On The Agenda:
There’s a lot of confusion out there about annuities, probably because there are different types that do different things. We’ll explain how they work and how they might be used in your financial plan.
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Episode Show Notes:
Annuities can be confusing, but we are here to help. We’ll share some different kinds and how they might work for you.
An annuity, first and foremost, can be a guaranteed income stream. Annuities are not exciting, but they are important to understand.
Immediate annuity
An immediate annuity is a lump-sum contribution that’s converted into an ongoing, guaranteed stream of income for a specified period of time.
Tax-deferred annuity
A tax-deferred annuity plan is a retirement plan that compliments your employer’s base retirement plan. Sometimes, it is also referred to as a voluntary savings plan, a supplemental plan, a tax-sheltered annuity or 403(b) plan.
Fixed annuity
A fixed annuity guarantees a specific rate of return and provides an income stream in retirement.
Listen to the full episode or use the timestamps below to jump to a certain section. Thanks for listening.
Important Points:
1:22 – Immediate annuity
2:55 – Tax-deferred annuity
4:06 – Fixed annuity
5:07 – Fixed index annuity
6:30 – Pros and cons
8:15 – Volatility
9:09 – Annuity contracts
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