While company pensions have historically been the primary method by which the vast majority of workers save money for retirement, in the last decade or so, these pensions have become a ghost of corporate America’s past. The longstanding 401(k) might help workers save pretax dollars, but it has also shifted the responsibility for retirement planning to the individual. In fact, 401(k)s are fraught with market risk, as many employees saw during the 2008 crash. This underlying fear of losing retirement savings and having to return to work has caused a lot of people to turn to annuities due to their more stable and predictable nature. If you are considering a shift from a pension plan to an annuity, here are four facts you should know in order to assist with your financial planning. FROM PENSIONS TO ANNUITIES
Many annuities come with guarantees.
Because annuities are contracts between you and an insurance company, the insurance company often guarantees that your principal will be protected based on the
annuity’s financial strength and claims-paying ability. This option provides people with more comfort and security due to the fact that most annuitie They’re not right for everyone. If you have any serious health-related concerns that may affect your longevity, annuities may not be the best financial retirement option for you. Additionally, surrender fees apply if you opt out of your contract early. If you want more information about annuities and pensions or have any questions regarding your financial planning, please give us a call at 614-408-0004.
Annuities are like a pension you purchase for yourself.
Although the process of purchasing annuities can seem intimidating, it’s easiest to think about them as a way for you to transform your savings into income. When you purchase an annuity, you are exchanging money for an agreed-upon monthly payment.
There are many different types of annuities.
Some of the most common annuities are variable, fixed rate, and fixed indexed, and each of these types has different features. In order to find the best annuity for your specific financial situation, we recommend that you work with a trusted financial advisor.
SUDOKU
GRILLED LEG OF LAMB
This recipe is the perfect centerpiece for a late summer cookout or an easy family dinner.
INGREDIENTS
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1 4–5-pound boneless leg of lamb, not butterflied
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2 tablespoons fresh rosemary, minced
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1/4 cup extra-virgin olive oil
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Salt and pepper, to taste
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8 cloves garlic, smashed and coarsely chopped
DIRECTIONS
1. On a large cutting board, cut between the muscles on the leg of lamb to divide into 4 pieces, pulling apart with your fingers if need be. 2. In a mixing bowl, combine olive oil, garlic, and rosemary. Add lamb and toss to coat. Marinate for 4 hours at room temperature. 3. Heat grill to medium-high. Season lamb with salt and pepper and grill until lamb reaches an internal temperature of 130 F (medium rare). Cook time will vary depending on size of lamb pieces. 4. Let lamb rest, covered with tin foil, for 15 minutes. Slice thinly and serve.
Inspired by Food &Wine magazine
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