Experts suggest different approaches to determine how much you need to save for retirement. Some say to save at least 8-10 times your annual salary for retirement. Others recommend having at least 65% to 80% of your pre-retirement income available for each year you plan to spend in retirement. The amount you need to save for retirement depends on your desired lifestyle, retirement date, and income sources to draw from. The following guidelines can help narrow down your numb

A variable annuity is a type of insurance contract that combines investment with retirement income protection. Because the contract is invested in subaccounts tied to underlying investments, such as stocks, bonds, and mutual funds, it can offer higher returns than fixed annuities. A variable annuity might be a good option if you want to stay ahead of inflation and increase the value of your retirement savings. The following information can help determine whether one might b

A variable annuity is a retirement account. The account owner can use the funds to provide a regular monthly income, subject to the fluctuations in the value of the investments chosen for the account. The value of a variable annuity depends on the owner’s tax situation, investment and retirement objectives, and time horizon. Talking with a licensed financial professional can help determine whether a contract is right for you. What Is a Variable Annuity? A variable annuity

An annuity is a contract purchased through an insurance company that guarantees income for a specific number of months or years. You receive a monthly income in an amount set when you fund the contract: An annuity can be purchased through a lump-sum payment or a series of payments to the issuer. The money grows tax-deferred through interest payments or investments in a market index or stock portfolio. You receive immediate or deferred payments, depending on the timeline selec

A fixed annuity is a stable, long-term investment product offering guaranteed returns and predictable payouts. Insurance companies sell the contracts as stable options for retirement savings. Tax-deferred growth and protection from market volatility are attractive features of a fixed annuity. However, the investment product lacks inflation protection unless riders are added, and the surrender charges for early withdrawals limit liquidity. Learning about the pros and cons