Annuities
Protection Benefits
Protection Benefits of Annuities: Income For Life
Looking for a method of getting retirement income for life? You're not alone.
Making sure you don’t run out of money is something many people are concerned about. And a product that may be able to help alleviate that concern is an annuity. Of course, not all annuities are the same. Some are unreliable, causing them to often get a bad rap. However, other types of annuities, such as fixed index annuities (FIAs) may be able to provide you with income for life.
An FIA is a contract with an insurance company, that can allow you to save money for retirement safely and reliably, while getting reasonable rates of return over time. So, how exactly does an FIA work?
Well, First, you enter into a contract with an insurance company. Then, you contribute money. After some time, you can then take set payments out in the form of income. Of course, there may be rules about how much money you can take, and there may be certain fees. It’s important to do our research: An annuity may not necessarily be suitable for you, but if it is, and securing an income for life is important to you, then it may be the perfect retirement strategy for you.
Income Riders
Income riders are an optional addition to your annuity, that allow your income payment to increase over time. Some retirees may choose this option, because it allows them to compensate for inflation. Or, you may anticipate an increase in costs as you age for additional reasons. For example, healthcare, cost-of-living adjustments, or certain lifestyle changes may impact your needs.
Flexible Income For Life
Once you reach retirement, your priorities may shift. For example, your risk tolerance may change drastically. You should determine how much money you need to keep safe, and how much you’re okay with risking. You may have more security of principal depending on what option you select. A fixed indexed annuity is a surefire way to keep a large amount of your money safe, while still earning a reasonable rate of return** on it.
Want to learn more about these products, and how they can help you?
Reach out to us! You can reserve a spot at one of our no-cost educational seminars, or schedule a one-on-one meeting with us so we can answer your questions and examine your current strategy to help improve it.