Meet Mel. With plans for a long, active retirement, she discovered a solution that provides the security of guaranteed lifetime income in retirement. This is her story:
Toward the back half of my career, I found myself thinking more about retirement. I had many questions and a fair amount of worry, especially regarding finances. How much money would I have to retire on? How should I choose to receive the funds I had been building up? Would I outlive my income?
When I began looking into the retirement benefit options my employer offered, I was introduced to Fixed Income Annuities. Admittedly, I didn’t quite understand what this annuity was until my employer explained it to me this way: “Think of it as getting a guaranteed paycheck every month.” Now that I could wrap my head around.
I did an easy calculation and discovered that if I lived beyond age 72, this annuity would make the most sense for me because I would be able to receive more money than if I’d taken the lump sum payout. Well, I’m 77 now and in good health (knock on wood). Since I plan to stick around for a while longer, it’s comforting to know that not only can I rely on Social Security payments for the rest of my life, but I can also count on receiving my annuity check like clockwork.