How to create more income for retirement - Let's Get Down to Business

There are two fundamentals to retirement: securing guaranteed lifetime income and maximize Social Security benefits. Both of these income sources should have annual cost of living increases to keep up with rising inflation on domestic expenses that occur in retirement.
Lifetime guaranteed income can be generated from annuity products like single premium immediate annuities, deferred income annuities and guaranteed lifetime withdrawal benefit riders attached to annuities. Generally, these annuity product lines offer a cost of living adjustment rider at differing annual rates of increase.
Syndicated financial columnist and talk show host Steve Savant interviews author, platform speaker and PBS television media guest Tom Hegna, CLU, ChFC, CASL. This is episode 3 of 5 in the series, Don’t Worry, Retire Happy from Tom's PBS Special. Tom's books: Paychecks & Playchecks, Retirement Income Masters and Don't Worry, Retire Happy. • How to create more inc...

[@Diggletsdad]

Annuities are the best product for the right person, if market risk and buying power are a concern in your retirement, you need to look at fixed indexed annuities. Some offer a high bonus, plus higher opportunity for earning, taxed deferred growth all with no market RISK.

[@roberts.1400]

Jack Bogel of Vanguard - Warren Buffett of Berkshire Hathaway - Nobel Laureates - Burton Malkiel of Princeton Univ - William Sharpe of Stanford - David Swensen of Yale Univ none of them recommend Annuities ... Why would that be ???

[@drumsnmore2545]

Because they primarily focus on the accumulation phase - not the distribution phase. Educators like Wade Pfau often speak about annuities because they discuss the distribution phase. They're certainly not for everyone but they definitely have a place

[@roberts.1400]

@@drumsnmore2545 I agree, everything has a place. I'm just nervous about insurance products, they're complex, expensive and not very transparent at least to me... I'll stick to my ETFs for now... Distribution phase coming soon, maybe I'll reconsider.

[@michelesimko7541]

Need 500k in Ira to get livable wage when waiting to take social security. That is at 4-5%.of ira

[@michelesimko7541]

Tax deferred Ira taxed at your tax rate in retirement.

[@jameylane9196]

Beware of annuities and people who hawk them. They are insurance products....complicated, and expensive.

[@roberts.1400]

Annuities = Too expensive - Too complex - No access to the cash you spent a lifetime saving... How do you know when an annuity salesman is feeding you BS ?? His lips are moving ...

[@danielleon5074]

What would you do if you had complete access to your nest egg and wanted to maximize your income in retirement ? What alternative do you propose ?

[@arinco6944]

It's recommended to cover your fixed expenses at retirement using SS, pension and/or income annuities. This helps people feel safe and comfortable when the stock and bond markets are volatile like in 2000-2003, 2007-2009 and now in 2022. No one puts all their money into an annuity. It's only a portion to cover the fixed living expenses in retirement. Tom Hegna is correct.