![]() ![]() In our last video, we shared how to build a retirement strategy to live your best life in retirement. Hey there, I'm Tony Medrano with your Retirement Income Team. Transcript Date: JanuThe importance of Social Security Elapsed Time 0 Seconds Ready to find out if an annuity is the right or you? Schedule a call with one of our Retirement Income Specialists. That way, you can rest easy knowing your family will be taken care of. You can also add beneficiaries to your contract. You can choose to get guaranteed See note1 payouts for the rest of your life, a set number of years or both. When you buy an immediate annuity, you open with a lump sum and start receiving payouts shortly after. They let you quickly turn some of your savings into a reliable income stream. Immediate annuities, sometimes called income annuities, work best if you're close to retirement. When it comes time to retire, you can take the money out in a lump sum or start receiving scheduled payouts. Your money will either grow at a fixed rate or a market-based rate, depending on the annuity you choose. They allow you to grow money tax-deferred with the option to turn into income later. You give them money, in exchange, they promise to give the money back to you plus interest at a later date or in the form of a reliable income stream.Īnnuities come in two main forms: deferred and immediate.ĭeferred annuities are great long-term savings options. When you buy an annuity, you enter a contract with an insurer. So, what's an annuity? It's an insurance product that helps protect you against the risk of outliving your money. If you're looking for some peace of mind in retirement, an annuity could be a great option. You might ask questions like: How can I protect my hard-earned retirement savings from market fluctuations? How can I cover basic expenses without a regular paycheck? Will I run out of money if I live a long time? There's a lot to consider when it comes to retirement planning.
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