If you’ve saved and invested throughout your life with the intention of using the money for the future, then you are likely anticipating at some point reaping the rewards from your hard work and diligent saving.
Unfortunately, though, what many Americans are now finding out is that even a large chunk of money may not necessarily keep you comfortable in sustaining your current lifestyle for very long – and worse yet, your savings could run out while you still need them.
Due to this type of stress, retirement can become a whole lot less enjoyable, which in turn, can lead you to live a “just in case” lifestyle, rather than having fun and living stress-free in your later years.
In fact, a 2018 Guaranteed Lifetime Income Study that was compiled by CANNEX and Greenwald & Associates, and that interviewed more than 1,000 individuals with assets of at least $100,000 and participants who were between the ages of 55 and 75, stated knowing that if their retirement income is protected makes for a happier overall life.
The research also showed that the primary concerns of retirees include:
- Long-term health care
- Market downturns, and
- Fear of outliving retirement savings
In addition to that, the study also revealed that protected lifetime income is extremely important to the financial security of roughly 75% of the participants. But, while Social Security can offer this type of benefit in retirement, this income source doesn’t typically cover the full monthly expense needs of recipients.
So, how exactly can retirees supplement what they get from Social Security? One way is to purchase an annuity.
Are Annuity Owners Really Happier?
In their most basic sense, annuities are designed to provide an income stream for either a set period of time or even for the remainder of an individual’s lifetime – regardless of how long that may be. This can alleviate the concern that many retirees have about running out of income.
Knowing that income will always be there can also allow you to focus less on where your next check is coming from, and more on remaining socially active, exercising, and/or trying out new opportunities like volunteering for a favorite charity.
How to Secure a Lifetime of Income and Happiness
There’s no question that being uncertain about your future income can cause unhappiness and stress. But having an annuity in place that provides you with ongoing cash flow for as long as you need it can allow you to take more control, and to live more of a worry-free retirement.
Before you go out and purchase an annuity, though, it is important to know that all of these financial vehicles are not the same. So, by first understanding how these products work, and the various benefits they can provide, will help you to narrow down which annuity is right for you.
Stepping through different annuity features can be even more beneficial if you consult with an annuity expert who can answer all of your questions and concerns. That’s where Annuity Gator can help.
At Annuity Gator, we make learning about annuities easier through our in-depth annuity reviews, as well as via our experts who are available for one-on-one chats. And, if you already own an annuity, we can walk you through its actual performance, as well as assist you in determining how it may (or may not) benefit you going forward.
If you’d like to learn more about whether or not an annuity will provide you more happiness in retirement, contact us today via our secure contact form.