Create Financial Security with Guaranteed Lifetime Income

There are four basic financial flooring techniques that can create financial stability in retirement. Their fundamental advantage is they generate guaranteed lifetime income. That income can pay for domestic spending and travel expenses like visiting grandchildren, annual vacations and volunteer trips. But the greatest advantage of these retirement techniques is it may deliver a sense of financial confidence, knowing the basics in life are covered.

The four financial flooring techniques all offering guaranteed lifetime income are: Defined Benefit Plans, Social Security benefits, Reverse Mortgages and Guaranteed Lifetime Income Annuities.

Defined Benefit Plans If you work for a company that provides a defined benefit plan and you’re within 10 years of retiring, you may want to finish your career there because they’re going to the wayside. The exception is, of course, the government and the military. If you’re job hunting and one of your employment opportunities happens to offer a defined benefit plan, you may want to jump on it.

Social Security Benefits If you qualify for Social Security benefits, you’ll want to investigate the best time to take income once you’re age 62. Unless you have a short life expectancy because of poor health or you’re simply broke and need the income, you should wait until age 70. Keep in mind the benefits may be taxable if you have other income while you’re receiving your benefits.

Reverse Mortgages If you’re at least age 62, have equity in your home or own it free and clear, you may want to consider a tax-free reverse mortgage, which can generate monthly income for your life as well as you spouse’s life. Reverse mortgages are under the Home Equity Conversion Mortgage program created for seniors. It’s recommended the HECM reverse mortgage be used for your final residence. Please note there could be financial ramifications if you move out.

Guaranteed Lifetime Income Annuities There are two types of guaranteed lifetime income annuities: single premium immediate annuity and deferred income annuities. Both offer elective inflation riders that can deliver an increase every year.

Watch the interview on guaranteed lifetime income annuities with Tom Hegna, popular platform speaker, retirement specialist and best-selling author with two retirement books entitled Don’t Worry, Retire Happy and Paychecks and Playchecks. Tom has also hosted the PBS Special, “Don’t Worry, Retire Happy.”

Nationally syndicated financial columnist Steve Savant interviews Tom Hegna, popular platform speaker, retirement expert and best selling author. Tom has two retirement books entitled Don’t Worry Retire Happy and Paychecks and Playchecks. Tom has also hosted the PBS Special, Don’t Worry Retire Happy.