Social Security and pensions pay for life. For most people, savings is the one part that doesn't, unless you plan it that way.
Guaranteed income is built to take the first two off the table, and some options include features that can help with the third.
Turn a 401(k) or IRA into your own personal pension, a paycheck that arrives every month.
Pair guaranteed income with Social Security so housing, food and health costs are covered every month.
Protect the money you'll need first from a downturn right when withdrawals begin.
Joint lifetime income that keeps paying the surviving spouse.
Income now, so your Social Security can keep growing until 70. Claiming strategy
Turn part of your TSP into lifetime income alongside your FERS pension, or help fill the gap if you choose a reduced survivor election. Survivor benefits
A fixed annuity locks in a rate for a set number of years, with tax deferral along the way.
Some annuities increase income if you need help with daily activities. Long-term care
A guaranteed rate for a set number of years, much like a CD with tax deferral.
Growth linked to a market index, with protection from market losses.
An optional feature that guarantees lifetime withdrawals, usually for an annual cost.
Income that starts within a year of purchase.
Income that starts on a future date you choose.
Travel, gifts, hobbies, time with the grandkids. This money can stay invested and flexible.
Housing, food, health care and insurance, covered by Social Security, pensions and annuity income.
What you spend, and the income you already have.
The difference between your needs and your guaranteed income.
Several options, each showing the average, best and worst outcomes over a ten-year look-back, using dates you choose.
On your timeline, with every number explained.
Depending on the product and options chosen, remaining value or a death benefit can go to your beneficiaries, and joint options keep paying your spouse.
Most annuities allow some penalty-free withdrawals each year. Larger withdrawals during the surrender period can carry charges.
Guarantees are backed by the issuing insurance company's claims-paying ability. States also have guaranty associations, with limits that vary by state.
Many fixed and fixed indexed annuities have no annual fee. Optional riders usually carry an annual cost.
Growth is tax-deferred. Withdrawals of earnings are taxed as ordinary income, and withdrawals before 59½ may face a 10% IRS penalty.
Usually only part of your savings goes toward guaranteed income. The rest stays flexible.
Build your income floor from every source. Open the planner
Compare growth and guaranteed income. Open the calculator
See how your savings line up with your comfort with risk. Learn more
A free conversation to compare your options and find the mix that fits the retirement you're planning.
Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Annuities are long-term products and may include surrender charges, fees and limitations; optional riders are available for an additional cost. Fixed indexed annuities are not a direct investment in the stock market or any index. Withdrawals of earnings are subject to ordinary income tax and, if taken before age 59½, may be subject to a 10% IRS penalty. Annuities are not FDIC insured. State guaranty association coverage limits vary by state. Octus Financial does not provide tax or legal advice.