Insurance companies offer products called "Fixed Annuities," which are contracts/policies between you and the company. The type of contract we are referring to here provides an income either for a specified period or the rest of your life.
You can set this type of contract up immediately and have your income checks start 30 days after issue, or you can choose from several methods of growth and start your income at a later date. With this option, you can choose a guaranteed income that can not be changed (known as annuitization), or as a withdrawal benefit that guarantees your income but you can access the principal in the event of an emergency.
To speak to our Chartered Financial Consultant about developing a retirement plan based on income, contact our office today and use the keyword "Income'' in the subject line.
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