What to Do If Cutting Expenses Isn't Enough- Step 7 to a Successful Retirement

At RetirementAdvisers.net, we’re offering you a complimentary brochure on the “10 Steps to a Successful Retirement.” In a short video series, I’ll read from each step in the strategy.

In this seventh video, we’ll talk about step seven: knowing what to do if cutting expenses isn't enough. You can also read the blog post version of Step Seven below the video.

It would be great if you could cut your expenses enough to get under your guaranteed income level. That’s not always reality, though. There are some minimum expenses you just have to pay. So, what do you do if you can’t cut your expenses enough?  

You could get a part-time job to bring in more money, but that may not be conducive to your schedule, desires or health. Another option is to increase your guaranteed income.  

There are a variety of investment and insurance vehicles that can generate guaranteed income. They come with their own benefits, costs and risks, so it’s important to consider your options carefully before committing to anything.  

Your solution? Meet with an insurance agent to discuss insurance strategies for increasing your income. They may recommend a fixed indexed annuity, which can help you grow your nest egg in a tax-deferred, low risk way until you reach retirement. At retirement, you can then turn that annuity into lifetime guaranteed income. 

Annuities contain limitations including withdrawal charges, fees and a market value adjustment which may affect contract values. 

Annuities are products of the insurance industry; guarantees are backed by the claims-paying ability of the issuing company. Guaranteed lifetime income available through annuitization or the purchase of an optional lifetime income rider, a benefit for which an annual premium is changed.

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https://www.retirementadvisers.net/resources

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