Retirement is changing. For many people, it’s less about winding down their activities and taking a long vacation, and more about reinventing themselves for what’s likely to be an extended next act.
We’re living longer and healthier, and finding that there’s plenty to do even if we’re no longer working 9 to 5. Many find that this is the time of their lives when they finally have the freedom to live the life they want.
That freedom depends on many things, though — especially having the money we’ll need. Unlike previous generations, most of us don’t have protected lifetime income through a pension to supplement our Social Security benefits, and that increases the chances of running out of money in retirement.
Thankfully, there are solutions. Using a portion of your savings to purchase an annuity, you can you Check Off the Basics and cover your essential monthly expenses, like a mortgage, utilities, groceries and transportation. That can help you live retirement the way you want.
This guide helps you take the first steps in figuring out your essential expenses and income in retirement, and how protected lifetime income from an annuity can help fill any gaps.