Gone are days of fruitful retirement benefits that rewarded the dedicated worker with a lifetime paycheck. Back in the early 1980s, 60 percent of Americans could rely on defined benefit pension plans to carry them through retirement; that number today has dropped to less than 4 percent. So how do today’s workers get a paycheck that will last for life?
It was actress and singer Lena Horne who was attributed with saying, “It’s not the load that breaks you down, it’s the way you carry it.” It’s not just the burden of saving for retirement that you have to worry about; you also have to figure out how to organize your portfolio so that it can carry you through the long years ahead. Here is how annuities can help share the load and why you may want to consider them as a strategic part of your savings plan.