If there’s one thing Americans have learned from the financial crisis of 2008, it’s that they do not want to lose their money – again – especially for folks of a certain age, said financial advisor Philip Rousseaux, a member of the esteemed Million Dollar Round Table association’s exclusive Top of the Table forum for the world’s most successful financial services professionals.
Rousseaux offers this tip to help you stay retired:
Turn your IRA or 401k into a joint account. For many people this may sound like a new concept, but this is something Everest Wealth Management has been using a planning tool for the last decade. While it’s true the IRA, which stands for Individual Retirement Account, is something only one person can own, many alternative investments such as a fixed annuity offer benefits such as guaranteed lifetime income. Within these plans the owners have the option to guarantee income on both lives, thus creating a joint income for both the husband and wife.