old way of simply saving a lump sum of money for retirement is outdated. Experts talk about a big “number” you’ll need to save, but each of us is different in how we want to live in retirement. So if you don’t know how much money you’ll actually need for the retirement you want, how will you know how much to save? It’s time to start thinking less about retirement planning and more about retirement income planning.
It starts with a simple first step we call M.U.G. – an easy-to-remember term, meant to represent the various essential monthly expenses people often need to cover in retirement. Things such as a mortgage or medical expenses, utilities, groceries, gym fees or car payments. Step two is finding ways to help cover these expenses with protected lifetime income from an annuity – income you count on receiving every month to cover the gap that Social Security often leaves.
Studies say that people with protected lifetime income from an annuity are less stressed and happier in retirement. So when you have an annuity to help cover your M.U.G., you’ll have the freedom to live the life you want.
GET A HANDLE ON YOUR M.U.G.
Want to put the M.U.G. approach to work for you? Download our 22-page easy-to-understand guide containing a simple worksheet to get you started on determining your essential expenses, and how an annuity can help cover them.
Case Study: Retired Woman
A look at how an annuity can help someone in retirement make ends meet — based on having essential monthly expenses of $2,099 and monthly Social Security of $1,550.
Case Study: Married Working Couple
Approaching retirement, you want to be sure you can cover essential expenses. See how a couple in their 60s can cover essential monthly expenses of $4,221 with help from an annuity.