Many people strive to have as many assets in retirement as possible, but is this the best strategy to bring you the highest level of happiness in retirement?
Multiple studies have shown that having assets in retirement can bring more stress, worry, and anxiety.
Will I have enough if we live long lives?
What if there’s a market crash?
But the next president might…
Those same studies have proven that having an income you cannot outlive can bring happiness, peace of mind, and the enjoyment of spending it each month.
My spouse and I will have enough no matter our longevity.
Market events don’t impact my plan for income.
We’re prepared for what’s next.
Here are 6 reasons you NEED a Guaranteed Lifetime Income Annuity plan as part of your retirement portfolio.
- Financial Security and Peace of Mind
- Predictability: Knowing exactly how much money will come in each month can eliminate the anxiety of financial uncertainty. This predictability helps retirees plan their budgets more effectively and not underlive their retirement.
- Reduced Stress: Financial security reduces stress and worry, leading to a more relaxed and enjoyable retirement experience. According to multiple studies, it could even help you live longer!
- Enhanced Lifestyle and Freedom
- Consistent Cash Flow: With a guaranteed income, retirees can maintain their pre-retirement lifestyle (or even make their lifestyle better in retirement) without the fear of outliving their savings.
- Freedom to Pursue Passions: Financial stability allows retirees to focus on hobbies, travel, and personal interests, leading to a more fulfilling (and possibly longer) life.
- Improved Mental Health
- Lower Anxiety Levels: Financial concerns are a major source of anxiety. Guaranteed income can alleviate these concerns, contributing to better mental and physical health.
- Greater Emotional Well-being: The peace of mind that comes from financial security can result in greater overall happiness, a sense of well-being, and actual joy in spending that monthly check because another one is coming next month.
- Social Benefits
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- More Opportunities for Social Engagement: Financial security allows retirees to participate in social activities, vacations, and community engagements without financial worry.
- Stronger Relationships: Reduced financial stress can lead to stronger and more positive relationships with family and friends.
- Physical Health Benefits
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- Reduced Health Risks: Chronic stress related to financial insecurity can lead to numerous health issues. A guaranteed income can help mitigate these risks and potentially help you live longer.
- Access to Better Healthcare: Consistent income ensures that retirees can afford necessary healthcare services, medications, and potential help in their later years.
- Increased Longevity
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- Prolonged Stress-Free Life: Financial security has been linked to increased longevity due to the reduction of stress-related health issues.
- Positive Outlook: A stable financial situation can foster a positive outlook on life, contributing to both mental and physical health.
The benefits are not just “in the numbers” either.
As a Certified Financial Fiduciary®, I see firsthand the impact on a retiree’s happiness and joy when they have a guaranteed income that covers their basic expenses (and sometimes their fun stuff too) versus a client who is constantly having to watch the market or worry about having enough.
Speak to your Fiduciary today about securing enough guaranteed lifetime income (and some that can grow to offset future inflation) in your retirement portfolio today and find that same happiness and peace for yourself.
