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Personal Fiscal Cliff Protection

Retirement EducationAs the media outlets have recently been highlighting, Congress is on the hook to work together in forming a plan to keep our country from going over the fiscal cliff… this fiscal cliff is referring to the impact of current laws which could result in sizeable tax increases and spending cuts if left unchanged.

An equally important fiscal cliff that has unfortunately not been getting as much publicity is the potential personal fiscal cliff that retirees without a pension plan or any other guaranteed lifetime payment streams may face. This cliff is of course the risk of outliving retirement assets. Now that most companies have switched from defined benefit plans (pensions) to defined contribution plans (401ks), the burden of ensuring adequate income upon retirement is now on the employees’ shoulders.

If you or anyone else that you know have concerns about facing this personal fiscal cliff, then please be sure to learn about annuities given their ability to help you generate guaranteed lifetime income streams. Just like any retirement planning tool, never put all your eggs in one basket and be sure to seek guidance from a specialist in your field of interest.

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