What is an Annuity?
What is a Fixed Annuity?
What is a Fixed Indexed Annuity?
What is an Immediate Annuity?
What are Annuity Crediting Methods?
What are Annuity Payout Options?
What is an Annuity Fixed Account?
What is an Annuity Indexed Account?
What is Monthly Point to Point?
What is Annual Point to Point?
What is Annual Roll up?
What is Annual Reset?
Can I exchange my Annuity?
What is Bucket Methodology?
What is Triple Interest Crediting?
What is Spousal Continuance Provision?
Retirement Planning with Annuities by Maryland Annuity Resource
When can you really retire?
Maryland Annuity Resource offers Annuities, Fixed Annuities, Fixed Indexed Annuities, and Immediate Annuities in Maryland, Washington D.C. and Virginia. There are many choices for retirement investments and yes we have heard them all. However only you can be the judge of when you can retire. Some people think they can never retire, while others that educate themselves and stick to a plan know exactly when that day will come.
We have chosen Annuities as our investment choice for retirement income because considering all factors of all financial instruments out there. There is just no beating Annuities with everything they offer and guarantee.
I remember recently a news story where a 62 year old man committed a crime. Not a serious crime but one that would at least get him at least some time in jail. I remember the story because the man asked for a longer sentence in jail. Why in the world would any sane man ask for more time in jail? Well this decision from this man at the time was his best option and wanted to serve a minimum 5 years in jail. He was already a widow where his wife had passed several years before. He was on the brink of foreclosure and had a little savings but he could not figure out how to make that last as long as he needed. So when the judge passed on his sentence of 1 year in jail, he got really agitated and began to argue with the judge. When he didn’t listen to the judge or be quiet, the judge handed out more time for contempt. This action by the judge pleased this man but he was not satisfied. He even stated to the judge and questioned what crime could get him 5 years guaranteed in jail.
The judge was perplexed at the older looking gentleman that was before him not only for a petty crime but also contempt. Now this man is asking specifically what crime he could commit to get 5 years. The judge sensed something seriously wrong and asked for an explanation. The man held his head low and admitted to the judge that he didn’t have a plan. The judge was still confused and questioned the man again. The man stated again with sorrow in his voice that he didn’t have a plan and after looking at all of his options, he only had the option of going to jail. He stated that he was losing his home and did not have any where else to live and could not afford to even feed himself on his Social Security if he elected to start it. He told the judge that even if he served a year, that as soon as he was released he would commit another crime to serve time in jail until he reached 67 years of age. He stated that at age 67 he thought he could afford a small apartment and food so he demanded then that the judge give him more time.
The judge did grant his wish and gave him 5 years in jail for a petty crime that usually only required a little over a year. When the news got ahold of this story, first the judge was attacked for taking advantage of seniors, the government was scorned for not having a higher social security benefit, and everyday people took a hard look at their own situation.
I really don’t know what happened to that man, or even if he was released and drew social security. But his actions and the story struck a nerve in me. You see I was very close to my grandfather and grandmother and lived most of my life around older people. Some of their wisdom did rub off on me and I would always remember how frugal they were and made every penny count. I even remember one day I got a refund check in the mail for .17 cents and I was really in the need for more than just that amount. I foolishly complained that it was only .17 and even stated that I was just going to throw it away.
Well my wise elders told me to sign the back of the check and they would take it. I did and gave away a whole .17. I really didn’t understand money at that age, but I did understand not having enough and always wanting more. I was young and energetic and had the world in front of me and knew I would make it. However I didn’t realize at the time was that my grandparents were on a fixed income and could not get a job, even if they had the energy. They were trapped in an income bracket that made their whole world on edge, instead of having the life they worked so hard for. I knew they worked hard, my whole family worked hard. But the biggest question I always asked, why didn’t they make the choice to have their money work hard for them.
Then one day, a man in a suit showed up and I was asked to play outside. The man that came that day was from a bank and I later found out that a reverse mortgage was taken on the house. Reverse mortgages are ok in some situations but I was under the impression that the home was paid for. Boy are we stupid when we are younger. We all have our own stories of how we were raised, what good things happened as well as bad things. During the 80’s it was mostly bad. But now times have changed and everything is even more expensive. How in the world am I and even the younger generations be able to retire? It almost seems that retirement is only for the lucky ones, or the rich ones.
We believe that you can retire when ever you want. There are many things to consider. There are tons of useful tools out there like retirement calculators, and hypothetical financial tools that try to forecast the future. No one know what the future holds, but we can plan for the worst. We plan for the worst and if the worst does not happen, then you are ahead. We want you to retire comfortably, not on edge of the next financial calamity. The bottom line is you have to save more than you more than you spend and plan ahead. We can help you plan, but if you do not listen to the plan and start feeling like a lost cause, you will work until you die.
You have to decide on a date, a time, and a place. Those plans will change, and if 50% of your plan is successful at least you had a plan. Not everyone wants a vineyard in the south of France, and not everyone wants to retire in Maryland, Washington D.C. or Virginia. But if you do, you better start a plan and keep it. What ever your plans are, we can show you ways to help make that plan a reality. We look forward to working with you and will do all we can to help you to make your retirement the one you really want.
For a When can I retire consultation, click here.