Consumers are living much longer these days and one can easily be in retirement for 15, 2O, 30 years or more. So, being worried about outliving retirement savings is a legitimate and growing concern; one of the biggest for baby-boomers nationally.
What are Income Annuities and how can they help?
Insurance products can help with both sides of the life spectrum (dying early and living an amazingly long-life).
For example, life insurance helps to protect the quality of life of dependents when a parent or spouse prematurely dies via a tax-free lump-sum death benefit to beneficiaries (survivors), whereas income annuities guarantee income to a spouse, parent or any named beneficiary (annuitant) on-going; regardless of how long they actually live.
Income annuities are not investments, they are purchases (typically made in retirement) backed by insurance companies. Medical exams are not required for approval (unlike most life insurance contracts) but they do require sizable retirement assets, (typically between $100k and $2M). These products have solved the permanent fixed income needs for retirees for generations.
Our Solomon Financial and Insurance Services, based in Beverly Hills, CA, helps older adults with financial matters.
To schedule an appointment you may contact us at
424-288-7649 or online at: www.OurSolomon.com