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What Annuities can provide:
- They provide an income for a duration of time, or for life
- They provide for accumulation, or asset growth
- They provide a death benefit
- Can also provide for long term care benefits
There are only two types of annuities: Fixed and Variable.
- With fixed annuities the principal is FIXED, which is guaranteed by the insurance company. Gains are usually locked in each year, and you can blend different types of annuities to create a guaranteed income stream in retirement. These are good options for conservative individuals, and are not regulated as an investment, but as an insurance only product.
With Variable Annuities, the principal value "varies" based on the performance of the sub-account values that your money is allocated to. These are viewed as investments and can only be sold by individuals that are licensed in securities and annuities. These are good for individuals that want upside appreciation, and can tolerate risk in their portfolio.
SHOULD YOU BUY AN ANNUITY?
- This depends on the problem that you are trying to solve or they life style you want to plan for. We believe your money should work for you not the other way around. You can choose to find the most efficient and effective way to get the job done, by building a comprehensive plan that maximizes returns and reduces risks.
HOW DO I KNOW IF I NEED AN ANNUITY OR NOT?
- Define what problem you want your money to do for you (Income, growth, legacy, or long-term care benefit.)
- Look at all the available annuity options that can solve for those needs
- Look at annuity alternatives that do the same thing
- Determine how much money is required to solve the problem
- Compare costs, fees, taxes, expenses, performance, what-if scenarios
- Allocate resources accordingly
- Monitor your decision and make changes when necessary. Set up a review with your advisor.
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