For many senior citizens or persons over 50, annuities are an integral part of a successful financial retirement portfolio. Annuities help build tax-deferred savings to cover retirement costs like living expenses and health care.
Specific annuity benefits can be tailored for individuals over 50. These advantages include receiving guaranteed payments, delaying Social Security and covering the cost of increasing medical expenses. In choosing the right financial product for your needs, you can better provide for the health and well-being of yourself and your family.
Plan by purchasing an annuity that gives periodic payments which may include changes in your living costs and provide you with a cushion during the golden years.
As minor retirement expenses accumulate, you have to consider the bigger picture. Will your nest egg last through your entire lifetime? On average, most Americans retire by the age of 62, which means many retirees must cover living expenses for around 17 years.
Adjusting to life without steady paychecks is hard. You'll have extra time to fill and, for many, limited resources with which to enjoy spending on entertainment and luxuries. Maintaining your previous lifestyle while managing ever-rising medical costs and depending on Social Security benefits and savings can become a stressful balancing act. This sort of financial strain requires rigorous budgeting and a close eye on every penny spent.
Owning an annuity helps eliminate the anxiety and fear of outliving your resources and arms you with a long-term success plan. Because annuities often include the guarantee of lifetime payments — once purchased, it can also bring about more sound sleep, significantly decreased stress and easy days filled with the joy of grandchildren and golf.
Ready to take the next step with an Annuity? Call Skip at West Financial Services at (352) 461-0645 or visit our CONTACT page and reach out to us with our handy web form for more information.