The insurance industry has changed since I began my career. Long-term care insurance policies were the recommended option, and the company I started with even had their own stand-alone home health care policy.
Retirees can no longer rely on outdated rules to generate sufficient retirement income. According to the American Academy of Actuaries, a couple who both attain age 65 will have a 50% chance of having one spouse living into their 90s. That means retirees are living longer, and finding a sustainable source of retirement income is now more crucial than ever.
There’s no doubt that earlier this year, many retirees I met with were in panic after the government shutdown. Even worse, economists have been warning the country could sink into a full-on recession before too long. With the recent swings in the Dow Jones, S&P 500 and Nasdaq, it’s more than enough to cause anxiety to retirees who rely on their portfolios to sustain them once they stop working.
Because annuities provide guaranteed, safe retirement income they can be a good option to include in retirement strategies. Investors are drawn to this financial product because it is regarded as a safe investment, which is particularly appealing for those approaching retirement. In this article, 8 industry experts provide insight into how much annuities should factor in retirement planning.
