It’s common to feel nervous when a big life change is on the horizon: moving into a new house, welcoming a new child into the world, starting a new job — the list is endless. Routines are hard to break, and we’re hard-wired to appreciate a level of consistency in life. But perhaps one of the most nerve-wracking experiences is transitioning from working to retirement. You’ve gone your entire life earning and saving, and now it’s time to start spending your hard-earned retirement dollars.
It probably comes as no surprise that one of the biggest fears retirees have about leaving the working world is running out of retirement income. People are living longer nowadays, which creates a great problem — they need to have an income that can last them 20, 30, sometimes even 40 years into the future. That income needs to keep up with common issues that are office watercooler talk now such as inflation and ever-changing tax laws.
Sure, you have your Social Security income to help sustain your retirement lifestyle, but it was never intended to be your sole source of money in retirement. To help fund those retirement goals, you’ll need to find other ways to bring in your retirement income. This might sound difficult, but it definitely doesn’t have to be.
While this is an obvious solution to your potential retirement income dilemma, think beyond your employer-sponsored retirement plan. There are several great alternatives or financial products to use in conjunction with your IRA such as fixed index annuities. Take some time to research your options and consider speaking with an experienced financial professional who can help you discover what financial tools and strategies could benefit your retirement needs.
To discover more about creating a retirement income plan you can’t outlive, consider registering for an American Retirement Institute course in your area!