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The financial roller coaster of the market is captivating, as the hopes for high returns is always appealing. We always want to "win" a little more before we stop gambling right? However, the stakes are much higher as you near retirement or if you're currently retired. Why? Because you won’t have enough time to recover a big loss from the market.
Taking a Big Loss in the Market Near or During Retirement Can Cause People to NOT Have Enough:
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If you have money at risk in the market, it's important to diversity your portfolio and determine how much of your money you need to shield from risk and loss. Everyone has a unique risk tolerance based upon their current financial situation and their goals. Only you can decide how much of your money you need to shield from risk or loss.
However, most people decide they can NOT afford to lose any of their money during retirement. A majority of retirees decide they need all of the retirement income they can get and want money saved back for financial emergencies and health care costs. To help you better understand your risk tolerance, you need to calculate your income gap. Please proceed to Step 3. |
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Determining your income gap is probably the most important step in creating a strong retirement financial plan. You will need to have enough income to cover both your essential and discretionary expenses.
In order to evaluate how much income you'll need, you need to add up all of your guaranteed retirement income sources (such as Social Security) and subtract them from your monthly expenses. For most people, their Social Security income, pensions (if they're luck enough to even have one), and other income sources will not be enough to sustain the lifestyle they've become accustomed to. We developed a Retirement Income Gap Worksheet to help you determine if you have enough income to cover your monthly expenses. Please Note: In order to fill out the PDF worksheet and save the changes you make, please download the PDF worksheet and save it to your computer. Then open it up using Adobe Reader. Don't have Adobe Reader? Please download it here. Once you've determined your income gap, you need to find a product that fills that income gap and offers guarantees with no risk of loss. Please proceed to Step 4. |
Retirement Income Gap Worksheet
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If you've determined you have an income gap (like most people find), you need to look for financial products that offer guaranteed returns with no risk of losing principal due to circumstances outside of your control.
We call these guaranteed financial products "Safe Money Places". Here's a list of products that "qualify" under our definition:
If you have money in the market or low yielding Safe Money Places like Money Market Accounts, Savings Accounts, or Bank CDs, you may want to consider moving some or all of that money into a Safe Money Product that offers higher returns and more benefits... like a Fixed Annuity. Fixed Annuities Can Offer You:
The final step is determining which Safe Money Places Solution is right for your situation. Please proceed to Step 5. |
Multi-Year Guaranteed Annuity vs. Bank Cds |
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Before you can choose which Safe Money Places Solution is the best choice to meet your financial goals, you need to ask yourself what features and benefits you want your financial product to have.
What Benefits Do You Need From Your Financial Product?
Watch our "Learn the Basics: Fixed Index Annuity 101" video to learn why this product is one of our favorite Safe Money Places. Please proceed to the next and Final Step. |
Safe Money Places favorite:
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request Your Free 2019 Retirement Income Annuity Comparison Report
Your FREE REPORT includes detailed overviews on the most competitive retirement annuity rates in the industry. These custom reports are tailored to your age, state, and only show guaranteed rates from highly-rated companies.
Please Note:
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View 2019's Best Retirement Annuity Rates and Payouts
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