top of page

Annuities are Replacing Pensions for Retirement Income


According to the Bureau of Labor Statistics, less than 16% of private sector workers are covered by a pension plan, down from 80% just 25 years ago. This reality has created new challenges for people planning for retirement. Americans must save more for their retirement, usually via 401K plans and IRAs. But here’s the million-dollar question they face: How much money do I need to save before I retire?

It would be easy to answer this question if everyone knew how long they were going to live, but none of us is stamped with an expiration date. So there is justifiable fear that we may run out of money if we outlive our savings. Additionally, stock market investments carry risk and uncertainty as they fluctuate in value and income potential.

For those who don’t have the security of a traditional pension plan, annuities are a way to re-create the kind of guaranteed retirement income that most Americans enjoyed in the past. There are several kinds of annuities, but the basic feature that makes them attractive for retirees is that an annuity provides income you can count on for the rest of your life. You pay a lump sum “premium” initial investment, often a conversion from a 401K or IRA, and then your annuity pays you back a predetermined amount on a set schedule until you die.

Basic forms of annuities include Immediate vs. Deferred, Fixed vs. Variable, Equity-Indexed, and several other options that can include a death benefit for your heirs. If you’re thinking about retirement, and need to create your own “pension plan”, we have the tools to help you determine which annuity may be right for you, as a part of your portfolio that includes a life-long income stream.

Recent Posts

See All

1 Comment


Unknown member
Aug 16, 2021

Thanks for writiing this

Like
Get expert advice from a local and friendly company. 
CONTACT US
ADDRESS
OFFICE HOURS
PHONE
EMAIL

1804 W Union Ave, Suite 202, Tacoma, WA 98405

Monday to Friday

9:00 am - 5:00 pm

253-327-1177

You can also visit us; we'd love to meet you.
Penny Lane Financial - Trust and Expertise in Financial Services.

Important Disclosures

Equal Housing Lender:
Penny Lane Financial, LLC is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to contract), because all or part of the applicant's income derives from any public assistance program, or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.

NMLS Consumer Access:
Our NMLS number is 1905686. WA – MB1905686 AZ – 1034711  You can verify our licensure status and find more information about our company at the NMLS Consumer Access website: https://www.nmlsconsumeraccess.org/ WA – MB1905686 AZ – 1034711

Terms and Conditions:
The loan terms and conditions provided by Penny Lane Financial, LLC are subject to change without notice. All loan approvals are subject to underwriting guidelines and credit approval. Not all applicants will qualify. Interest rates and annual percentage rates (APRs) are based on current market conditions and are subject to change.

Mortgage Loan Information:

  • Loan Types: We offer a variety of mortgage loan options, including fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans, VA loans, and jumbo loans.

  • Interest Rates and APRs: The interest rates and APRs provided on our website are estimates and are subject to change based on market conditions and borrower qualifications. Please contact us for the most current rates.

  • Loan Fees and Costs: Mortgage loans may involve fees, including origination fees, appraisal fees, credit report fees, and other closing costs. These fees will be disclosed to you during the loan process.

Consumer Rights and Responsibilities:
As a borrower, you have the right to receive a Loan Estimate within three business days of submitting a complete loan application. This document provides important details about the loan terms, estimated costs, and other important information. You also have the right to receive a Closing Disclosure at least three business days before your loan closing, which outlines the final terms and costs of your loan.

Homeownership Counseling:
If you are experiencing financial difficulties or have questions about your mortgage loan, you may seek assistance from a HUD-approved housing counseling agency. For a list of HUD-approved counseling agencies, visit the HUD website at https://www.hud.gov/program_offices/housing/nationally_hud_approved_housing_counseling_agenciesdirectory

 

Insurance License:
Penny Lane Financial, LLC holds life, disability, property and casualty insurance licenses in WA and AZ, NPN #17702278. We are committed to providing comprehensive financial services, including insurance products, to meet the diverse needs of our clients. Regulated by Washington State Insurance Commissioner at https://www.insurance.wa.gov/

Privacy Policy:
We are committed to protecting your privacy and ensuring the security of your personal information. For details on how we collect, use, and safeguard your information, please review our privacy policy here.

Contact Us:
If you have any questions or need further assistance, please do not hesitate to contact us at 253-327-1177 or email to vip@pennylanefinancial.com.

Penny Lane Washington

Check us out  

Penny Lane Financial NMLS #1905686 WA State, NMLS #1034711 AZ State

 

  • Instagram
  • Facebook
  • LinkedIn

NMLS Consumer Access - click here

EQUAL HOUSING LENDER

 

All Rights Reserved © 2017 - 2024 Penny Lane Financial LLC .

bottom of page