How to Extend the Life of Your Nest Egg

With Easter weekend approaching, it’s only natural that we have eggs on the mind: chocolate eggs, dyed eggs and nest eggs. You’re working hard to create a nest egg to live off of during retirement—but is it enough? Even the most prepared retiree can be caught off-guard if faced with high medical bills due to injury, cancer or other critical illness.

Fortunately, there are ways you can help extend the life of your nest egg—even if faced with unforeseen medical bills during retirement—through annuities and Medicare supplement insurance. Let’s learn a little more about annuities and Medicare supplement insurance so you can take the next steps to help protect your nest egg.

Annuities

Annuities are financial vehicles that can help you accumulate money for retirement or turn retirement savings into an income stream. They’re a safe option that can offer you guaranteed payments for the rest of your life. There are a couple options when it comes to annuities. Fixed interest annuities help you accumulate funds for retirement at a fixed interest rate, tax deferred. A fixed index annuity is the same idea, except you have additional opportunity to earn interest based on the performance of a market index. Finally, an immediate annuity is purchased with a single lump-sum payment and pays you a guaranteed income stream that can begin immediately.

Annuities are great because they can help protect your principal, avoid probate, have guaranteed income for life and gain protection—all without affecting your Social Security benefits.

Medicare supplement insurance

While the federal Medicare program will cover certain medical care, it likely won’t cover everything, especially if you’re faced with an injury or critical illness. Even with Medicare, you could still be responsible for deductibles, hospital and medical care co-insurance, extended hospital care, physician’s services, hospital outpatient services, medical supplies and ambulance services. Medicare supplement insurance can help offset these out-of-pocket costs—so you’re less likely to dip too far into your nest egg.

Everyone has goals for retirement. Perhaps you want to be able to travel, take up a new hobby or leave a legacy. Protect these dreams by extending the life of your nest egg with annuities and Medicare supplement insurance.

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