Retirement Income for Life

| Total Words: 1220

Joe Smith writes-
I just retired. I have worked all my life and am ready to have some fun in retirement. I want to figure out how much income I can take in retirement without running out. I have $200,000 in my 401k plan with my former employer. I am 65 years old and my wife Emma is 56 years old and would like to be guaranteed to at least have income for the next 20 years for me or for my wife if I don’t make it that long. What are my options when it comes to annuities?

We have two solutions you may want to consider. As with all investment planning there are advantages and disadvantages to each option and my job is to help you understand them.

Option #1 Income for life
There are different types of annuities available that can help make sure you have income for the rest of your life and the rest of your beneficiary’s life. One solution is called a “lifetime five” option. This is where you invest in an annuity that is invested in a managed portfolio of stocks and bonds. The investment decision-making is left up to the annuity company.

You are initially guaranteed each year to receive 5% of the original amount invested...

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