Planning your retirement and finances for 2022? Doing your research about the best retirement solutions can be difficult. Heavy retirement jargon is often used and not explained, deterring those looking to retire from learning more about how to best prepare. What beginners need is a Retirement Survival Guide that takes complex terms and breaks them down into digestible bites so they can embark on their retirement journey as informed and prepared as possible.

1.  There are countless benefits to learning about retirement early: The pandemic changed life as we know it and brought lots of uncertainty around finances. Having a reasonable head start makes saving for retirement less complex and minimizes the feelings of financial insecurity and risk. The best way to prepare for your retirement future is by starting early.
2.  Ensure you have lifetime income: Our latest research findings highlight that 42% of Americans are more worried about running out of money in retirement since the pandemic. And 77% of Americans say it is important that they don’t outlive their income in retirement. Half (50%) say it is very important. Fixed Indexed Annuities (FIA) offers the peace of mind Americans are looking for in their retirementfutures. FIAs offer a steady, guaranteed, and lifetime income stream while protecting the principal
3. Know your vocabulary: Retirement planning has tons of jargon. It’s important to understand some of the key terms. Here’s a few to get you started.

• Annuity: A contract with the insurance company where you are given a  series of payments consistently in return for the sum you paid initially. An annuity can guarantee lifetime income.
• Longevity Risk: The risk of outliving one’s assets.
• Guaranteed Lifetime Withdrawal Benefit (GLWB) / Income Rider: An optional benefit that can be attached to an annuity contract, providing a lifetime income stream that can be turned on in the future. Some income riders grow at a contractually guaranteed rate during the deferral years for future lifetime income. These may or may not include a charge or fee to include the benefit.
• Surrender Charge: A type of sales charge you must pay if you sell or withdraw money from an annuity during the “surrender period”—a set time, often lasting 10 or more years after you purchase the annuity.

If you are ever in doubt or need to quickly understand a retirement term or what retirement saving path is the best for you, feel free to revisit this survival guide or our “Terms to Know” page to help make your retirement research journey survivable!