Many of us have heard the term ‘annuity’ before. Some people may already have their mind made up about them, and either they love them or they hate them. Rooted Wealth Advisors own Investment Advisor Representative John Savarino sits down today to give us an overview of the good, the bad, and the ugly “a-word”. This is Part 2 of a series to make sure you check back in on the other parts to hear more information on annuities. Today’s Part 2 is about Fixed Annuities.

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In part two of our series on annuities, we will continue to explore the pros and cons of these financial products, and whether they may be a good option for you.

The Good:

1. Guaranteed income: One of the biggest advantages of annuities is that they offer a guaranteed income stream for a set period of time, or for the rest of your life. This can provide peace of mind and financial security, especially in retirement.

2. Tax-deferred growth: Another benefit of annuities is that they allow your money to grow tax-deferred, meaning you won’t have to pay taxes on any earnings until you start taking withdrawals.

3. Death benefits: Many annuities come with a death benefit that ensures your beneficiaries will receive a payout if you pass away before the annuity is fully paid out. This can be a valuable feature for those looking to leave a financial legacy for their loved ones.

The Bad:

1. High fees: One of the downsides of annuities is that they usually come with high fees and expenses, which can eat into your returns over time. It’s important to carefully review the fee structure of any annuity before committing to it.

2. Limited liquidity: Annuities are designed to be long-term investments, and typically come with surrender charges if you need to withdraw your money before a certain period of time. This lack of liquidity can be a drawback for some investors who may need access to their funds in the short term.

3. Complexity: Annuities can be complex financial products, with different types and features that can be confusing to navigate. It’s important to thoroughly understand the terms and conditions of any annuity you are considering, and to seek advice from a financial professional if needed.

In conclusion, annuities can be a valuable tool for providing guaranteed income and financial security in retirement. However, they may not be the best option for everyone, depending on your individual financial goals and circumstances. It’s important to carefully weigh the pros and cons of annuities before making a decision, and to seek advice from a trusted financial advisor if you are unsure. Stay tuned for part three of our series, where we will delve deeper into the different types of annuities and how they work.