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The biggest retirement myth for baby boomers

Tuesday, June 19th, 2012 and is filed under Financial Planning Blogs, Saving for Retirement

While some financial advisors may tell you that you’ll probably be spending less money in retirement than what you’re spending now, we don’t believe it. We think this is a myth…and we want to make sure you’ve got an income plan in place that allows you to continue to live the lifestyle you want to live.

When you look towards your retirement years, do you want to:

1. Spend less … or comfortably maintain the lifestyle you’ve worked so hard to accomplish?

2. Travel less … or have the freedom to just pick up and go?

3. Be less active … or tick off “to-dos” on your bucket list?

What we are seeing is that our baby boomer clients, dream big when it comes to how they want to live their retirement. If you’re like today’s retirees and future retirees, you have a healthy outlook on life and want to cherish your golden years.

It’s important to focus on putting a guaranteed income stream in place––monthly income that you can depend on throughout your retirement. An annuity that provides guaranteed lifetime income might be an answer.

Startling facts back the need for a private, supplemental monthly paycheck:

* More than half of all retirees suffer penalties for filing early for Social Security, before full retirement age, reducing their yearly benefits by about 8 percent.

* Baby boomers incorrectly predict that they can rely solely on Social Security, which only pays for about 40 percent of most retirees’ needs.

* The average Social Security check is $1,200 per month.

Don’t be fooled into thinking you will spend less money during your retirement years. Knowing exactly how much guaranteed lifetime income you’ll enjoy in retirement is an important step for proper retirement planning. As annuity experts, we can help you put a retirement income strategy in place that helps you live the way you see yourself living in retirement. Request your free Income for Life Illustration today…and take the guesswork out of retirement income planning!

Annuity product guarantees rely on the financial strength and claims-paying ability of the issuing insurer.

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Cathy DeWitt Dunn of DeWitt & Dunn, LLC, is the driving force behind Women Money & Power. With decades of experience in the financial services industry, Cathy has dedicated her practice to educating clients on how to take maximum advantage of financial solutions that are not available in traditional brokerage houses. Cathy is proud to be on the forefront of innovative financial solutions for the individual investor.

This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation.

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