The clients are ages 69 and 71 and currently in the middle of retirement. Right now they are relying on their IRA’s to supplement social security and a small pension. At their current withdrawal rates they are going to run out of money in less than 15 years. They have lost significant value in the IRA accounts over the last few months and have become even more concerned about out-living their retirement accounts. If the market was to have another big downturn they are confident they would not be able to continue to live their with their current lifestyle.
Along with their qualified accounts they have a house that is currently paid off. The house provides an option to generate extra income, but they currently cannot afford to pay for a new mortgage payment.
We combined Annuities and Indexed Universal Life, to meet and exceed their income goals. Now the clients do not have to worry about a market downturn or losing even more value in their qualified accounts. Things that they currently were not prepared for such as inflation and not having guaranteed income are now incorporated into their proposed plan along with a death benefit on each spouse.
Now they have guaranteed lifetime income to meet their needs and we were able to generate extra disposable income!
If you have family memebrs or friends in the same or similar situation, please have them contact me for a free, no obligation, analysis of their situation.
All the Best,
-Michael-
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