​Retirement income that’s guaranteed for life can be a valuable resource. It provides you with financial certainty so you can make informed spending decisions. Guaranteed income isn’t impacted by market volatility, which could reduce your anxiety about the future. Best of all, you can’t outlive guaranteed income, so there’s no risk of running out of money in the later years of retirement.
 
Unfortunately, guaranteed retirement income isn’t as common as it used to be. Most retirees can count on Social Security benefits, which are guaranteed for life. For most people, however, Social Security is likely to be insufficient to fund a full retirement. Pensions are also disappearing from employer benefit offerings. Many retirees will likely have to rely on withdrawals from savings to pay for their retirement expenses.
 
However, you have the option to create your own stream of guaranteed lifetime income by using an annuity, specifically something called a single premium immediate annuity (SPIA). A SPIA is an insurance policy in which you convert a lump sum of assets into an income stream that lasts for a specified period of time, usually life. SPIAs aren’t right for everyone, but they can be helpful tools for some retirees.

​Have you put off saving for retirement? You’re not the only one. According to a recent study from the Economic Policy Institute, the average family between the ages of 44 and 49 has only $81,437 saved for retirement. That number is $124,831 for those between ages 50 and 55 and $163,577 between ages 56 and 61.1 While those numbers might represent a good start, it’s fair to say they’re not sufficient to fund a long retirement.
 
The good news is it’s never too late to get started. You may have to make some adjustments to your plans and vision, but with some discipline and focus, you may still be able to fund an enjoyable retirement.

​A key goal in any retirement plan is to minimize expenses so your assets last as long as possible. There are a number of cost-cutting measures you can take in retirement, such as downsizing to a smaller home or reducing your amount of discretionary spending on things like dining out and shopping.

When you picture your retirement, working at a part-time job might be the last thing on your mind.  But that's exactly what many retirees have chosen to do, for a variety of reasons. In fact, statistics from the American Association of Retired Persons (AARP) demonstrate that 20 percent of Americans over age 65 are still employed to some degree.

In a few cases, these working seniors represent those who just haven't retired yet. But many people initially retire, only to re-enter the workforce at a later time. If you're wondering why, the AARP gives five main reasons that working in retirement is a common choice among senior citizens.

They're bored. Most of us believe that we can't wait to stop working and enjoy our retirement years. But many seniors actually discover that they're bored after their careers have ended! By returning to work, at least part time, seniors stay active and feel engaged in their communities.

They've been pursued. It feels good to be wanted, and many employers are actively seeking older workers!  The experience level, maturity, and high degree of skill displayed by retirees are highly valued attributes in the working world. It can be hard to say no when employers pursue you!

They just don't feel “done”. Many of us pursue careers that pay well, but that we find emotionally unfulfilling. It's understandable to make this choice when we have bills to pay and a retirement plan to fund. But later in life, we may decide that we're ready to take on a second career that we truly enjoy, or that makes a difference in the world.

They can afford to do it now. Sometimes the more fulfilling jobs are the lower-paying ones. But now that your primary career has funded a comfortable retirement, and you've claimed your Social Security benefits, you may find it possible to take on a rewarding position doing something you truly love.

They need the income. Sometimes working in retirement isn't all about personal fulfillment or staying active. Some seniors retire to find that their retirement income doesn't quite provide for the lifestyle they truly want. In that case, a part time job can help pay the bills or fund an annual vacation.

If working in retirement sounds like fun, then go for it! But if you don't want to be forced back to work out of necessity, then you need to make sure your retirement plans are in order. Schedule regular meetings with your retirement planning professional to make sure that your financial plans align with your ultimate retirement goals.

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