.²

● Guaranteed cash value that can fund nearly anything you want, before or after retirement.³

● Guaranteed premiums once the policy is in force, so you can plan future expenses with confidence.

From knocking off bucket list items to building legacy assets, the best thing about retirement is that you call the shots. With a risk-reducing retirement plan and one or more sources of guaranteed income in place, you’ll be in the best position to do everything you want — confidently — in your later years.

Additional sources for internal reference:

https://www.investopedia.com/financial-edge/0110/live-a-rich-retirement-or-leave-a-legacy.aspx https://money.usnews.com/money/retirement/aging/articles/2018-10-03/should-you-spend-your- nest-egg-or-leave-a-legacy

Sources:

1. Annuity guarantees are backed exclusively by the strength and claims-paying ability of the issuing insurance company.

2. All whole life insurance policy guarantees are subject to the timely payment of all required premiums and the claims paying ability of the issuing insurance company. Policy loans and withdrawals affect the guarantees by reducing the policy’s death benefit and cash values.

3. Policy benefits are reduced by any outstanding loan or loan interest and/or withdrawals. Dividends, if any, are affected by policy loans and loan interest. Withdrawals above the cost basis may result in taxable ordinary income. If the policy lapses, or is surrendered, any outstanding loans considered gain in the policy may be subject to ordinary income taxes. If the policy is a Modified Endowment Contract (MEC), loans are treated like withdrawals, but as gain first, subject to ordinary income taxes. If the policy owner is under 59 ½, any taxable withdrawal may also be subject to a 10% federal tax penalty.