Retirement Income Insurance
Retirement Income Insurance is an annuity that provides guaranteed lifetime income and is designed to generate income starting at a later age, for example an individual's 85th birthday, when other income sources may be running low.
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Retirement Income Insurance
This product helps protect individuals from outliving their retirement assets by offering protection from longevity risk.
According to the Society of Actuaries, a male age 65 has a 50% chance of living beyond age 85 and a 25% chance of living beyond age 92.
Retirement Income Insurance can provide an affordable way to protect against longevity risk and deliver a means to assure a sustainable income in later life.
Offered as a voluntary benefit in the workplace, Retirement Income Insurance can be funded with a single lump sum contribution or with flexible premiums ($5,000 minimum initial contribution and $500 minimum for subsequent premium payments).
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The product is also portable, allowing the individual to continue to contribute even after he or she changes jobs.
For instance, MetLife offers a plan that pays a death benefit equal to the original investment plus 3% per year if you die before payments begin. If a 65-year-old man invested $50,000 in MetLife's policy, he'd get $1,965 per month for life starting at age 85 -- more than $17,000 less each year than he'd get without the death benefit. The payout for a 65-year-old woman would be even less.
The Hartford's basic policy pays about $3,400 a month at age 85 for a 65-year-old man who invests $50,000. Another version of the plan comes with a reduced, $3,000 monthly benefit, but pays out early if the policyowner moves into a nursing home or an assisted-living facility after owning the policy for at least ten years. However, a long-term-care policy would offer more-comprehensive benefits.
New Practice Offers Retirement Income Services For New Jersey Residents
Joshua E. Hutson, JD, establishes Bayshore Retirement Income LLC to help clients on fixed incomes maximize their retirement assets.
Highlands, NJ (Vocus/PRWEB ) April 14, 2008 -- Joshua E. Hutson, JD, a financial industry veteran and former vice president and compliance attorney at a leading financial services company, today announced the launch of Bayshore Retirement Income, LLC., a firm designed to help clients maximize their fixed income.
The firm was established to help seniors get the most from their fixed incomes in order to improve their quality of life. "Unlike previous generations, whose retirements were often secured by defined benefit pensions, today's retirees are taking greater responsibility for funding their active lifestyles," said Hutson, a longtime New Jersey Resident. "When you consider that people are living longer than ever before, providing an adequate income during retirement can be an even greater challenge today."
When you consider that people are living longer than ever before, providing an adequate income during retirement can be an even greater challenge today.
Hutson is a graduate of The College of William & Mary, Williamsburg, VA and Rutgers School of Law, Newark, NJ. He was admitted to practice law in New Jersey and New York, and has passed the Series 7 and 24 securities examinations. He is also a licensed life insurance agent and mortgage solicitor in the state of New Jersey. He lives with his family in Middletown, NJ.
Those interested in learning more can visit the firm's website at http://www.BayshoreRetirement.com or call 732.673.5315.
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