{"id":7490,"date":"2016-06-13T05:44:20","date_gmt":"2016-06-13T12:44:20","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=7490"},"modified":"2016-06-13T05:44:20","modified_gmt":"2016-06-13T12:44:20","slug":"how-to-create-your-own-pension","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/retirement\/how-to-create-your-own-pension\/","title":{"rendered":"How to Create Your Own Pension"},"content":{"rendered":"<p>The pension, as we know it, has pretty much gone the way of the dinosaur. The ongoing exception is the public employment sector.\u00a0 However, most private companies have found that it\u2019s too expensive and cumbersome to offer a <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/en.wikipedia.org\/wiki\/Pension\" target=\"_blank\" rel=\"nofollow\">traditional pension<\/a><\/span><\/strong>. Instead, they offer 401(k) plans in which they match their employees\u2019 contributions.<\/p>\n<p>Even if you\u2019re diligent and have saved an adequate amount of money in your 401(k) at retirement, you are still faced with some challenging questions.\u00a0 For instance,<\/p>\n<ul>\n<li>Is my money at risk in the stock market?<\/li>\n<li>Should I be ultra-conservative with my money?<\/li>\n<li>Will I outlive my money?<\/li>\n<\/ul>\n<p>After more than 25 years in the financial planning industry, I know that most people fear outliving their money more than anything. One way to address that fear is to create your own pension by using an <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"http:\/\/www.investopedia.com\/terms\/i\/income_annuity.asp\" target=\"_blank\" rel=\"nofollow\">income annuity<\/a><\/span><\/strong>. An annuity, in its purest form, is a stream of income guaranteed for a period of time. For instance, Social Security is an annuity guaranteed for one\u2019s life.<\/p>\n<p>Annuities are purchased from an insurance company. An immediate fixed life annuity (fixed meaning that the amount doesn\u2019t change) is when you give an insurance company a lump sum of money. In turn, the insurance company pays you a monthly sum for the rest of your life. This creates an additional cash flow, similar to Social Security, that isn\u2019t subject to stock market fluctuations.\u00a0 As a retirement income specialist, it\u2019s my job to make sure that my clients have enough monthly income from Social Security and an income annuity to cover their fixed monthly expenses.<\/p>\n<p>Because a fixed annuity payment doesn\u2019t increase, I\u2019ll often recommend to my clients that the rest of their money should be <span style=\"color: #0000ff;\"><strong><a style=\"color: #0000ff;\" href=\"https:\/\/www.sec.gov\/investor\/pubs\/assetallocation.htm\" target=\"_blank\" rel=\"nofollow\">invested in a diversified portfolio of stocks and bonds<\/a><\/strong><\/span>. Even though stocks are volatile and not guaranteed, they tend to outpace inflation. A downside to the life annuity is that if both husband and wife die shortly after purchasing the annuity, the insurance company can keep the rest of their money. But you can avoid this by purchasing a cash refund immediate annuity wherein the insurance company will refund any unused portion of the principle to your estate.<\/p>\n<p>A fixed immediate annuity should not be viewed as an investment. Rather, it is retirement insurance to protect you from outliving your money. As pension plans disappear and Social Security benefits may be decreased, creating your own pension through an income annuity can be an attractive option to funding your retirement.<\/p>\n<p><strong>To learn more about Jeffrey Bogart, view his<\/strong> <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.paladinregistry.com\/financial-advisor\/mayfield-heights-ohio\/Jeffrey.Bogart\" target=\"_blank\">Paladin Registry research report<\/a><\/span><\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The pension, as we know it, has pretty much gone the way of the dinosaur. The ongoing exception is the public employment sector.\u00a0 However, most private companies have found that it\u2019s too expensive and cumbersome to offer a traditional pension. Instead, they offer 401(k) plans in which they match their employees\u2019 contributions. Even if you\u2019re diligent and have saved an adequate amount of money in your 401(k) at retirement, you<\/p>\n","protected":false},"author":89,"featured_media":7494,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[],"class_list":["post-7490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Create Your Own Pension<\/title>\n<meta name=\"description\" content=\"As pension plans disappear and Social Security benefits may be decreased, creating your own pension through an income annuity can be an attractive option.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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