Retirement & Financial Services
At Regal Group, Inc., we help protect your wealth and secure your future.
Secure Your Retirement
Preparing for retirement involves more than just saving — it requires a strategy to turn your savings into reliable income. For many Medicare beneficiaries and retirees, three key components play a central role in this plan: annuities, Social Security, and broader retirement income planning.
Each of these tools contributes differently:
- Annuities can provide guaranteed lifetime income.
- Social Security timing can significantly impact your monthly benefit.
- Retirement income planning coordinates all income sources to ensure long-term financial stability.
Whether you're approaching retirement or already there, understanding your options can lead to a more confident and comfortable future.
Retirement Income Strategy
Annuities for Lifetime Income
Annuities are insurance contracts that offer regular payments in exchange for a lump sum. They can help bridge the gap between what you’ve saved and what you need for living expenses.
- Immediate Annuities start payments shortly after purchase — useful if you’re retiring soon.
- Deferred Annuities begin payments later, allowing money to grow tax-deferred.
- Fixed vs. Variable: Fixed annuities offer predictable payments, while variable annuities may fluctuate with market performance.
Annuities are particularly helpful for covering essential expenses like housing, food, and healthcare throughout retirement.
Maximizing Social Security Benefits
When you claim Social Security significantly affects the size of your benefit. Timing your claim well can mean thousands more over your lifetime.
- Claiming before full retirement age reduces your monthly benefit permanently.
- Waiting until age 70 increases your benefit each year you delay.
- Married couples can coordinate spousal benefits to maximize household income.
Social Security should be viewed not just as a government check, but as a key piece of your broader income plan.
Coordinating Your Retirement Income
Retirement income planning ensures your money lasts. It involves structuring withdrawals, minimizing taxes, and planning for healthcare costs and inflation.
A well-designed plan considers:
- When to withdraw from retirement accounts (IRAs, 401(k)s)
- Which accounts to draw from first
- How to integrate annuity income and Social Security
- Emergency fund planning and long-term care
Creating a retirement paycheck from multiple sources requires balance and foresight.
Smart Retirement Questions
- Do I need guaranteed income beyond Social Security?
- What’s the best age for me to claim Social Security based on my health and needs?
- Should I consider an annuity, and if so, what kind?
- How do I coordinate withdrawals across accounts to reduce taxes?
- What risks could impact my retirement income, and how can I prepare for them?
These questions can guide meaningful conversations and help you build a plan you feel confident in.
When to Start Planning
Ideally, retirement income planning should begin 5–10 years before your target retirement date. However, it’s never too late to improve your plan.
- Ages 55–60: Consider retirement timelines, Social Security projections, and annuity options.
- Ages 60–65: Finalize withdrawal strategies, estimate healthcare expenses, and review guaranteed income options.
- Post-65: Regularly review and adjust your plan to accommodate market changes, inflation, or personal needs.