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Having a Guaranteed Income Can Improve Your Health and Happiness

Chris Jones, CFP

Jones Financial

Having a Guaranteed Income Can Improve Your Health and Happiness

Annuities can be a useful tool to enhance financial peace of mind in retirement

Knowing you will not run out of money in retirement can give you peace of mind. It can also make your retirement more fulfilling and help you live longer, new studies show.¹


Prior generations of workers could count on defined benefit pensions from their employers to give them financial security throughout their later years. Almost a third of boomers born in the 1950s could count on a defined benefit pension when they retired. Fewer than one in ten Millennials can hope to have any defined benefit pension when they retire.¹


Those counting on Social Security to make of the difference will likely face financial hardship in their retirement. Social Security payments are only about 40% of the average worker’s pre-retirement income.


So how to create guaranteed income throughout retirement? Annuities, which can provide regular payments during retirement, can be the solution today. 73% of retirees who own an annuity believe they will be able to live the retirement lifestyle they want, compared with just 64% of retirees who don’t. Nearly 7 in 10 retirees who own an annuity are more confident their savings and investments will not run out if they live to age 90, compared with 57% of retirees who don’t own an annuity.²


Just as importantly, a guaranteed income can help you have a happier retirement, and, perhaps because of better access to health care, can increase longevity as well.³

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Disclosures
This publication is designed to provide general information and is for discussion purposes only. The effectiveness of any strategy is dependent upon each individual’s facts and circumstances. This article does not provide legal, tax or account advice. Because of the possibility of human or mechanical error, the accuracy, adequacy, completeness or availability of any information is not guaranteed.
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