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Quick Retirement Tips for Boomers — Plan for Lifetime Income Security

BY Sagicor Life Posted February 13, 2020 In Sagicor Life USA Tips

Retirement could last 20 or more years especially if you’ve got a family history of longevity. Americans who reach age 65 today will likely live to age 85. The average life expectancy for women is age 86.1 So, you want to make sure you’ll have enough income to enjoy your lifestyle for however long your retirement lasts.

One way to plan for retirement income security is with a fixed annuity. They can provide growth opportunities and income that can last a lifetime — even if you’re still blowing out candles on your 100+ birthday. Because annuities are insurance company products designed to help protect you against the risk of outliving your savings, many people add them to their retirement portfolios. 

Annuities also can offer you these tax advantages: 2

  • Tax-deferred growth — You get an upfront tax break and don’t pay taxes until you start taking income, at which time, you may be in a lower tax bracket.
  • Tax deferral plus compound interest — 100% of your money works harder for you.
  • Tax-free transfers — You can transfer money from an IRA or a traditional retirement account, such as a 401(k), 403(b) or 457 plan, without any tax implications.

Tax season is a great time to think about what an annuity can do for you
Learn more about the advantages of annuities. This tax season ask your financial professional how an annuity can complement your retirement income strategy.

Missed our first retirement tip? Read it here! To find more information about how Sagicor’s products can help you and your loved ones, contact us today.

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Source:

1cdc, “National Vital Statistics Reports,” 5/7/2019.
2ThinkAdvisor, “3 Reasons Tax Season Is THE Time to Talk About Annuities,

 

Sagicor Life Insurance Company, home office Scottsdale, Arizona issues life insurance and annuities . Products not available in all states and state variations may apply. Products have limitations and restrictions including surrender charges. 

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