who needs an annuity
Creating income for retirement is one of the biggest challenges American workers have in planning for how they will be able to live comfortably once they stop working. One of the most common ways to create this income is to buy yourself an annuity. New research from investment analysis firm Morningstar, though, shows that if you’ve managed to save a sufficient amount of money during your working years, an annuity isn’t actually the best choice for you.
If you want help determining the best course of action for your own retirement, consider working with a financial advisor.
Annuity Basics
Annuities are not the simplest investment to understand, so let’s start off with a bit of a crash course in what they are and how they work.
Essentially, an annuity is an insurance contract. You pay an insurance company a monthly premium now, and in return, you get a payout at a later date. There are two basic types of annuities — fixed and variable. A fixed annuity has a…
2023-08-26 08:10:55
Link from finance.yahoo.com
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