One of the hardest days of your life — the day your retire paid Impact_Partner
Congratulations, you made it! No more having to go to work or planning your days and vacations around a work schedule — it’s like every day is Saturday. You are now officially retired!Since I started working with those nearing or in retirement in 2005, I’ve heard many times that the first day of retirement is one of the hardest and most stressful days they have ever experienced.
This is where having the benefit of an experienced advisor comes into play. Many advisors are focused on growth and accumulation of your portfolio assets. They might even suggest the Morningstar 4% rule, which is now 2.6%. If you are not familiar with the Morningstar rule, it is a theory that if you just take out 2.6% of your financial portfolio, you should never run out of money. The key word here is “should.
There are several factors that should be taken into consideration when planning for retirement. The value of the dollar is constantly changing, so inflation is a factor to be accounted for. Others might include health care, taxes, and long-term care, just to name a few. Again, the key to planning your retirement is longevity through the rest of your life.
I know annuities have had a bad name in the past. The good news is the landscape for annuities has changed over the years, which isn’t often spoken about. There are several types of annuities offered by many companies, but for the purpose of this article, I’ll be discussing income annuities specifically.
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