Annuities Other Than Your Federal Annuity
There is a celebration of Grandparents Day normally occurring on the first Sunday after Labor Day. That’s nice that grandparents would actually be celebrated. Many federal workers active and retired are proud grandparents. Grandparents and senior citizens are also celebrated by predators, those attempting to take advantage of them as retirees. Many individuals who have never worked for the Federal Government have the mistaken perception that Federal employees are millionaires based on their salaries alone. Given, if you work anywhere in the country and earn a reasonably good salary over the life time of one’s career, there is the potential to earn a Million Dollars. That number might also be leveraged by participating in the Thrift Savings Plan, a 401K vehicle.
However, the Federal Government employs public servants meaning that Million Dollar, not even Half-Million Dollar salaries are paid. Nevertheless, Federal Retirees are targeted as easy prey both by career street criminals and those career criminals that reside in plush offices. Seniors tell me all of the time that they are inundated with advertisements and phone calls about buying annuities. They admit that some of the information and conversations sound pretty convincing. They are also told that the deals being offered need to be acted upon immediately otherwise such a rare opportunity would be missed. Right now deals are always signal a red flag. Stay away from them.
Seniors need to take control of the nature of the invitation. Retirees deserve to live life on their own terms. You’ve been invited to places and events during your entire work career. If you are not issuing the invitation and it is not from the grandchildren, ignore it. Invitations from anybody else hardly matter, even children take a backseat to grandchildren.
Many seniors move to warmer climates after retirement to soak up the sun and avoid the hassle of paying somebody to shovel snow. The warm climates are great, but one fine, warm climate is a pressure cooker for mishaps and scams against seniors – FLORIDA. Florida leads the country in Medicaid and Medicare fraud. Seniors must connect with family members they trust and be extra cautious about shiny, glossy advertisements purporting to make them rich overnight. Some scam artists even set up seminars in pricey hotels and invite seniors and retirees to attend baited by a nice lunch or dinner and carefully manipulated conversation about how to become rich and debt-free in 6 months by taking their courses.
It just makes good sense to keep trusted family members close and read up on investments that might interest you. In nearly every state in the United States there is an Office on Aging (OA). Offices on Aging have a plethora of information that can assist seniors and retirees, including things to avoid. Although many Americans are retiring today without the proper financial resources to sustain them in retirement, predicted to be about 30 years. That is an incredibly long time to live after retirement but an added bonus to spend extra time with the grandchildren.
Retirees need a predictable income stream just as actively working individuals. You should be the one to decide if an annuity fits into your retirement life. As Federal employees you will receive an annuity, your retirement pension, as a result of your work career with the Federal Government. If you need something in addition to your Federal benefits research, collaborate, investigate, find a knowledgable and trustworthy financial professional to work with and make a business-minded decision that will enhance your retirement security; not an emotional decision that might leave you saddled with empty pockets.
Just a tip about annuities: An annuity is a contract between you and an insurance company. The annuity’s reliability and ability to make good on the terms of the contract are dependent on the financial strength and paying ability of the insurance organization issuing the annuity. Be careful because it is your life’s work and the benefits afforded to you that you must protect.
P. S. Always Remember to Share What You Know.
