Annuities are often marketed as part of a smart retirement plan. The biggest selling point is guaranteed income. You pay the insurance company, and in return, they pay you for the rest of your life. You may even be able to retire early.
However, there are many details about this financial instrument that you need to understand before you invest a chunk of your retirement savings. Let’s examine how annuities work and why you may want one. An annuity is a financial product you purchase from an insurance company.
You enter into a contract that essentially states you’ll put money into the annuity, and when you retire, the insurance company will pay you back in monthly installments for the rest of your life….Story continues…
By : Holly Humbert
Source: 12 Facts About Annuities You Need To Know Before Buying | FinanceBuzz
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