ANNUITIES
What is an annuity? Annuities are so confusing. Would you like to know how annuities can work for you? Build your personal pension plan while using life insurance.

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Wealth Maximization is presented by Julie Kranitz who is a registered Financial Advisor of FundEX Investments Inc. (a member of the Mutual Funds Dealers Association of Canada and the MFDA Investor Protection Corporation). The views and opinions, including any recommendations, expressed in this presentation are those of Julie Kranitz only and they are not those of FundEX Investments Inc.
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LEARN MORE ABOUT: Retirement Annuities

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Annuities: A Reliable Option for Retirement Income

As people plan for their retirement, they are often faced with the daunting task of ensuring that they will have a steady stream of income to support themselves. For many, annuities have become a popular option for securing a reliable source of income during retirement.

An annuity is a financial product that is designed to provide a guaranteed stream of income for a certain period of time, typically for the rest of one’s life. Annuities are often purchased from insurance companies, and they can be funded with a lump sum payment or by making regular contributions over time.

There are several different types of annuities, each with its own unique features. The most common types of annuities include fixed, variable, and indexed annuities. Fixed annuities offer a guaranteed interest rate and a set payment amount, while variable annuities allow the holder to invest in a variety of investment options, with the potential for higher returns but also greater risk. Indexed annuities are tied to a specific market index, providing the opportunity for higher returns while also offering downside protection.

One of the key benefits of annuities is the ability to provide a reliable source of income during retirement. With people living longer and uncertainty surrounding the future of Social Security, annuities can offer a way to ensure a steady income stream for the rest of one’s life. Additionally, annuities provide a level of predictability and stability, which can be comforting for retirees who want to minimize the risk of outliving their savings.

Another advantage of annuities is the potential tax-deferred growth. Unlike other investment options, such as stocks and bonds, the earnings on an annuity accumulate tax-deferred until they are withdrawn. This can provide significant benefits for those who are looking to maximize their retirement savings.

Despite the benefits, it’s important to note that annuities also have some drawbacks. For example, annuities can come with high fees and charges, and there may be penalties for early withdrawals. Additionally, annuities are not always the most flexible option, as they typically do not allow for easy access to the invested funds.

It’s important for individuals to carefully consider their financial needs and goals before purchasing an annuity. Consulting with a financial advisor can help determine whether an annuity is the right option for their retirement planning.

In conclusion, annuities can be a reliable option for securing a steady stream of income during retirement. With their guaranteed payments and tax-deferred growth potential, annuities can provide peace of mind for retirees who want to ensure their financial security in later years. However, it’s important to carefully weigh the potential benefits and drawbacks before investing in an annuity to ensure it aligns with one’s overall financial strategy.