Now that you're ready...
how will you manage your savings withdrawals to make sure that you'll have funds when you need them and not outlive your savings?
The RSVP and Lay DC Plan offer 5 options to access your money, so that you can choose the option that is right for you.
Selecting to receive a Lifetime Income for as long as you live provides you with income throughout your lifetime. This option may be for you if:
- You want a guarantee1 that you will never outlive your savings. The lifetime income distribution option contains a choice that can be used to protect your savings against inflation.*
Income for a Set Time or Amount
Receiving Income for a Set Time or Amount allows you to choose the amounts of your monthly payments, or for how long you want to receive them. This option may be for you if:
- You anticipate long-term fixed costs, like a mortgage
- Your expenses will be higher over a set period, such as paying college tuition for the first few years after you retire.
Setting up a Systematic Withdrawal allows you to continue to grow your savings while receiving funds from your savings. This option may be for you if:
- You want to continue to grow your assets in the stock or bond market, but want access to your savings.
Lump Sum Payment
Taking a Lump Sum Payment allows you to access all your money at once. This option may be for you if:
- You'll need to pay off a large expense
- You need to make a down payment
Combination of the Options
Choosing a Combination of the Options allows you to match your income to your anticipated needs. It may be an option for you if:
- You need more flexibility
- You want a lump sum or higher payments for a period of time, with an adjusted payment when your income requirements change.
All of these options have different impacts on your savings and taxes, as well as on funds that may be available for a surviving spouse. And, we offer different investment options to help you manage your savings during retirement.
Find out more about your options and which plan will work best for you. Call us to discuss the options and your retirement.
1Guarantees are subject to the claims-paying ability of the issuing company.
*If you select a Life Income payment option, you can also elect the Lifetime Annual Increase Option, this option helps protect your life income payments against the effects of inflation and provides you with an annual increase of 2%, 3%, 4%, or 5% of your income payments. This increase occurs automatically on each anniversary of your first income payment and is guaranteed for as long as you continue to receive your life income payments. Please note that this option will decrease your initial income payment but it will then increase over time to help you keep pace with the effects of inflation. If you elect a life income payment and you do not elect the Lifetime Annual Increase Option, your annuity payments will remain constant for the payment period and will not increase annually.