Retirement Income Planning
You Saved for Years. What Does It Pay You Now?
Once the paychecks stop, where does each month’s income come from, and how long will it last?
This is a passion of mine. Sometimes you’re just not going to the destination you want, and pivoting a couple of degrees can change where you end up. Education comes first, so you understand where your income comes from before you decide anything.
What We Go Through
- Where your income will come from: Social Security, a pension, your savings and any policies you already own.
- What you need each month, and how much of that you’d want covered no matter what the market does.
- What’s guaranteed: by whom, under what terms, and what isn’t guaranteed at all.
- What each choice costs, including what you give up in access to your money.
Where Insurance Products Fit
Some people want part of their income locked in for life. A fixed or fixed index annuity with a lifetime income feature can do that, under the terms of the contract. It also ties up the money you put in, an income rider can carry a fee, and a level payment can buy less as prices rise.
Not everyone needs one. If you like what you have and you know the risk you’re taking, that’s perfectly fine. I’d rather you understand your own plan than buy something you don’t want.
References to guaranteed or lifetime income refer only to fixed insurance products, not to securities or investment advisory products. Guarantees depend on the financial strength and claims‑paying ability of the issuing insurance company.
What I Don’t Do
I don’t manage investments or tell you which securities to buy or sell, and Social Security claiming isn’t something I deal with much. My part is the insurance side of your income, and I’ll tell you when your question belongs with someone else.
Frequently Asked Questions
How do annuities work for retirement income?
Some annuities let you turn your balance into a stream of payments, or add a feature that pays income for as long as you live, even if the account value runs out. The idea is to cover a set part of your monthly expenses with income that doesn't depend on the market. The trade‑off is access: money committed to income is harder to reach, and fixed payments can buy less as prices rise. Guarantees depend on the financial strength and claims‑paying ability of the insurance company.
Learn about retirement income planning →What is an annuity?
An annuity is a contract you make with an insurance company. You pay in, either a lump sum or over time. The money generally grows tax‑deferred, and the company can turn it into income later, including income for life if you choose that option. Guarantees depend on the financial strength and claims‑paying ability of the company. Most annuities charge you for taking out too much too early, so money you may need soon usually doesn't belong in one.
Learn how annuities work →Do I have to buy anything if I call?
No. There's no obligation. Education comes first, and I'm here to give you the information. If you want to work with me, great. If you'd rather take what you learned and go somewhere else, that's fine too. At the end of the day, it's got to be your decision.
Do you manage investments or give investment advice?
No. I'm licensed to sell insurance, and I'm not an investment adviser or a securities broker. I don't manage investment accounts, and I don't tell people which securities to buy or sell. My work is insurance products: life insurance and annuities. Managing a portfolio takes a registered investment professional, and that isn't what I offer.