Enhancing Retirement Income with Annuities
Congratulations! You’re in the home stretch toward retiring!
Securing a comfortable and satisfying retirement is your focus.
You’re thinking about how much income your retirement savings need to produce. As a baseline, you want to create enough cash every month to:
Pay all your bills Meet your spending needs
Most important, you want that cash flow to continue for as long as you live.
We’re here to help.
As you choose to receive retirement income from an annuity, keep in mind that you may depend on that income for years ... even decades. So company strength, stability and staying power truly matter.
Our annuity benefits are backed by the claims-paying ability of issuing companies that are part of the Western & Southern Financial Group. In upholding its relationships and responsibilities, Western & Southern draws on its:
Single Premium Immediate Annuity Group Contract series ENT-08-2207 WSA issued by Western-Southern Life Assurance Company.
Payment of benefits under the annuity contract is the obligation of, and is guaranteed by, the issuing company. Guarantees are based on the claims-paying ability of the issuer. Products are backed by the full financial strength of the issuing company. Earnings and pre-tax payments are subject to income tax at withdrawal. Withdrawals may be subject to charges. Withdrawals from an annuity are subject to ordinary income tax, and, if taken before age 59 ½ may be subject to 10% IRS penalty. An annuity is a long-term financial vehicle designed for retirement. An insurance company accepts premiums and provides future income or a lump-sum amount to the contract owner by contractual agreement. An immediate annuity is permanent. Owner has no access to premium, which converts to an income payout stream. There is no cash value, no death benefit and the annuity can’t be surrendered. Contract terms, such as payment amount and frequency, cannot be changed, unless commutation is available and elected. An immediate annuity should not be purchased if access may be needed to any of the premium for living expenses or other purposes.
Annuity products are not bank products, are not a deposit, are not insured by the FDIC, nor any other federal entity, have no bank guarantee, and may lose value.
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What’s a Single Premium Immediate Annuity … or SPIA?
The name may seem long and complicated. But the concept is simple.
In short, a SPIA has just 2 steps:
Step 1: You make a one-time upfront payment.
Step 2. You get regular retirement payouts -- immediately.
Best of all, those payouts can last a lifetime.
If you live to 100 … it pays to 100. If you live longer … it pays longer.
So you never stop receiving income no matter what happens with rates or markets.
In some ways, A SPIA works like a pension plan.
Plus, it’s customizable with dozens of different payout possibilities.
And SPIAs typically have no added fees due to their simplicity.
For a final fact, SPIAs are actually the oldest form of income insurance. They date to Roman times when soldiers received lifetime payouts for their service.
Of course, these days, you don’t have to march into battle for lifetime income. You can get it from an annuity provider.
See if a SPIA suits your retirement needs. Contact us to learn more.