There are so many stories about entertainers, athletes, and lottery winners who have all lost their fortunes and ended up bankrupt. Each one of these people lost millions of dollars, and in many cases, enough money to last an average family for generations. When these stories come to light, people often make comments about how that would never happen to them, and that may be true. However, these stories do give us something to think about. Your retirement is very similar to winning the lottery. Once you stop working, you’ll likely be entering retirement with a large sum of money, sort of like winning the lottery. So, make certain that you know how long it will last and if it will be enough for you to comfortably enjoy your dream life in retirement.

It’s important to note that there are some common threads between many of the lottery winners that went bankrupt, and one of them is that they all suddenly came into large fortunes. Whether they were a struggling actor who got their big break or a lottery winner, their financial worlds changed overnight. They found themselves instantly wealthy but were ill-prepared for the responsibilities and decisions that come with it.

Imagine how differently their stories might have turned out if they had more financial discipline and the guidance of a qualified and trusted financial professional. So, why are we discussing this? The day you retire, you may have the most amount of money you have ever had at your disposal – it’s sort of like winning the lottery, except it’s a fortune accumulated over a lifetime of hard work instead of one moment of luck. This makes it even more valuable. So, do you have a solid plan in place and know how much you can safely spend each year? Do you have the right team in place to help guide you and help you avoid dangerous situations?

If you’re not completely sure about those questions, then it might be time we talk. If you want to be confident in your ability to live your life without running out of money, then don’t wait to sit down with us one-on-one. We help people prepare for retirement with our comprehensive planning process. We’ll cover all aspects of your retirement and help you plan for the years to come. It all starts by scheduling a complimentary financial review where we can review your current financial situation and discuss some of the available planning options that may work best for you.

Our mission is to help you plan for a meaningful retirement where you can achieve your goals without taking unnecessary risks. Your retirement should be what you want it to be, and it’s great to celebrate your retirement; just make sure you have a solid plan in place and the right team by your side to avoid the mistakes of managing your own big fortune.

 

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Neither the named representative nor the named Broker/Dealer or Investment Advisor gives tax or legal advice.

Fixed index annuities are designed to meet long-term needs for retirement income. Early withdrawals may result in loss of principal and credited interest due to surrender charges. Distributions may be subject to ordinary income tax and, if taken prior to age 59 ½, an additional 10% federal tax. An income rider or benefit (sometimes called Guaranteed Lifetime Withdrawal Benefits, or GLWB) is an additional feature available with some annuities and generally optional and come with additional cost. Income benefits are designed to provide income options above and beyond the standard annuitization or free withdrawal features in annuities. All contract gains beyond the CAP rate are surrendered to the insurance company to pay for the expense of the product.

The views expressed are not necessarily the opinion of Royal Alliance Associates Inc, and should not be construed directly or indirectly, as an offer to buy or sell any securities mentioned herein. Individual circumstances vary. Investing is subject to risks including loss of principal invested. No strategy can assure a profit against loss.