Does An Annuity Fit Within My Financial Plan?
Securing a predictable income stream in retirement is likely one of your primary goals if you are approaching or already in retirement. With so many products and strategies available, it can be difficult to determine which approach best fits your unique financial situation.
Annuities can provide guaranteed income along with several other benefits that may support your retirement plan. Depending on your needs and circumstances, an annuity may help protect your initial investment, supplement your retirement income, provide tax-deferred growth, help address long-term care expenses, or support your legacy and wealth transfer goals.
Before deciding whether an annuity is right for you, it deserves careful consideration rather than being automatically dismissed or accepted. To help you evaluate whether an annuity fits within your retirement plan, we created this checklist. It covers several of the key factors you should consider, including:
- Variable, fixed, and indexed annuities
- Immediate and deferred income annuities
- Purchase/funding methods
- Riders and other features
- Tax considerations
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Annuities are insurance products issued by insurance companies and involve costs, fees, limitations, and contractual terms that vary by product. Guarantees are backed solely by the claims-paying ability of the issuing insurance company. Before purchasing an annuity, investors should carefully consider their financial objectives, risks, charges, expenses, and contract features, and consult with their financial, tax, and legal professionals.