Scott Kenik discusses how annuities can benefit pre-retirees.
Listen to the interview on the Business Innovators Radio Network:
Scott explained: “An annuity is an financial product that protects the investors account and provides income payments to the investor over a pre-determined period. These payments can be made either as a lump sum or in regular intervals, depending on the annuity contract terms. Pre-retirees often use annuities to supplement their retirement income and provide financial security in their retirement years.”
There are several advantages to investing in an annuity for pre-retirees. An annuity can provide guaranteed income throughout retirement, reducing the risk of outliving one’s savings. Moreover, many annuities offer tax deferral benefits, meaning that any earnings from the annuity will not be subject to taxes until withdrawn. This can help pre-retirees minimize their tax burden and ensure they have more money to use when needed.
Annuities also often offer death benefits, which provide a lump sum payment to the beneficiary of an annuity contract in the event of the owner’s passing.
Scott added: “Investing in an annuity can be a great way for pre-retirees to secure financial security and supplement their retirement income. It is important to do your research and understand all of the terms of an annuity before making any decisions about investing in one. Additionally, it may be beneficial to speak with a financial advisor or other professional who can help you determine whether an annuity is right for your situation.”
About D. Scott Kenik
Scott first started in the industry back in 1995. He spent several years educating financial advisors from Merrill Lynch, Morgan Stanley, Prudential, and other national companies on retirement plan design, and he worked for Metropolitan Life helping them launch a new retirement program.
There were two significant events in his life that led him to his current and most rewarding path of helping families gain financial security.
The first was his parents’ retirement problems. They spent much of their retirement taking seminars and learning about investing and they traded their own accounts to supplement their retirement income. As far as he knew they were successful. They never said otherwise.
When his dad passed, his mom told him that, in fact, they had lost a lot in the stock market and she was concerned about having enough money to live on. Now, they were both smart people and had dedicated a lot of their time to learning about investing. Instead of mom enjoying her golden years, she pinches every penny hoping that her money will last.
The other significant event was the economic crash in 2008 from the mortgage crisis. He watched his retirement account drop like a rock, as did his friends and associates. He knew there had to be a better way.
If a No-Stress Retirement is your goal, feel free to contact Scott for a complementary Wealth Concepts Group consultation.
Learn More: https://wealthconceptsgroup.com/
and get a complimentary copy of Scott’s book “No Stress Retirement Roadmap https://www.nostressretirementroadmap.com/
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