"A recent Allianz survey found that 64% of Americans worry more about running out of savings than actually dying. And it's easy to see why. Even if you apply a smart withdrawal strategy to your savings, there's no guarantee that your money will last as long as you need it to. You could end up living longer than expected, or the stock market could go through an extended rough patch that forces you to lock in portfolio losses."
"If you're worried about running out of money as a retiree, it could pay to look into buying an annuity. An annuity is a financial product that guarantees you lifetime income. And there are a number of benefits to having one. First, you don't have to stress about outliving an annuity. Second, fixed annuities protect you against market volatility. A stock market downturn could wreak havoc on your savings, but with a fixed annuity, that's not something to worry about."
Many retirees face the risk that accumulated savings will not last throughout retirement due to longevity and market downturns. A recent survey showed 64% of Americans fear running out of savings more than death. Social Security provides some guaranteed income, but average benefits near $2,000 monthly may be insufficient for many retirees’ expenses. Annuities offer guaranteed lifetime income and can be customized to address concerns such as inflation protection. Fixed annuities shield income from market volatility and reduce stress about locking in losses after downturns. Considering an annuity may increase retirement income certainty.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]