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Its doable, however.
You just might need to get a bit creative.
Lifetime benefit riders are backed by insurance companies.
This option can be especially useful as theaverage life expectancyin the U.S. continues to rise.
By adding an income rider to a deferred annuity, youll get guaranteed lifetime income.
You also get additional protection against market declines.
Back in the day, anold-school pension planwould have been a simple solution to this.
Since these are now harder to come by, you might need to go with something else.
Lets say its 4% for this example, said Tolliver.
The buffer asset can protect you financially during market downturns.
Choose Alternative Investment Strategies
Its not all about having a 401(k) or Roth IRA.
If you want to be more financially secure, diversity is key.
Purchase Permanent Life Insurance
Permanent life insurance is another way to stretch your retirement funds even further.
Since every policy is different, it helps to compare several options before choosing one.
Today, the financial landscape in the U.S. looks a little different.
Curious about how long $1 million will last in retirement?
If youre not sure how to go about this, speak with an investment or financial advisor.
They can advise you on your options.
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