IMO, you're plenty young to benefit from a deferred annuity. You could consider a Fixed Indexed Annuity with a term of 5-7-9-years and just let it grow tax-deferred. You could add an income rider for guaranteed income. The application can be a bit complicated - but that's for the agent to handle, and once you've provided all the required information - you'll sign the paperwork and you're done.
As always, you're pieces are easy to read. In the case of this one - no doubt there are many ways people will approach retirement, spending, savings. As you pointed out - you were blessed to have such a nice pension - which, with a few other sources of income - allows you to continue to save. I would imagine that in that position, you are well able to be very generous to individuals and non-profits.. knowing that you'll essentially leave significant resources. To me, saving (besides "for a rainy day") ought to have purpose and goals. Jim
Mr. Smallwood - I, too, have succeeded by starting my saving at an early age and by making it a priority. My father was our encourager - having worked for GM for 37 years. He gave my brothers and I lots of tips over the years. I'm still of the impression that one of the biggest impediments to being properly postured for retirement is starting one's saving efforts too late in life.
Chuck - thanks for sharing your experience and suggestions. I feel fortunate that when dad died (2011, 1 yr prior to mom) he an I had spoken over the years about finance. Also, I understood the types of accounts he had. There were many moving pieces (as there typically are), but they came together nicely during the following months as I looked after mom's finances, assisted living expenses, etc. Their Living Trust proved exceedingly helpful as well with the two Power's of Attorney, etc. I'm single, and do have a Living Trust. Both my siblings know where to find "the book" which contains paper copies of all of my accounts, insurance products, etc. IMO, it makes all the difference to have one's affairs in good order - for the sake of those who will manage one's estate. Two items that I feel are worthy of most person's time / effort are: 1) Conduct a formal Financial Plan pre-retirement to explore the myriad options that may unfold, and 2) Test various scenarios to understand the hypothetical impact of the early death of one of the persons, the sufficiency of Life Insurance, and a potential need for Assisted Living and/or Long Term Care. God's blessings to you in your retirement and influence you may have on the lives around you. Jim
I'm already debt-free - but I would like to upgrade to a nicer neighborhood. Keep my existing home as a rental (or make it available to friends / family for visits to this beautiful town). Donor Advised Fund would receive maybe half, and then I'd manage the remainder along w/ my existing accounts. Give generously to many folks frequently and be grateful to God for such a gift!
Comments
IMO, you're plenty young to benefit from a deferred annuity. You could consider a Fixed Indexed Annuity with a term of 5-7-9-years and just let it grow tax-deferred. You could add an income rider for guaranteed income. The application can be a bit complicated - but that's for the agent to handle, and once you've provided all the required information - you'll sign the paperwork and you're done.
Post: A Taller Ladder
Link to comment from December 13, 2023
As always, you're pieces are easy to read. In the case of this one - no doubt there are many ways people will approach retirement, spending, savings. As you pointed out - you were blessed to have such a nice pension - which, with a few other sources of income - allows you to continue to save. I would imagine that in that position, you are well able to be very generous to individuals and non-profits.. knowing that you'll essentially leave significant resources. To me, saving (besides "for a rainy day") ought to have purpose and goals. Jim
Post: Took Time
Link to comment from December 7, 2023
Mr. Smallwood - I, too, have succeeded by starting my saving at an early age and by making it a priority. My father was our encourager - having worked for GM for 37 years. He gave my brothers and I lots of tips over the years. I'm still of the impression that one of the biggest impediments to being properly postured for retirement is starting one's saving efforts too late in life.
Post: My Savings Journey
Link to comment from July 19, 2023
Chuck - thanks for sharing your experience and suggestions. I feel fortunate that when dad died (2011, 1 yr prior to mom) he an I had spoken over the years about finance. Also, I understood the types of accounts he had. There were many moving pieces (as there typically are), but they came together nicely during the following months as I looked after mom's finances, assisted living expenses, etc. Their Living Trust proved exceedingly helpful as well with the two Power's of Attorney, etc. I'm single, and do have a Living Trust. Both my siblings know where to find "the book" which contains paper copies of all of my accounts, insurance products, etc. IMO, it makes all the difference to have one's affairs in good order - for the sake of those who will manage one's estate. Two items that I feel are worthy of most person's time / effort are: 1) Conduct a formal Financial Plan pre-retirement to explore the myriad options that may unfold, and 2) Test various scenarios to understand the hypothetical impact of the early death of one of the persons, the sufficiency of Life Insurance, and a potential need for Assisted Living and/or Long Term Care. God's blessings to you in your retirement and influence you may have on the lives around you. Jim
Post: Best Time of My Life
Link to comment from May 25, 2023
I'm already debt-free - but I would like to upgrade to a nicer neighborhood. Keep my existing home as a rental (or make it available to friends / family for visits to this beautiful town). Donor Advised Fund would receive maybe half, and then I'd manage the remainder along w/ my existing accounts. Give generously to many folks frequently and be grateful to God for such a gift!
Post: If you inherited an unexpected $5 million, how would you use the money?
Link to comment from January 28, 2023