Lifetime Income

Many Americans work all of their lives trying to accumulate the nest egg that will take care of them and their family during the golden years. It’s a tough job to save with all of the needs along the way… a home, braces for the kids, college tuition, cars, etc. 

Retirement should be a time to settle back and enjoy a new stage in your life, but leaving the daily grind of work is often a difficult transition for recent retirees. Not going to work every day can be frightening, but realizing you will be living off of your savings/social security can be even more intimidating. This transition could be challenging and difficult for all, but it doesn’t have to be. There’s a way to reduce or eliminate their fear of the future.

This fear rests in not knowing the answers to several important questions:

• Where will additional money come from in addition to social security when I retire? 
• Will that income last for the rest of my life?
• How can I be sure?
• Will my spouse be in financial danger if I pass away?
• How do I avoid making a mistake when planning my retirement income?

Today, retirement is quite different than it was for previous generations and it will continue to change, becoming more difficult for future generations. Why? People are living longer, so the money must last longer. Our clients want to stay in a lifestyle to which they have become accustomed. Plus, we must factor in inflation. Inflation at 4% (the past 20 year average is 3.6%.) This can have a devastating effect on spending dollars. It’s also important to understand that the healthcare inflation rate is more than double. These factors alone require far more individual planning for retirement than just one generation ago. 

None of us can afford to make mistakes in retirement. It’s different than making a mistake at age 26, 36, 46, or even 56. AT those ages, most of us can still recover. But recovering from a financial miscue at age 66 or older is far more difficult today. Today’s pre-retirees and present retirees need to have a plan, and not just a product. Retirees need solutions and assurances. They need the services of a trusted advisor who can provide a guarantee regarding their retirement income. Every person at or nearing retirement should participate in a complete review with their advisor. Together with their advisor they can implement a plan and monitor its progress over the years.  

As financial services professionals, we can help our clients determine the best places to put their money so that it’s safe, and so they can take advantage of all the legal tax advantages that could save thousands of dollars in retirement income. We can customize retirement plans that will guarantee our clients an income for life. The questions are simple… How much do you need, and when do you need it?  Do you have a lifetime income plan that’s being monitored and maintained? If not, please give the Safe Money Agent Network a call, and we can find an agent to assist you with a customized retirement plan.

---

About the Author: Raymond J. Ohlson CLU, CRC, LACP
CEO & President of The Ohlson Group, Inc. and SMP International, LLC     

Mr. Ohlson entered the insurance business while completing his Bachelor of Science Degree at Ball State University.  He quickly qualified for the Million Dollar Round Table (MDRT) of which he is a Life Member.  He also received his Chartered Life Underwriter (CLU) designation from the American College in Bryn Mawr, Pennsylvania.
​
Mr. Ohlson, a former life insurance company president and is a published author.