As you think about your financial future and how you’ll support yourself during retirement, it’s important to consider various retirement planning strategies, tools, and products. One financial product that can help you to secure a guaranteed stream of income during retirement is an annuity. Here’s an overview of annuity basics and an explanation of how annuities work—for more information, reach out to Top Investment Solutions directly today.
An annuity is a contract wherein the annuity holder pays monthly premiums or makes a lump-sum payment in exchange for regular, monthly payments made at a later time. In other words, you—the annuity holder—pay a set amount of money now in exchange for a stream of income in the future.
There are various types of annuities. Common annuity types include:
As explained above, an annuity holder will purchase an annuity in one of two ways:
After the lump-sum payment or series of payments is complete, the insurance company will send the annuity holder either a single lump-sum payment or a series of payments at some point in the future. The payments that you make to the insurance company are investments that can grow in value; then, through annuitization, payments are distributed back to you.
Annuities are complex financial products that are best navigated with the help of a professional. If you have questions about annuities, we recommend reaching out to our team directly. We serve clients nationwide and are accepting new clients.
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