Understanding the realities of longevity

You may live in retirement longer than you expect. For someone age 65 today, retirement can span two or even three decades. That means your income may need to last much longer than anticipated.

A longer retirement can affect your budget, investment decisions, and the timing of major life choices. It also highlights the importance of planning for your income needs over time.

Using the Social Security Retirement Benefit Estimator to Explore Your Options

For many Americans, Social Security is a foundational source of retirement income. The Social Security benefit calculators can help you estimate your monthly benefit based on different claiming ages and earnings scenarios. These tools provide estimates and should be used as part of a broader planning discussion.

These estimates can give you insight into:

• When to claim benefits
• How benefit amounts change over time
• The role Social Security can play within a broader income plan

Reviewing these estimates can help you better understand how Social Security may fit into your broader income plan and where other sources of predictable income may play a role.

The need for predictable, reliable income

While investments can provide growth potential, relying on them alone for retirement income can introduce uncertainty. Market volatility, especially early in retirement, can put pressure on your withdrawals and affect how long your savings may last.

That is why you may want to consider sources of predictable income that are not directly tied to day-to-day market performance. With these types of solutions, you may sacrifice upside potential for the guarantees they may offer.

Depending on the product and issuer, these solutions may help you:

• Spend with confidence
• Cover essential expenses without drawing down investments
• Reduce concerns about outliving savings
• Maintain peace of mind during market fluctuations

By creating a steady income foundation, you can focus more on day-to-day living and less on short-term market movements.

Customizing income to fit your life

Retirement is personal, and your income strategy should reflect that. Some income solutions offer features that can be tailored to your needs, including:

• Choosing when income begins
• Selecting payment frequencies
• Options to help offset inflation
• Joint life coverage for spouses or loved ones
• Legacy features designed to support beneficiaries

This level of flexibility can help you align income decisions with your lifestyle, goals, and the timing of other benefits, including Social Security.

Managing inflation and rising costs

Inflation can gradually reduce your purchasing power over time. Because retirement may last 20 to 30 years or longer, rising costs can become a meaningful challenge. Some income solutions offer features designed to help address this risk.

Without planning for rising costs, you may find that your budget feels more constrained over time, especially later in retirement when financial stability and certainty are especially important.

Integrating guaranteed income with investment strategies

Predictable income is not meant to replace your investment accounts. For some retirees, it can complement them.

When a portion of your essential expenses is covered by predictable income, you may be less dependent on investment withdrawals during market downturns. This can support a more balanced retirement income strategy and may help preserve portfolio assets over time.

Planning for loved ones and legacy goals

Your retirement strategy may also reflect your desire to support loved ones. Depending on the product, some income options may provide:

• Lifetime coverage for two people
• Death benefit options that transfer value efficiently
• Ways to structure income and legacy together

These features can help you consider both your own income needs and the goals you may have for loved ones.

Building confidence with guidance that’s personal to you

No article, calculator, or brochure can replace personalized guidance. Your retirement is unique, and a financial professional can help put the pieces together in a way that reflects your goals, income needs, and time horizon. They can help you understand what Social Security estimates may mean, how different income sources may work together, and what options may be worth considering as part of your broader plan.