Retirement
When you’re approaching retirement, steady income can be as important as the savings you’ve built. This short video explains how an immediate income annuity can help fill income gaps and provide predictable monthly payments that start right away.
With people living longer and spending 20 to 30 years in retirement,1 an immediate income annuity offers a way to maintain your lifestyle and cover essential expenses — like bills, travel, and hobbies — with guaranteed income for life. Watch to learn how an immediate annuity can deliver financial confidence and help turn your retirement savings into a dependable stream of income.
Four reasons to purchase an immediate income annuity:
Reason #1: You get income payments for you (or you and your spouse, or significant other) for life.
That's important because people are living longer. Over 80% of people who are age 62 will live to age 82, and about half, who are 62, will live to 92. With the average person retiring around age 62, you could easily spend 20 to 30 years in retirement.
Reason #2: You'll know exactly how much you'll get right from the start.
With an annuity purchase at age 65, here's what your monthly, guaranteed income payments could look like for the rest of your life — guaranteed. You can use that money for whatever you want — things like bills, travel, and hobbies. And knowing your future income today helps you plan ahead and use your savings more effectively.
Reason #3: You'll get income payments that are protected from market risk.
An income annuity delivers predictable, fixed income payments that are guaranteed — and that means, when the stock market fluctuates, your payments won't.
Reason #4: You want to maintain your current lifestyle as you enter into retirement.
Most retirees will need 70 to 90% of their pre-retirement income to maintain their standard of living when they stop working. With Social Security replacing only about 40% of your earnings, you are going to need additional sources of income. Even for those of us with a pension, it's often not enough. An immediate income annuity may help supplement any income gaps in retirement and provide you with a guaranteed monthly paycheck that can begin right away.
Contact your HR department to learn more about the guaranteed income options available in your retirement plan.
Use MetLife’s interactive tool to discover if you have a retirement income gap—the difference between your anticipated retirement income and estimated monthly expenses.
