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Many of my clients especially those near or in retirement are concerned about protecting their assets in this bear market.
Those with a pension have an obvious advantage but that’s a small number of people.
For those without a pension there are definitely ways to get protected income in retirement to complement Social Security. To achieve this, it might be necessary to reposition some assets to an annuity that offers a guaranteed stream of income.
For many people having a guaranteed stream of income has both its advantages and disadvantages.
An obvious advantage is the peace of mind to have the their basic expenses covered.
Counterbalanced is the problem that future inflation would eat into the purchasing power of this guaranteed income.
Having additional adequate money available in the equity markets that should be able to grow over time could offset most of the inflation concerns. Or else generating a guaranteed income that’s substantially higher than current expenses.
When speaking of guaranteed income it needs to be understood that the guarantees are backed by the claims paying ability of an insurance company. I suggest companies that have a documented rating from industry rating companies of A or A+.
Annuities are certainly not for everyone they’re just another financial tool that can help achieve the goal of protected retirement income. In a growth phase of the market they might not be as necessary but in a bear market they can be valuable.
If it’s is a concern of yours please contact me for a review of your financial situation.