You can’t plan everything in life, but you can structure your retirement income to benefit your family after you are gone.
Meet Mike and Karen
Mike and Karen's situation
We’re enjoying our retirement and starting to think about how best to provide for our children and grandchildren. We want to help make their lives a little easier when we are gone.
Mike and Karen's concerns
We know retirement could last decades. How can we be certain we'll have enough income for our own retirement expenses? We want to leave something for our children after we are gone, but we also want the freedom to spend our savings now, during our retirement.
Discuss three questions with your advisor when considering your retirement income plan:
- Which of my retirement income sources are guaranteed, and which may run out?
- How long do I need my income to last?
- How much of my savings can I afford to lose in a market downturn?
Mike and Karen's annuity solution
With the help of our financial advisor, we put some of our savings into an annuity, and for an additional cost, we added an optional benefit that will ensure income continues for our children. We have the security of knowing we won’t need to rely on them, and we’ll pass on a financial gift to them when we’re gone.
