Nicole Simpson, President of Go Fund Your Life, Offers Indexed Annuities to Overcome Growing Financial Challenges in Retirement
Columbus, OH, April 25, 2022 (GLOBE NEWSWIRE) — The retirement age in the United States is rising even as a person’s average income 65 and over is less than $39,000, but a financial guru advises his growing list of clients on the possibility of having a higher and more stable income in retirement through annuities.
Annuities, a form of insurance, provide investors with a guaranteed lifetime income stream that can often be a vitally important supplement to Social Security payments. They were once in fashion decades ago. Companies guaranteed pensions, which meant that most workers could expect a comfortable life after they stopped working. More recently, 401(k) accounts and other funds have become common, although the employee is vulnerable to market volatility with these investments.
“Many employees these days aren’t offered any retirement plans or are only offered complicated choices like the 401k with little or no education on the subject,” says Nicole Simpson, president of Go finance your life, a financial advisory firm in Columbus, Ohio. “That leaves many working-class Americans with little or no retirement savings.”
The need for a different approach to retirement planning
Simpson’s experience in financial planning for retirement, life insurance, etc. dates back to June 2008, when she joined New York Life at a time when financial skies seemed to be falling. She saw hundreds of retirement portfolios halved or worse when the markets fell in 2009, leaving people on the verge of retirement without realizing their retirement dreams. Since then, she has developed an impressive understanding of the industry which has led her to focus on providing comprehensive retirement savings advice to people from all walks of life.
Go Fund Your Life’s team of financial experts offers free consultations for those interested in using an annuity as a more stable alternative to other retirement funds. Simpson also provides the education and tools clients need to try to reach their savings goals.
The firm’s specialties include setting up retirement plans for micro and small businesses with 2 to 500 employees with contributions starting at $50.00 per payroll using voluntary payroll deducted IRAs. These plans incur no administrative costs for employers, but offer a turnkey option for employees to save for their own retirement.
For people who have accumulated funds in a work-based retirement plan like a 403b or 401k, the company offers IRA rollovers in an annuity to lock in accumulation and ensure savings never run out during retirement. “It’s kind of like the game show ‘Weakest Link’ where you hit the BANK button to lock in your accumulated winnings.” Rolling over from a retirement account to an annuity allows a person to bank any gains made in riskier retirement plans without protection against market downturns.
Go Fund Your Life brings back pensions
“My goal is to bring attention to the use of annuities in retirement planning to create a guaranteed lifetime income stream to supplement Social Security, like our grandparents did,” Simpson says. “In 1986, when my grandfather retired from working 35 years for Rockwell International, now Boeing, he received a gold watch and a pension that guaranteed him a lifetime income which he associated with his social security to live a comfortable life.” That’s what most retirees want, a comfortable life without fear of running out of money.
In addition to providing lifetime income streams, many annuities offer other attractive benefits such as bonus interest credit on new deposits, which immediately increases accumulation value. Other attractive features may include increased benefits for qualifying health care needs such as home health care or nursing home stays. Cost of living adjustments to keep monthly payments in line with inflation and penalty-free emergency withdrawal options.
A key element of a proven retirement plan is stability and consistency. That’s why, after creating retirement plans for clients through two recessions, Go Fund Your Life’s created a team specializing in creating guaranteed retirement income streams through annuities.
Micro and small business owners and individuals can incorporate annuities to create a foolproof retirement plan strategy that is not at the mercy of future economic downturns.
“Imagine working your whole life with the vision of retiring and living comfortably, only to realize that you didn’t have enough income in the last decades of your life,” Simpson says, referring to a situation which is unfortunately the reality of American retirees. “We are on a mission to change that statistic. We are bringing back pensions.
This article is for informational purposes only, you should contact a licensed financial professional for specific and personalized retirement planning.
Name: Alex Starr