Income for Life with Annuities
We all want to keep our money safe and secure, but with so much information out there, it can be overwhelming to know where to start.
Many people planning for retirement are still desire a secure,
dependable, permanent income they can't outlive. Now that
traditional dened benet plans are winding down, lots of retirees
and working-age adults are looking for alternative sources of
guaranteed income. There are a number of sources that you can
investigate for guaranteed income: annuities, reverse mortgages,
bond ladders, and in particular, something that most everyone is
likely to get: income payments from Social Security (/blog/retirementeducation/
top-social-security-questions-answered).
Because annuities are structured as "money for life" contracts, let's
talk a little more about what they might oer. In 2017, annuity sales
totaled a substantial $203.5 billion, according to LIMRA Secure
Retirement Institute statistics.
An annuity (/annuities/annuity-basics) is an insurance product that is
essentially a contract between you and an insurance carrier. You pay
a lump sum or make a series of payments to the insurance company
and, in exchange, the company provides you with regular payouts at
some point in the future to serve as a steady stream of income
during retirement.
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