Guaranteed Retirement Income

By Wendy Fisher, Retirement-Online.com

Retirees, worldwide, need a guaranteed retirement income. Sounds so simple, and yet you know how difficult this is becoming in today's world.

You'd hope, in the least, that Social Security would have been Americans guaranteed retirement income -- but time will tell how that proves out. It's darn scary!

In 2010, Congress began to look at Americans without retirement savings. They have proposed the Retirement Security Needs Lifetime Payment Act... but whatever they choose to do, it's obviously going to take some time.

It's not a simple task. They need to find ways to help Americans to save for retirement, protect retirees and maybe retirement funds against the down markets, simply provide an income with some type of security. Again, thats not easy...

Retirement income via an Annuity can provide guaranteed lifetime income. You provide cash (either a lump sum or payments) and they in turn provide the income. Annuity providers love this idea as it could provide billions into their pockets!

There are 70 million Americans with no retirement plans via their employer. I think thats pretty darn sad...

Some Americans have retirement plans but they are defined contribution type plans so they have this savings account but still little security. Will that account provide a retirement lifetime of income.. maybe yes, maybe no. If the retiree uses the funds too quickly, they are gone. If the retiree invested in a poor market, the funds are gone or greatly reduced. If the retiree has one serious illness without health care, the funds are gone.

We are talking about guaranteed retirement income – a real monthly lifetime pension (which so many employers have changed from so they can dump their huge liability).

IF you have the choice between a LUMP SUM and a Guaranteed Lifetime Income – take the income. (OK, you must evaluate both.. but I'd bet that the lifetime income will exceed the lump sum). Consider the fact that you may live 20 yrs, 30 yrs, during your retirement years!

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