Real – Life Scenario: Annuities

Retirement planning is a crucial aspect of financial security, and choosing the right tools to ensure a steady income well into your retirement years can make all the difference. One of our clients, a 73-year-old retiree, provides a perfect example of how annuities can play a vital role in achieving this goal.

Meet Our Client

He is 73 years old and has diligently saved for his retirement over the years. With a premium of $150,000, he wanted to ensure that his hard-earned savings would provide him with a reliable source of income for the rest of his life. He opted for an annuity that would cater to his goal of securing a stable retirement income.

His Annuity Goals:

  • Retirement Income for Life: His primary goal was to receive a steady income stream for the rest of his life. The amount of income he receives will vary depending on when he decides to start receiving it.
  • Funding Sources: He utilized both qualified and non-qualified funds to purchase his annuity. His sources included two simple IRAs and other investment accounts, allowing him to diversify his funding and maximize his retirement income potential.

His Option:

Whether he chooses to start pulling money from the annuity within two, five, or seven years the below picture shows how much extra yearly income he could receive. Leaving him well taken care of no matter the need. 

real life scenario

By carefully selecting an annuity that aligns with his financial objectives, our client has ensured that he will continue to receive income well into his retirement years, providing him with peace of mind and financial stability.

If you want to look into options for your own situation give us a call at 817-886-5223!

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