Annuities can be a smart way to convert savings into regular income. With our expertise, navigate the world of annuities, understanding their benefits and potential pitfalls.
The Annuity Basics:
Think of annuities as the opposite of life insurance. You provide a lump sum and receive consistent payments until your passing.
Potential Pitfalls:
Two primary concerns with annuities are:
- Dying prematurely results in receiving less than what you invested.
- Choosing variable annuities, which depend on market performance. To balance this risk, consider index-linked annuities.
Fixed vs. Variable:
While fixed annuities guarantee a set payment, variable annuities are tied to market performance. This can impact your returns and regular income.
Tax Implications & Suitability:
Your specific financial situation and retirement goals will dictate whether annuities suit you. You can factor in tax considerations, especially if you plan an early retirement.
If you would like tailored advice on annuities, please contact our team.
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