Income for Life with Annuities

Income for Life with Annuities

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 de􀃒ned bene􀃒t 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 o􀃗er. 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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