Answers

  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

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  • This is a question that we think more older Americans SHOULD be asking. Lifetime Annuities are really a great way to guarantee that you will maintain your quality of life in retirement!

    We hope that the NewRetirement Calculator results gave you some insight into your question. If not, here is a breakdown to help you assess whether or not you need an annuity.

    1) You will probably want to begin with exploring exactly exactly what your expenses will be in retirement. Then you will want to assess how much guaranteed income you will have. So, if your Social Security benefit is $1500 and your monthly expenses are also $1500 then you are in a good place. And won't necessarily require an annuity. (Sources of guaranteed lifetime income are Social Security, some pensions and lifetime annuities.)

    If you estimate that your anticipated guaranteed income will be less than your required outlay in expenses, then you will probably want to explore the cost of a lifetime annuity to cover that difference. You can estimate the cost of your desired income with the Annuity Calculator:
    https://www.newretirement.com/annuity-marketplace.aspx

    Paying for this lifetime annuity would be your first priority for retirement.

    We hope your calculator results and this answer are helpful to you. You may also benefit from a FREE retirement consultation with a licensed financial advisor.
    --> Free Consultation: : https://www.newretirement.com/free-retirement-consultation.aspx

    Thank You!
    www.NewRetirement.com

  • Login to rate this answer:   Answered on 8/23/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.