Income Planning
Turning Savings Into Lifetime Income
One of the biggest shifts in retirement is moving from saving money to spending it. Lifetime income planning is about making sure that shift doesn't put your financial security at risk.
Why guaranteed income matters
Social Security and, for some, a pension provide a foundation of guaranteed income in retirement. But for many people, that foundation isn't enough to cover all of their expenses. The question becomes: how do you generate additional income you can count on, month after month, for as long as you live — without worrying about outliving your savings?
What is an income rider?
An income rider is an optional add-on available on many fixed indexed annuity contracts, typically for an additional cost or fee. It guarantees a stream of income for life, often based on a percentage of your contract's benefit base, once you begin taking withdrawals. Unlike simply withdrawing money from a regular savings account — which can run out — an income rider is backed by the insurance company's guarantee, meaning the income payments are designed to continue for your lifetime, even if your underlying account value is eventually drawn down to zero.
How FIAs can support an income plan
Fixed indexed annuities are often used as a building block for lifetime income planning because they combine two things: principal protection, so the money set aside for future income isn't exposed to market losses, and the option to add an income rider, which converts that protected value into a guaranteed paycheck for life. To understand how the underlying product works, visit our Fixed Indexed Annuities page, or see how this fits into a broader approach on our Safe Money page.
Building your income plan
The right income strategy depends on your full financial picture — your other savings, Social Security timing, expenses, and goals. A licensed advisor can help you map out where guaranteed income fits alongside your other retirement assets. Prefer to start with a written overview? Request our free Safe Money Guide, orget in touch with any questions.
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