Annuities
Your Personalized Retirement Plan
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Including Annuities in your Retirement Plan can offer some pretty great benefits:
Tax-Deferred Growth
Earnings in annuities grow tax-deferred until withdrawn, allowing for potential compounding and tax efficiency.
Protection from Market Volatility
Certain types of annuities, such as fixed or indexed annuities, offer protection from market downturns
Lifetime Income
Annuities play a crucial role in retirement income planning, offering solutions to address longevity risk and help ensure income for life
How Can Annuities Complement Other Retirement Savings?
Incorporating annuities into a retirement income strategy can complement other sources of income, such as pensions and social security. By diversifying income streams with guaranteed sources, retirees can mitigate the risk of outliving savings and maintain financial resilience.
Annuities
FREQUENTLY ASKED QUESTIONS
What is an annuity and how does it work?
An annuity is a financial product offered by insurance companies designed to provide a steady stream of income in retirement. You typically make a lump-sum payment or a series of payments to the insurance company, which then invests your money and pays you back over time, either immediately or at a future date. Annuities come in various types, including fixed, variable, and indexed annuities, each with its own features and benefits.
Are annuities a good investment for retirement planning?
Annuities can be a valuable tool for retirement planning, offering guaranteed income, tax-deferred growth, and protection from market volatility. However, whether an annuity is suitable for you depends on your individual financial goals, risk tolerance, and other factors. It’s essential to carefully evaluate the terms, fees, and features of any annuity before making a decision.
What are the key considerations when purchasing an annuity?
When purchasing an annuity, it’s crucial to consider factors such as your retirement income needs, investment objectives, time horizon, and risk tolerance. You should also evaluate the financial strength and reputation of the insurance company offering the annuity, as well as the terms, fees, and surrender charges associated with the product. Working with a financial advisor, like Rob the IRA Guy, can help you navigate these considerations and make informed decisions.
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