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Buyer Beware: Avoid These Annuity Buyer Mistakes!
There are plenty of misconceptions prevalent on how annuities work and whether or not you should own one. Quite frankly, research shows that there are plenty of benefits to owning an annuity depending on your circumstances. However, due to the misunderstandings that are present and the lack of proper education on the front-side, most retirees and pre-retirees still shun the thought of an annuity from the onset. According to a 2015 study, only 8% of American retirees receive income from a private annuity.
Should this number be larger? For retirees that want security and safety for their retirement income lifestyle, the answer is most likely a resounding yes! So, what should you do? Make sure you understand the annuity on the front side before you write it off completely, and avoid these common annuity buyer mistakes!
Here are some questions to think about:
- Why are you buying the annuity in the first place?
- Do you know what the different types of annuities are?
- What is most important to you in retirement? The ability to spend confidently or the rate of return your portfolio obtains?
These questions, and more, will be answered on Income For Life Radio this week, so make sure to tune in and check back for the podcast at www.IFLRadio.com soon!
Matt Nelson, president and host of Income For Life Radio
Income For Life LLC
877-284-8929 |www.IncomeForLife.org
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Checkbook
Knowing how much money hits your bank account every month is a critical part of staying retired. It’s vital that you have enough money to take care of your daily needs, housing, medical bills, long-term care, and any other unexpected expenses that come your way.
Calendar
If you’re retired, chances are you know the exact day — even the hour — your check hits the account. This sigh of relief you breathe as you confirm that money is added to your account is worth far more than the money itself.
Clock
When we talk about the clock, we are referring to how long that guaranteed income will keep coming in. While pensions and Social Security may provide some security and guaranteed income, the question we want to pose is this… why not do more of it?
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annuities Annuities for Retirement Annuity annuity mistakes Annuity Products Annuity Quotes behavior mistakes best annuity rates Best Retirement Investments Best Retirement Plans Certified Financial Planner cost of waiting financial planning financial planning help Fixed Annuities Fixed Index Annuities How to Plan for Retirement Hybrid Annuities Immediate Annuity income for life indexed annuities Investing for Retirement Lifetime Income longevity markets money money mistakes Planning For Retirement Preparing for Retirement Qualified Retirement Plan retirement Retirement Advice Retirement Annuity retirement calculators Retirement Financial Planning retirement help retirement income Retirement Income Planning Retirement Plan retirement planning retirement planning advice Retirement Plans tolerance Variable Annuities Variable Annuity
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