Preparing for retirement is more involved than it once was. It used to be more common for employers to provide defined benefit pension plans, which guarantee specific payments to their retirees.
Only 10 percent of employees in the private sector are still covered by defined benefit plans, according to investopedia.com.
Popular ways to save for retirement today include 401(k) or 403(b) plans, partly because employers often match a certain level of employee contributions.
You’ll probably need some savings and investments to supplement your Social Security benefits, because Social Security benefits by themselves usually aren’t enough to handle all living expenses in retirement.
Social Security accounts for about 33 percent of retirees’ income on average, according to the Social Security Administration.
Annuities are another possible source of retirement income, and several types are available. Talk to Everence® for help in choosing an approach that fits you best.