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Just 25 years ago, nearly 40 percent of Americans had a pension to rely on in retirement in addition to Social Security payments. Now, only 13 percent of Americans have a pension as part of their retirement income plan.

For many people nearing retirement age, concerns about how they'll stretch their savings to meet the demands of day-to-day life and pay for rising healthcare costs are overwhelming.

One way to combat worries about an uncertain financial future is by including a fixed income component in your retirement funding strategy. Adding an annuity provides a guaranteed income* that lasts the rest of your life.

What is an annuity?

An annuity is a contract purchased from an insurance company. In exchange for a premium payment, you get an attractive guaranteed income stream that you can't outlive.

Funding an annuity with a single payment allows you to diversify your retirement income sources. The money increases each year tax-free and payments made to the account holder in retirement are taxed as normal income.

Interest crediting options include fixed and/or variable interest payments on the balance. Annuity withdrawals made past the age of 59 ½ aren't subject to penalty fees. There is a restricted limit to the amount of money you can withdrawal from an annuity, however. Withdrawals above this amount are subject to a 10 percent penalty fee.

Most annuities allow the withdrawal of a certain percentage of the value of the contract each year up to a predetermined limit. This type of withdrawal reduces the value of any protected benefits as well as the value of the contract. Making a withdrawal that exceeds the restricted limit can incur surrender charges if they are made within the first five to 15 years of the contract.

Using an annuity to fund retirement

An annuity may be the missing piece of your retirement funding puzzle. There's no limit on how much of your income you can place in an annuity. The guaranteed stream of income provides some relief and comfort to retirees who are looking for financial stability after they stop working full time.

The most important thing to understand about annuities is that having a financial advisor who can explain this complicated, yet valuable financial tool is crucial. All annuities carry certain benefits and risks. You need an annuity expert who can go through the contract with you and make sure you understand the intricacies of this part of your retirement portfolio.

For the maximum financial stability in retirement, diversification is key. Annuities are just part of a larger picture that includes Social Security payments, investments in the market, and cash accounts. Reducing uncertainty is the primary goal of our financial experts here at Ross Wealth Advisors.

Retirement is a time when most people want to relax and pursue their dreams. Whether those plans include traveling the world or spending more time with family, an annuity is one financial tool that can help make those dreams come true.

To schedule a time to meet with a member of our team, please contact us via email or call us at 614.310.4519 today! We look forward to helping you plan your abundant retirement.

*Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods which vary by carrier. Annuities are not FDIC insured.


To schedule a time to discuss your financial future for that abundant retirement you want and deserve, contact us at Dominique@rosswealthadvisors.com or call us at 614.545.0277 today!

By contacting us, you may be offered information regarding the purchase of insurance and investment products.

Your investment advisor is not permitted to offer, and no statement contained herein shall constitute tax or legal advice. You should consult a legal or tax professional on any such matters.

All written content on this site is for information purposes only. Opinions expressed herein are solely those of ROSS WEALTH ADVISORS and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness.
All information and ideas should be discussed in detail with your individual adviser prior to implementation. Fee-based financial planning and investment advisory services are offered by TOUNJIAN ADVISORY GROUP, LLC, a Registered Investment Advisor in the State of Florida. Insurance products and services are offered through ROSS WEALTH ADVISORS, and TOUNJIAN ADVISORY GROUP, LLC are unaffiliated companies. The presence of this web site shall in no way be construed or interpreted as a solicitation to sell or offer to sell investment advisory services to any residents of any State other than the State of Ohio or where otherwise legally permitted.

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*Guarantees provided by insurance products are backed by the claims paying ability of the issuing carrier.

The Social Security Decision Guide is provided for informational purposes only. It is not intended to provide tax or legal advice. By requesting this report you may be provided with information regarding the purchase of insurance and investment products in the future.