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Annuity Life Wealth Management Medicare

 Wolfgang Financial and Insurance Agency LLC

What’s the number one fear of retirees? With Science and Technology improving, people are living longer than ever before. This is just one reason we are afraid of outliving our money. Income planning for retirement is not as simple as it once was. In the past, retirees relied on their pensions and Social Security, which are guaranteed income vehicles. In today’s age, pensions are a thing of the past. Retirees have to use the assets it took them a lifetime to build to live off without losing or using it before it’s too late. With interest rates at an all-time low, retirees are forced to look elsewhere to place their assets and hope it will last. But there are still great places for retirees to put their hard-earned money while protecting it.

In order to plan for the right amount of income through retirement you need to know your cost of living. What does it cost to maintain your lifestyle? Once your cost of living is determined, you need to cover it with guaranteed income. Social Security is a big part of this, and determining the best time to file for your situation will help maximize your Social Security throughout your lifetime. This is one of the biggest retirement decisions retirees face when planning for retirement. Most advisors have access to Social Security software that walks you through a step-by-step process to help you decide when to file, based on your situation, to maximize your Social Security throughout your life expectancy.

Now that you’ve determined the best time to file for Social Security, you need to look at other guaranteed income programs to cover the gap between Social Security and your cost of living, plus inflation. Pensions are great if you have them. Another smart solution is a guaranteed annuity. Many people don’t understand that, just like Social Security and pensions, some annuities offer similar benefits. There are many types of annuities, so working with the right advisor—who has been working with annuities for a long time and has access to numerous options—would be highly recommended.

The important goal is to cover your cost of living plus a reasonable inflation increase on a yearly basis with guaranteed income. Utilizing your assets with annuities in conjunction with pensions and Social Security allows you to accomplish this goal. This approach takes speculation out of the picture and replaces it with guarantees. Most people I meet would rather not speculate when it comes to their retirement. It is also important to plan for the income a husband or wife will lose when a spouse passes away. Once this is done, you have taken away the number one fear that retirees have today, which is outliving their money. 

 Wolfgang Financial and Insurance Agency LLC 
Posted 2:02 PM

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All written content on this site is for information purposes only. Opinions expressed herein are solely those of Wolfgang Financial and Insurance Agency LLC 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 Wolfgang Capital LLC, a Registered Investment Advisor in the State of California. Insurance products and services are offered through Wolfgang Financial and Insurance Agency LLC. Wolfgang Capital LLC and Wolfgang Financial and Insurance Agency LLC are affiliated 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 California or where otherwise legally permitted. Neither Wolfgang Financial and Insurance Agency LLC nor Wolfgang Capital LLC provide legal or tax advice. You should always consult an attorney or tax professional regarding your specific legal or tax situation. Wolfgang Capital LLC, Wolfgang Financial and Insurance Agency LLC and Zachary Herzog are not affiliated with or endorsed by the Social Security Administration or any other government agency. This content is for informational purposes only and should not be used to make any financial decisions. Exclusive rights to this material belongs to Wolfgang Financial and Insurance Agency LLC. Unauthorized use of the material is prohibited.

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