Solutions for a secure retirement
March 05, 2019
It’s never too early — or too late — to start planning for retirement. Whether you develop a financial plan just after landing a first job or you decide to review your plan down the road, the important thing is to make sure you’ve considered everything. The three major topics that most Americans in or near retirement are concerned about are:
- Outliving income
- Costs of aging care
- Leaving a legacy
While every individual’s situation is different, Gleaner Life has solutions to help resolve most every scenario involving retirement concerns.
One risk in retirement is running out of assets before you run out of time. The good news is that most everyone, whether single or married, is often well positioned to save for retirement.
Solution: Indexed universal life insurance
Strategic Choice Indexed Universal Life™ provides a blend of fixed and indexed accounts for building cash value. That cash value can be used to replace income shortfalls or expenses later in life. The flexible premiums also help with ever-changing circumstances.
Solution: Fixed annuities
Annuities provide balance to your financial plan by helping you build guaranteed income for life. Gleaner’s Foundation 9 flexible premium annuity 1 provides a competitive current interest rate with a minimum guarantee and allows for periodic contributions so you can add premium as you are able. When you’re ready to access your retirement funds, you have several options for turning your annuity into a steady stream of income, including guaranteed income for life.
Costs of aging care
Most individuals and their families only think about aging care options when care is needed. This is why it’s crucial to include medical care costs after retirement in your financial plan.
Solution: Permanent life insurance with Living Benefit Riders
In the event of a need for long-term care because of severe illness, you can utilize the chronic or critical care Living Benefit Riders that are built into Gleaner’s permanent life insurance plans. These riders allow for funds to be distributed for qualifying events to help cover costs associated with care expenses.
Leaving a legacy
If you’ve been focused on other life insurance needs up to this point, it might be time to start thinking more about the kind of legacy you want to leave behind.
Solution: Permanent life insurance
Gleaner Life’s permanent life insurance plans can be tailored to your unique needs. You can leave a legacy with both indexed universal life and whole life, each with their own unique benefits and features. Even more, you can choose to leave your legacy as a death benefit to whichever loved ones or charitable organizations you wish.
Similar to life insurance, benefits of an annuity can be a great way to save for the future while providing for loved ones in your absence. Should you die unexpectedly before annuitizing, the entire value of your annuity will pass to your beneficiaries without going through probate court.
There is really no perfect time to develop a financial plan — it’s about making sure you have a plan in place and that all potential concerns have been included. Whether you’re looking to secure coverage for the very first time or review plans you already have in place, take action this year and make sure you’re on your way to a secure retirement. Talk to your Gleaner agent, listed on the back of this publication, or visit www.gleanerlife.org/agents to find an agent.
Gleaner Life Insurance Society is domiciled in Adrian, Michigan, and licensed in AZ, FL, IA, IL, IN, KS, KY, MI, MO, NE, OH, PA, TN, VA and WV. Gleaner Form Nos. ICC17-IUL, ICC18-FPDA9 and ICC15-SPWL, all with state-specific variations. This ad is intended for informational purposes only. It is not intended to recommend a specific product, nor is it intended to provide any legal or professional advice. For information on possible tax implications, you should consult with a legal or tax adviser.
1Surrender charge of 9 percent in year one, decreasing by 1 percent each year until zero.