This Thanksgiving, consider throwing a new recipe onto your menu. Ingredients like contributions to an employer sponsored 401(k) program or to fixed indexed annuities can create a deliciously balanced portfolio that can keep you and your family financially full for many Thanksgivings to come.
Check out this Thanksgiving Retirement Recipe from the IALC:
Serves: You and your family
Nutritional Information: Guarantees are dependent upon the claims-paying ability of the issuing company.
Step 1: Measure your spending. Begin by identifying all your expenses, including lifestyle, healthcare, etc. and create a budget. Be sure to include a healthy splash of saving for retirement in your monthly reoccurring expenses. This ensures that you are putting something toward your retirement savings each and every month.
Step 2: Combine your employer’s retirement plan to the mixture. Check whether your employer offers savings options like a 401(k), and if they’re willing to match it. Money you allocate to your 401(k) will come from your paycheck, and go directly into the savings pot. (Note: Any money your employer will match is kind of like baking soda– you add a little and with time, you’ll see it grow.)
Step 3: Bake in a fixed indexed annuity. The featured ingredient, fixed indexed annuities, or FIAs, can help to balance the flavors of your portfolio, while providing guaranteed lifetime income in retirement.
Step 4: Dig in! Enjoy your Thanksgiving with family and friends and feel confident that your retirement savings strategy will be hearty and satisfying for years to come.