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Dylan Grocer, CFP®
Dylan Grocer, CFP®
The Bulfinch Group Financial Planner | Managing Associate
https://www.linkedin.com/in/dylangrocer/

CERTIFIED FINANCIAL PLANNER™ | Empowering Professionals for Financial Success 

I am a Financial Advisor and Managing Associate, I head up our Pre-Career Training Program (internship) while contributing to business development and marketing initiatives with our new advisors. 

With a wealth of experience, I am committed to assisting seasoned sales professionals, CPAs, attorneys, engineers, and small business owners in achieving financial success and flexibility.

For sales professionals, let's elevate earnings, manage investment risk, and strategically minimize taxes, crafting a tailored financial roadmap aligned with your ambitions. For professionals such as CPAs, attorneys, and engineers, together, we navigate complex financial landscapes, optimize tax strategies, and build a secure financial future.

Beyond finance, my interests include travel, skiing, golfing, fishing, and sailing. I'm eager to connect with individuals who share these passions, are navigating pivotal life events, and are committed to achieving financial freedom.

Offering comprehensive financial planning services, including investments, retirement, estate transfer, education planning, cash flow optimization, insurance, and risk management. 

You can DIY guaranteed income with these 3 tips

Retirement Read Time: 3 min

You’ve probably heard of DIY or do-it-yourself. From home improvement to knitting to repairing your own electronics, the DIY mentality can be applied to almost any endeavor. But did you know it’s possible to DIY guaranteed income for your retirement? With an income annuity, you can.

Traditional pensions are rare

Traditional pensions are employer-sponsored retirement vehicles that pay you a fixed income after you retire. Pensions offer added stability in retirement — a guaranteed income — but can be expensive and potentially risky for employers. As a result, they have largely gone the way of the dodo in the private sector, where now only about 7 percent of nonunion workers participate in  a pension plan.1

401(k)s are riskier for employees

Pensions have been replaced by defined contribution plans, like 401(k)s, where employees set aside a portion of their income for investment. Often, employers match or supplement their employees’ contributions, but the risk of the investment losing value falls on the employee, not the employer.

Fortunately, with a little bit of ingenuity and a financial vehicle called an annuity, it’s still possible to have guaranteed income in retirement. Here’s how to DIY:

Step 1: Learn the basics

To get the best DIY results, it’s a great idea to learn at least a little about whatever you’re working on. When building your own guaranteed income, that means understanding annuities. An annuity is a type of asset that is designed to pay you an income in retirement. You can purchase an annuity with a single lump sum or, like a 401(k), you can pay into the annuity over a period of time (called an accumulation period). Once the payment is complete, the annuity commences, and you’ll receive annuity payments — income.

Step 2: Plan your retirement         

You can’t pick the right annuity until you have a strategy for your retirement. What are your goals and priorities? Do you want to retire early, exactly at 65, or later? Will you work part-time in retirement, or maybe start your own business? Are you planning to travel the world or stay home and focus on your (other) DIY projects?

Annuities can be personalized in several ways, and which one is right for you will depend on what kind of retirement you want. For example, annuities can be set up to pay income for the rest of your life or for a set period of time (say, 20 years). They can even be set up to pay their benefit to your spouse if you pass away first.

Step 3: Ask a pro

Another important lesson from DIY — sometimes you need a helping hand to get the job done correctly. For DIY income strategy, this means reaching out to a financial professional to learn about the full range of annuity options available to you and the costs associated. They can also help you put a strategy in place for your retirement, so you’ll be able to personalize your DIY income in just the right way. Contact your financial professional today to get started.

SOURCES:

1 https://www.cnn.com/2023/09/07/success/pensions-retirement-savings-explained/index.html

DISCLAIMERS:

Annuity guarantees are backed solely by the strength and claims paying ability of the issuing insurance company.

Brought to you by The Guardian Network © 2024. The Guardian Life Insurance Company of America®, New York, NY

 2024-175246 Exp. 5/26 *Pre-approved content*

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