An income annuity can convert your savings or a pension-plan lump sum into a lifetime stream of income. Will you have enough income for retirement?Is enough of it guaranteed for life so you don’t need to worry about running out of money if you live to a ripe old age?
Social Security payments equal only about 40 percent of the average wage earner’s pre-retirement income. If like most people, you don’t have a traditional employer-provided pension, you’ll have to make up the rest. A rough rule of thumb is that you’ll need 80 percent of your pre-retirement income.
Let’s say you’ve […]
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