Retirement Planning FAQs

A good financial plan for retirement is one that ensures your money is protected and enough for you to live your retirement dreams.

When you are no longer employed with your former employer who offered your existing 401K (no longer making contributions), you are able to withdraw or roll over into a type of IRA (annuity), for example. If you withdraw before the age of 591/2, there are federal taxes that will be subtracted.

Annuities are a contract between the policy owner (you) and the insurance company that shifts a portion of risk away from you and onto the company. Income annuities can offer payout for life or a set period of time in return for a lump-sum investment.

401K and annuity both serve as retirement planning solutions. A 401K is an employer-sponsored retirement savings plan where you contribute part of each paycheck into a retirement account, where you can generally invest your assets in various types of mutual funds or stocks. Some people have both, others have either or. Which is better depends on your retirement goals.

A good monthly income to retire on will depend on your retirement age, lifestyle and expenses.

Annuities are protected from stock market losses.

Insurance agents are paid on a commission basis from the insurance carrier/company. Your contributions go directly to your annuity policy/contract.

IUL stands for Indexed Universal Life. Yes, IUL can be designed for supplemental retirement and other life purposes. Here is my blog post about IULs: https://speakgenwealth.com/why-iul-is-a-bad-investment/

Every retirement plan is different and based on one’s contributions and financial goals. A licensed financial professional can design a plan specifically for you. I can design a custom illustration for you during a free consultation: https://speakgenwealth.com/contact/