How To Create A Paycheck For Retirement
August 5, 2020 by Rob Berger
Perhaps the biggest challenge of transitioning from work to retirement is learning to live without a regular paycheck.
Instead of receiving dependable income from your employer, you suddenly find yourself reliant upon your investments, Social Security, and any pensions you might have. But as Social Security shrinks and pensions become rare, it’s more challenging to secure consistent, dependable retirement income that meets all of your needs.
People who find their retirement income at the mercy of market fluctuations need a plan to transform fickle investments into a steady retirement paycheck. Let’s look at strategies for providing yourself with regular, dependable income in retirement.
Click HERE to read the full story via Forbes.
Wink’s Note: The author is jumping all over the place, mentions annuities only at the beginning, but sums the article up as if it is all about annuities?
Rob Berger suggests a SPIA for income, but then alludes that they have high commissions. Actually, they pay the least commission of any annuity.
The suggestion to ask a financial advisor who doesn’t sell annuities, about annuities, seems preposterous. The top reason such advisors don’t sell annuities is that they don’t get paid on them every single year; commissions are only paid once on annuities.
What are the chances that the aforementioned financial advisor, who competes for the same client’s money, is going to suggest a mix of stocks/bonds, when an annuity is truly what they need? GUARANTEES? Conflict of interest much? Isn’t THIS like asking a barber if you should grow your hair long?!
Newsflash: a mix of stocks/bonds will not guarantee a paycheck every month for the rest of your life like an annuity will.
High costs? Guarantees aren’t free, Berger. You’d be surprised how far from reality your perceptions may be about annuities. -sjm
