How to live well in your retirement and leave an inheritance
How do you see your retirement? Do you plan to check things off your bucket list one by one? Or is it something more understated, in which you conserve your assets so you can leave a legacy for your family and favorite causes?
Well, maybe it doesn’t need to be an either/or question. With today’s retirement funding options, it’s possible to both live well in your retirement and leave an inheritance to your loved ones. Here’s how.
A confident retirement begins with a strategy, one that takes into account the financial resources you will need for the necessities — housing, healthcare, and daily living — and the niceties, like travel and contributing to your grandchildren’s education.
Begin by defining what matters most to you: whom you love, what you love, and how you want to live your entire life. Then, take an honest look at the risks too, such as inflation or outliving your money. From here, develop a game plan that minimizes those risks while allowing you to pursue your passions.
Good helpers along the way include a trusted financial professional, who can provide experienced guidance and unbiased feedback, as well as family and friends who have already retired. What did they do right? Just as important, what did they do wrong and need to adjust for? Among the financial strategies that may allow you to “have it all” in retirement are solutions that provide guaranteed income, such as:
Annuities: Research shows that the most financially and emotionally confident Americans are those who make it a priority to ensure a stable income in their retirement. And these days, that means going well beyond Social Security. Products that can supplement your Social Security benefits with guaranteed income every month, such as annuities, can help fill the retirement income gap.
An annuity is a contract with an insurance company that provides a guaranteed rate of return on your premium each year paid out monthly as guaranteed income.1 An annuity can:
- Help provide protection against running out of money.
- Create more income each month to do with as you please (entertainment, living essentials, help with debt, etc.).
- Provide extra funds to cover your healthcare costs or to help care for others, such as aging parents or an adult child.
Whole life insurance: Another sign of financially confident Americans? Most have a whole life insurance policy. Whole life insurance helps tick all the boxes when it comes to protecting your family, paying bills, and pursuing your passions in retirement. It provides:
- Guaranteed death benefit protection for life to help ensure your loved ones are protected and a legacy can be left to your family or heirs.2
- Guaranteed cash value that can help fund nearly anything you want, before or after retirement.3,4
- Guaranteed premiums once the policy is in force, so you can plan future expenses with confidence.
From knocking off bucket list items to building legacy assets, the best thing about retirement is that you call the shots. With a risk-reducing retirement strategy and one or more sources of guaranteed income in place, you can be in the best position to do everything you want — confidently — in your later years.
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2022-146079 Exp. 11/2024