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Financial Professional
Prudential Advisors
1060 Broadway #1160
Albany, NY 12204
Phone: 800-243-5334
Fax: 800-720-0780
Email: sales@ltmclientmarketing.com
Website: letstalkfinancialwellness.com
January/February 2021
Mind The Gap
If you’re looking for a steady source of income before you start collecting Social Security, consider an annuity* to fill the gap.
Immediate Need
Whether you’re planning to retire soon or recently retired, delaying when you begin collecting Social Security can potentially increase your monthly payout.To fill this time gap, consider purchasing an immediate annuity. The regular annuity payments can delay the need to draw on your retirement funds for your day-to-day expenses. An immediate annuity begins paying you immediately, as opposed to a deferred annuity which starts paying you at a future date. Depending on your situation, you can purchase annuities that pay over the period of time you need. If you retire at age 62 but want to wait until age 70 to begin collecting Social Security, you can purchase an eight-year annuity that will provide monthly payments until you reach age 70.
Consider Inflation
Work with your financial professional to determine how much monthly income you’ll need to fill the Social Security gap and what type of annuity will work best. Don’t forget to factor in inflation. Consider adding a cost of living rider** to your annuity that will boost your payment in line with changes in the Consumer Price Index.By locking in income now, you’ll avoid the possibility of having to sell your retirement holdings in a down market.
*Fixed annuity contracts guarantee a minimum credited interest. For immediate fixed annuity contracts, annuitants receive a fixed income stream based, in part, on the interest rate guarantee at the time of purchase. Annuity products are not FDIC-insured, and their contract guarantees are backed solely by the claims-paying ability and strength of the issuing life insurance company. Withdrawals prior to age 59 ½ may result in a 10% federal tax penalty, in addition to any ordinary income tax.
**Riders may incur an additional premium. Rider benefits may not be available in all states. Riders that pay benefits for events other than death will likely reduce the policy’s death benefit and cash value.
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Securities offered through LPL Enterprise (LPLE), Member FINRA/SIPC, and an affiliate of LPL Financial. “Prudential Advisors” is a brand name for the proprietary retail sales channel of The Prudential Insurance Company of America (“PICA”) and its insurance company and other affiliates (collectively “Prudential”). Prudential Advisors financial professionals are licensed insurance agents of Prudential. Pursuant to a strategic relationship among Prudential, LPLE, and LPL Financial, Prudential Advisors financial professionals provide securities brokerage services through LPLE, an affiliate of LPL Financial. These financial professionals are permitted to brand under “Prudential Advisors.” LPLE and LPL Financial are not affiliated with Prudential.
This newsletter is general educational information provided by a Prudential Financial Professional and is not intended to market or sell any specific products and services, but rather provide general information about the subject matter covered only. Prudential Advisors and LTM Marketing Solutions, LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Marketing Solutions, LLC, an unrelated third party. Articles are not written or produced by the named representative.
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