Broker Check

How to Refinance Your Retirement

In late 2022/early 2023 there was an opportunity to lock in a historically low interest rate on your mortgage. We saw clients with interest rates below 2%, locked in for 30 years. Now those opportunities are gone, mortgage rates have jumped to the 7-8% range, if not higher.

But there are new opportunities and these opportunities could be just as valuable and potentially just as fleeting.  One opportunity is guaranteed income for life. For example:

  1. A 60-year-old
  2. Who has $100,000 they want to generate income in retirement
  3. Could generate
    • Over $10,500 per year guaranteed for life at age 65
    • Over $14,700 per year guaranteed for life at age 70

These guarantees are available through annuities. Of course, annuities come with tradeoffs, like potential lower returns, higher fees, surrender periods and others. But if what you want is guaranteed income for life, annuities are the place to go. And right now, is the best time I have ever seen for guaranteed income.  The sweet spot is someone planning on retiring in the next 2-10 years.

If you have an old annuity contract that you don’t fully understand or isn’t performing like you want, you can do a tax-free exchange (1035) into a new annuity with a better guarantee. 

If you want a CERTIFIED FINANCIAL PLANNER™ to give you a free, no obligation, second opinion on what you have give us a call or send us an email. We can set up a time to talk about your personal financial position.