Planning Retirement Income in Lincoln

How an income plan works for you

By retirement, most people have money spread around: a 401(k) or IRA, Social Security, perhaps a pension, perhaps a life policy with cash value. Each comes with its own rules about when and how you can take money out. We fit them together so you know what comes in each month and how long it should hold up.

When it makes sense, we use insurance products designed to produce income, like fixed and fixed indexed annuities, and we review how a whole life or universal life policy you already hold could help. We are clear about what each option can and cannot do. If something you own is doing its job, we say keep it.

A single person works with you throughout. The agent who learns your goals also runs the figures, handles applications and calls you when a policy is issued. Nothing gets passed along, and you never retell your situation.

What we cover in your plan

An income gap review

We add up what you expect to spend each month and compare it to what Social Security and any pension will pay. The difference is the gap your savings need to fill, and that number shapes everything else.

Social Security timing

Claiming at 62, at full retirement age or at 70 can change your monthly check for life. We walk through how each choice affects your income and your spouse's.

Annuity options, explained plainly

If a portion of your savings should become guaranteed income, we compare annuity types side by side. You see the surrender period, the fees and the payout terms in writing before you decide anything.

A look at your existing life insurance

Older whole life or universal life policies sometimes hold cash value that can help in retirement. We check what yours can do and whether your beneficiary designations still match your wishes.

Protection for a surviving spouse

Some income stops or drops when one spouse passes. We plan for that, so the person left behind is not suddenly short each month.

When to start planning retirement income

• You plan to retire in five to ten years

  This stretch still gives your decisions time to pay off. Holding off until the final year narrows your choices.

• Your monthly income is still a question mark

  Knowing what is in your accounts is not the same as knowing what you will receive each month. Until you do, the plan is incomplete.

• Market drops worry you

  A big decline just before or after retirement can cause harm that lasts. Shifting some savings into more stable income can reduce that risk.

• Your money is spread across many accounts

  A plan from an old job, an IRA in one spot, a policy in another. Gathering everything into one view is often where real progress starts.

• Your spouse will rely on your pension

  Once you pick a pension survivor option, it cannot be changed. Review the choices before you sign.

How we work with you

1. 1

   A first conversation by phone

   Tell us where you are and what worries you. We ask a few questions and set a time to go over your details, at your place of business or wherever suits you.

2. 2

   Gathering the full picture

   We review statements, your Social Security estimate and any policies you own. Nothing is sold at this stage.

3. 3

   Your written income plan

   We lay out monthly income year by year, with the options that make sense and the trade-offs of each. You can take it home, think it over and ask as many questions as you like.

4. 4

   Putting it in place

   If you move forward, your agent handles applications, transfers and follow-up with the insurance companies. You get a call when each piece is done.

5. 5

   Checking in over time

   Life changes. We review the plan with you when your health, family or goals shift, and we keep beneficiaries current.

What affects the cost of an income plan

Talking through your plan with us costs you nothing. Where costs come in is the products themselves, and those vary a great deal. We show every fee, rider charge and surrender period in writing so nothing comes as a surprise.

The type of annuity

Simple fixed annuities usually carry few or no ongoing fees. Products with income riders or market-linked features cost more, and we explain what you get for that cost.

Optional riders

Lifetime income riders, inflation adjustments and long-term care features each add a charge. We only suggest the ones that solve a real problem for you.

Surrender periods

Many annuities limit withdrawals for a set number of years. A longer period can mean better terms, but less access to your money.

Your age and health

These affect payout rates on income annuities and the price of any new life insurance in your plan.