How will you use your retirement nest egg?Published 8:57am Wednesday, September 25, 2013
Guest Column: By Steve Zenk
You’ve waited your whole life and now it is finally here: retirement.
Savings, 401(k)s, investments: You did what you were supposed to in order to reach the finish line. So now what?
Determining how to manage your nest egg during retirement can seem daunting without proper guidance. Here are some tips to get you thinking about your retirement income strategy from Thrivent Financial for Lutherans.
Products with guarantees help retirees succeed
Establish a floor of income with products that offer features that guarantee income. Take a closer look at products like selected annuities to help supplement your guaranteed income stream. When part of a broad retirement strategy, guaranteed products can help provide you with or supplement other income.
Asset allocation is critical
Make sure you have the right combination of stock market exposure for long-term growth and investments for short-term income and stability. Long-term equity exposure can help portfolio growth and act as a hedge against inflation. Short-term income should be managed more conservatively to create added stability to your retirement strategy.
Protect your income strategy
Guard against the loss of income that can come with unexpected catastrophic events. Even the best retirement strategy can be rendered meaningless if unexpected health care costs, death or other life-changing events occur. Protect your retirement by ensuring you have the proper levels of life insurance, long-term care insurance and disability income insurance.
Work with a financial professional
The phrase “set it and forget it” does not apply to retirement income strategies. As lives change, so do needs, and a financial professional can provide ongoing guidance and maintenance for your strategy. They bring a knowledge and understanding of the economy and markets, and they can be a resource for answering questions you have along the way.
Keeping these simple tips in mind will help you clear the last hurdle to a satisfying retirement.
This article was prepared by Thrivent Financial for use by local representative Steve Zenk. His office is at 2351 Hi Tec Ave in Albert Lea, and he can be reached at 507-377-2826.