Expand your income options with retirement annuities. An annuity is the ideal choice to supplement your pension and Social Security benefits.
An annuity is an agreement for one person or organization to pay another a stream or series of payments. In our case, it is an agreement between you and an insurance company. In this time of uncertainty, an annuity can bring peace of mind. Once the payments to you begin, they will continue for your lifetime and that of your spouse, or a specified period you determine. There is an additional type of annuity that allows you to begin and stop your income flow (allowing you to earn extra interest) based on your needs. Of course, you may restart the payments to you at later date.
Annuity vs. Life Insurance
While both include death benefits, the conventional wisdom is that you should buy life insurance in the event you die too soon and an annuity when you expect to live beyond your retirement savings. In other words, life insurance provides economic protection to your loved ones if you die before your financial obligations to them are met, while annuities guard against outliving your assets.
Planning for Long-Term Care
This type of coverage allows you to stay at home and protect your family from the strain of being full-time informal caregivers. People often delay planning for long term care because they do not want to think about a time when they might need it. However, if you wait until you need services, your options will certainly be limited. 70% of people who turn age 65 will need long term care sometime in their lives. The more startling figure is that 41% of people under age 65 will also need long term care. The current costs vary in Pennsylvania, depending on the variety of care.
For a private bed in a nursing home it costs approximately $11,000 per month. For home healthcare 5 days a week, 260 days/year the cost is approximately $5,000 per month.
Bonus Services (ancillary services)
Accident and Hospital Indemnity, Short Term Care, and more!