Name: Margaret (quoted here) and Steve Dick
City: Perry, Kan.
Occupation: Retired from Hallmark (Margaret) and the University of Kansas (Steve)
Modern Woodmen representative: Jason Hoffman
What is your top financial concern now that you’ve retired?
How long will the money last, and is it going to be enough? The world is changing. You think you have it figured out, but so much is out of your control.
How is Modern Woodmen helping you during this stage of life?
Jason explained the different types of programs we could put our money into. Seeing our options was helpful. We liked that he didn’t tell us what to do. He laid the facts out there and allowed us to make the right decision for us.
What advice do you have for others nearing retirement?
Talk to people. In addition to talking to Jason, I went to a training seminar my company offered and talked to co-workers and others over the years about their experiences. All of that helped us decide what to do.
Jason’s advice: Enjoy retirement. Do the things you’ve always wanted to do, and we’ll budget them into your income needs. It’s also important to monitor and adjust your plan regularly to account for any changes in your financial situation – Social Security, medical expenses, inheritances, etc.
Beyond the paycheck
Creating a retirement paycheck by annuitizing a portion of your savings is a great strategy. This ensures a steady stream of income you won’t outlive. However, annuitizing is not the only strategy you should consider.
Even in retirement, needs change. Health changes. The world around you changes. It’s important to keep some control of your money. Jason recommends maintaining a part of your retirement portfolio in assets that provide inflation protection with an opportunity for a higher return.
“With Margaret and Steve, we used a combination of an immediate annuity, a deferred annuity and an American Funds portfolio,” he says. “This provides a mix of guaranteed money and growth money to help ensure they don’t outlive their savings.”
Retirement distribution is one of several key areas of financial planning to address throughout your life. Talk to your representative to learn more.