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Series Overview:

In volatile, uncertain times, annuities are a financial tool that can
add some stability. They can serve as a financial protection and a form of
insurance. There are different types and styles, that have different
purposes but, a couple things annuities do particularly well (because it is
what they are designed to do) is 1) they can protect principal 2) they can
protect income 3) they can provide (measured) growth.

The specific goals
you have for your money would determine which type of annuity you may
want to consider.
Many savers and investors have a common questions, “What should I be
doing with my money?” The answer to this comes in the form of thinking
through and defining your answer to another question, “What do you want
your money to do for you?”
Those have ALWAYS been the questions that we have tried to help clients
and podcast viewers/listeners find answers to.

We will discuss annuities and also touch on a specific form of
government employee retirement investment vehicle, a TSP, which gives
you an option to turn your invested savings into an annuity when you retire.
We will discuss the good, the bad, the pros and the cons, and the things you need to understand if you own or would ever consider an annuity.

➡️ LINKS ⬅️

💻 Watch All “Annuities” Episodes 💻
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At the Coastal Financial Planning Group, we help savers and investors better determine their
outcome and make their goals, their reality.
Specifically, if you would like to learn how to retire, or want to learn how to
pay less in taxes and keep more of your money, call now and request
YOUR
3-STEP REVIEW.

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LEARN MORE ABOUT: Retirement Annuities

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Navigating Retirement – Annuities Pt 1 of 5 (Ep0601 2021)

Retirement planning is a crucial step that many individuals tend to overlook until it’s too late. With longer life expectancies and the uncertainties surrounding traditional pension plans, it is essential to actively strategize and manage your finances to ensure a comfortable retirement. One popular tool that has gained traction over the years is annuities. In this five-part series, we will delve into the world of annuities and explore their benefits, drawbacks, and various options available.

Annuities, in simple terms, are a financial product designed to provide a steady income during retirement. You pay a lump sum or a series of payments to an annuity provider, who then invests and manages the funds on your behalf. In return, you receive a stream of income for a specified period or for the rest of your life.

One significant advantage of annuities is their ability to guarantee income during retirement. With traditional retirement accounts like 401(k)s or IRAs, the onus is on the individual to manage investments and ensure the funds last throughout retirement. However, annuities transfer this risk to the provider, offering peace of mind knowing that you will receive a predetermined amount regularly.

There are several types of annuities, each with its unique features and benefits. The most common types include fixed annuities, variable annuities, indexed annuities, and immediate annuities. Fixed annuities provide a fixed interest rate and guarantee principal protection. Variable annuities allow you to invest in various sub-accounts, such as stocks and bonds, with potential for higher returns but also higher risks. Indexed annuities offer returns based on the performance of an index, typically tied to the stock market. Lastly, immediate annuities allow you to convert a lump sum into an immediate stream of income.

Before diving into annuities, it is essential to weigh their advantages against their drawbacks. While guaranteed income is appealing, annuities often come with high fees and charges. Additionally, annuities can be complex and difficult to understand. It is crucial to thoroughly research and seek professional advice before deciding if annuities are the right option for you.

One critical aspect to consider is your overall financial situation and retirement goals. Annuities may be suitable for individuals who prioritize a stable and predictable income stream, especially if they lack other sources of guaranteed income. However, they may not be ideal for those who have a secure pension or substantial retirement savings already in place.

In the next installment of this series, we will delve deeper into the different types of annuities and their specific features. It is important to remember that every individual’s financial needs and goals are unique, and what works for one person may not necessarily work for another. By gaining a comprehensive understanding of annuities, you can make an informed decision that aligns with your retirement aspirations.