What does your retirement income plan look like? Everyone's situation looks different, but the basic question is the same: Do I have enough money for the rest of my life once I retire?
An annuity can provide a guaranteed income you will receive every month, regardless of how long you live, a change in market, or other unforeseen changes.
Annuities offer you the peace-of-mind that you will not outlive your payments, and can help protect your standard of living in retirement.
Whether you are still working and planning for retirement or if you are already retired, Western offers an annuity that can enhance your plan.
For those without an immediate need for retirement income, a deferred annuity is a good choice. For example, Jodi bought a deferred annuity at age 60 for $50,000. The funds grow tax-deferred until she takes a payout option at age 75 for a lifetime, 20-year certain, monthly income of $355*. In this example, by age 85, Jodi will have received $42,600* total, and by age 95, she will have received $85,200* total, with payments to her every month, for the rest of her life.
For those looking for retirement in the near future, or are currently retired, an immediate annuity is a good choice. This is a one-time investment turned into monthly retirement income. For example, Jack retired at age 68. Jack has $700 in fixed expenses and he typically spends between $250 and $500 on discretionary items every month. Using the $153,000 of his retirement funds, he purchased a Western Fraternal Life fixed immediate annuity. This will provide $700** a month for the rest of his life that he can depend on to cover his fixed expenses.
Call your Western Fraternal Life agent or Product Sales and Conservation Consultant Martin Menke at 877.935.2467 to decide if annuities are the right approach for you. We welcome any questions you have.
*Income based on Western Fraternal Life current single premium annuity with life and 20-year certain period payout option.
**Income payout based on Western Fraternal Life current immediate annuity rates.
Actual income benefit will vary based on product, current interest rates, purchase age, and gender.
Product Sales and Conservation Consultant