Why “Set It and Forget It” Investing Doesn’t Work in Retirement

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Any references to protection benefit or lifetime income generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims paying ability of the issuing insurance company .An annuity is intended to be a long-term, tax-deferred retirement vehicle. Earnings are taxable as ordinary income when distributed, and if withdrawn before age 59½, may be subject to a 10% federal tax penalty. If the annuity will fund an IRA or other tax qualified plan, the tax deferral feature offers no additional value. Qualified distributions from a Roth IRA are generally excluded from gross income, but taxes and penalties may apply to non-qualified distributions. Consult a tax advisor for specific information. This is not a recommendation to surrender or otherwise purchase an insurance product. You should review your specific policy and financial situation with your advisor.
Think your retirement investments can run on autopilot? In this week's Ascend360™ Insider, Bill Smith, RICP®, MRFC®,CEO and Founder of W.A. Smith Financial Group, breaks down why the passive, hands-off approach to investing may not serve you well in retirement—and what you should be doing instead. Discover how adjusting your portfolio to match your current financial goals could help you safeguard your nest egg and create a more reliable retirement income.
