Annuity Archives - Page 4 of 25 - Jerry Golden on Retirement

A Plateful of Financial Topics That Might Come up Over Turkey Dinner

January 11, 2024 By Jerry Golden in Annuity Tags: Financial conversation, Income annuities, interest rates

From higher prices and mortgage rates to AI planning our retirements: These are some of the conversations you might have as multiple generations gather for the holiday.

The joy of the holidays means gathering everyone around the dining room table. Three or more generations might get together at this time of year and no other. We have a chance to catch up and reacquaint ourselves with stories and companionship and maybe talk about topics that are best discussed in person.

One of my first articles for Kiplinger.com, 8 Financial Conversation Starters for Thanksgiving Table Talk, was a reverie in 2017 for what we could (mostly) be thankful for. My primary audience was then and continues to be the Baby Boomer and grandparent — now six years older but statistically in the Boomer age range of about 58 to 77.

Annuity Payments Are 30% to 60% Higher: Time to Reconsider

January 11, 2024 By Jerry Golden in Annuity Tags: Income annuities, interest rates, retirement income

When interest rates rise, so do payments on new annuity contracts. Maybe it’s time to take another look at how annuities can fit into your retirement income.

Yes, interest rates are up, and that hurts new home buyers and other borrowers.

Yes, short-term interest rates paid on your bank account are higher.

Yes, long-term interest rates paid on new bond investments are up, too.

How to Get More Retirement Income From Your 401(k)

January 10, 2024 By Jerry Golden in Annuity Tags: 401(k) income, Income annuities, qualified savings, retirement income

An integrated approach of investments and annuities could provide you with more retirement income in addition to protection against inflation and late-in-life expenses.

One might yearn for the days of company pensions, but we live in the era of the 401(k) and similar plans, so we might as well take full advantage of them. That means socking away at least the maximum that your plan provides in pre-tax contributions and encouraging your bosses to offer matching payments and the investments that will best help grow your pot of retirement money.

In fact, at least 85% of all eligible employers offer a 401(k) and employees put an average of 6.5% of their salaries into them each year. According to a report by Fidelity, the average 401(k) balance reached $112,400 in the second quarter of this year.

All good news!

Don’t Bet Your Retirement on Stocks: Follow These Four Tips

October 7, 2023 By Jerry Golden in Annuity Tags: Income annuities, retirement risks, stock investments

Keep a generous amount of your savings in the stock market, but make stocks only part of your retirement income plan to manage the risks.

Gambling can be a fun little pastime between friends — or a disaster.

There’s a difference, for example, between losing a $100 bet on your favorite NFL team and running out of money at age 90.Over the long term, stocks outperform bonds. So, stock market investments should be one component of a plan you use to prevent your savings from running dry before the end of a retirement that can last 20 or 30 years or longer.

Manage retirement risks — View to different colored game dices and a dice cup on a wooden table.

Some of the planning advice you might get about how to allocate your savings, however, may not fully address the risks of these investments. And the amount of savings itself will not guarantee your retirement.

Do You Have Enough Income to Retire? That Is the Question

October 7, 2023 By Jerry Golden in Annuity

To be or not to be secure in retirement … Income planning is critical, and that means testing different strategies and products to get your best outcome.

It’s a mistake to think about retirement only in terms of your savings. I’ve written about this before, but many people — including a lot in the media — aren’t listening.

Recent articles bemoan the outlook for people who are serious about retirement — especially so-called late Boomers, who were born between 1955 and 1964. Blame the Great Recession and the pandemic.While savings are obviously relevant, the measure of a happy retirement also relies heavily on making post-retirement income planning a critical part of the decision process.