Fixed Income is referred to any income received from the government or non-government institutions, or the income that does not vary materially over time. There are five Fixed Income categories:
► Social Security Benefits – guaranteed by United States Government.
► Pension Income – protected by the employer pension plan and, potentially, by the Pension Benefit Guaranty Corporation (PBGC).
► Fixed Income Annuities – the 'guarantees' are based on the claims paying ability of the insurance company.
► Variable Annuities with various lifetime Guaranteed Withdrawal Benefit (GWB) riders – the 'guarantees' are based on the claims paying ability of the insurance company.
► All Other Fixed Income
Fixed Income Categories
Entering Fixed Income
Each income category has the Cost-Of-Living Adjustment (COLA) rate field. If you do not know the COLA rate, then enter 0.00%. Also, the Start Age and the End Age fields should only be modified when the income category is not available during the entire retirement. For example, if you decided to begin collecting your Social Security Retirement Benefits beginning age 70, but retired at, let's say, age 66.
Entering Fixed Income
Quick Tip:If you want to estimate the value of any Fixed Income category: 1. In the Fixed Income Settings set the desired income category to "0.00" and complete the Settings flow.
2. Go to the Retirement Income Overview page and write down the "Total initial investment amount needed".
3. Go back to the Fixed Income Settings, but this time enter the available income in the category where you previously entered "0.00".
4. Go back to the Retirement Income Overview page and compare the "Total initial investment amount needed" that you wrote down with the recalculated number on the screen. The difference is the estimated value of that Fixed Income category.
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