Don’t Buy An Annuity Until You Do Your Homework

While annuities are not right for everyone, they certainly take the worry out of outliving one's savings in retirement for many people.  In "7 tips to avoid annuity headaches," Melody Juge of Marketwatch offers a word of caution before making the decision to purchase an annuity.  Ms. Juge feels the same way about annuities as I do.  They can be an excellent source of guaranteed lifetime income for retirement, but they are not the best product for every single person.  You must carefully... Read More

Income Annuity Mimics Missing Pensions

Stephen Lomsdalen of Marketwatch suggests that annuities are the newest sexy pension in his article "Life-only annuity: A sexy pension alternative?"  In the 1990's, instead of using their 401k and Thrift Savings Plan retirement money as a pension from their company, most people rolled their savings into an IRA in retirement.  The stock market always was a wise choice for your savings and allowed retirees to live out a successful financial retirement.  That certainly is no longer the case and... Read More

Technology and Longevity Changing the Face of Retirement

The 78 million Baby Boomers in the United States are retiring in a completely different way than their parents' generation.  Investopedia's Mark P. Cussen tells us "How Baby Boomers Will Change The Way Others Retire."  Truly, they already are.  The previous generation known as The Greatest Generation had pensions, didn't worry about Social Security running out, and typically lived in the same homes until they died or moved to a nursing home.  Today, Baby Boomers are technologically savvy,... Read More

Baby Boomers With Advisors More Prepared for Retirement

I hear a lot lately about Baby Boomers concern over their finances for retirement, but not as much about what they can do to correct the problem.  What's the old adage about continuing to do what we're already doing but expecting different results?  The latest information comes from the Insured Retirement Institute's recent study.  Financial Planning's Lee Conrad talks about "Baby Boomers Getting Gloomier About Retirement" in an article today.  One of the defining characteristics about the... Read More

There’s Still Time to Put Money Into an IRA for 2012

What would you say to someone in their late 40's who had no retirement savings?  Are you one of those people?  While it is certainly not the best case scenario to have no retirement savings in your 40's, starting now is better than never saving at all.  CNN Money's Walter Updegrave was asked in "Help! I'm in my late 40's, with no retirement savings," what a single woman in her 40's should do in this situation.  I'm glad he wasn't doomsday with her in his response, although the truth is a... Read More

NPR Offers A Word of Caution on Annuities

Last week the NPR staff discussed annuities and some things you should look out for when considering the investment in your future.  In "Annuities Explained: The Choices and Red Flags," they got some of their information from Kiplinger's Kimberly Lankford.  While she certainly isn't a big supporter of annuities, she gives good basic information and tells you what to consider before making your purchase.  Due to the fact that insurance companies and others who sell annuities make $200 billion... Read More

Financial Advisors: Pay Attention to Generations X & Y

The terms "Generation X" and "Generation Y" are marketing terms without concrete dates, but they typically refer to people born between 1965 and 1999.  Baby Boomers get a lot of attention from financial companies and advisors, but these Gen X and Gen Y Americans should be getting some attention as well.  According to Insurance News Net's Robert Dixon, "Gens X And Y (are) Uninformed About Financial Products."  These generations have money to spend and should definitely be considered important... Read More

You’ll Never Regret Saving for Retirement

More than one recent study has shown that only half of Americans are saving for their retirement and that is just dismal.  Not even all of those savers are putting enough money aside to maintain the standard of living they desire.  According to U.S. News & World Report's Emily Brandon in the article "7 Obstacles to Saving for Retirement," 42% of savers actually have enough put aside to live comfortably in retirement.  Not only does she offer seven reasons why it is hard to save for... Read More

Simple Rules to Follow to Be Rich in Retirement

Once you get rich, you can use some of your money to guarantee a lifetime stream of income from an annuity product.  That way, you'll never have to worry about running out of that money you worked so hard to earn.  "How to Get Rich Slowly" by Tom Sightings was recently published in U.S. News & World Report Money section.  Mr. Sightings acknowledges that while there are a few exceptions who make billions of dollars quickly (think Mark Zuckerberg of Facebook fame), most people have to make... Read More

New York Life Sells $1B of Deferred Income Annuities

The Wall Street Journal's MarketWatch recently published an article by Anne Tergesen stating that "More boomers (are) buying 'longevity' annuities."  While immediate annuities are still a popular choice for retirees, some younger Baby Boomers are purchasing deferred annuities as early as their 50's, even though they won't start receiving payments for another decade or so.  Last year the government made it easier for 401k plans to offer annuities because they believe that annuities are a good... Read More - Prefooter

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