Annuities

Annuities are investment products issued by insurance companies. They pay a guaranteed income for a period of years or for life. To purchase an annuity policy, you can make a single payment or a series of payments.  

Currently, millions of people use annuities to help their retirement savings increase and generate protected income that can help cover essential costs and foster a more enjoyable retirement.

Why Buy an Annuity?

Our clients purchase annuities because they want a guaranteed source of income in the future that isn’t prone to market fluctuations. Annuities have a key advantage over other investments.  Unlike stocks, bonds, and mutual funds, annuities provide predictability and guaranteed income. With a basic annuity, the only way your payments would ever stop early or go down is if the issuer were to become completely indebted.

Types of Annuities

A fixed annuity is an insurance product that’s intended for the long term. Your initial investment is protected, which means you get a guaranteed payout. People who want a risk-free guaranteed rate of return and wish to defer paying taxes on their earnings may select fixed annuities.   

A variable annuity enables you to choose from a collection of investments, and then pays you income in retirement based on how well these investments perform. Variable annuities may offer optional living benefits that, for an extra fee, provide guaranteed retirement income.

Who Buys Annuities?

Retirees and people planning for retirement typically purchase annuities. Sometimes a person buys an annuity if they receive a large legal settlement or happen to win the lottery, for example. Also, people buy annuities when they make their wills.  

It would probably not be wise to leave children a large amount of money with no limits. Therefore, an annuity would be a great way to provide them safe and guaranteed income for several years.

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What If You Pass Away Before You Receive All the Payments?

If you pass away or are diagnosed with a terminal illness, your spouse can continue receiving payments. Many annuities feature optional riders that supply a death benefit, which allows a spouse to keep getting payments. When buying an annuity, this is something to consider and discuss with an insurance agent like Ron Ray at Turning 65 Solutions.

Protect Yourself With an Annuity

Don’t run the risk of outliving your income in retirement. Protect yourself and your future by purchasing an annuity through Turning 65 Solutions. Call 800-515-4031 today.