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Want to know how to turn your retirement savings into a monthly guaranteed income? It’s key to have a steady income when you retire.

In this video, we’ll look at how to figure out your income needs, use annuities, and manage your distributions for a reliable monthly check. Let’s dive in.

Summary

Assessing retirement income needs involves accounting for expenses such as healthcare, aiming to replace about 80% of pre-retirement income for sustained financial security.

Annuities, including Single Premium Immediate Annuities and Deferred Income Annuities, provide structured options for guaranteed monthly income, each offering unique benefits based on timing and investment approach.

Diversifying income sources through annuities, pensions, and other investments is essential for managing risks and ensuring a stable financial future in retirement.

What Are Your Retirement Income Needs?

A key step in planning for a secure retirement is determining how much income you will need. This involves evaluating your current living expenses and projecting them into your retirement years.

Major expenses to consider include housing, food, transportation, insurance, and healthcare costs.

Healthcare and long-term care expenses, in particular, can be significant.
For instance, a retired couple might need between $184,000 to $383,000 to cover healthcare costs alone, depending on their insurance coverage.

It’s also recommended to replace at least 80% of your pre-retirement income to maintain your standard of living.

This means if you were earning $100,000 annually before retirement, you should plan for at least $80,000 in retirement income each year.

Another crucial aspect is determining the sustainability of your retirement portfolio. The commonly recommended withdrawal rate is 4% per year. In the past, this rule guided retirees in retirement planning.

After the Lost Decade however, that rule has been debunked and the new safe withdrawal rate has dropped between 2-3% per year from a traditional investment account.

Also, if you retire earlier than the normal retirement age, you might need to adjust this rate accordingly. Balancing your withdrawals with the growth potential of your investments ensures long-term financial security.

Planning for a longer-than-expected retirement involves mitigating risks such as inflation and longevity. Having a diversified retirement income plan can help manage these risks effectively.

Your employer’s retirement plan should encompass various income sources, including pensions, social security benefits, and retirement savings accounts, ensuring a predictable income stream to cover your living expenses.

Use Annuities as a Source of Guaranteed Income

Annuities are a popular option for retirees looking to secure a guaranteed income stream. These financial contracts provide regular payments in exchange for an upfront investment.

There are different types of annuities, each designed to meet specific retirement income needs.

The primary types of annuities include Single Premium Immediate Annuities (SPIAs), Deferred Income Annuities (DIAs), and income riders.

SPIAs convert a lump sum into regular payments that start immediately, providing instant income for retirees.

DIAs, on the other hand, delay payments until a future date, allowing your investment to grow tax-deferred until you need the income.

Income riders enhance fixed indexed annuities by giving policyholders the flexibility to choose when to start receiving payments.

These options can be tailored to fit your retirement plan, ensuring you have a steady income stream designed to last a lifetime.

Exploring these annuity options helps you find the best fit for your retirement assets and secure a predictable income stream.