Life Insurance Quotes

Annuities could cushion retirement expenses

01/19/12

With many retired Americans struggling to keep their homes and stay financially stable, many are looking for income to supplement their retirement savings and benefits, particularly to pay for necessities like healthcare costs.

Annuity agents typically avoid talking with pre-retirees and retirees about using annuities to pay for healthcare, but this could soon change as agents try to prepare their customers for the reality of being retired without a stable income, Insurance News Net reported.

“Earmarking an annuity for healthcare is a great idea,” Brian Lipinski, director of fixed annuity marketing at a brokerage services firm, told INN. “It’s a discussion that planners should be having with clients, because it focuses attention on the reality that is coming - that medical costs will continue to go up, and people need to plan for that.”

Experts are encouraging those who are still working and retirees to think about how annuities can cushion retirement healthcare costs. Consumers can use immediate annuities or deferred annuities with a guaranteed minimum withdrawal benefit that would provide guaranteed lifetime income to supplement any other income.

According to a recent study conducted by Hewitt, 80 percent of Americans are expected to fall short of meeting their financial needs during retirement, which would make annuities a great option for many seniors.

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