Why You Should Have An Annuity In Your Retirement Plan

Annuities are a big business, both for advisors and the insurance companies and other channels who sell them. But just because there is money to be made selling annuity products, it doesn’t negate the benefits that consumers receive from these products as well. In an article for Main Street, Mark Henricks says that “Buying an Annuity Should be Part of Your Retirement Strategy.” From 2010 to 2015, individuals bought more than $1 trillion worth of annuities. 2015 was an especially good year for fixed indexed annuity products, one branch of the fixed annuity market. In addition to all of the individuals planning for retirement with annuity products, corporations are also buying annuities at record levels to lower the risks and costs associated with offering pension benefits.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

How to hike your guaranteed lifetime retirement income

One of the most difficult retirement planning challenges is dealing with the uncertainty of how long you might live. You just don't know whether you'll make it to age 75, 85 or 95. That's why it's smart to develop sources of retirement incomethat guarantee to pay you no matter how long you live, such as Social Security, a pension or an annuity from an insurance company.

The trouble is, many people haven't earned a significant pension from their employer, and many retirees don't buy annuities from insurance companies. That leaves you with just one option: maxing your Social Security benefits, which you can do by delaying the start of benefits. For each month you delay, your monthly retirement income rises, but that increase stops at age 70, after which you receive no additional credits for delaying your benefits.

Continue reading source article here. 

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

A 3-step plan to getting the retirement income you need

My wife & I have substantial 401(k) balances & hope to retire in five years. But we're not sure about how to turn our savings into income. We're considering buying an annuity, but don't know whether that's a good move or whether we should be doing something else. What do you think? -Ken R.

I think that you and your wife need a retirement income plan, a detailed strategy for figuring out how much income you'll need to live the retirement lifestyle you envision and coming up with a realistic way to generate that income.

Continue reading source article here. 

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

Worried About Outliving Retirement Funds? Consider This

If you're worried about outliving your retirement savings, you're not alone. Research shows it's a top concern for many Americans.

In a recent survey, financial advisors noted that health-care costs, market fluctuations and potential lifestyle expenses caused clients the most stress about running out of money. To alleviate those fears, many financial advisors suggest annuities as a way to ensure that clients have a stable stream of income during retirement.

Continue reading the source article at NBCnews.com

Damian J. Sylvia

Retirement Income Solutions