How About Some Love?
Have you seen the guy on TV that starts with “I Hate Annuities!” (The same guy who wants at least $500,000 of your money with a 1.25% fee win or loss every year) What’s to hate about annuities? In this group of post I will take you into great detail about annuities. You’re going to get the Good, the Bad, and the Ugly in the annuity world. Let’s start with a little background. The annuity concept has been on the planet since the Roman Empire. (A long time!) Today, an annuity is a contract that comes from an insurance company, an organization, or governments. The purpose of an annuity is very simple. They are designed to provide you and your family with a guaranteed lifetime income. They are not investments, though they do provide you with opportunities to increase the value of the contract. We are going to look at different types of annuities, potential cost or fees, early withdrawal penalties and features. In retirement planning they can be a very important part of a successful plan. If you worked for at least 10 years you have already earned an annuity. It’s called Social Security. A pension is also a form of an annuity contract. So stop the hate and let’s show some love to these very old products.
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