As many approach our 60s and look forward to longer lives, it’s the perfect time to reassess retirement financial strategies. Consider these compelling reasons why annuities could positively impact your financial situation:
- Maximize Social Security: Purchase an immediate annuity to generate current retirement income while delaying claiming Social Security benefits. This strategy can help you qualify for and maximize the partially inflation-adjusted monthly benefit payment.
- Tax-Deferred Accumulation: Use a deferred annuity for tax-deferred accumulation. Annuity earnings remain untaxed until withdrawals occur, or you start taking regular distributions.
- Fund Essential Living Expenses: Purchase an income annuity or leverage the income options of a deferred annuity to cover essential living expenses in retirement. This approach can free up other assets for potential investment in higher-yield or inflation-offsetting asset classes.
- Create Protected Income: Transfer funds from a 401(k) or other qualified retirement savings plan to an annuity product. Utilize annuitization or optional income riders to convert accumulated funds into a protected, guaranteed income stream.
- Segment Your Retirement Funds: Implement a multi-bucket approach to managing retirement funds. Allocate resources to income annuities for immediate needs, secure future income with a deferred fixed or variable annuity and use the income options of another deferred annuity to meet mandatory minimum distribution requirements.
- Lifetime Income Stream: Exchange surplus cash value from an unnecessary permanent life insurance policy for an annuity product using a tax-free exchange.
- Supplement Retirement Income: Use annuitization and optional income riders of annuity products to establish a secure flow of supplementary retirement income.
- Income Planning for Small Businesses: Utilize income options from a deferred annuity to establish a lasting income stream for small, qualified plans. Consider integrating the annuity as a financial tool within the qualified plan to optimize financial outcomes.
If you’d like explore these strategies further and determine their suitability for your retirement plan, give us a call at (540) 720-5656.
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. Megan is also a fully licensed Life, Health, and Annuity agent. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.
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.
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.
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.
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.