ANNUITIES
- Retirement insurance vehicles include annuities and indexed universal life insurance policies. These types of insurance products are designed to help people save for and supplement their retirement savings.
- Indexed universal life insurance policies provide the protection of a life insurance policy along with the ability to accumulate funds inside the policy on a tax-deferred basis. Those funds can be used for any purpose during retirement.
- Annuities can turn retirees’ savings into a steady income stream during retirement. This can supplement other income sources like Social Security and pension payments, providing funds to pay regular living expenses and needs, travel, and more.
- Retirement insurance can provide the funds you need so you can enjoy your retirement years without worrying about how to make ends meet.
- Most people qualify for retirement insurance products.
WHAT ARE ANNUITIES AND HOW DO THEY WORK?
An annuity is essentially an insurance product. With deferred annuities, the contract holder can accumulate money over a period of years (the “accumulation phase”) by either making an initial deposit and watching it grow, or by making periodic deposits over time. Funds invested in retirement annuities grow tax-deferred. When you’re ready to start drawing on your annuity, you “annuitize” the contract and turn it into an income stream so you receive a series of regular payments each month, quarter or year.
WHY USE ANNUITIES FOR RETIREMENT PROTECTION?
Best of all, retirement protection annuities can give you peace of mind without worrying about how you’ll meet your monthly expenses. Many of today’s Annuities offer Riders that will allow you to choose receiving payments for life.
Another valuable feature offered by some Annuity products is that your payment stream will be doubled in the event that you become impaired and the account value is greater than zero.
There are many reasons for choosing retirement protection annuities.
The most common reason for using annuities is to turn your savings into a regular income stream during retirement. Funds from Social Security and pensions may not be enough to allow you to live the lifestyle you want when you retire. Choosing a retirement protection annuity can give you an additional paycheck every month to supplement those other income sources. This can give you the funds you need to meet your living expenses, travel, buy gifts for loved ones and more.
WHAT ARE THE ADVANTAGES OF RETIREMENT PROTECTION?
Many of the annuity and life insurance products av
15 November, 2018WHEN SHOULD I BUY RETIREMENT PROTECTION?
When you are saving for your retirement, the best
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