ServicesRetirement Income Planning
Retirement Income Planning in Burleson
We help you turn what you've saved into a steady monthly check for retirement. First we look at the policies, annuities and accounts you already have. If something still does its job, we keep it. If it doesn't, we show you why and what we'd use instead.
Making your savings last as long as you do
Saving up for retirement is one job. Drawing a paycheck from those savings for twenty or thirty years is another. When work stops, the money has to arrive every month without you earning it. Most people who call us already hold several parts of the answer: a 401(k) from an old employer, an annuity bought years ago, a whole life policy with some cash value, Social Security coming soon. What's missing is a clear picture of how those parts fit together.
We start with what you own. A lot of older contracts are better than people think, with rates or income features that aren't sold anymore. Cashing those out to buy something new can cost you surrender charges and lost benefits. So we only suggest a change when the numbers clearly favor it, and we put the reasons in writing.
When something new does make sense, it's usually to fill a gap. That might mean an annuity that pays for life, or a policy that leaves money to a beneficiary while giving you access to cash value.
What the planning covers
- Your current contracts, read first
- We go through each annuity, life insurance policy and retirement account statement you bring. We mark surrender periods, fees, rates and any income riders. Then you get a short, plain summary of what each one does for you.
- Your monthly income gap
- We add up the income you can expect from Social Security, pensions and existing contracts. Then we compare it to what you spend each month. The difference is the number the plan has to cover.
- Annuity options explained
- Fixed, fixed indexed and income annuities all work differently. We explain how each one pays, what it costs to get out early and what happens to the money if you pass away.
- Cash value from permanent policies
- If you own whole life or universal life insurance, its cash value can sometimes supplement retirement income. We show how loans and withdrawals affect the policy so you don't accidentally let it lapse.
- Beneficiary check
- Old contracts often still name an ex-spouse or someone who has passed. We go line by line and make sure the right people are listed.
Signs it's time to plan your retirement income
Retirement is ten years out or less
This is when choices about annuities and income start dates matter most. Waiting until the last year leaves fewer options.
An old policy you don't understand
You've paid on it for years but couldn't say what it's worth or what it pays. That's worth a look before you decide anything.
A 401(k) left at a past employer
Old workplace accounts tend to sit untouched. We can show you the choices for moving that money into something that pays income.
Worry about running out
If you lie awake wondering whether your savings will last into your nineties, you need a written plan with real numbers in it.
A spouse who depends on your pension
Some pensions shrink or stop when the worker dies. A surviving spouse may need another source of income lined up ahead of time.
What affects the cost of your plan
There's no single price for retirement income. What you pay depends on the products you choose and the income you want them to produce. We lay out each option with its fees and charges before you commit to anything.
Your age when income starts
Starting income later usually means bigger monthly payments from the same amount of money. Starting early stretches the money over more years.
How much income you need
A larger monthly gap takes more savings to cover. We size the plan to the gap, not to the most you could buy.
Riders and features
Lifetime income riders, inflation adjustments and payments that continue to a spouse all add cost. We help you decide which ones are worth it.
Surrender charges on old contracts
Moving money out of an annuity during its surrender period can cost a real percentage of the balance. This is often the biggest reason we tell people to hold on to what they have.
How we work through it with you
- 1
First phone call
We ask when you want to retire, what you spend each month and what accounts and policies you have. We also explain how we get paid, so there's nothing hidden.
- 2
Gather your statements
You pull together your latest annuity, policy and retirement account statements. If you can't find something, we help you request it from the company.
- 3
Side-by-side review
We lay out each contract you own: what it pays, what it costs to keep and what it would cost to change. Most of the time, at least some of it stays put.
- 4
Written recommendation
You get a plan showing where monthly income will come from and why. If we suggest replacing anything, the plan shows the charges and benefits you'd give up.
- 5
Set it up and check in
Once you decide, we handle the applications and paperwork. We check back each year to see if your income and beneficiaries still match your life.
Retirement income questions we hear often
Do I have to replace my old annuity?
No. Many older annuities have good rates or income features you can't buy today. We look at the surrender charges, fees and benefits first. If keeping it is the better deal, that's what we'll tell you.
Is an annuity right for everyone?
No. Annuities trade some access to your money for steady income. If you need that cash for other things, or your Social Security and pension already cover your bills, you may not need one. We'll say so plainly.
Can my whole life policy help pay for retirement?
Sometimes. You can borrow against or withdraw cash value, but it lowers what goes to your beneficiary. Take out too much and the policy can lapse. We run the numbers so you know where the line is.
I'm already retired. Is it too late?
Not at all. Plenty of people come to us after they've stopped working. We can still review what you have, adjust where the income comes from and update outdated beneficiaries.
Can you help if I live in Crowley or Mansfield?
Yes. Folks in Joshua, Cleburne, Crowley, Mansfield and the rest of the area get the same planning our Burleson clients do. Most of it happens over the phone, using the statements you gather, so distance isn't a problem.
How long does the whole process take?
The review usually moves as fast as you can gather statements. Once you choose a plan, applications and transfers can take several weeks, depending on the companies involved. We keep you posted at each step.
Find out what your savings can pay you each month
Have your latest statements nearby and we'll start with what you already own. You'll know what's working, what isn't and what we'd suggest before you decide anything.