If you’ve ever worried about outliving your retirement savings, you’re not alone.

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A recent study found that 67 percent of Americans would be willing to take smaller pay increases in exchange for guaranteed income in retirement. In the same study, 78 percent said the disappearance of pensions has made it harder to achieve the American dream.1

With pension offerings on the decline, maybe it’s time to consider an annuity as part of your retirement income strategy.

An annuity is a contract you purchase from an insurance company, and they can help ensure a portion of your retirement income will be guaranteed.* After purchasing an annuity, your money will be able to compound, tax-deferred, until withdrawn. When you are ready to receive income distributions, this financial vehicle offers a variety of guaranteed* payout options — some even for life.

1 The National Institute on Retirement Security. “Retirement Security 2015: Roadmap for Policy Makers – Americans’ Views of the Retirement Crisis.” March 2015.

* Guarantees backed by the financial strength and claims-paying ability of the issuing insurer.

Purchasing an annuity inside a qualified plan (retirement plan) that provides a tax deferral under the internal revenue code provides no additional tax benefits. An annuity used to fund a tax-qualified retirement plan should be selected based on features other than the tax deferral. All of the annuity's features, risks, limitations and costs should be considered prior to purchasing an annuity inside a qualified retirement plan.

Withdrawals will reduce the contract value and the value of any protection benefits. Additional withdrawals taken within the contract withdrawal charge schedule will be subject to a withdrawal charge. All withdrawals are subject to ordinary income tax and, if taken prior to age 59 ½, may be subject to a 10 percent federal additional tax.

We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives.

Investment advisory services may be offered through Global Financial Private Capital LLC, an SEC Registered Investment Adviser, or Howard Bailey Securities LLC, a Registered Investment Adviser.