Will Your Pension Cover All Your Future Income Needs? paid Impact_Partner
Although you pay into this benefit system, your contribution amount is not directly connected to your future income. Rather, your monthly pension check will be the result of a formula that takes into consideration the number of years you’ve worked, your average paycheck amount at the end of your teaching career, and a factor that is based on your retirement age.
Your future living costs will be, in large part, dependent on how you spend your time, as well as which goods and services you need. It is important to determine whether or not your pension will be enough to cover these expenses each month. If not, you will need to find a way to bridge the income “gap.”
Depending on how you choose to receive your annuity income, it may even continue for an additional recipient, such as your spouse or partner. So, in many ways, a fixed indexed annuity is similar to your current pension plan. But there are other possible benefits that a fixed indexed annuity may offer, as well. An annuity can allow you to have added control over when your income begins, as well as how long it will last.
So, while some financial vehicles can provide you with specific benefits, only a fixed indexed annuity can offer you the ability for growth during up markets, protection in down markets,Planning for Income Now Can Provide You With More Options Later On
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