Annuities: How to Turn Retirement Savings into Retirement Income
Will you have enough income for retirement? Is enough of it guaranteed for life so you don’t need to worry about running out of money if you live to a ripe old age?
Social Security payments equal only about 40% of the average wage earner's pre-retirement income. If, like most people, you don’t have a traditional employer-provided pension, you’ll have to make up the rest. A rough rule of thumb is that you’ll need 80% of your pre-retirement income.
Let’s say you’ve done the right things. You’ve taken advantage of your employer-sponsored plan and have socked away money in your 401(k), 457 or 403(b) plan and invested wisely. You’ve also invested in an IRA and perhaps a
