If the fear of outliving your retirement savings haunts you, then looking into income sources that can keep going as long as you do may not be such a bad idea. One way to potentially alleviate this financial anxiety is to consider an annuity as a part of your retirement plan.
Misinformation about annuities has floated for years, but in truth annuities can help diversify retirement portfolios and are one of the few financial solutions that address guaranteed income for life. If you’re interested in adding this to your retirement portfolio, let’s clarify three myths that might answer questions: 1) types of annuities, 2) how they work, and 3) which is right for you.
Myth #1: Annuities are for retirees only
Truth: Annuities can help many people trying to save for their retirement. If your employer-matched savings plans and IRA contributions are maxed out, deferred annuities can be a tax-efficient savings vehicle that can turn into income later.
Myth #2: Annuities are expensive
Truth: Many annuities are competitively priced and don’t charge a maintenance or annual fee. Optional riders provide additional benefits; however, these may come with an annual charge.
Myth #3: Annuities won’t supplement retirement income
Truth: Various payout options can provide a steady stream of income. Additionally, for an additional fee, income riders can help grow your income base for more guaranteed income.
Understanding the types of annuities available and which one’s right for you can be a huge undertaking, so a conversation with your financial professional will help you make a better informed decision. Call us today to talk: (540) 720-5656.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.