Discover the Best Retirement Solutions for Married Couples
Our 403(b) Calculator for Couples helps you and your spouse plan for a secure financial future by estimating how much your retirement savings will grow. Use this tool to explore the best solutions for your unique retirement needs, whether you plan to transfer or roll over retirement accounts or fund with cash. Before you buy, shop with confidence using our broker services—completely free and with no obligation.
Rolling Over a 403(b) to an Annuity With a GLWB
Suppose you’re leaving your job, retiring, or want more control over your retirement income. In that case, you can roll over your 403(b) into an IRA annuity that includes a Guaranteed Lifetime Withdrawal Benefit (GLWB). The rollover is a tax-free transfer of funds from your 403(b) into an IRA annuity, meaning your retirement savings keep their tax-deferred status.
How the rollover works:
- Contact your 403(b) plan administrator and request a direct rollover into the annuity of your choice.
- Choose an annuity with a GLWB rider. This feature guarantees a stream of income for life, even if your account balance eventually runs out.
- The insurance company tracks two values: your actual account value and your “benefit base” (used to calculate income). Withdrawals are guaranteed from the benefit base, not just your account balance.
Why add a GLWB to your 403(b) rollover:
- Income for life: Ensures you’ll never outlive your retirement savings.
- Flexibility: Unlike traditional annuitization, you can stop income, take lump sums, or leave remaining funds to beneficiaries.
- Protection against market downturns: Even if markets fall and your account loses value, your GLWB payout is contractually guaranteed.
- Couples benefit: A GLWB can be structured for joint life, meaning both spouses are protected with guaranteed lifetime income.
Note: This 403(b) tool illustrates two types of annuity payouts: Advanced and Level payouts. An Advanced income annuity provides much higher income early on, then decreases after 10+ years. A level income 403(b) annuity, by contrast, pays the same amount every year for life. The quotes on this calculator are based on a single person’s lifetime. For a couple’s lifetime, please get in touch with us below, as couples are typically not the same age.
Why This Calculator Is Important
- Joint Planning: Helps married couples coordinate retirement savings and ensure financial stability for both spouses.
- Estimate Growth: Projects how your 403(b) investments will grow over time, assisting in better long-term planning.
- Rollover Guidance: Provides insight into transferring or rolling over retirement accounts effectively.
- Cash Contributions: Analyze the impact of additional cash contributions to your retirement fund.
- Custom Solutions: Tailors retirement strategies to suit your unique needs as a couple.
- Cost-Free Comparison: Allows you to explore options with brokers without any obligation.
403(b) Planning For You And Your Spouse
Feel free to contact us for help or advice on saving and withdrawing from your 403(b). The service is free of charge.