Tips to Ensure Your Retirement Savings Last for Your Entire Life
Article by TIAA Staff
BUSINESS CENTS
(BPT) - Regardless of age, most individuals share a common financial goal: to retire with the confidence that they have enough money to last a lifetime. With some smart planning, simple steps and useful tools this goal can be achieved. The problem is that the anxiety caused by uncertain variables can chip away at confidence quickly. In fact, just three in 10 people say they are very confident they will always feel financially secure, including during retirement, according to TIAA's 2019 Lifetime Income Survey. Uncertainty about the future of social programs and market performance, concerns about unexpected expenses and investment losses, and fear of saving too little are all major detractors of confidence. Regardless of your age or where you are in the process of saving for
retirement, there are simple steps you can take to increase your financial confidence today.
Secure income for as long as you live.
One of the best ways to improve your financial security is by guaranteeing that no matter how long you live, you will receive monthly income that will cover routine costs. Fixed annuities are the only product that guarantees a regular stream of income in retirement that cannot be outlived. They provide guaranteed lifetime income to give workers saving for retirement a method for insulating themselves from financial risks, such as the impacts of stock market volatility, longevity risk and even cognitive decline.
Of those who participate in a company retirement plan, the 2019 Lifetime Income Survey found that nearly seven in 10 (69 percent) cite guaranteed income for life as one of their top goals for their retirement plan and almost half (45 percent) say that guaranteed income for life is their very top goal. TIAA offers fixed annuities that are guaranteed to grow every day during your savings years regardless of market fluctuations and provides guaranteed monthly payments