It is often said that "failing to plan is planning to fail." This is especially true when it comes to retirement income.
Annuities are investment contracts that can help you grow your savings and/or retirement porfolio. Annuities most often are used as a strategy to provide you with retirement income that you cannot outlive. Payments may begin immediately or at some future date in exchange for a lump sum payment or a series of payments made prior to onset of the annuity. Annuities may arise as a result of a structured liability settlement as well. Annuities can provide either an immediate income stream or an income stream at retirement (or other future date) that transfers some of the risk of you outliving your money ("lifespan uncertainty") to the insurer. Annuities are offered from carriers with the highest ratings available and designed with high current interest rates and short surrender charges.
*Note: Annuity contract structures are complex with an array of product choices such as: fixed or indexed, deferred or immediate, for both the qualified and non-qualified marketplaces. As a result, please contact your agent to discuss possible benefits, risks, costs as well as potential tax deferral advantages to see if annuities are a good fit for your financial plans.
*With all life insurace policies any/all guarantees are backed only byt he claims paying ability of the individual carrier.