Types of Retirement Solutions
Final Expense
Here’s a type of insurance that covers the cost of your funeral and burial, and ensures your loved ones don’t struggle financially in those testing times.
Advantages
- Covers cost of burial or cremation
- Premium never increases
- No medical exam needed
- Affordable
Disadvantages
- Low payout compared to life insurance – Face amount is between $5,000 and $40,000, which may not necessarily cover all needs when you are moving on.
Annuities
An annuity is a contract between an insurer and insured, where the latter pays the company an amount, either a lump sum or through installments. This entitles the insured to an income stream at a future date from the insurer. At Lambert, we specialize in offering fixed and indexed annuities. Read more about this insurance based retirement plan.
Fixed Annuities
Advantages
- Simple and easy to understand
- Predicted face amount
- Tax-deferred growth
- Principal is protected and guaranteed to grow at a fixed rate
- Generally speaking, 10% of your funds can be accessed without penalty yearly
Disadvantages
- Penalty for early withdrawal
- Lower rate of return vs some other less safe investments
Indexed Annuities
Advantages
- Principal is protected from market volatility
- Guaranteed minimum return
- Index gains are locked in
- Gains are locked in
Disadvantages
- Upside potential is limited
- Gains of your contract can be capped
- Steep penalty for early withdrawal
Long Term Care Insurance
Under this, a personal retirement account holder is eligible for coverage that provides nursing home care, assisted living, or home-health care for individuals age 65 and above or with a chronic disease or disabling condition.
Advantages
- Can be tailored to fit individual needs
- Tax-free benefits
- Protects retirement savings from depletion
- Family can be care managers instead of caregivers
Disadvantages
- Can be expensive at older ages
- Premium rates are not always guaranteed
- Can be difficult to qualify for
Types of Medicare
Medicare.gov defines Medicare as “a federal health for people who are 65 or older, certain younger people with disabilities, people with End-stage Renal Disease (ESRD). It has four parts, namely Medicare A, B, C, and D; which help cover specific services. Medicare A, B, and D come under Original Medicare, which is offered by us at Lambert. Coming to Medicare C, also known as the Medicare Advantage Plan, we leave it to our partner to help you with information and avail it.
Have a question? Call us or book an appointment right away.
About The Jeff Lambert Agency
TheLambertAgency.com has been successfully meeting the needs of our clients in TX since 2015. Our dedicated agents specialize in a broad range of insurance products and carriers. But, we simply don’t believe in the “one-size-fits-all” approach. We work with you to create individualised solutions. Our team is here to help our clients ask the right questions, identify their specific insurance demands and voice their concerns so we can best meet them.
