Essential expenses are the basic costs you need to cover to keep your life running, such as housing, utilities, food, transportation and insurance. What counts as “essential” can vary from person to person, so be sure to define the minimum expenses you must cover.
What makes certain types of income more "dependable"
Here’s why income from Social Security, pensions and annuities are considered dependable.1
- Provides safety against market volatility and longevity
- With essential expenses covered, you may be able to invest the remaining portfolio more aggressively
- Allows more spending early in retirement when you may be more likely to enjoy it
Social Security income is the foundation to any retirement income plan
Estimate your Social Security benefit. When you claim Social Security can affect how much you receive each month.
- Enter your birth year. This will determine your Social Security Full Retirement Age (FRA) for Social Security benefits. If you were born between 1943 and 1954, your FRA is 66. If you were born between 1955 and 1959, your FRA is 66 plus number of months. This age is important because it is the point at which you can receive 100% of your monthly benefit amount.
- Enter your Social Security claiming age. This is the age you plan to start claiming Social Security benefits.
- Enter your estimated monthly benefit. If you aren’t sure, use the national average, which is $2,071.2
View the table below to compare how your benefit may change based on the age you choose to start receiving benefits.
Estimated monthly Social Security payout
The values are generic examples using whole ages, which are based on Probability of Income Lasting and claiming age. To learn more about Full Retirement Age, visit www.ssa.gov/retirement/full-retirement-age
Seeking guaranteed income?
An annuity may be the answer.
Here are benefits of an annuity that can help you face your retirement challenges and prepare for a more confident retirement.
Tax deferral
For nonqualified annuities you pay taxes on your earnings. For qualified annuities you generally pay taxes on your distributions. In either case, you don’t pay taxes on your investment earnings until you begin making withdrawals, so the money that would have paid for federal taxes continue to grow tax-deferred with your annuity investments.1
Tax deferral
For nonqualified annuities you pay taxes on your earnings. For qualified annuities you generally pay taxes on your distributions. In either case, you don’t pay taxes on your investment earnings until you begin making withdrawals, so the money that would have paid for federal taxes continue to grow tax-deferred with your annuity investments.1
Investment options
Choose from a wide range of investment options across many styles and disciplines. You can also invest a portion of your money in a fixed account that provides a guaranteed rate of return.3
Investment options
Choose from a wide range of investment options across many styles and disciplines. You can also invest a portion of your money in a fixed account that provides a guaranteed rate of return.3
Liquidity
Although annuities are long-term investments, they offer partial access to your assets during the surrender charge period without surrender charges.4
Liquidity
Although annuities are long-term investments, they offer partial access to your assets during the surrender charge period without surrender charges.4
Guaranteed income
When you’re ready to start using your money, annuities offer a variety of guaranteed income options – even options for lifetime income.5
Guaranteed income
When you’re ready to start using your money, annuities offer a variety of guaranteed income options – even options for lifetime income.5
Death benefits
Standard death benefits help protect your investment for your beneficiaries. And you can add optional death benefit features (for an additional fee).6
Death benefits
Standard death benefits help protect your investment for your beneficiaries. And you can add optional death benefit features (for an additional fee).6