A little over 12 years ago, my husband and I said the magic words … I do. Those two words cemented our lives into one. At the time, we were very young and pretty immature. The only plan we had was the right now plan. We lived for today, never thinking about tomorrow.
It wasn’t until we had children and he had a career that we started to realize how quickly life moves. Gone were the days of living moment to moment and we started to need and want bigger things for ourselves and our family. Each year that passes by, we inch closer to one of those bigger things we want for our marriage … time alone together … retirement!
When I starting reading this article, 12 Important Retirement Planning Deadlines, it prompted a discussion with my husband about our future. More importantly, our future together as we age. Being a self-employed mom, I almost entirely depend on my husband’s retirement plans. So we sat down together and came up with a 30+ year plan for our marriage and our lives together.
- 8 years – We’ll be celebrating our 20 year anniversary and hopefully taking the dream vacation to Hawaii
- 13 years – That’s how long we have as a family until our children are all moved out of the house.
- 21 years – At age 55, my husband will be able to retire and draw a pension. We hope to spend much of the time after this traveling.
- 28 years – My husband will become eligible for social security benefits.
- 32 years – I will become eligible for social security benefits, adding to our income.
- 32+ years – We’re hoping for a life of leisure, full of world travel.
Together, we’ve thought about all the things we hope to do after our life without children (at home) begins. We both want to travel, see the world and spend time together. To do that, we need an income beyond what we already have. One way we’re considering doing that is with a Traditional Fixed Deferred Annuity. They’re considered lower risk (than other annuity options) and can guarantee retirement income. This option would give us the extra income we’d need to enjoy a leisurely lifestyle. But it’s not something to jump into blindly. Genworth Insurance has provided a very helpful guide that compares annuity options. Which one is right for you? Take a peek through the guide to find out.
What about you? Have you thought about what life after retirement will look like?
This post is supported by Genworth through the Brandfluential blogger network.