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Turning your savings into income for retirement

People often spend 30 or even 40 years saving for retirement. Yet, when it comes to the plan for turning savings into the dollars they鈥檒l spend throughout retirement, they often aren鈥檛 sure where to turn. Annuities are an important option to consider as they are one of only a few options available for generating guaranteed lifetime income.

How an annuity can provide guaranteed lifetime income

Protection

Fixed or fixed indexed annuities

Generally, you鈥檝e made an initial deposit when setting up the annuity. Once the contract term is ended, you can choose to 鈥渁nnuitize鈥� or set up a stream of payments that can last for a specified period, including guaranteed lifetime payments.

Single premium immediate annuities

Much like the name implies, you鈥檒l pay a single lump-sum amount that is then paid out as a series of payments right away. 

Products for your income strategy

Explore featured products that offer guaranteed income for life. Product features and availability may vary by state and/or sales distributor.

黑料社区 AgilitySM

Fixed Indexed Annuities

A versatile annuity that combines index-linked growth potential with guaranteed income and the ability to adapt as your needs change. Includes a built-in income and death benefit rider at no additional charge. 

Learn more about Agility 

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黑料社区 AscentSM Pro

Fixed Indexed Annuities

Combines index-linked growth potential with a built-in rider (for a charge) that provides a guaranteed stream of income for life. 

Learn more about Ascent Pro  

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黑料社区 ActivateTM

Single Premium Immediate Annuity

A single premium payment assures a guaranteed stream of income for life or a specified period.

Learn more about Activate  

Talk with your financial professional

Helpful questions to consider asking a financial professional as you work together to turn your retirement savings into your spending plan throughout retirement.

  • What spending strategies do you typically recommend?
  • How can annuities help me manage required distributions, taxes and other expenses?
  • How can I ensure I don鈥檛 run out of money once I retire?
  • What should I consider to ensure my estate is passed on efficiently? 
  • What should I understand about claiming Social Security?

Take action

Many people may underestimate the time and care needed to create a resilient retirement income plan. Consider learning more about the challenges so you鈥檙e ready when it鈥檚 time to work with your financial professional. today.   

FAQs about Creating Retirement Income

Retirement planning often involves decisions about how to create income that lasts. The following questions and answers provide general information to help you learn more about retirement income strategies.

It鈥檚 the million-dollar question (literally). Of course, no two retirements look the same, meaning your retirement savings goal will be different than your neighbor鈥檚. You鈥檙e unique, and you have your own spending habits, hobbies, travel goals, expected healthcare costs, and other financial obligations (like your mortgage and utilities) to cover in retirement.

As a general rule of thumb, financial experts suggest:

  • Saving up enough to cover around 70% to 80% of your current pre-retirement income.
  • If you earn $100,000 annually, for example, this would give you a goal of $70,000 to $80,000 for every year you anticipate being in retirement (typically 30 years or more).

But the reality is, there鈥檚 no one-size-fits-all number for what every person鈥檚 retirement savings should be. To help you get a better understanding of how much retirement income you may need, a retirement planning worksheet can help you make sense of the numbers. .

To determine where your retirement income 鈥減aycheck鈥� should come from and how much it could be, you should work with a financial professional. If you鈥檙e looking to add another income stream besides the options you may currently have in place, there are solutions available that offer growth potential to help fill any potential savings gaps. Once you have an idea of how much you鈥檒l need to retire comfortably, the next step is to determine where your retirement income will come from.

You may need to consider:

  • Social Security and pension benefits
  • Employer-sponsored retirement plans like a 401(k) or 403(b)
  • IRA or Roth IRA
  • Funds in a brokerage account 
  • Funds in a savings account
     

Other needs?

I want to grow my money 

I want to protect what I have 

Smart Strategies

黑料社区 Agility GEN (09/15) NB, Income and Death Benefit Rider IR (06/18) and Enhanced Income Benefit Endorsement EIBR (06/18); 黑料社区 Ascent Pro ICC16 GEN (11/16) NB and Income Rider ICC24 IR (08/24), ICC24 IR (08/24) NAI, and Endorsements ICC24 EIBE (08/24), ICC24 EIBE (08/24) NAI; 黑料社区 Activate ICC24 SPIA (05/24), ICC24 SPIACS (05/24), Deceased Annuitant Commutation Endorsement ICC24 DACE (05/24) and Liquidity Period Withdrawal Rider ICC24 LPWR (05/24) or state variations issued by 黑料社区 Annuity and Life Company, West Des Moines, IA. 黑料社区 Activate SPIA (05/24), SPIACS (05/24), Deceased Annuitant Commutation Endorsement DACE (05/24), and Liquidity Period Withdrawal Rider LPWR (05/24) issued by 黑料社区 Annuity & Life Assurance Company of New York, headquartered in Pearl River, New York. Product features, limitations and availability may vary by state; see the Certificate of Disclosure for details. Products not available in all states.

Indexed annuities are not stock market investments and do not directly participate in any stock or equity investments. Market indices may not include dividends paid on the underlying stocks, and therefore may not reflect the total return of the underlying stocks; neither an index nor any market-indexed annuity is comparable to a direct investment in the equity markets.