If you’re still saving for retirement, buying a deferred income annuity now to lock in a fixed lifelong income like a pension+ can be a smart choice.
How confident are you that you’ve saved enough to maintain your standard of living after retirement? If you’re like a lot of folks, your retirement savings plan and the financial reality of retirement may not line up. For example:
Maybe you look at that statistic and think, “Well, I’ll just cut back my spending.” But that might be harder than you think – what if you have unexpected expenses? Things rarely go according to plan. But what if you could secure an additional source of income that’s guaranteed to arrive every month, like a second social security check, to give you a greater chance at having a truly rewarding retirement? A deferred income annuity can let you do just that.
People typically buy a deferred income annuity if they’re working or in early retirement and still saving. If you choose to buy a deferred income annuity, you put money into the annuity over time if you want to save incrementally. You can also put in a larger, one-time deposit. Then, at a future date predetermined by you, the total money you’ve put into the annuity will convert into a fixed monthly income payment, like Social Security, that will continue for the rest of your life.
How long will your retirement money have to last?
Probably a lot longer than you think. Take a look…
- At age 65, you have a one in four chance of living past 90.2
- For a couple reaching age 65, there’s a 45% chance that one of them will live to age 90.3
- Between 1980 and 2010, the fastest-growing age group in the country were people age 100 and over.4
A deferred income annuity can help you meet the challenge of planning for a comfortable retirement that could last more than 30 years.
Plan now for a more comfortable retirement
If you’re like most people, you’re counting on using your savings, Social Security and pension, if you have one, to cover living and health care expenses and help maintain your standard of living. But since you can’t know how long you’ll live, you can’t be certain that you’ll be able to make your money last. Adding a guaranteed income annuity product, such as a deferred income annuity, to your retirement plans can add some certainty to your future.
Learn more about annuities in the New York Life Learning Center, or call 1-800-313-6841 to have your questions answered by a knowledgeable representative.