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Utilizing Insurance Products In Retirement
Planning for retirement can be stressful. However, you may not know about certain insurance options that could simplify your retirement strategy and help you be more confident in it. Options like these may offer interest at a reasonable rate of return** while protecting your principal and interest. And, the unused money goes to your family when you're no longer here. Our main goal is guiding you toward retirement income options with safety built in. Reach out to us to learn more.
Safety First
You may have been more comfortable with risk when you were still working. But as retirement approaches (or arrives), that likely changes. The stock market has its ups and downs, which is fine when you have time on your side. However, as you get older, you don't get that luxury; you likely won't have enough time to recover from a financial loss you suffer during retirement. This is why it's so vital to incorporate safety into your strategy. In our opinion, it should be your biggest focus. Safety first, and only then, potential gains. Thankfully, there are insurance options that can protect your principal and help you secure an income for life.
Retirement Plans Vs Insurance Options
Insurance products may provide more flexibility than standard retirement accounts like 401(k)s and IRAs. Some benefits may include:
- Protection, even in the event of a market drop
- No contribution limits
- Tax-deferred interest accumulation
- Option to "roll over" the money from your 401(k) or IRA into an insurance product instead
Tax Benefits
Additional tax breaks may apply. For example, if you’ve received a lump-sum payment from an employer-issued 401(1k), the money may be transferred into an insurance product to postpone taxes. However, you should ask a qualified tax advisor about matters like these.
Considering utilizing insurance options for retirement? We can help you get informed. Grimes Financial Partners serves clients across Ohio, including Columbus, Amlin, Lancaster, and Lithopolis. If you live nearby, get in touch with us. With options like these, your principal is protected regardless of market conditions. Reach out to us for a full, comprehensive review and to get educated about retirement income that doesn’t run out.