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Best Annuity Rates in Los Angeles (and Goals That Everyone Should Shoot For By Retirement)

By: Income for Life
People in Los Angeles are preparing for retirement and looking for the best annuity rates, and if you’re among them, congratulations! You’re doing the right thing for yourself. However, it can be a hassle to shop for the best annuity rates, no matter where you are. Every insurance company is different and the rules, terms, and fees all vary. When you want the best rates, what you really want is the highest income, and you want it to be guaranteed for life. Here’s the fastest way to get that: Simply talk to the folks at Income for Life. We’re here to guide you through the maze of retirement investment decisions so that you can make the best choice for your needs.

With that in mind, here are a few pieces of advice that we’d recommend that everyone should shoot for hitting by retirement. Not all of these goals will be possible for everyone to hit, but they are good to shoot for. Set these goals to protect yourself

Simple Goals That Should be No-Brainers To Shoot For By Retirement

1. Own your own home

If you own your own home free and clear, you won’t owe a mortgage payment any more. You will still have some housing costs, but these things won’t be nearly as expensive as paying for your mortgage (or worse, paying monthly rent). If all you have to cover is your property taxes and your home maintenance costs, it can go a long way towards giving you the lifestyle you want in your older years.

2. Get out of debt

If you are in credit card debt or have car loans or other types of debt, now is the time to eliminate those debts. Monthly payments for any kind of debt reduce the amount of your income that’s actually available for buying things now. It’s bad enough when you’re bringing in your salary, but it becomes even worse when you switch over to a fixed income. Do everything that’s in your power to eliminate the debts that you have and live a lifestyle where your income exceeds your expenses so that you don’t go back into debt. You’ll thank yourself once you retire.

3. Save a nest egg that’s big enough to provide income for your entire life

Your savings and investments are something that you amass throughout your whole life, and it goes without saying that the more you have when you retire, the more comfortable you’ll be. No matter how far away from retirement you are, you may be wondering, “Is my nest egg big enough? Will it last me for my whole life?”

When you’re looking for guaranteed, lifelong income, one of the best items to include in your portfolio is an annuity. This is a product issued by an insurance company rather than the banks. You deposit a lump sum, and then you receive guaranteed income payments for the rest of your life, even if your principal runs out. There are many different types of annuities that offer different features, so the best way to narrow down your choices to find the best one for you is to talk to the financial advisors at Income for Life. Also, there are multiple different insurance companies that issue annuities, and you want to make sure that you’re getting one from a stable insurance company that’s not going to go under, taking your deposit with it.

4. Be as fit and healthy as possible

You can’t always choose how healthy you are, but you can do what’s available to promote your maximum health. Eat a healthy diet and exercise regularly. Do what you can to promote your vitality and ability to enjoy your retirement years to the max. You’ll not only improve your quality of life, you’ll decrease medical expenses related to avoidable health issues that come from chronic toll on the body. It takes intentionality to optimize your health, but the rewards are worth it.

5. Provide for your long-term care

If you’re anything like us, you dread the thought of going into a nursing home when you’re older. However, don’t let a dreaded thought simply be one you never think about. The best way to avoid an undesirable outcome is to plan for the outcome you DO want, rather than leaving it to chance or your family’s goodwill. What do you want your long-term care to look like? Money can’t buy happiness, but it can give you a lot more choices regarding your long-term care. Medicare won’t cover long-term care, so it’s up to you to make those arrangements for yourself. When you provide a fund for yourself and include clear instructions about what your wishes are if you should ever require full-time skilled nursing care, you’ll be a lot more likely to be comfortable and taken proper care of.

6. Fund your children’s education

If you have any children, it goes without saying that you want to give them the best possible chance at life. An excellent education is a very strong part of giving your kids that leg up that they’ll need to be prosperous, contributing members of society. Depending on how old you were when you had your children, you’ll probably be starting to fund their educational costs well before you hit retirement age, but a great goal would be to have any student loans paid off before you hit retirement age. One important caveat: If you haven’t hit the other financial goals listed above, make it your first priority to fully fund your retirement account first. Then fund any education costs. If all else fails, your children can pay for college themselves.

The Common Element to Reaching All of the Above Goals

No matter where you are in life, and no matter how far away you are from retirement, there’s one common factor that’s required for you to reach any of the goals we’ve listed above. That element is your income.

Here at Income for Life, we understand that your income right now is the primary factor that drives your ability to have an income in retirement. The question is, are you optimizing the income you have now to ensure that you’ll continue to have an income for the rest of your life? Do you know how to invest your savings in the right combination of elements to give yourself the lifestyle you want after you retire? Are you managing all your risks and covering all your bases with a solid plan that gives you peace of mind about your future?

Contact Income for Life for a Free Consultation

The financial advisors at Income for Life are here to help you with everything from the overarching plan to the nitty gritty details, like the best annuity rates and the right type of annuities to include in your portfolio. Retiring is easy, but staying retired is difficult. We specialize in helping you stay retired. Call us today for a consultation with Matt Nelson about how you can hit your goals for retirement.

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