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May 16, 2007 (Press Release) --
While planning for your retirement, you are likely to come across something called retirement annuities. A retirement annuity is an excellent way of guaranteeing a stable income during your retirement years. For instance, let’s assume you retire at 65 and have enough money saved to live comfortably for 15 years. Many people would assume that this number is reasonable. But consider this: life expectancy for those born in 2001 in the US was 77.2 years and this number continues to rise. It has risen steadily from a mere 49 years for those born in 1901. Nationwide, the average person lives for 12+ years after retirement. While these figures are statistical averages, they may not hold true in your individual case because many people live for significantly longer than 12 years after retiring. So, it is important that you prepare a financial plan that takes this possibility into consideration.
For these reasons, annuities may provide the solution to your retirement longevity concerns. You might think of a retirement annuity as a life insurance policy in reverse. People sometimes confuse a life insurance policy with an annuity, but they serve two totally different purposes. The main aim of a life insurance policy is to protect your loved ones from a financial crisis in the event of your death. However, a retirement annuity is meant to guard you against outliving your retirement savings.
If you wish to protect your income for a secured retirement, one of the best ways is to explore retirement annuities as an option for a portion of your funds. When buying retirement annuities, you can use your regular savings or utilize funds from your individual retirement account. In return, the insurance company from whom you buy the annuity will pay you a monthly amount, and will continue to do so for a fixed period of time you specify or until your death. Many retirees find that this provides not just peace of mind but also higher interest returns and lower taxes than may be available with other investment options. One of the benefits of retirement annuities is their flexibility. Annuities come in various forms and payment terms, and can be designed to suit your specific needs.
If you have no beneficiary concerns, you can purchase a Straight Life Annuity. A Straight Life Annuity is an annuity in which income payments are made to you for as long as you live and cease upon your death. This type of payment term will provide the highest monthly payment amount for your lifetime.
On the other hand, if you have children or a favorite charity to whom you wish to leave funds after your death, you can add a guarantee period, installment refund or cash refund provision. This type of retirement annuity will pay your named beneficiary any unused benefits upon your death. You can also purchase a joint life retirement annuity which will pay income benefits for both you and your spouse’s lifetimes. In this case, if either of you die, the surviving spouse will continue to be pai
For these reasons, annuities may provide the solution to your retirement longevity concerns. You might think of a retirement annuity as a life insurance policy in reverse. People sometimes confuse a life insurance policy with an annuity, but they serve two totally different purposes. The main aim of a life insurance policy is to protect your loved ones from a financial crisis in the event of your death. However, a retirement annuity is meant to guard you against outliving your retirement savings.
If you wish to protect your income for a secured retirement, one of the best ways is to explore retirement annuities as an option for a portion of your funds. When buying retirement annuities, you can use your regular savings or utilize funds from your individual retirement account. In return, the insurance company from whom you buy the annuity will pay you a monthly amount, and will continue to do so for a fixed period of time you specify or until your death. Many retirees find that this provides not just peace of mind but also higher interest returns and lower taxes than may be available with other investment options. One of the benefits of retirement annuities is their flexibility. Annuities come in various forms and payment terms, and can be designed to suit your specific needs.
If you have no beneficiary concerns, you can purchase a Straight Life Annuity. A Straight Life Annuity is an annuity in which income payments are made to you for as long as you live and cease upon your death. This type of payment term will provide the highest monthly payment amount for your lifetime.
On the other hand, if you have children or a favorite charity to whom you wish to leave funds after your death, you can add a guarantee period, installment refund or cash refund provision. This type of retirement annuity will pay your named beneficiary any unused benefits upon your death. You can also purchase a joint life retirement annuity which will pay income benefits for both you and your spouse’s lifetimes. In this case, if either of you die, the surviving spouse will continue to be pai
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