Are you thinking of retiring? Do you want to know if annuities are a good retirement option? Then stay tuned as I talk about what an annuity is and recommend my favorite financial vehicle.
To your abundance!
Doug Andrew
Key Moments In This Episode
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00:00 Intro & Summary
00:32 What is an annuity
03:19 Funding
06:12 Outperform annuities
09:33 Recommendation
12:11 FREE copy
What To Watch Next
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Doesn’t IUL Get More Expensive As You Get Older And It Can Lapse?
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Are Annuities A Good Retirement Option?
When it comes to planning for retirement, there are a wide variety of options available. From traditional savings accounts and 401(k) plans to stock market investments and real estate, each individual has to navigate the various options to determine the best course of action for their own unique situation. One lesser known option that has been gaining attention in recent years is annuities.
An annuity is a financial product that is typically purchased from an insurance company and provides a guaranteed stream of income for a specified period of time, often until the individual’s death. There are several different types of annuities available, with the two most common being fixed annuities and variable annuities.
One of the primary benefits of annuities as a retirement option is the security and stability they provide. Unlike other investment vehicles that are subject to market fluctuations, annuities offer a guaranteed income stream that can provide peace of mind for retirees who are concerned about outliving their savings. This can be especially valuable in today’s uncertain economic climate.
Another advantage of annuities is their tax-deferred status. This means that any interest earned on the annuity is not taxed until the funds are withdrawn, allowing for potential growth over time. Additionally, annuities can be structured to provide a fixed income for a specified period of time, or for the remainder of the individual’s life, offering flexibility and control over income distribution.
However, there are also some drawbacks to consider when it comes to annuities. One common concern is the relatively low returns compared to other investment options. Additionally, there are often high fees and surrender charges associated with annuities, making them less attractive for some investors.
It’s also important to note that annuities are often not as flexible as other investment options. Once the funds are invested in an annuity, they are typically not easily accessible, and withdrawing funds early can result in significant penalties.
Ultimately, whether or not annuities are a good retirement option depends on the individual’s financial situation, goals, and risk tolerance. For some individuals, the security and stability of a guaranteed income stream may be worth the potential drawbacks. For others, more traditional investment options may be a better fit.
As with any major financial decision, it’s crucial to consult with a financial advisor to determine the best course of action. They can help assess the individual’s specific needs and goals and provide guidance on whether annuities are a good fit for their retirement plan. With careful consideration and professional advice, annuities can be a valuable tool for building a secure and stable retirement income.
IUL for someone who is in their early 60’s or is that too late in life?
You can put a Roth IRA into a FIA
How about 401K ? Turn to life time income ?
VA and IA.. Diversity? IUL and Annity?Many people can not approve IUL? What to do ??
Annity has 30% bounce and 10% guarantee gain plus doubler .. Yes some no fee some has fee.. Their so many options Annity now?
Would you suggest an IUL for a person who is 51? I was considering taking out a whole life policy with a paid up additions rider for maximum growth on my husband who is 51. Which would better suit his situation in your opinion? We have three children and want to ensure a legacy as well as create cash value with flexibility and as little tax burden as possible.
Doug, if a person is under 59 1/2 and has a 401k, would it be best to get it out and put it in an annuity?
Is a non qualified…after tax dollars.. annuity totally tax free?…..
Is it correct that a VA has total market risk…no guarantees of principal and earning?..
My client received over 20%+ return using VA for the last couple of years and it has floor of 6%. I believe VA out beats FIA which has low rate of return.
This is very true yes, however, if the person can't qualify for a life insurance policy due to health… (Just saying) because yeah you said in other videos you can do it under someone else's name like a son… but not really sure that is a good way to go
I’m working with a client now who is 68 and looking to move their pension somewhere for a payout starting after one year.