Retirement & Social Security  

Retirement Information

Do you know the seven possible sources of retirement income?

1) Social Security (the base)
2) An employer pension (less common today)
3) Income from an IRA or 401(k)
4) Roth IRAs
5) Non-qualified  assets (i.e. non-qualified annuities, mutual funds, life insurance)
6) Continued employment
7) If necessary, welfare or charity

*Information provided by Allianz Life Insurance Company of North America

Social Security Information

Social Security is a major source of income for most people age 65 and over.   The Social Security program was originally established to provide the base of financial protection for working people and their families when earnings are lost due to retirement.  Social Security can be more than just retirement income.  The system provides many different benefits to workers and their families.  Social Security provides income to disabled workers and families, and in some cases, income to surviving spouses and children of workers who have died.  For those who qualify for benefits, Social Security is a retirement income source with choices and therefore some degree of control.  Managing your Social Security benefit should be part of your entire retirement income process.   Social Security is often the foundation or starting point of the retirement income analysis.  Not everyone understands how Social Security works - or how to help maximize the value of these benefits.      

At Senior Solutions, our team of specialists can assist you in explaining the  hurdles of Social Security:
Qualifying for Social Security Retirement Benefits  
Decision timeline  
Taxation issues, Spousal benefits 
Family and disability benefits 
Special pension rules, and finally  

*Please visit your local Social Security Administration office or visit

Annuities Information

What is an annuity?

An annuity is a long-term investment between you, the annuitant, and an insurance company, the annuity issuer. Under this contract, you pay after-tax funds to the annuity issuer, who then invests your principal to meet your financial objectives and pays you or your beneficiary back with earnings (subject to the claims-paying ability of the issuer).

If you have  a fixed annuity, your interest rate is guaranteed. With a variable annuity, your earnings are linked with the fluctuating performance of your investments and may be worth more or less than your principal when redeemed. In addition, you have added control in how your money is invested, creating a higher potential for growth. However, this option comes with a higher risk in return.

Unlike other investment plans, there is no limit to how much you can invest in an annuity. Your funds will steadily grow with a tax-deferred status, and you pay your regular tax income rate on only your earnings upon withdrawal.  

What annuity options are available?

An immediate annuity can begin paying you right away. You can choose whether you want your income guaranteed for a specific time period or if you want lifelong payments. The amount of your payments is calculated based on your principal and your life expectancy.

deferred annuity is broken up into two phases:

  • Accumulation: This is when you add money to your annuity, whether you pay in a lump sum or you make a series of payments. You can continue to let your account grow tax-deferred for an indefinite amount of time.
  • Distribution: This is when you begin withdrawing money from your annuity whether you take out systematic withdrawals or you annuitize to supplement your finances with a regular stream of income for life.

Why buy an annuity?

An annuity is a good investment option for individuals who are willing to take a bigger risk in hopes of earning a bigger payout. Your earnings can then be used for supplemental income during retirement, guaranteed financial independence as you age, or a monetary legacy to leave behind for your loved ones. An annuity can help you continue living comfortably well into old age.

Contact us to learn more about planning your future with an annuity. We are happy to answer your questions and help begin your investment process today.