December 1, 2015
An annuity is a simple retirement option you can use to create income. In exchange for a sum of money, you receive income payments made up of interest and principal that are determined by your age (and in certain cases, your spouse’s age), current interest rates, the length of time the payments are guaranteed for and the amount of money used to purchase the annuity.
Annuities can offer the highest guaranteed income amount possible from an investment at the time of planning. They are an exceptional choice for an investor who wants to help cover essential expenses in retirement:
- Annuities can add a guaranteed income stream.
- They can pay out an income for your lifetime and mitigate concerns about outliving your savings.
- There are tax benefits on investment income.
- Annuities can subsidize early retirement income.
An investor can fund a child’s ongoing educational costs.
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