The financial uncertainty that comes with retirement is one that most people seek to avoid. In most cases, people save towards their retirement so that they can have enough savings to sustain themselves. However, there is always the probability of outliving your savings. Continuing without any savings will most likely take the peace out of your retirement. What if there was a different way to secure your financial future?
An excellent option for you is to invest in an annuity. Annuities are insurance contracts between you and an insurance company to pay a lump sum now and have a steady amount paid out to you over time. You can pay in a lump sum or a specified monthly premium over a specified period.
When you have an annuity, you have the option to start receiving monthly pay-outs immediately (especially if you paid a lump sum). You can also have these payments deferred to a particular time (when you retire, for example).
In the agreement, you also have the option to specify when the pay-outs will stop. You can structure the monthly pay-outs to be made over a certain number of years, or you can have them structured in such a way that you receive payments till you pass away.
Annuities can be a precious investment option for your retirement plan. Our insurance agents will help you understand the different types of annuities, so it will be easy to decide what kind is best for you.
