While some people may think investments alone are enough for retirement, it may be time to reconsider your current retirement income strategy. The closer you get to retirement age, the more you may want to find safer financial products and strategies that can grow that retirement income while adding some protection from market volatility.
Welcome Home Financial Partners works with your retirement goals and objectives in mind to help create an income strategy to better aid you in retirement. When you meet with us, we ask a variety of questions to better gauge your financial picture in order to begin developing that plan for your future.
Crucial retirement income strategy questions include when to begin taking Social Security, how to take your retirement benefits (in an annuity or a lump sum), how much to withdraw from your personal assets, and whether to work part-time during retirement.
Employees changing employers or being terminated have options in dispersing their qualified retirement plans instead of just leaving them with their previous company. However, care must be taken in making the correct decisions, especially if you are under the age of 59 ½, to help avoid any additional tax penalties.
Over the years, many retirees and investors have come to appreciate the added protection annuities can provide from the stock market while growing their portfolios. If you’re nearing retirement, an annuity might be a beneficial addition to your portfolio.