What should I do with my 457(b) when I retire? | Ep. 5
Georgia Safe Retirement Planners · Georgia Safe Retirement Planners
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Show Notes
Welcome to the Georgia Safe Retirement Planners Podcast, your go-to resource for retirement planning and financial security in Georgia. In this episode, we delve into a crucial topic: What should I do with my 457(b) when I retire? If you're nearing retirement and have been contributing to a 457(b) plan, you've already made significant strides toward securing your financial future. But figuring out the next steps can be daunting.
Join us as we explore one effective strategy—especially if you're not among the ultra-wealthy: rolling a portion of your 457(b) into a fixed index IRA annuity with a Guaranteed Lifetime Withdrawal Benefit (GLWB). We'll unpack why this might be the right move for you.
- Protect Your Savings from Market Volatility: Learn how a fixed index annuity can shield your retirement funds from unpredictable market swings, safeguarding your principal during downturns.
- Earn Interest Without Traditional Risks: Discover how you can potentially earn higher interest linked to a stock market index without exposing your principal to market risks.
- Automate Your Retirement Income: Find out how the GLWB feature calculates and automates your income withdrawals, ensuring higher payouts than standard withdrawal strategies typically offered by financial advisors.
- Enjoy a Lifetime Income Guarantee: Understand how you can receive consistent, and possibly even better, monthly income payments for the rest of your life—even if your annuity balance depletes over time.
- Leave a Legacy for Your Loved Ones: Explore how any remaining balance in your annuity can be passed on to your beneficiaries, providing them with a financial safety net.
- Optimize Your Social Security Benefits: Learn how coordinating your annuity payments with Social Security can strategically maximize your overall retirement income.
Everyone's situation is unique, and the decisions you make now can significantly impact your retirement comfort. To explore how these strategies could work for you, check out our 457(b) Calculator. It's a valuable tool to help you optimize your retirement savings.