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ANNUITIES
Understanding Annuities: A Steady Income Stream for Retirement
Annuities are financial products designed to provide a steady income stream, typically for retirement. Offered by insurance companies, annuities can be structured in various ways to meet different financial needs. Here's a breakdown of annuities:
Types of Annuities
- Immediate Annuities – You invest a lump sum and start receiving payments right away.
- Deferred Annuities – Your investment grows over time, and payments begin at a later date (often during retirement).
- Fixed Annuities – Provide a guaranteed interest rate and predictable payouts.
- Variable Annuities – Payments vary based on the performance of underlying investments (stocks, bonds, etc.).
- Indexed Annuities – Returns are tied to a stock market index (e.g., S&P 500) with some level of protection against losses.
Benefits of Annuities
- Guaranteed Income – Provides a reliable source of income, often for life.
- Tax-Deferred Growth – Earnings grow tax-deferred until withdrawals begin.
- Customization Options – This can be tailored for lifetime payouts, spousal benefits, or inflation protection.
- Protection from Market Volatility – Fixed and indexed annuities offer security against market downturns.
Considerations
- Some annuities have high fees and surrender charges.
- Withdrawals before age 59½ may incur penalties.
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