What Does Lifetime Income Mean? How to Ensure a Secure Financial Future

Shawn Plummer

CEO, The Annuity Expert

When it comes to our financial future, most want to ensure that we have a solid plan. We want to retire with dignity and comfort and without worrying about money. That’s why lifetime income is so important. This term refers to the amount of money that you can expect to receive each month for the rest of your life. It’s a crucial concept for anyone looking to secure their financial future. This guide will discuss what lifetime income is and how you can make sure you have enough of it!

What Is Lifetime Income?

When most people think about retirement, they envision a time when they can finally relax and enjoy their hard-earned leisure time. Instead, however, for many Americans, retirement is a period of financial insecurity.

Social Security benefits provide only a limited income, and pensions are becoming increasingly rare. As a result, many retirees are struggling to make ends meet.

One way to help ensure a comfortable retirement is to invest in lifetime income products. These products provide guaranteed payments for as long as you live, giving you the peace of mind that comes with knowing you will have a steady source of income.

Several lifetime income products are available, so contact us to find the best option for your needs. With a lifetime income product in place, you can relax and enjoy your golden years, confident in the knowledge that your financial future is secure.

Why Is Lifetime Income Important?

Lifetime income is necessary because it gives you a sense of security. It’s like a safety net that you can fall back on if something unexpected happens in your life.

For example, if you lose your job or encounter medical problems, having a lifetime income can help you keep up with your expenses and maintain your lifestyle. It’s also a good idea if you want to retire early.

With a lifetime income, you’ll know exactly how much money you’ll have each month, making budgeting and planning for retirement much more straightforward.

How Do I Generate Lifetime Income?

The only way to generate lifetime income on a guaranteed basis is through annuities.

An annuity is an insurance product that provides you with a stream of income for a set period of time, typically for the rest of your life.

What Is The Best Lifetime Income Strategy?

There is no easy answer regarding the best lifetime income strategy. However, there are a few things to consider that can help make the decision easier.

First, think about how much income you will need in retirement. Of course, this will vary depending on your lifestyle and other factors, but it is crucial to have a general idea.

Next, consider your sources of income. For example, will you have a pension or other retirement savings? If so, how much will they provide? Finally, consider an annuity, and estimate your future payments with our annuity calculator.

Finally, think about your risk tolerance. For example, are you comfortable with investing in stocks or other volatile assets? Once you have considered these factors, you should understand which lifetime income strategy is right for you.

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What Is A Lifetime Income Benefit?

A lifetime income benefit is a type of insurance that provides you with regular payments for as long as you live. The payments are usually made monthly and continue even if you retire or become disabled. Lifetime income benefits can be essential to your overall financial security, especially if you cannot work due to retirement or disability.

  • Annuities: There are a few different types of lifetime income benefits, but the most common is an annuity. Annuities can be purchased from insurance companies and offer tax-deferred growth potential. This means that your money can grow without being taxed until you withdraw it. When you do start taking withdrawals, they’re subject to ordinary income taxes.
  • Pension Plan: Another option for lifetime income is a pension plan. If you have a job that offers a pension, you may be able to receive regular payments for life after retiring. Depending on the size of your pension and when you retire, your payments could be very small or substantial.
  • Social Security Income: Social Security is also a source of lifetime income for many people. If you qualify for Social Security benefits, you’ll receive monthly payments starting at age 62 (or earlier if you’re disabled). Your benefit will depend on how much you’ve paid into the system over your working years.

Lifetime income benefits can provide financial security in retirement, but it’s essential to understand how they work before making any decisions.

Contact us if you have questions about whether a lifetime income benefit is proper for you.

Next Steps

Annuities are the only way to generate lifetime income on a guaranteed basis. So if you’re looking for a secure financial future, it’s essential to consider annuities and how they can help you achieve your goals. Here at The Annuity Expert, we offer a variety of annuity products that can provide you with the peace of mind you need. So contact us today for a quote, and let us show you how an annuity can benefit you!

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Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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