By: John M. Campanola, Agent New York Life Insurance Company Special to the Boca and Delray newspapers
A recent study revealed that 26 percent of workers plan on working until the age of 70. Some may decide to stay in the workforce because they enjoy working, but what about those who have different ideas about how they want to spend their golden years?
The good news is that for certain people, there may be a solution. New York Life conducted research that shows that Baby Boomers might be able to retire up to two years sooner than planned by including a deferred income annuity in their retirement portfolios.
Typically, deferred income annuities are positioned as products that can be included in retirement portfolios to guarantee lifetime income in the future and help mitigate the risk of outliving retirement savings.
Considering that only 24 percent of Baby Boomers are confident that they will have enough savings to last for retirement, those are certainly important benefits. However, an additional benefit could be an earlier retirement start date.
Analysis shows that in certain scenarios, purchasing a deferred income annuity in pre-retirement years allows individuals to retire up to two years earlier without incurring additional risk – as measured by the probability of running out of money during the retiree’s projected retirement. That means two more years to spend traveling, visiting with grandchildren, and enjoying life without work.
If you’re ready to get a head start on your retirement, it may be time to take a look at your retirement portfolio to understand what changes you can make to get there sooner. Speak with your financial professional to help ensure that you’re headed towards a secure and satisfying retirement.
This educational third-party article is provided as a courtesy by John M. Campanola, Agent, New York Life Insurance Company. To learn more about the information or topics discussed, please contact John M. Campanola at 561-642-5180.