Book a conversation with Daniel Broadway, licensed insurance agent, to see what a paycheck designed to last as long as you do could look like for you. Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.
These figures come from third-party research. They are educational, not a prediction of results for any person or product, and they do not imply an endorsement of Broadway Financial Group. Each source is listed below its figure.
Nearly half
Among 65-year-old couples (average population), at least one spouse lives to 90 in nearly half (about 45%) of couples and to 95 in about 18%.
Source: Society of Actuaries, “Challenges and Strategies for Financing an Increasingly Long Life” (2015), Table 3; estimates based on Social Security Administration mortality tables (via SOA, 2012).Higher satisfaction
Among retirees with similar wealth and health, those with annuitized income other than Social Security reported higher retirement satisfaction, on average, than those without it. Wealth and health were even more strongly linked to satisfaction. The study shows an association, not that annuities cause satisfaction.
Source: Nyce and Quade, “Annuities and Retirement Happiness,” Towers Watson Insider, September 2012 (U.S. retirees surveyed 1998–2010).
Retirement can last longer than some people plan for.
Retirement educator Tom Hegna has written that “longevity risk is the number-one risk in retirement because it multiplies all the other risks.” (Tom Hegna, “What Are Longevity Credits?,” tomhegna.com, June 3, 2022.) The longer you live, the more years your income has to cover rising costs, withdrawals and health expenses.
Planning only to an “average” life span can leave a household short. Guaranteed lifetime income is designed to continue for as long as you live, subject to the contract terms and the payout option chosen. Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.
Nearly half Among 65-year-old couples (average population), at least one spouse lives to 90 in nearly half (about 45%) of couples.
18% At least one spouse lives to 95.
20% / 31% Among 65-year-olds (average population), about 20% of men and 31% of women live to 90.
6% / 12% About 6% of men and 12% of women live to 95.
Social Security retirement benefits are generally paid for as long as you live and may increase each year through a cost-of-living adjustment (COLA) based on inflation; the amount varies by year and can be zero. Benefits are set by law, and future changes are possible. Some pensions also pay lifetime income, depending on the plan and payout option. A lifetime income annuity can add another paycheck designed to continue for life, depending on the payout option you choose.
Lifetime income annuities can pay income for life because the insurer pools longevity risk across many people, a benefit often called mortality credits. People who live longer keep receiving income, and the insurer takes on the risk of how long payments must last. In exchange, you generally give up access to the money used to buy the income, and under some payout options payments stop at death with nothing left to heirs. Payments are obligations of the issuing insurance company, backed by its financial strength and claims-paying ability; annuities are not bank deposits and are not FDIC insured.
One approach some people use is to cover basic living expenses with lifetime income and keep other savings available for the life you want and for unexpected costs.
A paycheck designed to last as long as you do.
This page is for people approaching retirement, or already in it, who want a clear look at guaranteed lifetime income. It may be a fit if you want to:
Broadway Financial Group helps people explore these ideas in every U.S. state. Daniel Broadway is a licensed insurance agent who offers fixed indexed and income annuities. This page is not investment, tax or legal advice. Annuities aren't right for everyone; whether one fits depends on your full situation.
Income designed to continue for as long as you live. Social Security and some pensions pay lifetime income. A lifetime income annuity is an insurance contract that can add another source; its guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. The amount you could receive depends on your age, the contract, the insurer and other factors, and would be discussed in a conversation with Daniel — not calculated on this page.
Annuities are insurance contracts, not bank deposits, and are not FDIC insured. A fixed indexed annuity is an insurance contract, not a stock market investment; your money is not invested in the index or any security. When the index drops, credited interest for that period is typically 0%, and index losses aren't credited to your contract. Interest is subject to caps, participation rates or spreads, so you won't receive the index's full gain. This page is not an offer to sell any specific product.
Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. They are not a promise from Broadway Financial Group, a bank, or the federal government.
Surrender charges, and in some contracts a market value adjustment, apply to early withdrawals above the penalty-free amount, often for several years. Rider fees and withdrawals reduce value. Earnings in a non-qualified annuity generally aren't taxed until withdrawn. Withdrawals of earnings are taxed as ordinary income and, before 59½, may face a 10% additional federal tax unless an exception applies. An annuity held inside an IRA provides no additional tax deferral. Product features, riders and availability vary by contract and by state.
No. This page is for educational purposes only. Daniel Broadway is a licensed insurance agent; Broadway Financial Group is an insurance agency, and no securities or investment advisory services are offered.
The next step is a conversation with Daniel — not a purchase, and not a commitment.
The next step is a conversation with Daniel — not a purchase, and not a commitment. Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.
Daniel Broadway | Licensed Insurance Agent | Broadway Financial Group, an insurance agency
Daniel Broadway, licensed insurance agent. Broadway Financial Group is an insurance agency; no securities or investment advisory services are offered. Educational only, not tax, legal or investment advice; consult your tax professional. Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Surrender charges, rider fees and withdrawals can reduce value. Products and features vary by state. Not affiliated with any government agency.
Annuities are insurance contracts, not bank deposits, and are not FDIC insured. This page is not an offer to sell or a solicitation to buy any specific insurance product. A fixed indexed annuity is an insurance contract, not a stock market investment; your money is not invested in the index or any security. When the index drops, credited interest for that period is typically 0%, and index losses aren't credited to your contract. Interest is subject to caps, participation rates or spreads, so you won't receive the index's full gain. Surrender charges, and in some contracts a market value adjustment, apply to early withdrawals above the penalty-free amount, often for several years. Optional income riders usually carry an annual fee, and withdrawals above the rider's allowed amount (excess withdrawals) can reduce or end future rider income. Income annuity payments are often level and may lose purchasing power to inflation; in exchange for lifetime income you generally give up access to the money used, and under some payout options payments stop at death. Withdrawals of earnings are taxed as ordinary income and, before 59½, may face a 10% additional federal tax unless an exception applies.
Figures and quotations on this page come from third-party research or educational materials. Their use does not imply any endorsement of Broadway Financial Group, its representatives or any product by Tom Hegna, the Society of Actuaries, Towers Watson (now WTW), the Social Security Administration or any other person or organization named here. Study results are based on models, historical data or surveys and are not a prediction or guarantee of future results for any individual.