Page 54 - Senior Link Magazine Fall 2023 - Online Magazine

SENIOR RESOURCES

Peace of Mind

IN
retirement

by Lowell Bridges

ow that I am at retirement age like many of my readers, Kiplinger’s magazine, December 24, 2020, reported, “Research
I have concluded: It would be best to pursue the things shows that annuities provide both psychological and financial
Nthat give me joy, happiness, and peace of mind and try benefits.” Retired annuity owners feel more confident that they
to live my optimal retirement. Optimal does not mean always will be able to afford their retirement lifestyles than retirees
having the best, but it does mean being able to enjoy your life. without an annuity, according to LIMRA Secure Retirement
Institute study.
We have all been told to get a pet, get a hobby, take a vacation,
and find some socialization outlets like clubs, organizations, My conclusion is that the happiest people in retirement are those
and church. These are all great ideas, but sometimes financial receiving guaranteed paychecks and a few “play checks” for life.
concerns can hold us back from a comfortable retirement. We That makes me think of an income annuity as an investment;
must pay bills, think about inflation, make sure we don’t run out it is income insurance. It guarantees you will never run out of
of money, and consider potential long-term care costs. money. That is peace of mind.

Many people focus on building up a pile of money or
assets and believe that that will solve all their concerns in
retirement. But retirees do not live on assets; they live on
income! Your assets can be lost in a divorce or a lawsuit
or even a market crash. The ultimate success of your
retirement is not about assets. It is about income and risk
management.

What would you say the largest asset is for most
Americans—their home, pension, 401-K, or Social
Security? The answer is their Social Security benefit! An
average American, working 35 years, could see their
lifetime benefits reach more than $500,000. A married
couple could exceed $1,000,000, if they have learned how
to maximize their Social Security benefits (SSA.gov). 806.790.1625 Lowell Bridges
2513 86th ST ste.A AFC member 2023
Time magazine says, “Securing at least a base level of
lifetime income should be every retiree’s priority–at Lubbock, TX 79423
least if they want to live happily ever after.” A new
study says, “The greatest benefits of having a protected
lifetime income are protection against longevity risk, Association of Financial Consultants (AFC) is an IRS-approved 501(c)(3)
peace of mind, and being better able to budget–all of non-profit organization. AFC serves as an informational teaching resource
which can make for a less stressful and happier overall for the general public. AFC member fiduciaries and consultants are
committed to public service. We offer Educational workshops and classes at
retirement.” More respondents now consider protected no cost or obligation to the attendees.
income “a highly valuable addition to Social Security” and
“extremely important” to their financial well-being.

A special thanks to Tom Hegna, author and lecturer, for many ideas contributing to this
article. Also, Greenwald & Associates’ 2018 Guaranteed Lifetime Income Study.

54 Lubbock Senior Link