After a prolonged span of economic volatility, retirees are becoming increasingly thirsty for obtaining retirement income that is reliable, predictable, and lifelong. Annuities of course come to mind as an option that can address all three of those traits. There are many annuity products which one can choose from for meeting their particular needs. As Michael Ham points out in a recent article, an option that should not be overlooked is the purchase of an annuity from social security. At first glance, one might assume that statement is impossible. However, the act of delaying your social security benefits is essentially an additional annuity purchase. Most importantly, the social security delay brings an annual return of 8%, so even tapping into 401(k) funds in order to help make this delay possible can be a worthwhile strategy.
As always, be sure to consult with a retirement income specialist for help and guidance in formulating a plan to best meet your particular needs. Please click here for a link the full article by Michael Ham.