Annuities, along with Social Security and pensions, are some of the only options to potentially provide a lifelong income. Annuity products are not all bad, but a lack of education and misinformation may have contributed to a negative perception of annuities.
You should find a financial services professional that you feel comfortable with and who is willing to spend time educating you about annuity products and how they may fit (or may not fit) in your retirement strategy.
No one knows what the future holds but educating yourself and formulating a retirement strategy can be the next step in reaching your unique retirement goals.
An annuity is an insurance product you can buy to seek the following benefits:
- Generate lifetime income
- Grow tax-deferred retirement savings
- Provide a legacy to your heirs
There are always tradeoffs in making any kind of purchase. In an annuity, one tradeoff is between certainty and return.
Can annuities play a role in your retirement strategy?