When you retire your cost of living will change. Some expenses will increase and some will decrease. Your lifestyle and health will play a role in how you choose to spend your money. Assessing your living costs and understanding your income are essential when making a decision on what form of annuity to select.
This includes those expenses that require sufficient income to cover such as:
This will cover expenses which, though not essential, most of us would consider critical such as:
Discretionary expenses might include:
Cover for unforeseen or major expenses:
It is critical that your essential expenses are covered so make sure you have enough guaranteed income:
Reliable sources of income should be used to cover important expenses:
Examples of variable income could include:
These could include:
Once you have matched your expenses to your income, read over the different annuity types to figure out which will be the best fit for your situation/lifestyle. If you need to discuss your options more thoroughly, please contact your tax advisor or financial planner.
Approximately five months before your normal retirement date, we will reach out to you to begin the retirement process.
If you want to access your deferred pension in advance of your normal retirement date, please call Call: 1-800-664-6129. Once you contact us, we will arrange to provide you information on your payment options within 10 days.
Once you've received your quotes, you may want to obtain advice from a tax advisor or financial planner.
If you want information in advance of your normal retirement date, including information regarding optional retirement dates, please contact us at Call: 1-800-664-6129.