Annuities are crucial to providing lifetime income regardless of what MARKET does.  I’m not saying that your entire portfolio should be made up of annuities, but annuities can allow you to be more aggressive in your investments once you start withdrawing from your retirement portfolio. 

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LEARN MORE ABOUT: Retirement Annuities

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When it comes to saving for retirement, there are many different investment options available. From stocks and bonds to real estate and commodities, it can be difficult to know where to begin. However, one investment vehicle that often gets overlooked is annuities- and for many retirees, this can be a big mistake.

Annuities are essentially contracts between an individual and an insurance company. The individual pays a lump sum or regular payments to the insurance company, who in turn agrees to make regular payments to the individual at a later date. These payments can be structured in a variety of ways, including fixed-income annuities, variable annuities, and indexed annuities.

There are many reasons why annuities should be included in a retirement portfolio. Perhaps most importantly, annuities offer a guaranteed source of income in retirement. While other investments may fluctuate in value, annuities provide a steady stream of income that individuals can rely on. This can be particularly important for those who are concerned about outliving their savings.

Annuities also offer tax benefits that can help retirees minimize their tax burden in retirement. Depending on the type of annuity and the state in which the individual lives, annuity payments may be tax-deferred or even tax-free. This can help retirees keep more of their retirement income, allowing them to live more comfortably throughout their golden years.

Another advantage of annuities is their flexibility. Unlike other retirement investments, annuities can be customized to meet an individual’s specific needs and goals. For example, some annuities may allow individuals to withdraw a portion of their principal investment without penalty, while others may offer riders that provide protection against inflation or long-term care costs.

Of course, like any investment, annuities also have their downsides. One of the biggest concerns many people have about annuities is their cost. Annuities can be expensive, with fees that can eat into returns over time. Additionally, some annuities may have restrictions on when and how individuals can access their funds, which can be a drawback for those who value flexibility.

Despite these potential drawbacks, annuities can still be a valuable addition to a retirement portfolio. For those who are worried about market volatility or outliving their savings, annuities can provide peace of mind and financial security. To determine whether annuities are right for your retirement plan, it’s important to consider your individual needs, goals, and risk tolerance- and to consult with a financial advisor to help you make the best investment decisions for your future.