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Stress Free Retirement

Retirement Income

Innovative Senior Benefits is a service that helps retirees and seniors with their retirement income planning. Retirement income planning is the process of developing a strategy to ensure that you have enough income to support your lifestyle throughout your retirement years. This may involve assessing your sources of retirement income, estimating your expenses, and creating a plan to maximize your retirement income while minimizing your expenses. We also offers educational resources and tools to help retirees and seniors make informed decisions about their retirement finances. Overall, retirement income planning is an important part of ensuring financial security during your retirement years, and our services at Innovative Senior Benefits can help retirees navigate the complex world of retirement finances and make the most of their retirement income.

Qualified $$$

Qualified money is a term used to refer to funds that have certain tax advantages, such as tax-deferred growth or tax-free withdrawals, depending on the type of account they are held in and how they are used.


For example, retirement accounts like 401(k)s, 403(b)s, and traditional IRAs are considered qualified money because the contributions made to them are often tax-deductible, and the investment earnings are tax-deferred until withdrawal. However, when the money is withdrawn from these accounts in retirement, it is typically subject to income taxes.

Non-Qualified $$$

Non-qualified money refers to funds or assets that are not eligible for certain tax advantages or special treatment under the tax code, as opposed to qualified money.

Examples of non-qualified money include regular savings accounts, checking accounts, and brokerage accounts that are not designated as tax-advantaged retirement accounts. Any income generated from these accounts, such as interest, dividends, or capital gains, is subject to taxation in the year it is earned.

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What are Annuities?

An annuity is a financial product that provides a stream of income to the investor over a specified period of time, typically for the rest of their life. Annuities are often purchased by individuals as a way to secure a steady income during retirement. The investor makes either a lump-sum payment or a series of payments to an insurance company, and in exchange, the insurance company agrees to make regular payments to the investor. Annuities can be structured in different ways, with different options for payouts, riders, fees, and other terms. There are various types of annuities, including fixed annuities, variable annuities, and indexed annuities, each with its own unique features and benefits.

Why consider an Annuity?

There are several reasons why an individual might consider purchasing an annuity:

  1. Guaranteed income: An annuity provides a guaranteed stream of income for a specified period or for the lifetime of the annuity holder, which can provide a sense of financial security in retirement.

  2. Tax-deferred growth: Annuities offer tax-deferred growth, which means that the earnings on the annuity are not taxed until they are withdrawn. This can help to maximize the growth potential of the investment and potentially reduce tax liabilities.

  3. Estate planning: Annuities can be used as a tool for estate planning, allowing the annuity holder to pass on assets to beneficiaries while avoiding the probate process.

  4. Diversification: Annuities can be a useful tool for diversifying an investment portfolio, providing a fixed or variable return that is not directly tied to the stock market or other investments.

  5. Longevity protection: For individuals who are concerned about outliving their retirement savings, an annuity can provide a reliable source of income for the rest of their life, no matter how long they live.

  6. Flexibility: Annuities can be structured in a variety of ways to meet different needs, including variable annuities that allow for greater investment flexibility, and deferred annuities that allow for contributions over time.

  7. Protection against market volatility: Fixed annuities provide a guaranteed rate of return and protection against market downturns, which can be particularly appealing to investors who are risk-averse.

  8. Optional riders: Many annuity contracts offer optional riders that can be added to the contract for an additional fee. These riders can provide additional benefits, such as long-term care coverage or death benefits for beneficiaries.

Different Types of Annuities: 

There are several different types of annuities available, each with its own unique features and benefits. Here are some of the most common types of annuities:

  1. Fixed annuity: A fixed annuity provides a guaranteed rate of return, typically for a specified period, and is not directly tied to the stock market or other investments. Fixed annuities offer a lower risk profile and are often chosen by risk-averse investors who are seeking a steady source of income.

  2. Variable annuity: A variable annuity is invested in a portfolio of stocks, bonds, or other assets, and the rate of return is based on the performance of the underlying investments. Variable annuities offer the potential for higher returns than fixed annuities, but also come with greater risks.

  3. Indexed annuity: An indexed annuity is a type of fixed annuity that is linked to the performance of a stock market index, such as the S&P 500. Indexed annuities offer the potential for higher returns than traditional fixed annuities, while also providing some protection against market downturns.

  4. Immediate annuity: An immediate annuity provides payments to the annuity holder immediately after the initial payment is made. These payments continue for a specified period or for the lifetime of the annuity holder, depending on the terms of the contract.

  5. Deferred annuity: A deferred annuity allows the annuity holder to make payments over time and accumulate funds, with payments starting at a later date. Deferred annuities can be either fixed or variable, depending on how the funds are invested.

It's important to carefully consider the features and benefits of each type of annuity, as well as the associated fees and charges, before making an investment decision. Consulting with Innovative Senior Benefits can help you determine which type of annuity is the best fit for your individual financial situation and goals.

Managed Money

Managed money refers to a type of investment service where an investor's portfolio is managed by a professional money manager or investment advisor. The manager has the authority to make investment decisions on behalf of the investor, to buy and sell securities, such as stocks, bonds, and mutual funds, based on an agreed-upon investor's financial goals, risk tolerance, and investment strategy. 

The fees for managed money accounts can vary depending on the financial institution and the level of service provided by the money manager. Typically, fees are charged as a percentage of the assets under management, and may include a management fee, administrative fees, and transaction fees. Managed money can be a suitable investment option for investors who prefer to delegate investment decisions to a professional manager, rather than managing their own portfolio.

Social Security - Retirement Benefits

Social Security retirement benefits are a form of income provided by the US government to eligible retirees. To be eligible for Social Security retirement benefits, individuals must have worked and paid Social Security taxes for a certain number of years, and must be at least 62 years old. The amount of the benefit payment is based on the individual's earnings history, and the longer an individual waits to claim their benefits, the higher the benefit payment will be.

Social Security retirement benefits can provide a significant source of income for retirees, and can help supplement other sources of retirement income, such as pensions, annuities, and personal savings. It's important to carefully consider when to claim Social Security benefits, as the age at which an individual begins receiving benefits can impact the amount of the benefit payment.

Individuals can apply for Social Security retirement benefits online, by phone, or in person at a Social Security Administration office. It's important to have the necessary documents and information, such as birth certificates, Social Security numbers, and earnings records, when applying for Social Security benefits.

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