There are many factors to consider when planning your retirement distribution strategy. These factors include:
- Marital status.
- Benefit amount.
- Longevity of other family members.
- Other funds you have available to produce retirement income.
Remember, your Social Security benefits don’t have to start when you retire. You can start your Social Security retirement benefits as early as age 62 or as late as age 70. In fact, it may make sense to wait a few years.
Delaying the start of your Social Security benefits will result in a larger benefit for the rest of your life. It may also help provide a larger survivor’s benefit for your spouse.
A Modern Woodmen representative can help you determine how to bridge the income gap from when you retire to when you start receiving Social Security.
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Single premium immediate annuity
Getting ready to retire? You face many risks, including increasing health care costs, the impact of inflation and market volatility. If you are like most, you feel the future of Social Security is uncertain and your employer most likely doesn’t offer a pension. The result? The largest risk you may face is the risk you will outlive your retirement savings.Single Premium Immediate Annuity