Annuities can be an important part of your retirement plan since they are relatively safe, secure and risk free. An annuity allows you to accumulate funds for retirement on a tax-deferred basis. Upon retirement you will then receive a guaranteed income from the annuity. An annuity can either be fixed number of years, guarantee payment for as long as you live. In some cases the benefit may be transferred to your spouse.
Annuities are not for everyone. Before you decide to buy an annuity, it may be good to review your retirement investment plans and review if an annuity fits your goals. The primary reason is that annuity contracts are designed for a specific purpose, such as creating retirement income. Hence, aligning annuities with your personal (retirement) goals is essential.
Consider the following benefits an annuity can provide:
- Lifetime income stream
- Competitive fixed Interest rates
- Protection against downturns of financial market
- Funds are guaranteed
Also read: [Getting to Know Annuities][The Pros and Cons of Annuities][Types of Annuities]
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